Why Bitcoin isn't a legit currency.

[Narutofuc]

Because it's not protected by the government

[saffira]

It is not legit because it is not safe  and the volatility is always an issue. Also the scam issue makes it not legit and not trusted. Although many are willing to learn and invest but also are afraid to lose because of scams.

[rameshrajan1000]

It is true that bitcoin's world is not legally permitted in all countries. But in many countries it is allowed to formally transact. Some government may not be able to observe the crypto transaction and not allow the wrong transaction to happen.

[Thecryptocurrency09]

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 do not want to say that bitcoin is not legit yet for me it is more likely to be stuck between legal or not. With the massive demand of bitcoin in our society we can say how popular and how could it possibly be quickly known that almost lead to government,  where it takes much worse like banning it. The probable reason is simple because bitcoin is a crytocurrency currency,  and being a cryptocurrency may involve danger our anonymous that can be use in a not so good way.

[Dorion2124]

Bitcoin isn't a legit currency because it is not yet registered in our government and it doesnt have any legal document to be our legal currency. And government dont want bitcoin to be legal because they cant control it and they cant get money from bitcoin.

[Rendysamlan]

because in every country have different laws and regulations. occurs in some countries it does not provide a latent negative effect on Bitcoin price valuations. on the other hand there is a country that is feared for its impact on the use of bitcoin.

[qwertyup23]

Very interesting read indeed. At first, I thought that bitcoin can be a currency in the future if a country accepts its legalization and medium of exchange but its implications are more than just the approval. Its decentralized nature can be fixed by government intervention through regulation but it destroys the purpose of investment- which its volatile nature. Although bitcoin can be categorized as an investment that has the potential of yielding large amounts of income, it failed to be under the scope of a 'legit currency' in the world.

Personally, I believe that the world will adapt and embrace the revolutionary payment transactions which is the wireless and electronic system of payments and the blockchain technology might be utilized to achieve such.

Legit currencies have a few prerequisites one of which is that it should be centralized, bitcoin is a democratic currency which is decentralized in nature meaning there is no central bank that regulates and monitors its price value, also bitcoin is not a physical currency, since it is digital in nature, it's not considered legit.

Fiat money will always be regulated by a central authority by the government in order to prevent any abuses and price manipulation. In the case of bitcoin, its decentralized nature lacks any intervention and regulation which somehow, contributes to its volatile nature. Bitcoin will always remain as an investment alternative/tool for investors to utilize its nature for the purpose of yielding income in a high-risk manner.

[krixi]

Bitcoin is like a virtual "money", people are using it but by its crash every 2.3 months, when its speculation is bubble, no one claims it as a legal currency. .Bitcoin is hard to predict any development value and price in the market. So most people are still not sure about bitcoin.

[Sevarchik]

Because no one is responsible for it, price can drop to zero tomorrow and cant do anything.
With all other currencies country response for it. If usd go to zero you can buy all in usa for $

[Hardtolife]

Bitcoin is like a virtual "money", people are using it but by its crash every 2.3 months, when its speculation is bubble, no one claims it as a legal currency. .Bitcoin is hard to predict any development value and price in the market. So most people are still not sure about bitcoin.

I agree with you. I think in every country also has its own currency and has been fixed. And while bitcoin can not set its fixed value because it is still up and down. And not all know about bitcoin because of lack of knowledge about modern times. I think bitcoin is only for savings when needed.

[letzdodiz]

Individuals won't acknowledge it lawfully until the point that you get legitimate acknowledgment. It's a computerized cash. Governments fundamentally don't perceive its holders in light of the fact that their personality is complex.In which nation, what amount of expense will be charged, what amount of trade esteem will be? This is likewise a central issue. Paper cash relies upon the economy of any nation. This sort of correction must be done in bitcoin . It is very costly. So to what extent it can be a lawful stance except if it is totally acknowledged by any nation or government!

[cryptojac17]

Individuals won't acknowledge it lawfully until the point that you get legitimate acknowledgment. It's a computerized cash. Governments fundamentally don't perceive its holders in light of the fact that their personality is complex.In which nation, what amount of expense will be charged, what amount of trade esteem will be? This is likewise a central issue. Paper cash relies upon the economy of any nation. This sort of correction must be done in bitcoin . It is very costly. So to what extent it can be a lawful stance except if it is totally acknowledged by any nation or government!

It  is the prerogative of  every  nation to adopt or not bitcoin  in thier country, legality will only  how thier government adopt and form a policy that  would regulate Bitcoin circulation of their country, usually nation being progressive like Japan, Germany US  are user of bitcoin because they know  the potential of it.

[BagzMM]

In my opinion bitcoin isn't a legit currency because it is a peer-to peer transaction that is being process by a system or a program. A decentralized currency not governed by any politician.

[Missterio]

On this topic you can talk endlessly, but I think that bitcoin is now very popular there is no one in doubt.

[Kerwiner00]

The BTC's prices are not volatile and there are no government records or anything like that, and so far only a few countries have acknowledged its existence.

[Anita1873]

Bitcoin is now legal in some countries and many countries are going to regulate it in their countries and we will see it regulated in many countries in near future. G20's next meeting regarding its regulation will also held in next month.

[akram143]

Bitcoin is now legal in some countries and many countries are going to regulate it in their countries and we will see it regulated in many countries in near future. G20's next meeting regarding its regulation will also held in next month.

For many people Bitcoin will be the next chance for their living purpose many people invested for their future generation so we cannot save it kind will be not that good man that had many good qualities for many papers so I will be appreciated the qualities will be very helpful for many people to him through in their life this will be very grateful for all the people.

[darkangelosme]

Simple because no one country owned bitcoin that's why governments in each country's has no control on it, the only thing they can do is to regulate bitcoin and other cryptocurrencies or worst they can banned it in their country if they wanted too.

[DoublerHunter]

Bitcoin is already a legit currency, i don't think why you are thinking that bitcoin is not a legit currency because if it is not a legit currency then why there is a lot of users of people in the internet are using and trusting to put their money to the bitcoin. I think that is because bitcoin is such a trustworthy currency and already a legit currency ever since then.

[sikami]

It does not exist in the physical form. It only exists on the basis of numbers, the government can not stop an idea that time has come. Crypto is not very liquid these days but it is a matter of time.