Why Bitcoin isn't a legit currency.

[hector3115]

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.

Government's will be always not interested in legalisation of crypto. It is simple they will have no profit from it. They need to control your money.

[emezh10]

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 is a technological breakthrough in the global marketing system. All the properties that bitcoin should pass according to some critics and experts are yet to be solved along with the complementing rules and regulations that would allow this financial innovation to happen in the main stream of global market. Major adaption does not happens overnight, especially if it involves international market and economy.

[petubtc]

Bitcoin will only be a legit currency when it gets centrlized which i think wont happen and offers it's value should be stable and we can get that with centralization which i repeat wont't probably happen.

[Lx2018]

You know the web is brimming with tricks and most deceitful exercises happen on the web. It will be simple for most web and fraudsters to hack into one bitcoin record and void it. Most governments truly would prefer not to encounter it and this has postponed its acknowledgment as a genuine money. I accept over the long haul frameworks and security will be fortified and its acknowledgment will happen.

[Eigig]

Bitcoin is not a legit currency because the government did not accept bitcoin as a currency in their country, and the goverent is very furious againts the bitcoin , because of the property of bitcoin that is decentralized digital currency where in the government wants that will they regulate the use cryptocurrency in the country that is why bitcoin is not legit.

[Rustandy]

Because maintaining the sovereignty of a country's money as a legitimate means of payment in the country, digital currency payments are particularly vulnerable to bubble risks, and are prone to use as a means of money laundering and terrorism financing. So it can affect the stability of the financial system and harm the public.

[oni4an]

It is too early to talk about Bitcoin as a single world currency, but with certainty it can be said that this is the most popular currency for today. Once bitcoin has the legal status and approval of Governments, it will only be able to claim world domination.

[Core.BUSTER]

Bitcoin is not legitimate due to fact that it has not been regulated or accepted by the government though not all the countries. Some countries see Bitcoin as legal currency while some not.

Some reason that bitcoin is not legitimate cause it has not been accepted by the government. The government banned bitcoin cause there people are lack of knowledge about in cryptocurrency but some country are accepted bitcoin cause they are open minded and willing to learn more about in cryptocurrency.

[Nasonn]

Bitcoin will never become a legitimate currency since it's beyond the control of governments so they won't agree to accept it as a legitimate means of exchange.

[Angle22]

because bitcoin has not been officially made a legitimate currency, because bitcoin is only a mere money search in social media.

[Angela28]

Bitcoin is still the legal currency for all workers and acceptors to trade and is accepted by some governments for cross-border trading with our currency as it is legally accepted by the government.

[cutecute]

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.

bitcoin is not a legit currency because it is not legal worldwide. For me bitcoin will be a legit currency if all of the government made an agreement about the legalizing of bitcoin worldwide.

[rollingstorm45]

It is true, there are no quality bitcoin users today
Everyone starts to focus on the current price, yesterday's price and price, price, price
Do not you know, that blockchain is very powerful?

[nesis67]

In my opinion, because Bitcoin has not been declared illegal in most countries. Although there are some countries (such as Argentina and Russia) that strictly prohibit foreign currency. Other countries (such as Thailand) restrict certain currency entity entities such as Bitcoin exchanges. Policy makers from different countries are taking steps to provide individuals and businesses with rules on how to integrate this new technology with the rules of the formal financial system.

[gabmen]

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.

bitcoin is not a legit currency because it is not legal worldwide. For me bitcoin will be a legit currency if all of the government made an agreement about the legalizing of bitcoin worldwide.

For now perhaps yes. And with an extremely high volatility, it will be hard to consider it as a legitimate currency. People don't see it as such anyway. Btc is seen as an asset where people can make money from either by trades or holding.

[Kytanylu]

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.

[cryptosuotor]

There are two reasons i know that bitcoin is not a legitimate currency, first of all not all the countries has accepted it. Secondly it is not yet regulated by the government, the government are suppose to implement it before it becomes legitimate but it has not been implemented  but someone just develop it, those are the reasons why bitcoin is not a legitimate currency.

[dorofee]

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.

This is because politicians are concerned more about their own interests than the benefits offered by crypto. With time, it will get unstoppable though.

[adjudicator]

yes it's true bitcoin isn't a legal currency. many criminal use it like a crime their are use it payment system & who give you or who give me bitcoin you have no idea about it. so, not every government but some government not give it legal currency

Fiat money is also used in illegal activities, so why there are still government that are against bitcoin, I think if a government will implement to legalized the bitcoin they should also implement a law that will limit the usage of bitcoin so that it will not use in illegal things.

[rexona]

I think bitcoin is currency, but bitcoin is digital currency is not a legitimate currency in every country, because bitcoin is created not to be a global currency, but to help the deficiency in paper currency in every country.