I don't agree with anything else gtifan said in that thread, but his discussion and definition of legal tender is correct.
That said, having the designation of legal tender is not a pre-requisite for being a currency.
The only reason we have legal tender is because we have a single currency created by the central government that has to be used for all things. If we had different currencies for different things then legal tender is only necessary for transfer between currencies. Crypto has a number of stable coins that track external values like the usd expressly for this purpose.
That said, having the designation of legal tender is not a pre-requisite for being a currency.
The only reason we have legal tender is because we have a single currency created by the central government that has to be used for all things. If we had different currencies for different things then legal tender is only necessary for transfer between currencies. Crypto has a number of stable coins that track external values like the usd expressly for this purpose.