Why Bitcoin isn't a legit currency.

[coinholic]

Because governments could not take full control of it unlike with cash. Cash is a hundred % controlled by the government. They can produce as much cash as needed. Bitcoin on the other hand has a fixed supply and cannot be owned physically by any person or entity. Which is why Bitcoin is not totally legit in most parts of the world.

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[pushups44]

This is BS. Bitcoin is an excellent store of value, or will be, due to the finite units that can ever be mined. The volatility is simply a feature of its newness as a technology and means of exchange. Bitcoin will also be scalable once the Lightning Network is fully developed.

[BennyK]

Bitcoin isn't a legit currency as of now because it is required by the Bureau of Engraving and Printing (BEP) and other authoritative bodies and governments to come to terms with the operations of Bitcoin. Here is the case, the real positive concept and significance of Bitcoin is not fully understood  by these bodies in order to legalize it.

[MidKnight]

Because the government just do not recognize it. It has every features to become a legit currency but the banks are telling these politician that it is going to have a bad effect on everyone when it will only disrupt the bankers and the wealthy fiat, gold and silver owners.

[sri11]

bitcoin is not a legitimate currency, until now bitcoin is not a legitimate currency recognized by governments around the world, and all have their own reasons so they do not legalize bitcoin as a legal digital currency, but to me it does not matter because I'm legal or not bitcoin, the most important the government does not forbid people to use bitcoin as an investment as well as online digital payments

[SeVenlast]

Bitcoin can not be legitimate because Bitcoin is not a currency that can be felt and held by hand because Bitcoin is a virtual currency that can only be used with the internet.

[maculeth]

everyone would not want to buy or sell goods using bitcoin because the price is unstable. sometimes rise dramatically and sometimes go down drastically. bitcoin is not an effective currency to use as a means of payment, but as an investment asset.

[Dewi11]

of course not legitimate because there is no official statement from the government across the country, maybe a lot of consideration to formalize bitcon so that this study is not yet certain, the most important bitcoin still can we use as asset or good investment

[hector3115]

Simple because no one country owned bitcoin that's why governments in each country's has no control on it, the only thing they can do is to regulate bitcoin and other cryptocurrencies or worst they can banned it in their country if they wanted too.

I agree with you because it was created to be digital money. And if some government or other people will have control on it it will be will be dangerous for us.

[Firdausiii]

bitcoins can not be regulated by governments in each country. Probably because they consider this a pure fraud because bitcoin is digital money and virtual money. Bitcoin is not a legitimate state in the world

[Malam90]

Bitcoin is not legal in most of the countries because bitcoin is a decentralized coin and no govt has control over it. It helps money laundering and criminal activities - the opinion of most of the Govt of the countries.

[kyledavid]

maybe in my opinio bitcoin isn't supported of some countries because bitcoin can grow with the community if many people buy bitcoin it will create volume and bitcoin life is supported by the number who bought bitcoin. Many countries banned bitcoin because they are afraid that bitcoin might replace their fiat currency because bitcoin is inevitable means many people get entice with it

[Jose Rizal]

In simple terms until it gets a centralized state it will not be given importance as a legal currency. In my thinking it will get the legal status with some sort of limitations depending upon the government. It is legit, as everything happens through internet scamming is easier and this makes people term it as not a legit one.

Well for me the first thing is that it can be handled physically, in which the traditional mentally about money is something that you can hold, store and give physically nd we all aware that Bitcoij is not like we can say that people refuse to give it a try because they were less assured when it comes to the variable that they may have in this forum, we can imagine that you are paying for something that you cant hold , that's terrible.

[samsung001sss]

I Think it's a matter of time. Very soon I will learn everything and see the great opportunities of Cryptocurrencies and of course bitcoin. By the way, in addition to this coin there are a few dozen coins that deserve attention and of course stored in their purse for the purpose of earnings.

[Cody Blare]

Bitcoin is neither “legal” nor “illegal.” There are very few laws or regulations around cryptocurrency, since it is such a new and complex technology that few politicians or attorneys understand. Some governments have passed laws restricting the use of bitcoin, but the United States hasn’t done anything that drastic. The IRS doesn’t even consider it as a currency, but as an asset or investment vehicle. It is NOT illegal to hold bitcoins, nor is it illegal to trade them with others. It is only when you trade them for US$ that their value becomes taxable, and you will be forced to pay capital gains taxes on that transaction.

[requiredto]

Because it is unregulated digital currency and can not be controlled by any group

[vakie1]

I think bitcoin is officially called currency or legit currency because government can't regulate it. They don't have access on bitcoin which is a decentralized platform. If we expect bitcoin to become a legit currency then bitcoin will need to be regulated to be accepted internationally.

[Acsirp]

Bitcoin is not a legit currency ,because government in every country all over the world are not recognizing bitcoin as a currency ,but some countries are accepting bitcoin as digital currency, so bitcoin is not yet legit crypto currency .

[hector3115]

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 is very simple. As a main theme of it was to be independence and have nothing in common with a world economic world government and other structures connected to this corruption.

[cryptonewsID]

Because it is unregulated digital currency and can not be controlled by any group

true bitcoin can not be regulated by any group, the government also can not regulate the existence of bitcoin, so if bitcoin becomes a valid currency then it must be accepted by all countries.