Why Bitcoin isn't a legit currency.

[masudginanjar]

something that has not been famous would like to be underestimated, considered cheap and ignored!

just like ourselves, when we start a small business continues our business bigger and victorious then we start in the calculation.

something big begins with a small thing, just like the story of Bitcoin as well.

[Market-desi]

because bitcoin something new. whose name is new is not possible to be global global digital money gan. may be but there must be a process and a long time.
but I'm sure if bitcoin can go hand in hand with the paper currency .

[Daniel91]

Because, there is no bank, government or legal regulation behind bitcoin.
I don't think that countries, governments or banks will accept bitcoin if there is no law or regulation about bitcoin.
In my country, you can't report earnings from bitcoin, because it's not currency or financial assets according to central bank.
We can report only income from fiat money, when we exchange btc funds.

[Polly.Nochka]

In my opinion, the fact that bitcoin is not legal is a temporary phenomenon. When it is more or less settled, it may become the official currency. For example, in the UK already working on this issue.

[heifengli]

The price of Bitcoin fluctuates. As a trading currency, it is difficult to trade because the price per minute is different. Who can determine the price at this time and whether it can be consistent when trading?

[benhill]

I can not agree that Bitcoin is not a legit currency because it has some qualities of money i.e acceptability, medium of exchange and store of value to mention but few.All these qualities make bitcoin legit,it may not be accepted by many countries because it is an internet money which can not be controlled by them.

[Husen Alikhsan]

This is another legitimate currency because the government has not legally acknowledged it can not be executed by them but a new person can find in it and they do not want to always people will be the victim of this. Thanks

[billknight]

Bitcoins are not a legitimate currency because bitcoins are not protected by the government, and bitcoin is most likely used for bad transactions such as the buy and sell of weapons. That is my opinion

[iyan33]

I do not know why the bitoin currency is not a legitimate currency, there are several factors that cause bitcoin not yet legitimate, one of which is, many countries that have not agreed on this bitcoin existence, and bitcoin is not protected by the government in every country, and many countries who are afraid if they agree on bitcoin then the value of their currency will decrease

[Raggie]

It is not a legit currency ? maybe because bitcoin cannot be controlled by government, therefore no legalization process.
bitcoin is a decentralized currency, it should be completely independent from government even with no legalization.

[InKiTy38]

Because bitcoin is not a legal currency because some governments have not accepted its presence yet, it is still considered to be unlawful. Banks and fathers have not been able to control them. Its value is not as stable as the national currencies

[pilnenkii]

Bitcoins are not yet a legal currency, because not all countries, world bodies accepted it or recognized it. People will not accept it legally until it gets legal recognition.

[QueenOf]

I like your opinion, and I think it makes sense for some reason why Bitcoin is not a valid currency.
And that's why in my country Bitcoin can only be used as an asset.

[Hitesh shaveta ohri]

yeah!!! it is true Bitcoin still is not a legal currency in many countries of world. The main reason that i think is bitcoin cannot be controlled by anyone.NO one can maniplate it.It is expensive to track it and make a whole set of laws.

[paruru123]

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

[grave_2]

because not legit.this is the digital currency. and no one handle it. this is work peer to peer.

[CoinFoxs]

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.

Due to decentralization of bitcoin no one has access to control bitcoin that is the reason centralized countries deny to support or legal bitcoin in their country!!

[jianhuang]

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

[Darker45]

To be fair to Bitcoin, I think it did not really fail as a currency. It might not have reached a certain point in which it can proudly say that it is totally successful in being a currency but it did not also fail it. You can buy so many stuff using Bitcoin. That means it is already a legit currency. But it is still on its way to become a fully successful alternative from fiat. It is hard to fully replace fiat. We all know what it takes. It means Bitcoin has to get accepted by the suspecting governments.   

[jhonvir666]

a simple term is to get a centralized state it has not been valued at all as a legal currency in the world. I think it would get legal status with different types of limitations and depending on the government. Is it legit, because everything happens through an internet scamming is easier and it creates number of people in this term as not a legit one.