Why Bitcoin isn't a legit currency.

[badaovodich]

Although Bitcoin is not a legal currency but it is accepted by many countries. Some countries think that Bitcoin is a financial disturb, but some countries think that Bitcoin has many benefits. In practice, it is a transaction that contributes to high profitability in the economy.

[mrphilippine]

Many countries is not accepting cryptocurrency as a legit currency formally since cryptocurrency is decentralize and cannot be controlled by the government. Many conflicts will happen also if the government will try to intervene the system of blockchain.

[Tan_avia)vl.]

Until cryptocurrency are accepted in all countries of the world, it will not be so stable and profitable as money in our usual understanding. And until this happens, people will continue to "SAG" under the course and news.

[Raphal]

Bitcoin is not a legitimate currency because the government does not allow people to use it as cash. There are too many reasons for the government to do this. Bitcoin, for example, helps users anonymously and transact worldwide without being controlled by the government or the bank. In addition, a series of illegal activities such as money laundering, corruption, tax evasion, ... So the government has decided to prohibit the use of Bitcoin

[quocsi]

Bitcoin is not legally recognized as it is not approved by some countries. It has the advantage of being more beneficial to investors and the government can not impose regulations on it. The government wants to control it, but its advantages make the government unmanageable and its negative aspects are being abused by criminals. But I think the ban will soon be erased as more countries are gradually taking the bitcoin into their economy

[Ronyx]

Bitcoin is not a legal currency because it doesn,t get approval from the government. Bitcoin has no price stability and therefore the value of bitcon will continue to change. The government will be difficult to legalize bitcoin and maybe bitcoin is better used as an asset than currency.

[eashikde]

Yes, it is not legal. Now it does not work with governments, thus it is considered illegal. In this situation, the state does not control this currency and can calculate the turnover from which it will be possible to take taxes.

[snaper14]

Whenever a central bank of a country is not responsible for the risks associated with a currency than that currency can`t be legit. Whenever the central bank of any country would put a step towards it than things may change.

[lillyann]

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.

Bictoin, the "new school", expands its presence. They believe that the currency can significantly increase its value in the next two decades, and some assume that its value will reach one million dollars.

Some people argue that Bitcoin can achieve such value not because of its own strength, but because of the weakness of the US dollar. Global confidence in the dollar is decreasing, and to cryptocurrencies - it increases. The Third World has not yet understood the value of Bitcoin.

[Kambal2000]

Whenever a central bank of a country is not responsible for the risks associated with a currency than that currency can`t be legit. Whenever the central bank of any country would put a step towards it than things may change.

As simple as that because the government is not yet accepting it as a legal currency that is why we cannot also consider it as a legal currency but thank to our governement at least we are doing it as an alternative way, it is better rather that restricting us from using it.

[Miguel Fulton]

How it works

There are a ton of ways that you can acquire bitcoins for purchases. Mt. Gox is the largest Bitcoin exchange marketplace. You can also solve complex math problems to win Bitcoins. Then, you can use the Bitcoins to make anonymous purchases online.

Legality

Because there is a lot of gray area and governments aren’t really able to regulate it, some countries have banned the use of Bitcoin, but it’s legal in the US. Japan is a huge Bitcoin supporter and other countries are likely to follow suit.

[Eden Thompson]

Is it legal? Who's behind it?

Legality of Bitcoin is a topic of debate. Many countries recognize Bitcoin but they have not yet declared it as a legal payment method. Japan now identifies Bitcoin as a legal tender. We have Bitcoin ATMs in US, Singapore, Canada and Europe. We have strict Bitcoin rules in China.

[[ProTrader]]

It is not legitimate currency because the government and the central bank havw no control by it. The government will find a way to control cryptocurrency because if they cannot control it, they cannot do their shady transaction.

[DaveWave]

It is not legitimate currency because the government and the central bank havw no control by it. The government will find a way to control cryptocurrency because if they cannot control it, they cannot do their shady transaction.

Governments of central banks having no control on bitcoin doesn't meant it is not legitimate. There are many countries that are legalizing bitcoin and it remains decentralized. So what's your point?

[Jessica2009]

       To my point of view  Bitcoin is a legit currency it is a store of value it is valuable as gold . Bitcoin mined with the help of internet and gold is mined from the ground .The value of gold  fluctuates as well as the value of Bitcoin also fluctuates . Bitcoin has an exchange value  people fears about the safety of Bitcoin since it is not controlled by the government or central bank   Bitcoin is a decentralized currency  and it is volatile .

[InvestICO2L]

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.

To me bitcoin does not fail to become a legit currency because it’s quite clear that still some countries accept bitcoin and some countries are going to do the same gradually. Comparing with fiat currency, bitcoin is pretty early to be recognized as a legit currency. We can’t deny the development speed of cryptocurrency is kind of fast, however, I think the most reason that almost governments don’t accept bitcoin any more is it highly volatile and governments fail on the way of controlling it ( I mean controlling about avoiding the illegal activity from anonymity feature or reducing scam,fraud and so on).  i strongly believe that bitcoin has a bright and potential future, it absolutely has chance to become a legit currency  and also a common in various places of the world.

[jgaspar]

Because each country is controlled by the government, and each government has its own rules on the money. It is not possible to create one law for the bitcoin. Yes, and a lot of governments are corrupted. They want to steal a part of your money, through the payment of taxes and commissions. And this is not beneficial to users.

[maivui5411241@gmail.com]

Bitcoin cannot be a legit currency. The facts are obvious. Just as you have highlighted three significant characteristics of a legit currency, I wish to add that such a currency must be issued and backed by a government.But bitcoin as we know today was not created by a country. Also of importance is the concept of bitcoin

[TheClownSong]

As store of value, i think bitcoin is an investment and its hard to make bitcoin as currency. If used for currency, bitcoin should have government regulation but bitcoin dont have government regulation, thats why i think bitcoin is an investment like gold.

[ASHANABEY]

Because it's decentralized nature so there is no particular person, group or an organization who control it unlike fiat money which makes it free from many barriers and that is something governments doesn't like to see there people using or doing transactions. But in the near future there is a big possibility that it will consider as a legit currency internationally due to the demand it has gained today