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This may be silly question, but what does official status actually mean? Bitcoin wasn't illegal in Pananama. It's not like they can print more nor guarantee va
by Pinegulf 5y ago
This may be silly question, but what does official status actually mean?
Bitcoin wasn't illegal in Pananama. It's not like they can print more nor guarantee value of the coin with other goods, is it?
- alephnan 5y agoGovernment payments and certain civilian contracts have to be settled on legal tender. Utilities, hospitals, have to accept it as payment. Taxation purposes.
- drexlspivey 5y agoIf a currency is legal tender in a country it means that everyone in the country are required to accept it as means of settling a debt.
- itsoktocry 5y agoYou can accept it as a means of debt repayment in the eyes of the law . No one is "required" to accept anything.
- valenterry 5y agoI think what it means is that if I break your car and you sue me to get the money back from me, I can pay you in bitcoin and you'll have to accept it, i.e. cannot claim that I haven't repayed you for the damage. In all countries were Bitcoin is not an official currency (so pretty much everywhere) you could claim that even though I payed you in Bitcoin, it doesn't settle the debt and you reject the payment and ask me to pay you in an official currency.
- tromp 5y agoYou cannot pay someone in bitcoin who hasn't setup a wallet or shared a bitcoin address with you...
- valenterry 5y agoThat's like saying you can't pay one who doesn't have a bank-account. You can either give the money (or bitcoin) to some service that keeps them for this person and give them the access to it or find another way to do it. At this point, I'm pretty sure that the burden of proof goes over to the other person and they will have to show why they didn't work with you to get the money.