Why Bitcoin isn't a legit currency.

[freesia_pnp888]

it's not legit since there're many speculations about its real value and stability. moreover, people are often afraid of abstract anything when it comes to valuable material like money. bitcoin is like virtual "money", people are using it but due its crash every 2,3 months, as the speculation of it being a bubble, no one ever confirms it as a legit currency, but those who really invest.

[ALI AKBAR]

Bitcoin is not a valid currency because it is not controlled by any government. There is no stability in its price. According to many, it is used for all misdeeds. Therefore, it can not be valid even today.

[goodfortune2018]

Bitcoin is not a valid currency because it is not controlled by any government. There is no stability in its price. According to many, it is used for all misdeeds. Therefore, it can not be valid even today.

If talking about as world currency it yes, but for some specific countries i really believe that bitcoin is already a legit currency because this is already use as payment transaction of some store.

[Vanes_brz]

Bitcoin and the chain of other cryptocurrencies have not the most attractive reputation. Supporters of traditional Finance do not consider them a means of payment, they talk about their unreliability, high volatility.
But the most important (and long-standing) claim: bitcoin is an ideal tool for terrorists and financial criminals. We had the honour to hear those cries again at the world economic forum in Davos.But that's a good cryptocurrency for illicit transactions? There is an opinion that is not very.

[hardtargetbtc002018]

Bitcoin and the chain of other cryptocurrencies have not the most attractive reputation. Supporters of traditional Finance do not consider them a means of payment, they talk about their unreliability, high volatility.
But the most important (and long-standing) claim: bitcoin is an ideal tool for terrorists and financial criminals. We had the honour to hear those cries again at the world economic forum in Davos.But that's a good cryptocurrency for illicit transactions? There is an opinion that is not very.

It's really hard for bitcoin to be used as legit currency world wide because it can be easily use by scammers and hackers and aside from that the market price is very volatile which is hard for payment options as market value of bitcoin may change in seconds that may cause also changing the price of commodities we are buying.

[swollen]

bitcoin is not yet an official currency, and only some countries recognize it

[TheGodFather]

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.

To answer that question, the world only considers the physical currency to be the only currency in the world. All other coins including these digital or our beloved cryptocurrency are categorized in a different aspect that makes even the most stringent or follower of economics skeptical of its worth due to its lack of singulartiy or constant. But it still has the power to become one, once it is accpeted and devoted the time and effort it should have

[northstarh]

Bitcoin is not a legal currency because:
It is not accepted by many governments,
it's not popular,
It is a decentralized currency.
It isn’t regulated and controlled by the government.

[brickafterbrickwalldpt]

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's actually a huge advantage because if Bitcoin reach wide adoption then it's value will continue to increase. There aren't many bitcoins, 21 million coins is a really small amount especially if you take into account that billions of people can use Bitcoin. Bitcoin will teach people to save money because it will gain value over time. What's the point of saving your dollars if their value is constantly going down due to inflation? Blame the government and switch to Bitcoin.

[removebeforeflight]

There are so many transition needs to be done for each country to have Bitcoin to be accepted world wide. Even though governments and institutions know the positive things about Bitcoin they still oppose it and spread negatives due to the banking system may be collapsed if they accept crypto currency as legal. Still there are countries accepted it for the wellness of the people.

[bitbenzhong]

i think the bitcoin is first cryptocurrency of the world

[laryillary]

Because the use of crypto currency provokes the risks of money laundering, tax evasion, sponsorship of terrorism and an increase in fraud scams.

[lamcouz]

I think bitcoin can remain as the supreme of all crypto in so far as individuals continue supporting it and the innovation behind it is constantly refreshed to the most recent and not behind. Quite possibly's another coins would rise and be more predominant later on, however it would set aside some time for that to happen.

[MarkDaniel5]

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.

[Market-desi]

bitcoin if we say as a legitimate currency also still not gan. because there are still some countries that have not received bitcoin as a legitimate currency. but I'd love to go out of the country where the country is receiving bitcoin as a legitimate currency

[Tonicantik]

due to the constantly changing bitcoin of the price and bitcoin as well as any country that uses bitcoin as its currency. although the bitcoin in the world of cryptocurrency is quite popular but there is no country that recognizes bitcoin as a legitimate currency.

[shesheboy]

due to the constantly changing bitcoin of the price and bitcoin as well as any country that uses bitcoin as its currency. although the bitcoin in the world of cryptocurrency is quite popular but there is no country that recognizes bitcoin as a legitimate currency.

Bitcoin is already been used on many countries and that only means they are already accepted bitcoin as a legal and legit currency although it may not be considerd as an actual or real currency because bitcoin is only a digital currency that works online with the help of internet connection. Bitcoin is a legit currency but there are still people that claims bitcoin is illegal or scam , these people maybe an anti bitcoin or uses other currency which is already in danger because of bitcoin.

[MarkDaniel5]

It's really hard for bitcoin to be used as legit currency world wide because it can be easily use by scammers and hackers and aside from that the market price is very volatile which is hard for payment options as market value of bitcoin may change in seconds that may cause also changing the price of commodities we are buying.

[forklif]

bitcoin is not the official currency because bitcoin is not centralized, not regulated by the government. this is highly unlikely because the bitcoin itself is unstable and at high risk. of course people who do not understand bitcoin feel uncomfortable.

[rye18]

It's really hard for bitcoin to be used as legit currency world wide because it can be easily use by scammers and hackers and aside from that the market price is very volatile which is hard for payment options as market value of bitcoin may change in seconds that may cause also changing the price of commodities we are buying.

Although bitcoin is currently use as an alternate currency of some countries but still its hard to become a legit currency all over the world because of its volatile characteristics.