Why Bitcoin isn't a legit currency.

[buternasek]

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.

[Selapesek]

probably because bitcoin has not been widely recognized by the state, and bitcoin is also still a lot of bad news that makes it difficult to become a legitimate currency, and no country in the world interested in making bitcoin as a legitimate currency.

[Vart4varta]

Not everywhere cryptology is outlawed. For example, in the US, its use is quite encouraged, and it is even known that in the US bitcoins are taken on an equal footing with dollars. Iceland can be attributed to countries with a loyal attitude towards the virtual currency.

[Roy11]

bitcoin is not considered a legitimate currency because it is firm and not regulated by the central bank, the central bank is not responsible for the risks associated with the use of bitcoin.

[biboy]

bitcoin is not considered a legitimate currency because it is firm and not regulated by the central bank, the central bank is not responsible for the risks associated with the use of bitcoin.

Of course it will not be treated as a legit currency for now since it is not regulated by our law and it is not made by our government, by time would come that a fully adaptation on it will finally grow and time will come that government will finally make it as a legit currency but so far now we just need to enjoy the benefit of it while we can still afford to have as much as we can.

[dear53]

Because of it is not an government currency. That is the main problem in bitcoin. Many country banned it. Now online is fully risky. Many currency are going to scam in recent time. this is the reason of many country's and many people are not believed in bitcoin. If bitcoin in a government currency it is going to more trusted and every single country are accept bitcoin.

[soplo]

bitcoin is not a legitimate currency, but bitcoin is already widely used in some countries for transaction and investment tools, bitcoin can not be the official currency because the state government can not accept bitcoin, because those who manage or even create non-government, besides the government also can not control who the holder is and who has made payment transactions using bitcoin, I think that's the reason why bitcoin is not a valid currency.

[tuturutmunding]

because it is not the government that publishes it. bitcoin does not have a monetary authority institution that controls bitcoin can not qualify as a valid payment instrument

[bapetdik]

Because bitcoin is not regulated by the government. Maybe that's why bitcoin can not be said as a legitimate currency. If only the regulation of bitcoin could be regulated by the government might be a legitimate currency. Hopefully there will be a dealer this soon.

[My yoriyori]

Bitcoin does share many of these attributes of a good store of value. It also offers potentially high levels of financial privacy, somewhat
similarly to the offshore banking system . This is an important attribute of a store of value for some people, although it also creates a lack of accountability and the potential for tax evasion.

[mirror001]

Who said that the Bitcoin is not the legit currency. I have seen so many companies in the whole world even some countries have legalized the Bitcoin trading in their country as the Japan. Because they know the importance of this currency in the near future. As for the legitness the laborgini band of super cars have also issued that they accept the Bitcoin as for the payment. and as the crave for this currency is increasing the other developed and undeveloped countries are also legalizing the Bitcoin in their country.

So no one can say that it is not legit currency.

But if it completely takes over the banks will be bankrupt and the economy of that country may fall quickly may be this is the reason for not allowing the BTC as the real currency.

AM I right guys?

[shalaza]

Thanks for this piece. I always say that people do not take this into consideration when going into Bitcoin. Until Bitcoin is centralized, the acceptance as a legal currency is still a mirage 

[ardibimbim]

The basis of all fiat currencies (such as USD, GBP, EUR) must meet three main criteria, namely:
1. Must function as a medium of exchange (means of payment).
2. Must be a monetary unit.
3. Should have a save value.
Although Bitcoin has some of the attributes listed above, Bitcoin definitely fails to meet all the criteria.
However Bitcoin certainly has advantages over existing currencies, among other things, bitcoin is the currency that pengederannya not regulated by any central bank and other advantages are in bitcoin transactions do not have an intermediary, the transaction can be done without any limit. Compare only with financial transactions that are usually facilitated by the Bank, credit card companies, or e-payment systems such as PayPal. There are always minimum and maximum limits on transactions applied by such intermediary agencies.

[turagsoy123456]

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.

Well, I think bitcoin is a legit currency. Because a lot of country's now who are accepting bitcoin as legal tender in their country's, are using bitcoin as payment especially the big company's and industry's are using and accept bitcoin. I think why some say's bitcoin isn't a legit currency because they have always looked up the negative side of bitcoin. Bitcoin are still in developing because not all people are really know about this new creation. But I think time will come that all peoples leaving in the whole world will educated about bitcoin and let bitcoin to be their new digital money currency.

[Ethelbert Moore]

You know, state bank issues and controls money following the monetary policy. The government can count and limit the flation rate. In constrast, government can not control bitcoin. The bitcoin price just depends on supply and demand. Especially, a variety of people buy coin for their investment plan to make profit. They do not buy bitcoin for using like a currency. I think so.

[Jimrch]

It's not legit because it's not being controlled. By its name itself digital currency, its like you cannot hold since its virtual. To control a virtual currency is unimaginable.

[Bile123]

Bitcoin does not want to recognize because it is a relatively independent asset. In the future, it will be recognized when tools for regulating it will already function.

[taeewo]

Its only government that can approve or legalized a currency and am sure with time most of them will soon legalized it....

[mitakatu]

Because as things happen through internet scams is easier and this makes people limit it not a legit.
It is costly. So, to what extent can it be a legitimate view unless it is fully acknowledged by any nation or government?

[GDragon]

I admire your effort for being newbie but well maybe that was too far tp create a useful information about bitcoin? Next time my advice is create content concisely to avoid boring post like this. Who want to read this? Maybe few people? And my concern also is they can search it through google so maybe your experience or own perspective is enough next time.