Why Bitcoin isn't a legit currency.

[ME12]

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.

[Altas]

In simple terms until it gets a centralized state it will not be given importance as a legal currency. In my thinking it will get the legal status with some sort of limitations depending upon the government. It is legit, as everything happens through internet scamming is easier and this makes people term it as not a legit one.

[Juggy777]

Bitcoins is not yet a legal currency cause not all countries, world bodies have accepted or recognise it. You wrote so much and how come you fail to understand that this coin cannot be controlled by anyone, no one can manipulate it and most of all governments cannot find out who owns it or make you pay taxes. There is a huge hassle process and it's expensive to track it, make a whole set of laws. You get the point don't you.

[Kambal2000]

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.

[charlemagne_15]

Bitcoins is not yet a legal currency cause not all countries, world bodies have accepted or recognise it. You wrote so much and how come you fail to understand that this coin cannot be controlled by anyone, no one can manipulate it and most of all governments cannot find out who owns it or make you pay taxes. There is a huge hassle process and it's expensive to track it, make a whole set of laws. You get the point don't you.

That was indeed true. Bitcoin is not a legal currency because it is not accepted by most of the governments of each country. In addition, it is not centralized and regulated by them. The transaction is unknown and also the developers. Moreover, bitcoin is not created and implemented by the government so it cannot be legalized.

[karashika0577]

 People will not accept it legally until you get legal recognition. It's a digital currency. Governments basically do not recognize its holders because their identity is complex.In which country, how much tax will be charged, how much exchange value will be? This is also a big question. Paper currency depends on the economy of any country. This kind of amendment has to be done in bitcoin . It is quite expensive. So how long it can be a legal posture unless it is completely accepted by any country or government!

[KingScorpio]

Of course its illegit from a humanist point of view in the longterm. As its impoverishing the collective

[warning_btc]

I think bitcoin more legit then ussually used usd, because it cant be forged and supply is really limited

[KingScorpio]

I think bitcoin more legit then ussually used usd, because it cant be forged and supply is really limited

you are an idiot, the usd and many national fiats are used to sequre the survival, education and infrastrucutre of more than 330 million people. jes the banking cartels are idiots, but still they do at least their work a little bit.

i mean what kind of idiots claim here to be experts when we get messages like this

[arjanenako]

Because the first thing, they dont have enough knowledge about bitcoin, either way, hearsay from community that bitcoin is a scam. Some Government wouldnt allowed bitcoin to be legalized because they think, bitcoin will surpass their Country currency.

[Syunusa]

Bitcoin is not legitimate due to fact that it has not been regulated or accepted by the government though not all the countries. Some countries see Bitcoin as legal currency while some not.

[Minhxx]

I like your post. Bitcoin is not legitimate because of its anonymity. The government does not like things that can not be controlled and bitcoins.

[kobratuz]

yes it's true bitcoin isn't a legal currency. many criminal use it like a crime their are use it payment system & who give you or who give me bitcoin you have no idea about it. so, not every government but some government not give it legal currency

[dothebeats]

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.

But isn't bitcoin capable of storing value and can also be exchanged at a later time? Take a glimpse at the price back in 2014 and look back now, bitcoin managed to hold its value plus add more into it, and right now it still can be changed to fiat. Is that poor store of value for you? Also, being decentralized doesn't make bitcoin's store of value atrocious; you might be mistaking the services that are built around bitcoin that are constantly getting hacked and hacked every single time. Banks also face the threat of hacks, but does their fiat and asset make it an atrocious store of value?

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.

No, bitcoin isn't popular because of the pseudo-anonymity part: the ability of bitcoin to gain huge amount of value in a short span of time is what garnered people's interest onto it, much to the dismay of some institutional investors and financial magnates. As for bitcoin's exchange rate, how about USD which also has tens or hundreds of currency pairs around the world?  Wouldn't it also be risky to keep since it's also tethered to other currencies and its value would also change constantly. Do remember that the USD isn't backed by gold since the 1970s, and that alone, I think, makes USD a terrible store of value.

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.

This same thought has been said numerous times already, and most people still come into bitcoin and use/trade/invest it. The reason? Many people are doing this as well, and they know so well that it's not gonna flop overnight since most people (and the higher forces in the background) wouldn't permit this.

[RodeoX]

A currency only needs two things.
1. It has to be difficult or impossible to profitably counterfeit.
2. People have to believe it is valuable.

The fancy paper in your pocket is... well it's paper. That is all it is. And your precious gold is just a shinny rock that people think is valuable. No other money is nearly as legitimate as bitcoin. Other money is controlled by a bank or government. I have no use for such money.  Back in 2010 I used to think "People are going to have a hard time understanding bitcoin." Now I think "People have no clue what money is or how it works." I have done quite well sticking to the most legitimate money and there is no scenario that would bring me back to the scammy US Dollar.

[Tagus45]

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.

Bitcoin is not made by the government, and the government has its own currency as a symbol of a country, and therefore bitcoin is not legitimized by the government.

[bedulook]

It must be recognized all parties including consumers, producers and regulators of the economy so that it can be use as a legal tender for purchasing and transactions.

[franky1]

anything can be currency

cigarettes in prisons is a currency. bers for doing  a friend a favour is a currncy. even sex is a form of currency.
what th OP does not understand is that currency is an umbrella term.

below th umbrella term are subcategories. such as bonds/stocks..  shares.. FIAT.. commodity.. assets

what the OP should have said is bitcoin is not legal tender(a countries fiat) or that bitcoin is not 'money'
money is a subcategory of currency.

but by the OP arguing about "currency" means he has not grasped the basic concept. infact it seems the OP just grabbed from test from another source and didnt even vet it or even think about it.

[maemunah]

because the bitcoin is already created as a virtual or digital currency that can not be used as a legitimate currency. therefore bitcoin will not be used as a legitimate currency because not all countries that legalize bitcoin in the country

[Skieleton]

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.

Legality of bitcoin
The lack of legal regulations for bitcoin does not mean that it is the currency of the black market. On the contrary, analyzing the growing opportunities to conduct transactions using cryptocurrencies (payment for purchases and services), you can be sure that both its purchase, sale and payment prove its full legality. In practical terms, there is no country where bitcoin would be prohibited by law. Another issue is the cryptocurrency markets themselves, which go under the microscope of public officials, but this fact in itself does not mean the closure or the de-legalization of the currency, bitcoin. In practical terms, it would be simply impossible because the currency works in the network and its system is completely dispersed. In addition, the stock market is only an instrument that will enable the circulation of cryptocurrency, and thus has no effect on the currency itself.

It is true that there are countries that make the claim that bitcoin was illegal, but on the opposite side there is a technologically and industrially developed Japan, which officially recognizes the cryptocurrency as a fully legal means of payment. On the other hand, the native European Commission gives bitcoin time, recognizing it as too young a currency to be regulated, but in most European countries the number of institutions accepting transactions using cryptocurrency is growing.