Why Bitcoin isn't a legit currency.

[nikonova]

it cant be a legit currency until it is regulated by a central power. to have its stability. you cant have a currency that may have a very high value today and then suddenly drops by a big margin by next month

[Red Fire]

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.

That is a lie. We all know that bitcoin is a legit currency because there are so many prove that bitcoin can help us to earn money. There are so many popular person that are working here so how can you say that it is not a legit currency.

[joebrook]

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.

The legality of using Bitcoins as a currency is totally dependent on whether the government of the country has decided to legalize it as a method of payment in the said country. As soon as legality is given to it, it becomes a legal currency.

[regnidorhcs]

One of the main reasons why Bitcoin is not a legal currency is because most of the government around the world are against Bitcoin. They do not believe on it, hence they would not allow it to replace their national currency especially because of its decentralized nature, they will not be able to control it, of course they want their currency to be under their control. Another thing is that Bitcoin is not taxable, they are not getting anything out of it so might as well ban it or be against it. They would rather have that than see Bitcoin successful yet they are not getting anything from it. Last but not the least is that it is very volatile, it is so risky to have a currency as volatile as Bitcoin, its value can depreciates in a matter of minutes, so it cannot be a legal currency.

[RamseyJoyce]

I think bitcoin is not a legitimate currency because it is a virtual currency, electronic currency, there are too many risks because no authority is responsible.
The government does not support the legality of bitcoin

[Naughty Princess]

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.

Some of the country do not accept bitcoin which make it not legit and people are hesitated yo used it and only exchange anonymously to track by the government. Which make bitcoin not legit is that using it on illegal and local industries does not accept it as payment because of many scammed that happen everywhere, they do not believe on it.

[iamike]

You know the internet is full of scams and most fraudulent activities occur on the internet. It will be very easy for most internet and fraudsters to hack into one bitcoin account and empty it. Most governments really don't want to experience it and this has delayed its acceptance as a legit currency. I believe as time goes on systems and security will be strengthened and its acceptance will happen.

[zhelis74]

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.

The legality of using Bitcoins as a currency is totally dependent on whether the government of the country has decided to legalize it as a method of payment in the said country. As soon as legality is given to it, it becomes a legal currency.

The acceptance of every government makes a thing to be considered as legit and in a case of bitcoin even though it was not officially supported by most of the government on entire world but people recognize and adapt its system that makes it very popular, but in reality we know that bitcoin is not a legit currency and the fact that its only a virtual or digital currency having a virtual digital value with reference to a fiat currency.

[airdnasxela]

Well even though it is not fully considered as a currency or specifically a digital currency or a cryptocurrency because of the value of it, it isn't really matter. Bitcoin has been successful and what it achieve now is very unexpected. Even though most of the people here didn't use bitcoin as a currency,  we still use it, but as an asset, and for me that doesn't really matter.  What's matter the most is we are using it,  and we are benefiting from it.  Case closed.

[lester04]

Due of Bitcoin is not accepted in lots of countries, as a matter of fact some countries bitcoin has been banned, and there are some conflict today in crypto world cause many people didn't understand bitcoin well. I hope bitcoin will acknowledge soon as a legit currency all over the world.

[Erlinda Santiago]

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.

because bitcoin is not actually a real coin it is only a crypto coin or virtual relality coin that has a value online but u can still convert it in our currency

[budiarmed]

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.

Bitcoin has not received recognition from the government so bitcoin is not a valid currency. If you want bitcoin to be a legitimate currency then you have to wait for your country to validate bitcoin.

[Vineeta2oct]

Bitcoin is highly inflationary, it can be easily manipulated by the whales. Its price is not stable which makes it dangerous for any economy if more money is injected into it. These are the reasons  bitcoin can't become a legit currency anytime soon.

[VanNistelrooy]

Because bitcoin does not belong to a country's government, if bitcoin is issued by the government, it will have a legal status.

[SilverChromia]

We cannot say that bitcoin is not a legit currency maybe bitcoin is not a physical currency but we all know that bitcoin is already a legit currency but as a digital one. and we all know why it is a legit one and we all know all of it achievements to the world history and how it change many peoples lives and their futures.

[RyhaniFoyej]

We all know that Bitcoin is a decentralized digital currency and it works peer to peer. As it is a decentralized system so it is not under anyone's control. For this reason most of the people those who have no idea about Bitcoin system they don't believe in Bitcoin. Many illegal businessmen run their illegal business with Bitcoin. So many countries of the world doesn't support Bitcoin. And so people say Bitcoin isn't a legit currency.

[WaffleMaster]

Bitcoin transactions costing $20 yeah ok there guy. I can see why you decided to make a throwaway account for this because you obviously don't know anything. Somebody just transacted $250 million dollars using only a four cent transaction fee just a few days ago. That's not even counting the lightning network which will make everything pennies or less for transacting. You lost me as soon as it was established you had no idea what you were talking about.

[Yeahnoh]

Just because it's not as mainstream or as accepted as cash which is a staple point in modern society I wouldn't say it's not a legit currency. Money fluctuates as well even though it's on a way smaller scale than bitcoin. The cash system has been around for decades, I expect bitcoin and other cryptos will be relatively stable too in terms of future once it has a more secure point in society

[waqasanwar95]

Because of bitcoin  not in control of any government, anyone uses it for money laundering no one caught also on use it no tax apply

[Cryptoproff]

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.