Why Bitcoin isn't a legit currency.

[uray]

the main reason for not implementing crypto currency and bitcoin as a legitimate currency is money laundering and high volatility in the currency. maybe they understand the serious advantages of crypto-currencies, but they are not yet ready to implement these functions in financial and banking systems.

You really do not need the banking system to implement the currencies but i am sure they will be implementing the blockchain technology in the future for each and every transactions, pointing out money laundering as an issue is not a valid reason as fiat currency is used more for those sort of illegal activities and that cannot be said about bitcoin as everything is recorded.

[Kristina_2805]

Governments can shut down websites; they can arrest exchange owners; they can make onboarding hell; they can tax it as capital gains. Governments cannot stop an idea whose time has come. Crypto is not very liquid these days but it's a matter of time. For example, have you heard about Paytomat? Paytomat will streamline the process of accepting the payment in crypto for the merchant, and give an extra incentive for the customer to pay in crypto of their choice with no extra conversion.Basically, it is a Decentralized System for Cryptocurrency Payments. I've checked their team and partners, quite impressive.

[xanaxxx]

the main reason for not implementing crypto currency and bitcoin as a legitimate currency is money laundering and high volatility in the currency. maybe they understand the serious advantages of crypto-currencies, but they are not yet ready to implement these functions in financial and banking systems.

it seems you have missed that bitcoin is already treated as currency in Japan for example, which is a country of heavy regulations, yet they find the courage to regulate it. More countries are to follow them

[Pyr3x]

Of course this news about pizza is far from new and now it looks a little sad. After all, if a man had not spent so many bitcoins on pizza, he would now be a dollar millionaire.

[setialovers]

From SEC already said that bitcoin is not a security. I think thats mean good for bitcoin because bitcoin does not break any rules. Bitcoin can be a legit currency as long community using it. Fiat money right now become currency because government trust and if peoples dont trust government, fiat money dont have a value

[jojohamasa]

I see that this analysis is a scientific analysis in the traditional form first and secondly has overlooked some things
Including that bitcoin is a new revolution is still beginning its way and is only the top of the iceberg
In other words, there are other generations of currencies that, once mature, may be able to meet these three conditions
Also, it must be recognized that the great progress in the world must look for the cryptocurrency of economic economic adaptation

[SamsonFlores]

For me it still lacks the freedom and governments acknowledgements that cryptocurrencies cqn be used as currency. 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.

[HumberGuns]

Bitcoin can't be adopted as a worldwide currency because its price is too much volatile!!
It's not a security because it doesn't pay dividens!
it's not a store of value due to the volatile of its price!
it's a medium of exchange? yes! it is.
It's an investiment/speculation instrument? yes! Currentlt it is...
In order ro be a currency the price should be much more stable...
basically it means no more whales.

[Indai24]

For me it still lacks the freedom and governments acknowledgements that cryptocurrencies cqn be used as currency. 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.

For me bitcoin is legit because if it's not then any merchant won't accept it and will be ban as well, it will not survive. But as we can see bitcoin survived and it's a trend right now many are taking advantage of it.

[rowan.thomas]

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. 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.

[Tylev]

Very interesting topic. I myself already reached the same conclusions. These arguments reinforced my confidence in these same thoughts, and not only in these. This statement is true, but not entirely. For the stated reasons, the states will not be able to use the decentralized crypto currency as the main money of the country. However, bitcoin and other crypto currency can quite go in parallel with such national money as it is done, let's say in Japan. To stake on decentralized state coins will not be, however they will be able to use their consumer qualities. Most likely, the states in their interstate mutual settlements will use only centralized crypto currency, which will be more stable.
Decentralized crypto currency, and first of all bitcoin, need to be afraid to rise very high in its price, if they reach high price values, inevitably at some stage panic will begin and this crypto currency will fall, down to depreciation. And this with her can be repeated several times. Therefore, bitcoin can reach high price values, but it will not be possible to have a very high price for a long time. Therefore, the repository of value, in fact, is very bad. People still have to learn this in the future.

[yakafi]

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.

I think Bitcoin has not been a legal currency because not all countries, world bodies have accepted or recognized it.
This bitcoin can not be controlled by anyone, nobody can manipulate it and most of all governments can not know who owns it or make you pay taxes. This is The future currency.

[Dejech19]

For me the reason why bitcoin isn't legit currency because not all country accepted and recognize it. But I know that soon it will be accepted because many uses it and it helps a lot most especially in transaction of payments and sending money.

[xiebaowang]

What is the value of Bitcoin? Value is to protect your private property!
The currency of a country's endorsement is called legal tender. Bitcoin is not a legal currency and does not mean that bitcoin is not a currency.

[hexline11]

Bitcoin is legit but most of the people are not believing with Bitcoin because many abusers used bitcoin as a scamming scheme. That's white the reputation of bitcoin is destroyed.

[esatceza]

Bitcoin is not a legitimate currency because it is not government-recognized. This is because it protects users, helps them anonymously, helps them evade taxes, illegal transactions take place, bribes, embezzlement and many other evils. They can not control it if they accept it. So, I think it takes a long time for the government to accept it

[neo444]

Not in all the country of the world bitcoin isn't a legit currency but i think these countries who don't accepted bitcoin don't want to change his financial laws to change the situation of bitcoin to be a legit currency

[nicko122]

You can think a lot about the legalization of bitcoin, but now it's hard to say when this will happen. In some countries, bitcoins can be used freely, in some they are neutral, and in some they are completely forbidden.

[a new beginning]

Sooner or later, Gov is finding the way to take control BTC or altcoin, because the financial game is on Gov hands. If BTC or altcoin immediately jump in, become the currency, what happens then. Gov is out of the finance game that they can control easily. It's my opinion :v

[looterrific]

Not enough regulations, still not a known to most part of the populations, volatile, doesn't reach full potential, people are against it (some), and the fees is absurd when it comes to daily transactions. You see, it's not viable for it to be a Legit(Legal) currency because of the way bitcoin was created. It would still need a lot of development before it can be implemented in the entire world. Also, it has to please the masses for it to be known. But oh well, people are greedy enough to cause unfortunate events.