How Reliable is Crypto as a Legal Tender?

[Nomad]

When it comes to using crypto as a legal tender, I am not very much convinced. That's because the value fluctuates too frequently. When we use a legal tender we need something that does not fluctuate to much, I think gold can be a better as a legal tender compared to crypto. The market can go down in few minutes and the value associated with your assets will come down. this will come as a financial blow

 

[King Belieal]

The only downside with crypto is that it can be easily manipulated by whales. That is why it is not suitable as legal tender.

 

[Suba]

Each country has its own policy so that they can determine the usefulness of crypto/Bitcoin as legal tender or not, in my personal opinion, Bitcoin fluctuations are still very high, so it cannot be used as a measure of value, as is the function of money, besides Bitcoin no one controls if the price drops drastically then the value of Bitcoin also drops, unlike fiat money which is controlled by the central bank.

 

[Fidelia]

It is just the high levels of fluctuations in bitcoin and other crypto that makes it not to be accepted as a legal tender for countries.

 

[Augusta]

I think it easy manipulation by whales and high levels of fluctuations that makes it not suitable as a legal tender

 

[riberet19]

Gold has a lot of friction and is also very expensive to transport and very bad for making transactions, a currency backed in gold could be better as a legal tender, but governments are not interested because the issuance of currency would be limited and could not print infinitively.

 

[Min George]

I don't think anyone should consider crypto as a legal tender for a country wholly. It can be a supporting currency.