<Pedant moment>
You mean “pedant.”
</Pedant moment>
Yes, the old “Legal tender” bit. In theory (and deep in Fed banking regs) this is so that Banks, etc must accept US currency and not require gold coins or foreign currencies.
There are no laws making this a reality as it’s never been a real issue. Everyone is happy to accept US dollars.
True, they can accept only Credit cards, and/or can refuse to change your $100 bill, but that’s not really what “legal tender” is about.
Google “BRICS countries New World Bank”. Also Google “normalcy bias”
No, you tell me what currency you think might have a chance to replace the USD.
I don’t think any government will make them illegal. Most of these politicians are corrupt sociopaths and bribe takers. Can you imagine how easy bitcoin will make their lives? Super easy to take bribes, make bribes, pay prostitutes, buy drugs to snort off the prostitutes, pay hit men, pay off illicit lovers, etc. I suspect no one wants bitcoin to be more successful than politicians…
“hey Jack, I’m mr.x with big tobacco… now… we need a little help with that bill. I have a QR code here for you if you’re on side with us. $300,000 in bitcoin… it’s clean, untraceable and all yours if you’re with us.”
“Well… Nice doing business with you boys”
Bitcoin is their wet dream…
One problem with that. Bitcoins are actually not hard for law enforcement officials to trace. Shit, each one comes with a blockchain detailing every transaction the Bitcoin has gone through.
No, if you want untraceable transactions, you want cash, or maybe some easily-converted and universally-valued commodity like gold. Something that can be transferred without leaving a record for investigators to find.
Except that the names of the persons are not available. So yeah, you know it went from anon. wallet 98273 to anon wallet 35634 on date, but you don;t know who held those wallets.
As I said, I won’t dispute that some other nation’s currency might displace the dollar as the international reserve currency someday. But the point is it’ll happen someday. It’s not going to happen this week. Or this year. I doubt it’ll happen in the next ten years, although it’s possible. Within fifty years, it might even be probable.
But so what? Losing primary reserve currency status will be a blow to the dollar but it will hardly kill it. Did the pound disappear when the dollar replaced it as the primary reserve currency?
The part I always find funny are the predictions used to sell gold to these people.
“The American economy is on the verge of collapse. It will happen suddenly without warning. Dollars will be worthless. Only gold will maintain its value.”
And then they offer to sell you gold. For dollars.
Think about it. These supposed experts who are telling you the dollar is on the verge of becoming worthless are trying to exchange the gold they have for the dollars you have.
And if the American economy collapses like that (along with the rest of the world) then canned food and guns are a much better investment.
If there are only a few transactions on the wallets sure it is hard to figure out who they are. But with bit coins there exists a map of how every wallet interacts with all the other wallets It does not take too long to get a good idea of where and how people are based on their transactions. You see this with anonymised data a lot. Individual transactions are somewhat anonymous but lots of them together are not.