Why Bitcoin isn't a legit currency.

[Earthwood]

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.

Bitcoin is a legit currency. What's the essence of naming it as one of  cryptocurrency if it is not. Bitcoin is being legalized in some countries and recognized it as one of the legit currency. Some of the countries like Japan and Russia are examples.  Bitcoin is a valid currency because there many transactions done by it.

[alihassan99]

actually the rich people dont want new rich people come from the crypto. they are always against it because crypto holders do not have to pay taxes like in case of  fiat.

[bristlefront]

Because the government won't implement it as a global currency since they want to control the means of the market, which is the currency. They want the currency to be centralized and the bitcoin is contrary to it since it is decentralized. They want people to be rich in fiat because they could get tax to it while in crypto where they won't maximize their taxation to each people who make it as a source of income.

[Genamant]

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.

For me it still lacks the freedom and governments acknowledgements that cryptocurrencies cqn be used as currency. Like it or not government needs a big say in this. And there is still the issue of high fees and clearing time.

[Jimmymoriarty]

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.

[Roadarks02]

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.

[Dark_raven007]

I believe that everything has its time. Still, it should be at least a little under control, as the more developed countries will not want to let it into their market. This harms its economy and the national currency.

[Kocret02]

bitcoin has no cause as a legitimate currency, such as bitcoin has no physical form and bitcoin only as digital currency, besides bitcoin not set in the law in a country, this is what causes bitcoin can not be currency legitimate.

[jlong187]

Wow, thats a long post. I am pleased, that we have such experts here with us, because I believe that most of us here are just making money

[lonlonmarlon]

the bitcoin is not totally legal in the other country because the goverment in the other country is against to bitcoin i dont think of this my answer i think because the bitcoin is not legal to other country is more people to scam in the bitcoin because bitcoin is very high and more people to get a bitcoin to get a money that's my opinion.

[Gathel]

the average number of countries refuses bitcoin to be a legitimate currency, formally rejecting Bitcoin as a means of payment. The reason, this currency is considered non-compliance with the principle of anti money laundering.

[Missterio]

Maybe bitcoin is not a legitimate currency, but it is not forbidden.

[sino22]

because I think the bitcoin of such transparent money is called invalid currency and bitcoin is advantageous for those of us who use bitcoin despite unauthorized money bits.

[wengden]

I think it is because bitcoin is not supported by some of the government. We can call it legit if the government in our country has already approved BTc in our daily basis. Even thought it is not a legit currrency but still it is not forbidden.

[Btcallans]

I think that bitcoin is not yet a legit currency since it did not establish its stable price. The eratic price trend is not good for it to be called as currency.

[thameera88]

people still think that all his or her currency must be always in a state of physical material (notes,coins). Today almost all do want bitcoin to be a legal currency, but the government rules and  security prevents this action.

[senin]

To be a legal currency, that is, to have a certain legal status, it is necessary that each state recognize it as such on its territory. Without such recognition, bitcoin can walk in virtually any country in a semi-legal way. However, the process of recognizing bitcoin by states is very complex and contradictory. The state does not really want to have an uncontrolled digital coin of a very high cost compared to national money. This greatly delays the process of recognizing Bitcoin as a legitimate means of payment. Only because the state is not able to resist its spreading in the country and under the influence of increasing interest of citizens to it, the state goes to the process of legalizing bitcoin, though, giving it a different and contradictory status.

[bauntyshark]

Bitcoins is not yet a legal currency cause not all countries, world bodies have accepted or recognise it. Why? The government does not like things that can not be controlled)

[9emb3lelit3]

Bitcoin is not yet a legal currency because not all state governments believe in a development of the Bitcoin currency, which in the case of transactions will not be known, Bitcoin also can not be controlled by the current government. But for the future, I think that Bitcoin will be used all over the world, because Bitcoin is a clear proof of a changing era of digital technology, and will also create all the people of this world in terms of their own economic finances.

[bololord]

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.

That's right and not all the country recognized bitcoin as a global currency and the stability of the bitcoin is not assured because of having high volatility but the good thing is it cannot be controlled by the authority and the government don't know how to put regulation on it so its hard to legalized bitcoin.