Why Bitcoin isn't a legit currency.

[collision00]

Individuals won't acknowledge it lawfully until the point that you get lawful acknowledgment. It's a computerized money. Governments essentially don't perceive its holders on the grounds that their personality is complex.In which nation, what amount of duty will be charged, what amount of trade esteem will be? This is additionally an unavoidable issue. Paper cash relies upon the economy of any nation. This sort of change must be done in bitcoin . It is very costly. So to what extent it can be a lawful stance unless it is totally acknowledged by any nation or government!

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[Sevarchik]

Its because no one is responsible for this currency.
All on your risks.
But in some countries bitcoin is legit like Germany

[yousuf123]

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.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.So to what extent it can be a lawful stance unless it is totally acknowledged by any nation or government!

[tuturutmunding]

Bitcoin has no policy retention from the monetary authorities Because bitcoin does not meet the liabilities as a legal means of payment

[Alex Foman]

Well, I think the commission for conducting transactions has increased substantially, which is comparable to the payment for an ordinary bank transfer.

[Milla Kross]

Well this is not a technologically advanced currency. There are inconveniences

[Karina 3340]

I think that all technological problems with bitcoin will be overcome by bitcoin developers

[Masha Me1]

I think there are economic reasons why bitcoin and other crypto-currencies will not replace the money in the near future.

[Sesiaw]

because bitcoin belom is fully accepted by the state and government. bitcoin is quite popular right now, the world's most famous cryptocurrency bitcoin and bitcoin in the future I'm sure will be recognized by the state and become legitimate money.

[sitbang]

according to our knowledge the first thing, many of them do not know about the bitcoin currency, either from the news or the community, that bitcoin is called a scam. Some government agencies do not allow bitcoin to be legalized because they think the currency will surpass their Country's money.

[vnck25]

Well the last time I checked its legal in USA, you can buy it at ATMs, you can buy it only. You can pay for services and products ( eg: overstock.com ). Now you can even pay your taxes using BTC in Florida. Coinbase is legal as it can get. Maybe you are referring to some other country. But as far as I know in many developed countries BTC and other cryptocurrencies are legal, however ICOs are not! Remember that ICOs and BTC are not the same thing, they are very very different! 

[vanhhi9x]

Obviously, there must be some big hand in the hand

[Finestream]

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.  

I agree.And for bitcoin to be accepted,it should be centralized first so that the government will have its full control just like fiat currency.But since bitcoin is decentralized in nature,it would be hard to tell if ever bitcoin will be soon become legit or remains to be a simple online currency yet profitable.

[Roni116]

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 a legitimate currency because bitcoin is not made by the government. Maybe in the future bitcoin can be a legitimate currency and is used in many countries.

[Bitcoin_Speculator]

Most Popular Currency At This time BITCOIN. But Bitcoin dont follow policy and Government didnot receive any Tax from Bitcoin.Now Jermoney and few country Government support Bitcoin

[Bile123]

I fully agree with the opinion of the deputy head of the NBU Oleg Chury: "We can say that this is definitely not a currency, because there is no central issuer, and we can not recognize this as a means of payment."

[Fintan Lee]

Bitcoin is a legit currency or not, It depends on the rule of each region or each country. Some countries ban bitcoin trading by using its banks; however, some allow. So, the legality depends on places. OK?

[Vincent Wright]

In my view, we just can use cash or card for buying everything in life at the moment. We can not buy a bread by bitcoin. Moreover, the valuation of money does not change much, it just has inflation every year. Besides, bitcoin price is flutuation one. It is the reason why bitcoin is not a legit currency.

[judemarco1996]

Well, for me bitcoin is legitimate currency although not all countries accepted and recognize it but then it is legal in some countries. It is because bitcoin is a specialize form of currency although it does not have a physical form.

[jademacoy]

It is not legit currency because it is design as decentralized and do not have stable value. Until now i still can't believe why people choose to believe that cryptocurrency could be used as a form of payment for goods, products and services where in fact bitcoin or other crypto has no stable value. And it will just create conflict among the buyer and the seller where you can receive bitcoin but later the market price will drop and your establishment of business will go down because profit will be compromise.