Why Bitcoin isn't a legit currency.

[cyriljundos]

that's what others think is not legit bitcoin for me bitcoin it's a legit money that's great for my bitcoin

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[Verde_Mantis]

I don't think we actually need some kind of legal status for bitcoin, what's most important is the fact that people should actually start using it as a currency, not only for speculation. It that way it'll be globally accepted.

[dinhthin5446134@gmail.com]

Because the time for each of its transactions is long over the layers of security and waiting for its transaction. Moreover its price is quite uncertain, no one knows it will decrease or increase at all

[dotrang61549566@gmail.com]

Because the value of Bitcoin is the trust. We believe it is valuable and it has value. This makes its price not be fixed

[wewe123]

Bitcoin  is not a legit currency because it is a digitalform of currency and the government has not allowed or legalized this kind of currency to be used in the state, this bitcoin is not centralized wherein government will have to regulate it for the the benefit of the people and safety that they will not be victim of saams.

[Dana-pasar]

because bitcoin is still a digital form its not yet exist and there are still many people who do not know about bitcoin digital world. therefore the government still can not receive bitcoin officially and legally .

[vuquang1763164@gmail.com]

Because it is not really popular in the world. Although it is growing stronger but many people do not know the virtual currency. So it's hard for them to accept it

[jchav010101]

It should be centralized first so that the government will have its full control just like fiat currency but since bitcoin is decentralized in nature.It would be hard to tell if ever bitcoin will be soon become legit or remains to be a simple online currency yet profitable.Most people are still unsure of bitcoin but maybe in the future when bitcoin continues to grow bitcoin will become a legit currency.

[lili song]

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. That was indeed true. Bitcoin is not a legal currency because it is not accepted by most of the governments of each country. In addition, it is not centralized and regulated by them. The transaction is unknown and also the developers.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.So to what extent it can be a lawful stance unless it is totally acknowledged by any nation or government!

[BoutiqueMT1]

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.

[Yatsan]

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 of now bitcoin is considered as one of the best investment because of its high rate and how much profit it can give. Also it is debated if it's going to be a currency or not. The very alarming thing about bitcoin that is enough reason to be banned and not to be considered and legitimated by the government is that its fluctuating value. It must have a fixed value to be a currency it is one of the requirements and I think bitcoin is not even close to that.

[3xtr3m3me]

I think you forgot that there is Lightning network already in place and fees are less than 1 cent

[BlackRacerX]

As far as I'm concerned, in order to be a currency, the currency must represent something of great value, it must have a stable pricing, nd everyone has access to it in spite of social status or class. Bitcoins will come to this point or innovation but today, let us continue believing snd developing the world around it

[Luizrosevelt]

 I am still quite surprised that many people tend to think that Bitcoin is a currency, though at this point in time it is not a threat to our regular fiat currencies. On the other hand, a number of people seem to realize that transaction times, energy inefficiencies in Bitcoin mining and the like are some of the key challenges that prevent Bitcoin from becoming a true alternative to USD, GBP or EUR.

[Sandijoee]

Bitcoin is electric money and virtual money. Bitcoin is not a legitimate country in the world, probably because bitcoin can not be set by the government in each country respectively. Maybe it's because they think it's a pure scam.

[Saldom12]

Certainly not valid, because bitcoin is virtual money and bitcoin can not be set by someone, even the government can not manage bitcoin. So bitcoin is invalid because bitcoin can not be set.

[kennyle167]

according to the simplest terms convey or find centralized status will not be regarded as a legitimate interest. because it will find the status of laws and regulations such a limitation depends only on government agencies, It is legitimate because everything that happens through the path of an internet fraud.

[tungaqhd]

It is just not time for bitcoin to be a legit currency because it is far different from current fiat moneys now. There are so many advantages that bitcoin bring to our life but it's harder to be controled and this is what the government do not like.

[Strange9]

I think because  the value of Bitcoin is the trust and it's not own currency any countries you can use for transaction to any countries in the world.

[shashkova]

it will be recognized as a currency when it gets regulated.