Why Bitcoin isn't a legit currency.

[Promipunit]

First of all, Govts are scared that Crypto/Bitcoin will disrupt their economy, then it is also not stable and not very liquid either. These are the reasons that Bitcoin isn't a legit currency in the eyes of Govts of many Countries.

[Gabah56]

because there are still many countries that have not received bitcoin legally to use as payment received as paper money.
and other reasons may still be many people who do not understand the bitcoin digital world .

[tuansemazi]

Bitcoin is hardly considered legal because it has no intrinsic value. There will be no problem with people buying and using Bitcoin as a kind of investment asset. But its value is too easily lost to be considered a real currency. Only in December 2017, Bitcoin prices close to the threshold of $ 20,000, then suddenly dropped to just over $ 11,000. Consequently, the concern about this currency has increased.

[Choy13]

Bitcoin is not a legit currency because it is not legalize by the government, it is not implemented to other countries to use it as a currency for their country. But i think that someday it will be legalize or be legit because at some point their are things that bitcoin and government make things right.

[rajkr]

The nature of BTC is totally decentralized so it is impossible  to regulate it. So its transaction can not be traced and regulated by any centralized agency. It does have so much fluctuation in its price in comparison to the fiat currency . And all country has not accepted it till now.

[Psychee]

because the bitcoin is already created as a virtual or digital currency that can not be used as a legitimate currency. therefore bitcoin will not be used as a legitimate currency because not all countries that legalize bitcoin in the country and  that's all what I know.

[Jinatfatm]

Every person with a brain realizes $BTC is the only legit way of establishing a fair decentralized world currency that is not controlled by a corrupt power elite aka inflationary war profiteering central banks. Bitcoin will prosper all people by allowing true 100% world commerce

[Rustandy]

The reason, this currency is considered non-compliance with the principle of anti money laundering, and the fear of its negative impact on the financial industry.

[violet catona]

In my country it is now legal because some banks already adopting bitcoin as one of the highly cryotocurrency nowadays,,so some establishments also uses this bitcoin as payments and  we can do transactions for some many reasons,,so i think it is now a legal.

[ganlianshifu1]

The definition of currency has been changing, shells, gold, banknotes, and even Bitcoin. All are artificially defined and rich in his value.
BTC does not have any organizations and countries to provide credit guarantees for it. BTC has not obtained legal currency qualifications!

[andreyka0308]

Because the government will not use it as a global currency, because they want to control the funds of the market, that is, the currency. They want the currency to be centralized, and bitkoyn contradicts, because it is decentralized. They want people to be rich in fiat, because they could get tax on it, while in crypto, where they will not maximize their taxation for everyone who makes it a source of income.

[S.R Rikto]

I do not think there is a valid coin because it is not controlled by the government, it is not implemented by them but someone invents it and they do not want that they become prey only because they thought it was just a scam.

[Awan Awan]

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.

Because its very volatile. Other than that, no reason to call bitcoin is not legit. For me bitcoin is legit but for investment. There is not for currency since its very expensive in transfer fee and low transaction as people know. Not many people use bitcoin as currency.

[Vika99siombiwi]

There is much speculation about the real value and stability. People are often afraid of any abstract when it comes to valuable material like money. Bitcoin as digital money, people use it but its destruction every 5 months because of speculation as a bubble. No one ever confirmed it as a legitimate currency but those who really want to invest to be able to earn big profits.

[kenellis2017]

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.

Currently btc is being traded worldwide, however btc is only accepted in some countries, most other countries do not accept monetary policy. However, I always believe that one day it will be accepted globally and we are easy to trade.

[kasemin]

Yes Bitcoin has not become a legal currency because not all countries, world bodies have accepted or recognized it. You write so much and how you fail to understand that this coin can not be controlled by anyone, nobody can manipulate it. In simple terms to get centralized status will not be considered important as a legal currency. In my thinking it will gain legal status with some kind of limitations depending on the government.

[callmeback]

Bitcoin is being traded worldwide, however btc is only accepted in some countries, most other countries do not accept monetary policy. However, I always believe that one day it will be accepted globally and we are easy to trade. 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. In my thinking it will gain legal status with some kind of limitations depending on the government.

[JSRAW]

Due to its volatility behaviour and countries don't have visible stakes in it. Government tends to avoids things which they can't control specially when its comes to Crypto. We definitely need mass adoption but with volatility and without structured education of crypto, we can't expect that in near future. just imagine small vendor accepting payment in bitcoins and after some time price went down and he can't withdrawal bitcoin to fiat immediately due to law or regulations. its a very bad situation for respective person.

But it doesn't mean p2p transaction not happening at all. i am freelancer and sometimes i accepts payment in Bitcoins / Eth/litecoin but its totally depends on the client and its very rare. for obvious reason i can't force my clients to pay me in crypto only. but i can surely present the one more transaction method in front of him/her. in the end its completely their choice.

Unfortunately didn't get much good response. only couple of clients agreed but hey its good start.

[yaghoniyu]

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.
Maybe In the future It will happen. I believe it.

[Psychee]

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 thats is so bad and ez