Why Bitcoin isn't a legit currency.

[aghdgv]

The reason why Bitcoin is not a legal currency is very simple. It has not been recognized by most countries. It should be said that it is mainly a few countries, the United States, China, Russia, etc. As long as Bitcoin is recognized by these countries, basic Bitcoin can become a legal currency. ,

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[KiloWatts]

Bitcoin is not yet a legitimate currency because the government still doesn't acknowledge cryptography.

[kupido14]

Bitcoin cannot be considered as legit currency as of now because many government in their countries still do not acknowlegde the use of bitcoin.

[anam17]

I think don't  everywhere cryptology is outlawed. For example, in the US, its use is quite encouraged, and it is even known that in the US bitcoins are taken on an equal footing with dollars. Iceland can be attributed to countries with a loyal attitude towards the virtual currency.

[loveinberlin]

It is not supported by anything like dollar for example, however, i am sure than with time this will change and btc will take the position of the main currency, maybe even substitute the dollar due to its great advantages

[DavitRoi]

Actually, the word not legit currency is not appropriate here. It actually depends on the government of that specific country. Think of Japan. In Japan bitcoin is legal. You are right in some cases, like in China Bitcoin is not legal.

[zwiggel]

Because bitcoin is a virtual currency. Bitcoin is not accepted by the government. It is not under the control of any organization. Bitcoin is not subject to tax. So bitcoin is not legal currency.

[popelene1]

Its only government that can make a currency to be legal but because they are still trying to consider and see the usefulness of the technology before its fully legalized by them.... They need to consider the risk involved too before making it open to their citizens..

[orarider]

I think bitcoin is not legal currency because it is virtual currency. Bitcoin transactions are anonymous, convenient for money laundering. Bitcoin prices drop sharply in the short term so it is risky. Bitcoin is not under government control.

[ir.yance]

at the moment there is a lot of deception in crypto currency so many people do not believe in bitcoin. I really hope there will be a rule that can stop people doing fraud in the crypto world. countries around the world must accept bitcoin and make strict rules for bitcoin so bitcoin is free of fraud.

[blackandred]

it is still in the early stages of encryption development . i think at this stage , it is not important  whether it is legal . the important thing is to spread it . let more people know about it , and then use it .

[lepbagong]

I think because  the value of Bitcoin is the trust and it's not own currency any countries you can use for transaction to any countries in the world.

bitcoin has been recognized in almost all countries for transactions so there is no need to doubt for the belief about bitcoin. therefore bitcoin is very well used for long-term and highly profitable investment.

[main320]

To be sure bitcoin is certainly not a genuine cash in light of the fact that not all nations give legitimate status to bitcoin. Other than that bitcoin is invalid on the grounds that there is no official gathering directing the flow. Despite the fact that to end up official cash must be managed by the official party and made the arrangement of centralization. This is to control the cost and flow of cash. Bitcoin still with its decentralized framework, where all control returns to the proprietor of the bitcoin itself. This rolls out bitcoin that must improve its framework on the off chance that it needs to be perceived by numerous nations and delegated into an honest to goodness cash.

[Gudhal Untu]

Many people are still doubting bitcoin as a currencies or transaction system, but I'm sure that the future of bitcoin will continue to improve so bitcoin investing is now a very profitable thing.

[icaica22]

Bitcoin has not become a legal currency because not all countries, world bodies have accepted or recognized it. You write so much and how you fail to understand that this coin can not be controlled by anyone, nobody can manipulate it and most of all governments can not know who owns it or make you pay taxes. There is a huge and very expensive process of tracing it, creating a whole set of laws. In simple terms to get centralized status will not be considered important as a legal currency. In my thinking it will gain legal status with some kind of limitations depending on the government. This is legitimate, because everything happens through internet fraud easier and this makes people think of it as not legitimate.

[gilangIDR]

Bitcoin is a legit investment because it has a thing that can give us the opportunity to earn extraordinary profits. Bitcoin is a legit currency because in addition to being used as a currency then bitcoin is an investment with very high growth.

[ruthbabe]

It is not a legit currency because it is not regulated by the government, it is not implemented by them but someone just invented in it and they don't want people to become victimized of this as they were thinking that it was purely a scam.

I think you should need to do more research. I do not know where you live nor where you get the basis of your remark and/or statement. Currently, there are around 75 countries (and territories) where the status or usage of Bitcoin is Legit or Legal, as it says...

"The legal status of bitcoin varies substantially from country to country and is still undefined or changing in many of them. Whereas the majority of countries do not make the usage of bitcoin itself illegal, its status as money (or a commodity) varies, with differing regulatory implications. While some countries have explicitly allowed its use and trade, others have banned or restricted it. Likewise, various government agencies, departments, and courts have classified bitcoins differently. While this article provides the legal status of bitcoin, regulations, and bans that apply to this cryptocurrency likely extend to similar systems as well."

[yabutzxc]

Bitcoins is not yet a legal currency cause not all countries, world bodies have accepted or recognise it, Bitcoins are not a legitimate currency because bitcoins are not protected by the government, the reason why bitcoin is not a legit currency is because the common currency is being regulated by any institutions or government, So to what extent it can be a lawful stance unless it is totally acknowledged by any nation or government!

[cacvy3]

It is not about what is the regulation or the way that it is seen by the government, it all depends on the way that people use it, and the way that they interact with it, but sooner or later everyone will recognize bitcoin as a currency, and it wont take that long

[ejswift]

The first purchase using bitcoins was in 2009 when someone bought 2 pizzas for 10,000 bitcoins. Today, that would be worth $83,746,850. Many people have started to use Bitcoin and it is now the most popular cryptocurrency in the world. Many countries whose currencies have become hyperinflated have thought about switching their national currency to Bitcoin. For something to be classified as money, it needs to be a good unit of account, medium of exchange, and store of value. Since Bitcoin has become extremely popular, I wanted to explain to investors and Bitcoin users that Bitcoin isn't a legit currency. The main three reasons why Bitcoin isn't a legit currency is because it is a poor unit of account, medium of exchange, and store of value.
   One of the big three parts of a currency is that it is a good unit of account. For something to be a unit of account, people have to be able to compare its price to the prices of alternative retail goods. Since the value of a bitcoin changes so much, it would be hard and confusing for both the consumer and the seller to recalculate the prices every day. “Because the value of a bitcoin compared to other currencies changes greatly on a day-to-day basis, retailers that accept the currency have to recalculate prices very frequently, a practice that would be costly to the merchant and confusing to the consumer.” This quote from David Yermack’s article Is Bitcoin a Real Currency? An Economic Appraisal Bitcoin shows why Bitcoin isn't a good unit of account. That is one reason why Bitcoin can't be a form of currency and why Bitcoin isn't a legit currency.
   The second part of something that is classified as a currency is that it is a medium of exchange. A medium of exchange is an intermediary instrument used to facilitate the sale, purchase or trade of goods. Since bitcoin doesn't have any intrinsic value, so its worth is held up by its usefulness as a currency in the consumer economy. The Youtube video “Why Do Banks Fear Bitcoin” by VisionVictory explains that there is a set amount of Bitcoins and by the year 2140, there will be a total of 21 million bitcoins. Miners have already mined 11.9 million of them, and this means that there is only 9.1 million left. Once all of it is mined, there won’t be any more left to be mined. Dollar bills can be printed by the U.S. government if they were needed. Some more reasons why Bitcoins isn't a good medium of exchange are that Bitcoins transactions each take around 10 minutes each, which is very slow compared to using a credit or debit card, which takes a few seconds. Also, Bitcoin transactions can cost around $20, which is extremely expensive. Because of all of these reasons, Bitcoin can't be a good medium of exchange, which is very important if it were to be a legit currency.
   The third and final part of a currency is that it has to be a good store of value. A store of value means that the function of an asset that can be saved, retrieved and exchanged at a later time. In the long podcast on Youtube by Paul Vigna & Michael Casey: ‘The Age of Cryptocurrency’, they explain what a decentralized currency is. Bitcoin is an atrocious store of value and one of the reasons why is because of its constant hacking attacks and other security problems. This is mostly because Bitcoin is decentralized, which means that there is no central authority that can stop any Bitcoin transaction or any hacking attempts. One of the reasons why Bitcoin is so popular is because people can stay anonymous and make transactions without people knowing who they are. The downside of using a decentralized currency is that people can do illegal things anonymously and get away with it. And also, Bitcoin’s exchange rate has no correlation at all with any other big currencies like the Dollar, Euro, and Yen. This makes Bitcoin extremely risky to use because it is tethered to any other currencies so its’ value would change constantly. This shows how terrible of a store of value Bitcoin is and why it cannot be a legit currency.
   Tons of people are jumping on the “Bitcoin Bandwagon” without doing their own research on it, and they’re going to lose a lot of time and money because of this. They need to realize that Bitcoin is not a legit currency because it fails to be a unit of account, medium of exchange, and a store of value.

yeah thats so unfair but we know that bitcoin is only a cryptocurrency coin but maybe in the future btc will be a legit money in the world