Bitcoin is Deemed as legal tender From Now On

Last Modified:12 May 2020 11:53:05
Bitcoin is Deemed as legal tender From Now On

According to the published news in the beginning of this week, in a statement by Florida’s Third District Court, in case of using Bitcoin (BTC) in financial crimes, it will be considered a type of money.

If federal agencies take Bitcoin as a kind of money, it will pave the way for legalizing the field of exchange and transferring cryptocurrencies.

Florida court has cited in a part of its statement that:

“The appellate court’s opinion reverses Miami-Dade Circuit Court Judge Teresa Pooler’s 2016 finding that digital or cryptocurrency could not be considered money under Florida law. The case in question concerned Miami Beach resident Michell Espinoza, charged with two counts of money laundering and acting as an unauthorized money transmitter operating a digital currency-trading website,”

Based on the judgment as mentioned above, all Ms. Espinoza’s crimes and charges will be dismissed. The local court believes that Florida court has not announced any exact and strict definition for Bitcoin cryptocurrency and Bitcoin is not subject to cryptocurrency definition clearly. Encrypted coins are recognized as a payment instrument and of course as a cryptocurrency, and can be used as an instrument to do transaction and exchange considering its capability to convert them into fiat currency.

Fiat currency is an unbacked currency. It is the currency released by the states without any support and physical value. The value of this currency comes from the relationship between the degree of supply and demand. Fiat money is controlled and valued via a main center.

Is Bitcoin the Same as Money?

The question raised here is “what Bitcoin really is?” What are its difference with actual money and how can it be achieved?

Bitcoin is considered a cryptocurrency, and as currencies and coins can be used as actual money, Bitcoin can also be used a non-existent and virtual money; in other words, Bitcoin can be used to buy goods, reserve hotels and do so many online transactions.

Regarding Bitcoin cryptocurrency, through paying different amounts of it, different amounts of service and goods can be achieved. Hence, this cryptocurrency is assumed as a “Unit of Account.”

As a currency, Bitcoin has similar features to official money; you can save Bitcoin and use it with the same value in another time. This important feature we see in Bitcoin can be observed in other fiat currencies too.

Regarding the recent decision made by Florida court in case of using Bitcoin cryptocurrency as a kind of money, all Bitcoin illegal methods have been avoided. An illegal atmosphere to do transaction can engage you in big problems, since if you are hacked and robbed by the frauds, the process of searching and assets retrieval will be greatly difficult, and it is even possible to lose all your assets forever.