Why Bitcoin isn't a legit currency.

[Froloff92]

Long story short, Bitcoin is not yet a legitimate currency because the government still doesn't acknowledge it because its decentralized and its volatile at the moment. Maybe in the future Bitcoin can be in terms with the norms and be a legit currency for use.

[1714705587]

1714705587

[1714705587]

1714705587

[1714705587]

1714705587

[1714705587]

1714705587

[soikot0012]

I think due to the fact some of the matters Bitcoin brings to the person are not definitely suitable for the government. so they banned Bitcoin and said it was illegal.

[ajpandey]

Thank you for the explanation.  It really helps for the ones who are interested in Learning about Bitcoins. Am interested in Learning about bitcoin and Crypto trading, So I think this forum would be a great resource for me.

[taiyob]

It is not a legit currency because it is not regulated by the government, the government don't have any control on it and government don't get any taxes from it's tranjection. Bitcoin is a liquet money. It's a digital currency. Governments basically do not recognize its holders because their identity is complex. I think, so Bitcoin is not legit in many countries.

[Psychee]

I do not even know why it is not ligature, but I advise you to go to Socratus

[Markmolotok1488]

I think that bitcoin is not beneficial to governments, but I also think that bitcoin is not a legal currency only temporarily. I'm sure that bitcoin will be recognized in the future.

[Rustandy]

many negative factors of digital currency can affect the stability of the financial system and harm society. Some of them are the risk of inflation, laden with speculation, and prone to money laundering.

[Akenosi]

Its because its not yet approved, legaliized and supported by the government because only currency supported by central bank are legit currency

[ordeath]

Well done article. But people believe in short stories about the success of earning money from nothing. They don't check the information given on the internet and put their money into the air. And only then learn everything about it.

[Ahmed4200]

In fact, it is absolutely wrong to say that the currency of the bitcoin is not valid. Because bitcoin is the legal currency of the digital currency, but there are few countries in the world that use Bitcoin is illegal. It is illegal to use Bitcoin in countries such as Algeria, Bolivia, Ecuador, Bangladesh, Nepal, Cambodia etc. Maybe there may be more. Moreover, it is currently valid in most countries of the world.However, in most countries it is not legalized to think about money laundering and illegal activities.

[Gastonic]

its simple because bitcoin was no recognized by the Central Bank of a country that is why it is not a legit currency however in Germany bitcoin is a legal tender.

[ciciteng]

This is where you get it wrong I think.
Bitcoin is a very legit. Its just not recognized yet as daily normal transaction until we solve the scaling problem and the mass adoption.
Once we are there, I believe that Bitcoin and other crypto are the future of financial transaction.

[Naughty Princess]

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.

Because of anonymity of every transactions, maybe many of  big people used bitcoin for every transactions which make the government to take action and banned it on their country. It I'd not that legit because it cannot controllable by anyone but the way we earn to have it is really helpful that even do not accept by the government, we choose to work on it but never go any illegal things from it.

[logan16j]

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.

You can see that very few countries recognize bitcoin as a legitimate currency, almost all countries are very cautious about bitcoin, bitcoin prices are constantly falling, this makes the first Private companies as well as governments have doubts about the value as well as the utility of bitcoin.

Bitcoin will be the opportunity to invest, just to speculate the most profitable. We are still very suspicious of its value and transactional security, no one is guaranteed.

[liseff3]

For me bitcoin's a legitimate currency, because of the nature of this currency the concept's more perfect than fiat currency, transactions can be done quickly, transaction costs are lower and difficult to forge. What makes bitcoin illegitimate's because there's no control of authority nor government support. In addition bitcoin values are also very fluctuating like commodity prices.

[MommyElsa]

Because the government doesn't want to make it legal due to the digital currency characteristics.  They have no control with it so they have lots of fear that if they will make it legal they cannot handle it anytime they wanted.

[gurupauts]

I think every country has rules for currency and bitcoin has a fluctuating price and is just a digital currency so bitcoin can not be a legitimate currency because it does not have a fixed price

[Bitcoinnumberone]

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 depends in other countries but in the part of asia Bitcoin is legit. They use the technology wisely to easily transact money and other government does'nt want to make legal they scared to surpass a lot of fear and worries. But Bitcoin has not a fixed price but it's good than fiat currency.

[thenameisjay]

In order to be a legitimate currency, it has to represent a certain valuable item and is guarded by the government's bank, like valuable material or gold or platinum. It has to be regulated by the government and is kept afloat and is preventing itself from self-inflating.

[Leo Barnes]

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.

there is some country who already accepted bitcoin as a legitimate currency but in general, bitcoin is not yet a legitimate currency because of bitcoin design is as autonomous and anonymity.