Why Bitcoin isn't a legit currency.

[Intensity13.6]

Bitcoin is not a legal currency because as of now it is not yet recognized and accepted in other countries. There countries that doesn't allow their community to enter in cryptocurrency and use it. Maybe time will come all countries will accept bitcoin if they learn and know that bitcoin can do a lot to help minimize poverty and economic problems and it helps people to have a better living even it is risky.

[RavenHood]

Bitcoin isn’t a legit or legal currency because it's not created or owned by the government. But bitcoin is a digital currency that many people are using even its price is unstable. It's not legit because bitcoin is created to boycott the central bank's expensive fee and long confirmations. Also, most of the government sectors want to protect their lands or obey their rules, so if their standards disregard this cryptocurrency, it's their right to forbid it.

[bentive]

Well it is always debatable to considering it as a currency. One is government obstacles that always have issues with how the money is being tracked from point of origin to point of consumption, thus, taxation law. Another important issue is the amount of fees that is charged to pay with BTC, take those BTC atm for example that is scattered around the globe, those fees are ridiculous. This is why traditional Fiat currency will reign for quite some time as the only only complications for this type of cryptocurrency is the fee and also the amount of merchants that allow btc purchases in your day-to-day life. But anyways we see a greater acceptance with it in the coming years.

[Zero504]

bitcoin is hardly considered legal because it has no intrinsic value. meaning that there are still many countries that have not received bitcoin legally to use as payment received as paper money.
the reason why bitcoin is not a valid currency is because the common currency is being regulated by the institution or government, not real / not in physical form, It is only on the basis of numbers, the government can not stop the idea that time has come.

[Amokomowo2005]

It cant be legal currency because its not legaliized by the government, its only government that can make a currency to be legit by approving it..

[KingOfWinterfell01]

In my opinion, to be a legitimate currency, it has to represent domething first, something of great value and importance and must be kept safe by the government and regulated as well. A currency should never ever be volstile and can be handled easily by everyone whatever the class they may be

[dinnerk]

Because Bitcoin is not controlled by any country or government, it is not well regulated.
Bitcoin is an uncontrollable factor for the government, which can cause economic problems at any time....

[hector3115]

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.

Governments are really afraid of using crypto in their country. I think not all of them will accept the legit Crypto inside of the country because of the corruption of the money. Politics want to have profited from you if you are using Bitcoin.

[Giles Goodman]

Not at all, though it could look like that to anyone that doesn’t invest a reasonable amount of time understanding the domain (cryptocurrency). The fact that some crypto (like some banking/insurance/pyramid schemes and other forms of investing $) is a scam notwithstanding.

[Wesley Gardner]

NO..

Bitcoin is currency not a scam. It is digital currency indepedent of any govt. organisation

Even following MNC’s are also accepting bitcoin:-

Expedia. com – Online travel booking agency
Subway – Eat fresh
Dish Network – An American direct-broadcast satellite service provider
Amazon – that sells almost everything
Microsoft
Paypal - online payment gateway
etc..

[tungaqhd]

As the governments cannot control it because it is anonymous so it can be used by crime, hacker. Morever, it can replace fiat money, so the governments cannot take the tax, affect on the economic.

[Marcsymon]

Because Bitcoin is not controlled by any country or government, it is not well regulated.
Bitcoin is an uncontrollable factor for the government, which can cause economic problems at any time....

In other factors why bitcoin is not a legit currency because it has no permanent value that brings the government difficulties to controlled. And there is no laws yet provided by each countries that controlled bitcoin votality and its unpredictability behavior at any point of time.

[Renai0925]

Bitcoin is not a legit currency and may not be in the foreseeable future but people still believe in it's trait to become one. We are moving over to new technologies and it's boundaries are limitless. Before, technological theories and breakthroughs are laughed at but look at where we are now. The future is uncertain and who knows, bitcoin may have a place in it.

[kukurikapu]

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.

For starters, bitcoin is a virtual currency making it really not a legit currency. It is the foundation of cryptoworld but it is not like what we have, a physical money.

[Ondre]

For me if we talk about legitimacy of something, it is legit if it pays you money and it will give you for how many yers now and if it will go for how many years running. So since Bitcoin gives us money when we invest into it, that proves its legitimacy.

[tayecrypto]

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

[adjong]

for me the bitcoin is a legit money if you know it, because the crycpto currency bitcoin their money is not what it is because it does not cost you to pay your own money in crypto you will replace your money in BTC for you then bitcoin investment. that's just my example bitcoin party

[yurekaa]

because bitcoin has not been recognized by all countries. and the value of bitcoin is very volatile so it is not possible to make a valid currency in this period. and bitcoin users are dominated by some groups and communities who understand about technology so it is very difficult to make crypto a legitimate currency.

[mathtoughfat]

Bitcoin is not a legit currency since it is not recognized by the government and there is no centralization of bitcoin. The information of bircoin though it is on the internet it is not published and supported by the government. One reason I see is because government is afraid of bitcoin. They do not have a full control over the crypto currency they everyone can monitor the ledger. That is why they would not recognize bitcoin for now.

[kimhervias29]

Bitcoin is not yet regulated by the government in many countries so it does not have yet worldwide acceptance. But there are some countries who accept cryptocurrency like bitcoin and use it as a means to exchange goods.