Re:The exponential growth of Bitcoin value explained
by thaumasiotes on Saturday November 23, 2013 @08:41PM
(#6788281)
> You cannot require businesses to take bitcoin like the US government requires them to take cash.
How exactly does the US government require businesses to take cash? I briefly looked into the state of the law concerning this, and there were two lessons that people discussing it take pains to pound into the reader:
1. Those places that say "we will not accept $20 bills" are on completely safe ground, legally.
2. The text "this note is legal tender for all debts, public and private" on US paper currency was added for historical reasons and has no legal meaning.
How exactly does the US government require businesses to take cash? I briefly looked into the state of the law concerning this, and there were two lessons that people discussing it take pains to pound into the reader:
1. Those places that say "we will not accept $20 bills" are on completely safe ground, legally.
2. The text "this note is legal tender for all debts, public and private" on US paper currency was added for historical reasons and has no legal meaning.