Why Bitcoin isn't a legit currency.

[LastKiss]

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.

Only a few countries that accept bitcoin as a legal payment, its really hard to make everyone who have poor knowledge about the bitcoin understand the crypto world in such short period of time. People who doesnt understand to keep their bitcoin in save place will only give hackers a smile face also the anonymous of bitcoin will make the law enforcer cant track someone that stole bitcoin from people.

[vakie1]

Bitcoin and the chain of other cryptocurrencies have not the most attractive reputation. Supporters of traditional Finance do not consider them a means of payment, they talk about their unreliability, high volatility.
But the most important (and long-standing) claim: bitcoin is an ideal tool for terrorists and financial criminals. We had the honour to hear those cries again at the world economic forum in Davos.But that's a good cryptocurrency for illicit transactions? There is an opinion that is not very.

[cryptozian]

indeed bitcoin is made as virtual money, and is very different from real money, but in some countries there is already an impressive be used for shopping and buying things or something else

[inv_ker]

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.

I think it is definitely because first, it a digital currency. Secondly, it is decentralized meaning government can not get a hold of it. And third, it does not have a physical aspect of it.

[krishnaverma]

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.

Do you think you need to go out in the market and buy things with the currency allowed in your country. Literally everything can be purchased online and there are ways to exchange your crypto for any currency. This is because crypto is in use all over the world. Majority of the countries still allow it as they understand its value.

[laravuemaster]

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.

Bitcoins is not a legitimate currency because the prices in the market is always fluctuating, the volatile value cannot be a currency nation wide and that is the reason why governments are not use cryptocurrency.

[dongyi17]

Actually other country accept bitcoin as their digital currency and use mostly in transaction payment mode, but other country and their government bitcoin it cant be legal currency. Hopefully in the future more country accept bitcoin as legal currency and I believe this will come true, some day.

[kangbasir]

because I think bitcoin is not a valid means of payment or currency because it can not be regulated by the central bank, the central bank is not responsible for the risks associated with the use of bitcoin bitcoin values are also very volatile like commodity prices.

[TmottaDing]

Because there are a lot of countries that are against bitcoin at the moment and they do not want to see it being a success on the entire world, that is the main reason of why it is not a stablished currency at the moment, maybe that is the main reason

[bayy43]

in my opinion, bitcoin is a currency that can not be used as a legitimate currency because every country does not legalize bitcoin as a legitimate currency

[Apple4myCat]

Because Bitcoin has a function - anonymity. The government does not benefit from legalizing what they can't track.

[botkiller]

 Bitcoin not accept world wide & some of country's say that bitcoin is not a legal currency because some reasons for that such as low transaction

[Patrick777]

yes, indeed bitcoin is made as virtual money, and is very different from real money, but in some countries there is already an impressive be used for shopping and buying things or something else, but that is only in some countries that can accept payments using bitcoin...

[Kira Del Rosario]

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.

I believe also that you are not listening to news. Every country I think are regulating bitcoins. In the Philippines, bitcoin was regulated by SEC. Try to listen to the news for awareness.

[Robin1020]

Bitcoins are not a legitimate currency because bitcoins are not protected by the government, and bitcoin is most likely used for bad transactions such as the buy and sell of weapons. Bitcoin has no policy retention from the monetary authorities Because bitcoin does not meet the liabilities as a legal means of payment.because there are still many countries that have not received bitcoin legally to use as payment received as paper money. and other reasons may still be many people who do not understand the bitcoin digital world....

[AfterTheFork]

There is still a long way for Bitcoin to go to gt to the point where its a legally recognized tender, there is still alot of objection about it and most countries are still uneasy about letting the coin freely develop. These regulations ave had negative effects on the progress of the coin as it been tough for it o realize its full potential, the major reason behind its  regulation being the fact that most governments view it as a threat to the national econonmy

[Marlo Stanfield]

Bitcoins are not a legitimate currency because bitcoins are not protected by the government, and bitcoin is most likely used for bad transactions such as the buy and sell of weapons. Bitcoin has no policy retention from the monetary authorities Because bitcoin does not meet the liabilities as a legal means of payment.because there are still many countries that have not received bitcoin legally to use as payment received as paper money. and other reasons may still be many people who do not understand the bitcoin digital world....

You could say the same thing about gold coins, but I'm sure if I wanted to buy your hat off you for a handful of them you'd be more than happy to accept them as currency, right? You can't necessarily let governments be the deciding factor of what is currency and what's not.

[pabpete]

Bitcoins are not a legitimate currency because bitcoins are not protected by the government, and bitcoin is most likely used for bad transactions such as the buy and sell of weapons. Bitcoin has no policy retention from the monetary authorities Because bitcoin does not meet the liabilities as a legal means of payment.because there are still many countries that have not received bitcoin legally to use as payment received as paper money. and other reasons may still be many people who do not understand the bitcoin digital world....

You could say the same thing about gold coins, but I'm sure if I wanted to buy your hat off you for a handful of them you'd be more than happy to accept them as currency, right? You can't necessarily let governments be the deciding factor of what is currency and what's not.

But in some way in country that we life they could decide if we break law or not, so if they won't allow us using it we will be in some way breaking the law and we could just make problems, so i am waiting for future cause i believe that then it will be legal worldwide.

[qwerty12]

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.

well ... nevertheless, it is still possible to regulate the use of Bitcoin as well as to regulate other financial instruments. Just like the dollar, Bitcoin can be used for various purposes, some of which may be considered legitimate or unlawful depending on the laws of a country. Related to that, Bitcoin is no different from other devices or sources that have great potential that is still being able to developed.

[onaiwusun]

Bitcoin as a currency fails in some major attributes of bitcoin as listed in this thread.In addition to those, there need to be a legal frame work to facilitate its use in most countries.