Why Bitcoin isn't a legit currency.

[Giftedcrypt]

Bitcoin is simply the people's currency, so its legit to us the individuals, but to the governments is not,may be because its not taxable,

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[saffira]

Due to the unstable value of bitcoin, it is not recognized by the government as a legit currency. It is legit in just a way that it is legal in some country. The value is untrusted. Also unlike the paper money, not everyone knows bitcoin and will be capable of using it.

[Sirnero111]

it’s not a currency but a store of value which you can use to trade. Cash is a store of value as well but backed by government why bitcoin isn't because its a decentralized currency

[pthnmj]

Maybe the volatility of bitcoin becomes one of the reasons why it isn't considered as a legit currency. However it fepends on the country, some countries already have, some are still in the process, some deny it completely, because it doesn't make sense for a poor country.

[Rozita]

Maybe the volatility of bitcoin becomes one of the reasons why it isn't considered as a legit currency. However it fepends on the country, some countries already have, some are still in the process, some deny it completely, because it doesn't make sense for a poor country.

No. the reason is not the volatility. It's not legit because the transactions are made unknown and it's impossible to find senders and receivers.
Volatility is one of the problems when bitcoin is supposed to be used as a currency. But, that's not why governments have not accepted it yet.

[kendra1107]

Simply because Bitcoin has not yet been fully accepted around the world. Majority of the world's governments have yet to embrace Bitcoin and/or crypto as a whole before it is made legal. Something that will surely take some time because of different beliefs and cultural practices.

[warrior.coins22]

logically, bitcoin will not be a legitimate currency. there are many obstacles. especially the government that cannot fully regulate and control. maybe it's one of the obstacles. for me personally bitcoin will still have its value and become the future of crypto.

[btcCoincart]

What increases so fast will also decreases the same. But look at bitcoin since it was created, anyone at that time believe that bitcoin can reach $100? But just in 3 months from September to December last year, bitcoin continuously broke its resistance and reached $20,000. That's unbelievable, but it's real! I want to see bitcoin break its new peak again and reach $30K, or even $1B as some people said

[ultra insting]

because bitcoin does not have legal certainty even there are countries that prohibit it

[Birin016]

Because bitcoin is a virtual currency. Bitcoin is not accepted by the government. It is not under the control of any organization. Bitcoin is not subject to tax. So bitcoin is not legal currency.

[Tashi]

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.

Additionally, it's value fluctuates unlike the currency that the governments establish. Also, since it's digital, it is physically absent and doesn't have any banknotes.

[Lodipetmalu]

It is not yet a legit currency because it was not yet circulated in the public. And it was only used by limited individuals.

[Zainal-baguz]

because bitcoin is still new. moreover there are still many people who don't know what is the world of bitcoin. it's the bitcoin barrier to legitimate money. but I'm sure that bitcoin will someday become a legitimate currency like paper currency

[market-beta]

because
1. there are still many people who do not know the digital world bitcoin gan.
2. Bitcoin seconds are still not available in all countries.
3. Not everyone can invest in the world of bitcoin gan. because of their ignorance and limited knowledge

[supelle.born]

Bitcoin is not a legitimate currency, because no government will ever accept having an unowned, decentralized currency in the power of the community

[Andrea23]

There are several reasons why it's not a legit currency. For one bitcoin isn't accepted at every store you go or every online website you order stuff from. And on top of that the price fluctuates so much that if you buy say a cup of coffee for 1 bitcoin by the end of the day that coffee should have been 2 bitcoins. There isn't a set number of value of an item. It changes by the night. It's store of value is just not stable.

[doodle07]

There are so many reasons why bitcoin isn't a legit currency, decentralization is the top reason why it is not legitimate in the fact that government cannot get any tax from it, it is a digital currency with an unstable price.

[princeyeboah]

This cannot be generalized as Bitcoin is legitimate in some countries whereas other countries remain neutral about it. Only a few countries have declared their stands against Bitcoin. However, the only reason pulling out these few countries is that Bitcoin offers anonymous transactions, hence can be used to fund terrorism and involve in money laundering.

[Boknoyz]

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.

[BryanRoseWalker]

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.

fiat has a guarantor in the form of a gold asset and is recognized by the feds and many other official institutions, while bitcoin has no guarantee whatsoever for fluctuations, the government can not be liable in this regard and it feels dangerous to the state's finances if it becomes a legitimate means of payment.

there needs to be strong consolidation from all countries to regulate bitcoin because until now they realize the potential of bitcoin is very large, but moves very wildly without being able to produce policies from official institutions.