Why Bitcoin isn't a legit currency.

[ralle14]

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.

There's payment processors like Bitpay that helps merchants calculate and immediately converts the amount of Bitcoin to fiat once they receive it. This isn't a huge problem for both sides.

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.

Afaik the Bitcoin network can't be hacked I don't know what type of hacking attacks and security problems are you talking about. The targets of the hackers are mostly users who use less secure wallets, exchanges and gambling sites. I don't agree with people can stay anonymous because if it's true then no criminal should've been caught by now.

Bitcoin transactions can cost around $20

One reason why the fees are so expensive before is because of the current price at that time but that only lasted for a month or two. You should know that miner fees moves up and down and it doesn't stay the same forever.

[untugede]

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

yes, indeed bitcoin is made as virtual money, and is very different from real money, but in some countries there is already an impressive be used for shopping and buying things or something else, but that is only in some countries that can accept payments using bitcoin , and My hope will be more countries that can impress bitcoin to shop or buy goods.

[Ar Rahman]

bitcoin is not a valid currency, but bitcoin can also be used in some countries for transaction tools, if we speak legitimately or not it bitcoin just waiting for illegal permits only from individual countries, because to be a legitimate currency must go through government procedures or government, other than that the local currency or national currency also can not be removed from the world market

[sr32703]

Basically, Bitcoin not accept world wide & some of country's say that bitcoin is not a legal currency because some reasons for that such as low transaction,this currency no one control it & it's use it criminal etc

[Ucy]

"The downside of using a decentralized currency is that people can do illegal things anonymously and get away with it."

How is this different from fiat?
Fiat is centralized yet people can do illegal things anonymously and get away with it. In real World do Secret Agencies need to search passers-by to reveal how much is in their physical wallets? They definitely don't need to know! They should instead go to markets, malls, shopping centers and other public places to gather intelligence, nobody will complain. What is meant to be private, is meant to be private!

It shocking how easily people abandon their rights in virtual World

[bloodyvio]

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

[ed_Berrington]

Because Bitcoin has a function - anonymity. The government does not benefit from legalizing what they can't track.

[nanasei]

Bitcoin is not a legit currency because it is not recognised by central governments as a mode of payment. It just act as a peer to peer payment among internet users. Government can make it a legit currency if it can control it and make it centralized.

[aji567]

Due to the uncertain bitcoin price. If bitcoin prices do not change then bitcoin can be a legitimate digital currency to use. Terms of currency must be clear and can not change value change.

[conceivedspoon2]

Its just because it was not established by the banks.If it was the bank that invented it, then they will accept it.

[darkangel11]

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.

It's actually very easy. If you link your online store to a BTC exchange it will automatically adjust the prices.

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.

Old news, we have 17 million mined coins now.

Dollar bills can be printed by the U.S. government if they were needed.

The problem is, the printing is being abused. When they have no money they sell bonds, then of course they have no money to pay the bondholders, so they print it. As a result inflation is eating all your savings.

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.

That's because when you use a CC the money isn't actually being moved. It's only being logged in the system and the actual transaction takes place later.
A similar thing is being done with the implementation of the lightning network. Transactions are processed off-chain and injected as a batch a while later.
So, CC transaction speed is almost there.

Also, Bitcoin transactions can cost around $20, which is extremely expensive.

It doesn't happen anymore. Pre segwit transactions had that problems. Again, old news.

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.

All your reasons are very weak and easy to undermine. You need some better ones.

Bitcoin is an atrocious store of value and one of the reasons why is because of its constant hacking attacks and other security problems.

I've been using BTC as a store of value for years and i've never been hacked nor have I heard of any of anyone being hacked for that matter. Only exchanges get hacked, but those are private services with gaps in security. The bitcoin network has never been hacked!

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.

And there's no central authority that can make a mistake and lose your money. There's no central authority that can steal from you' just like they stole to bail out banks.

[ladydark]

It's because bitcoin is a decentralised currency uncontrolled by anyone which is created only for benefiting people by providing P2P transactions.

[soul-impact]

Because bitcoin is virtual currency, it is not subject to government control. Bitcoin works freely, it can crash fast. Bitcoin is not subject to tax.

[sabihanazir]

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.

[bitfocus]

if you believe so, why wasting your valuable time on Bitcoin? Please use this time on something you really understand and let Bitcoin grow in it's own way.

[upinros]

Yes 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 it.This is not a legitimate currency because it is not regulated by the government, it is not implemented by them but someone has just found in it and they do not want people to be victims of this because they think that it is purely a scam.

[LangleyMccarty]

Bitcoin is the most popular currency in the world. But it is quite difficult to trade.

[1Referee]

It is not a legit currency because people will not accept it regally

I accept it legally, and people around me do. Even if it was illegal to accept Bitcoin, I would still do it. Who is the government to tell me that I can't use it? Bitcoin has more purity in it than everything else in the world.

and it is not regulated by the government.

Fuck the government. Not regulated by governments means that people have all the freedom to use Bitcoin. Regulations limit that if harshly implemented.

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.

You have proven to be a government shill. Government this government that. Can you think for yourself or do you really have to ask permission from your beloved government to even breathe? Japan made Bitcoin legal, but hey, does that even matter to you? Perhaps you should ask your government if they agree with it or not.

[coinriver]

The number of bitcoin is too small to be widely circulated in society. And it exists not as a guarantee of national credit, but as a basis for trust among bitcoin players, so the credit of this "currency" is relatively low.
Moreover, the small number of bitcoins, and their concentration in the hands of a few large players, makes their price highly volatile. That's basically not money. Because an important prerequisite for a common currency is price stability, otherwise the economic order will collapse.

[rjsmith]

In my opinion bitcoin is not a legit currency.cause most of the countries people and  government will not accept it.but bitcoin can also be used in some countries for transaction tools.because they believe one day is legal for all countries.