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BTC_Archive shared: BREAKING: Arizona has introduced legislation to make Bitcoin legal tender!
Community Response: Arizona trying to make Bitcoin legal tender. Texas trying to make Bitcoin legal tender. Soon… Florida will join. Wyoming will join. Bitcoin game theory playing out.
Arizona is known for introducing lots of weird legislatures and not passing them. Texas doesn’t even have a grid with stable enough rates to bring in serious mining operations. Florida is crazy though, they might pull it off.
One by one, bank after bank, state after state, and countries after countries will be singing the praises of the FORCE that is Bitcoin!
I don’t understand these things when I see them. There is nothing in the constitution of the United States that bars anything from being legal tender. Private debt can be settled using lint, as long as both parties agree. Make sense?
Technically, the state is not coining money. They are accepting a digital currency that did not exist and falls outside of the scope of this rule.
Last week Arizona was trying to make it legal to overturn elections. Now they are trying to make bitcoin legal tender? Taking away ALL our freedom while also allowing more freedom? Wild lol.
it’s a cheap stunt to get the single-issue crypto crowd to vote red. It is never going to stand.
Florida, Tx, Cali, and a lot of others pull this B.S. too. Such a waste of time. Funny it was a couple of days after the election overturn the bill though.
I would have legislators putting facetiously unconstitutional/illegal legislation held personally reliable for the money the state has to spend in court stuffing it down.
I mean, how silly, it would take numerous bills fundamentally shifting the financial landscape of the state to make bitcoin legal tender. It’s not a light switch, and some trash leg dropping is pure theatre – the lawmakers pushing it should be held financially accountable.
Is that even possible that a state does that on its own?
So, but probably difficult to pass, even if it had state legislature backing. it’s kind of a big deal.
Maybe this will be a contrarian take but legislators who are doing this seem to fundamentally misunderstand bitcoin or are simply proposing garbage legislation to score political points. Any state coercive attempts to force people to accept bitcoin is not good!
Is not coercive as is not cancelling the USD. Therefore, is just adding another option through the lightning network, the merchant or receiver could choose to receive USD and is not in any way obligated to hold Bitcoin against his/her will.
Would that include Wrapped Bitcoin? Not sure if the lightning network is up to the task. For example, El Salvador is using BTC over the Algorand L1.
Only 3 banks are currently using wrapped BTC in 3 months they plan on onboarding another 3 banks. Everything else in El Salvador isn’t on Algorand. We learned this yesterday during the AMA. But CHIVO and everything else IS NOT on Algorand.
Are CHIVO wallets on lightning then? I honestly don’t know. Would be interesting to see how this all plays out.
From what they said to my understanding they are all on a centralized ledger for the bitcoin transactions and stuff. Not 100% sure. But during the AMA they did confirm that the wallet and transactions are not on Algorand. Just 3 of the banks using Wrapped on Algo.
Correct me if I’m wrong but that would require a bridge between Algorand and BTC for a CHIVO user to interact with a bank account, right?
It won’t pass. Forcing companies to take any non-U.S. currency won’t fly. The image being told you have to accept Bitcoin and one week later you lose 10%. Or 50% in 3 months. Celebrates, El Salvador, MicroStrategy, Grayscale, and ARK fund holders are all sitting on losses.
It is an awesome bill, which when passed will be a beginning of a very bullish journey for cryptocurrency. Bitcoin is already legal tender in El Salvador, and if this bill in Arizona passes it’ll be a great milestone for the Bitcoin community. I hope this bill passes.
If this is true (which I’m not sure about, because most of this BREAKING NEWS is based on guesses and Rumors), then it’s very cool. Bitcoin is taking over the world!
