Why Bitcoin isn't a legit currency.

[James_H]

Bitcoin can only be used in online transactions, it can still be considered as your payment but only used online, it can still have value like other currencies we have, such as physical money. the difference can only be used only through online. Bitcoin has not become a legitimate currency but the most trusted digital currency that will take over the entire world in the future. bitcoin became famous now because some countries have recognized it and made it legal to use .

[1715509302]

1715509302

[Naginiya]

Bitcoin is not a legit currency because it lacks approval from the government. The government has no control over Bitcoin as it is a decentralized coin. They have no knowledge about its creators and developers. So naturally the government wouldn't want Bitcoin to be utilized as a currency in the market as it has no legal authority over it.

Bitcoin isn't a legit currency because the government cannot control it and also because of its limited supply. Also bitcoin holder doesn't pay any taxes also the bitcoin or any digital currency is not that stable.

Not goin under formal regulations, not paying taxes for local and international transactions and mainly absence of a centralized authority are main reaons that Bitcoin is not becoming a legit currency ever and even it need to be a legit currency now there is no way to do that because even now no one to take that resposibility behalf of Bitcoins future and growth which can led to significant problems in the future not only for Bitcoin but for the entire crypto market

[isllander]

EVERY STATE WILL SOLVE LEGITIMATION. NOT WHO NEARLY NOW BISHKY TO ACCEPT THE NECESSARY DOCUMENTS. The digital economy requires a digital currency.

[farukahmed]

Bitcoin is the always legal currency some of countries illegal because they are not control this system so it will be illegal. I am sure when the market will drop this currency i am sure bitcoin market price it will not to be stay this market. Bitcoin some of countries are not accepted this coin because govt can not accepted it will be bad think and ignorance system. I am sure the profit from and holder gainer from this market place. I am sure i have some bitcoin price is hold then they are more profit from this crypto market. Market is the position is so good after few month i am sure.       

[YNAGS Team]

Bitcoin in my opinion cannot become a legit currency before it will become some kind of more stable thing. We cannot use the Dollar equivalent, when it will jump up for 1000 points in one day

[delegend]

Bitcoin is a work in progress,it's not a legal tender yet ,because of the fact that not all countries has accepted it to be use  as a form of legal purchasing right within it's country.and also since bitcoin is decentralized market,and the government can't regulate it..it's therefore very difficult for this countries to adopt it.

[wanggober]

In my opinion, because not all countries have knowledge of what Bitcoin is and some countries have not legalized bitcoin, and bitcoin is not managed by the government or legal entities and bitcoin does not have a fixed value.

[ASHANABEY]

well i think because bitcoin so far is just a prediction game
people buy bitcoins to invest by expecting rising bitcoin prices (speculation)
a good currency must have a stable price
That's why Bitcoin is not a legit currency

Yes Bitcoin has become an investing asset than a currency among many users in te world even it's build intention ws to become a global currency so how come bitcoin can become a legit currency when even its users are not accepting or using it as a currency for transactions

[PrissMCclen]

Am looking forward to hearing from you why bitcoin isn't a legit currency?
Because it's digital? Is it because it's decentralized?  Give me some good reason then

[regnidorhcs]

There is a simple reason why Bitcoin is not a legit currency around the world because it is decentralized in nature. No government will allow it to be a legalized currency for that matter. They cannot control it, hence they will not be able to maintain its value, plus the fact that it is very volatile. It is not good for business or for everyday transactions. They will say that they are just protecting their people.

[Kadot amoh]

because bitcoin currencies have not been formalized in various big cities, so that the bitcoin currency has not been recognized by the public, I hope the government can develop bitcoin currencies, so that bitcoin can become a currency in a large country.

[ys fs]

it's easy why bitcoin is called not a legitimate currency, it's because bitcoin is still not recognized by the world banks and the government, therefore bitcoin still can't be a legitimate currency, even though now many people use bitcoin payment instruments...

[erundook]

The answer is obvious. Bitcoin is not alleged currency because it is not having a possibility to become one, what I mean is basically you cannot easily use Bitcoin in terms of local common currency.

[alexsandre]

I think because it is on the Internet and it will not be considered a coin, but other crypto-currencies are also unaccounted for, but in the future they will be considered I'm sure of it.

[Slavyanskiy]

I hope very soon Bitcoin will become the legal means of payment. And we can safely pay for purchases Bitcoins.

[kniheant]

because there are no rules and laws regarding it. And anything that has no regulations is by default not legit in the eyes of people. Also the governments are hesitating in making Bitcoin legal cause they don't have any control bitcoin.

[Kira_lapa]

Bitcoin does not yet have a certain legal status. But this does not make it illegal. In addition, lawyers reassure: the crypto-currency can be considered an intangible asset. Keep records of these assets in your own country, show that you have received income from the turnover of these assets, tax this income and all.

[bluehive21]

It is not a legit currency because people will not accept it regally, and it is not regulated by the government. Again it is not accepted by most of the government of each country . In addiction it is not centralized and regulated by them. Moreover it is not created and implemented by the goverment. so it cannot be legalized.

Governments won't accept Bitcoin even many significant individuals in the society not because of a problem with Bitcoin but due to afraid that it will harm them directly or indirectly by making negative effects to the traditional financial system they have build for many years so they make sure the Bitcoin legislation or acceptance never happen in the world

[deppil]

because bitcoin currencies have not been formalized in various big cities, so that the bitcoin currency has not been recognized by the public, I hope the government can develop bitcoin currencies, so that bitcoin can become a currency in a large country.

I think all the keys that you explain are that we need a legalization from the government so that bitcoin can be better known by the public and become a formal and free currency to use. so you will find many shops accepting payment with bitcoin and bitcoin to be legitimate currency

[virendarnagpal]

No post after this one by the OP is just amazing.

I think the OP is not real account.  Someone who does not like crypto created this account and posted this one. 

Now coming to the point; I want to say that all the objects created by human being are having plus and minus points both.  Whether fiat has no minus points?  Please check current position of Venezuelan currency; hyper inflation has ruined their economy.  And they are taking shelter of bitcoin only.


Many countries are accepting bitcoin and the numbers are being added with the passage of time ..   So we should not fear about this thing. Once all the nations accept transactions in crypto it will automatically become legit currency.