Why Bitcoin isn't a legit currency.

[queenlaurel]

Bitcoin is not a legit currency yet because it has not being accepted world wide and it is not regulated by the government. Until most countries have accepted and started using bitcoin and it's regualrised, it won't be a legit currency.

[audreyking.king]

Bitcoin isnt a legit currency because its not yet legalize and fully embrace in all part of the globe. Bitcoin offers numerous benefits that normal money can not and will never be able to offer

[kingkongcorp]

Yes because bitcoin can not be used in real life so they call it bitcoin is a legitimate currency but in the future banks will also use crypto to become their transaction tool

[prediction on bush]

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.

Why bitcoin is not legit currency i think because bitcoin is not totally accepted all over the world there are so many country that bitcoin is banned, Also because bitcoin is not centralized, not regulated by the government.

[bitcoinskyrocket09]

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.

It is indeed true that bitcoin is not a legal currency as of now because it is not yet accepted by most of the governments of each country and most especially here in the Philippines. In addition, it is not centralized and is regulated by them. The transaction in bitcoin is unknown and also the developers are anonymous. Hence, bitcoin is not created and implemented by the government so it is not yet been legalized.

[smithryan]

the main reason for not implementing crypto currency and bitcoin as a legitimate currency is money laundering and high volatility in the currency. After all, if a man had not spent so many bitcoins on pizza, he would now be a dollar millionaire.

[sevenonetwo]

Indeed bitcoin is not a legitimate currency because not all countries give legal status to bitcoin. Other than that bitcoin is invalid because there is no official party regulating the circulation. Even though  to become official currency must be regulated by the official party and made the system of centralization. This is to control the price and circulation of money. Bitcoin still with its decentralized system, where all control goes back to the owner of the bitcoin itself. This makes bitcoin that must change its system if it wants to be recognized by many countries and crowned into a legitimate currency.

[Altf4]

Indeed bitcoin is not a legitimate currency because not all countries give legal status to bitcoin. Other than that bitcoin is invalid because there is no official party regulating the circulation. Even though  to become official currency must be regulated by the official party and made the system of centralization. This is to control the price and circulation of money. Bitcoin still with its decentralized system, where all control goes back to the owner of the bitcoin itself. This makes bitcoin that must change its system if it wants to be recognized by many countries and crowned into a legitimate currency.

That is true , bitcoin is not legit to countries that does not recognized or use this as currency, but in the digital world bitcoin is legit in digital currency, if countries will recognized and accepted bitcoin ,then we can say that the bitcoin is legit.

[tesmark07]

I think. Why bitcoin still not considering as a legit currency.. because it still not legal outside the real world.
We need the legality of it thru the government and amending or creating a law about the recognizing of bitcoin as a legit currency.

[HukoJla]

Bitcoin recognizes most of the countries of the European Union, allowing it to be used as a means of payment, rather than a regional tax, although the issue of legal regulation is still "suspended in the air." The US uses bitkoyn as a business that provides cash and settlement services to the public, but not as a currency, and digital tokens are equated to securities. Too rigid policy of regulation has chosen China, on the one hand, as a useful tool for promoting regional interests, but by introducing clear criteria according to which the crypto currency can be used as a payment instrument, prohibiting legal entities from making transactions with it.

[Akenosi]

Because its not fiat currency and not back up by the central bank with the approval of the government

[Bitcoininvestment]

Because bitcoin is still not legal all over the world. The reason behind it is the different flaws that bitcoin still face right now and one of it is its decentralized market which gives its users an anonymous transactions that is also being abused by some by using it in illegal ways. Second is its unstable price, because we now that the bitcoin's price really changes drastically unlike the accepted currencies that only changes a bit.

[Falmera]

Bitcoins is not yet a legal currency cause not all countries, world bodies have accepted or recognise it. You wrote so much and how come you fail to understand that this coin cannot be controlled by anyone, no one can manipulate it and most of all governments cannot find out who owns it or make you pay taxes. There is a huge hassle process and it's expensive to track it, make a whole set of laws. You get the point don't you.

Yes, it true. Bitcoin's legality depends on the country. Some recognize its usefulness while most are doubtful about this. Some are thinking bitcoin could be a tool for fraud. But the truth is it is very useful only then some are using this for their selfish desires.

[devlincarter.868]

You can think a lot about the legalization of bitcoin, but now it's hard to say when this will happen. But maybe in the future when bitcoin continues to grow bitcoin will become a legit currency.

[Yatsan]

Because bitcoin is still not legal all over the world. The reason behind it is the different flaws that bitcoin still face right now and one of it is its decentralized market which gives its users an anonymous transactions that is also being abused by some by using it in illegal ways. Second is its unstable price, because we now that the bitcoin's price really changes drastically unlike the accepted currencies that only changes a bit.

Nobody said it is a legitimate currency to begin with. Even the developers of bitcoin after satoshi nakamoto admitted that they couldn't make bitcoin capable of serving the main purpose it was made to begin with. If you're talking about the future however, then there's still a lot of time. We can't claim things too early as even a decade is enough for bitcoin to reach 20,000$.

[DidiGoo]

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

As we speak it is going strong in Duba, it is legit to purchase some biggest investments - Did you know you could purchase a property with Bitcoin?

In Dubai, foreign Investors are buying Property and it started to raise this year!

Do you know any other country that gives 100% Freehold ownership to foreign Investor and Accepts Bitcoin?
Please let me know if you do, I wish to expand my portfolio for my Bitcoin Investors


PS>
I am a Dubai Land Department registered Estate Advisor, I have multiple developments with payment plan up to 5 years and 50% during construction and 50% on completion, all can be purchased with Bitcoin, in some of the developments-depending on volume of investment - Investors can start receiving the 10% from the moment they purchase, you own share of this hotel chain as soon a you purchase.

[Daday23]

I think because bitcoin is new and in 9years it is not enough to know by many people.And because there is a fake news spreading about bitcoin it cause to hate by some people.I think bitcoin need advertisement to become popular in whole world.

[1van__]

because bitcoin has not yet become taxable and the state with it is not considered and until it is perceived seriously, but it will not last long

[DidiGoo]

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.

As we speak it is going strong in Dubai, it is legit to purchase some biggest investments - Did you know you could purchase a property with Bitcoin?
Instead of 2 pizzas you could own a hotel

In Dubai, foreign Investors are buying Property and it started to raise this year!

Do you know any other country that gives 100% Freehold ownership to foreign Investor and Accepts Bitcoin?
Please let me know if you do, I wish to expand my portfolio for my Bitcoin Investors


PS>
I am a Dubai Land Department registered Estate Advisor, I have multiple developments with payment plan up to 5 years and 50% during construction and 50% on completion, all can be purchased with Bitcoin, in some of the developments-depending on volume of investment - Investors can start receiving the 10% from the moment they purchase, you own share of this hotel chain as soon a you purchase.

[Remainder]

Bitcoin is only used in online transaction as a currency and not all country are using bitcoin, maybe in the future if all country are agreed to used bitcoin as a legit currency but for now the adaptation is not easy.