Why Bitcoin isn't a legit currency.

[agiskasep]

It is not about what is the regulation or the way that it is seen by the government, it all depends on the way that people use it, and the way that they interact with it, but sooner or later everyone will recognize bitcoin as a currency, and it wont take that long

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[Werpa1]

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.

Bitcoins aren't a lawful money yet 'cause not all nations, world bodies have acknowledged or remember it. You composed so much and why you neglect to comprehend that this coin can't be controlled by anybody, nobody can control it and above all legislatures can't discover who possesses it or influence you to pay charges. There is a tremendous issue process and it's costly to track it, make an entire arrangement of laws. That's what make it different from flat currency.

[tongkt1992]

I think BTC can't become a legit currency because erratic price movements of cryptocurrencies, BTC volatility makes them an unstable currency of value and hampers their ability to be used as reliable payments for goods and services, fee expensive, trading usually obstructive. I think the USDT is a more legitimate currency than bitcoin in Cryptocurrencies market.

[Theo222]

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.

but in some country government already use it as payment method or legal currency. they think bitcoin or cryptocurrency will help to make their economy increase. they can lessen the number of unemployment in their country if they use cryptocurrency.

[tkaush]

To consider a currency as a legit there should be a authority who is willing to take actions in situations like a goverment but for Bitcoin there aren't any and that is a main reason

[Generaldiscussion]

Why people call bitcoin a legit currency while it still accepted in some countries by the government. ?

[helenmitchell44]

The value of a bitcoin changes by the hour. It's too hard to keep track of it and it's not really predictable. Something you buy right now won't be the same cost in a couple hours. Can you imagine that kind of fluctuation with fiat currency? Like my friend bought a car for $20k and in the next couple hours it's price jumped up to $22k. It's just not fair. It's going to be very difficult if not impossible to make it a legit currency. Beyond this, there is the government, who aren't interested in decentralized currencies. It may bring negative results to the nation/country if they do because they won't be able to tax and whatever.

[tronghai12345]

Retailers won't be able to keep up with the changes. The store of value changes way to rapidly. We don't even have enough bitcoin to supply a nation.
The value is hard to measure due it's volatility. It will very difficult to make Bitcoin into a legit currency just yet. It is also decentralized so there is that. The officials can't control it.

[Lion_ashy]

Has anybody seen vitaliks resent tweet? He said something about adoption. If btc and eth and other big coins are adopted. And he specified even about small bits like 1-5$ worth it will become so comparative to fiats. The aim of cryptocurrency isn't about investment it's about adopting to replace banking and fiats. So u think cryptocurrency is deviating. But it's still working toward becoming a legit...

[Linhkej]

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.

Bitcoin is not a legitimate currency because it has not reached steady state and is widely used in many markets. There are still price fluctuations around the bitcoin, recently it started rising again. People have not used bitcoin widely for a variety of reasons, one of which is the security to manage.

[erikoy]

Well you have failed also to understand why bitcoin was created. It is to decentralized the form of exchange in the near future not for now but it has already started on a small part where in decentralized currency could be applied. As we all know that the reason for this is not only for the medium of exchange and its objective had already attain and that is what we are profiting and earning for now the buy, hold and sell.

[machineskill]

These points can be consider to understand it-

1) Non traceable - since government want to keep record of each citizens like his income, his tax, is expanses..etc; they cant track it by bitcoin.

2) Decentralized - government always want their control on currency so that they can maintain supply and monetization.but they cant do this if bitcoin regulated.

3) No identity - anyone can use bitcoin without providing his/her single detail, that is a poison for government.

4) Non backed - once the transaction get done(sent from one wallet to another),  no one can reverse this in any way.this is not good for government too.

5) its rate - bitcoin rate is not as stable as fiat currencies are. In this term a lot of citizens will be in too much profit and in other hand a ot of will be in loss.

we can conclude that why government dont want to regulate it.

[elisabetheva]

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

it is not easy to get bitcoin accepted as a legitimate currency and recognized by the government, because there are many rules that must be followed and the government also does not want to have to suffer a lot if it misplaces.
but one day it will be accepted only a matter of time

[royaljack200]

Bitcoin is decentralized. The gov can't control the currency due it's nature. It's anonymous. As in they can't tell who paid for it and when they paid for it and that's not acceptable in their books. Also, it's price increases and decreases way too much.

[Tubig]

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 think if it does not give bad effect in the people it is legit. It is also considered legit as long as you receive  reward right. Personally it is legit but for the government it is not because it was developed by an unknown or an X entity , it is centralized and specially transacted anonymously.

[Odlanyer]

Bitcoin is not legit currency because still the government not accepted bitcoin and didn't give a permission, But the're people still used bitcoin even though it's illegal.

[icreative998]

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 we should always look into the matter before investing in them. And if you need cryptocurrency or bitcoin, you really have to understand the market and the nature of bitcoin to make a profit. So if you are a newbie or learn people before investing

[normanz]

Bitcoin is not yet a legitimate currency because bitcoin is unstable and always changing, the government has not legalized bitcoin because bitcoin is unstable and difficult to control.

[irenegaming]

Well Bitcoin isn't a legit currency yet cause there are no rules and laws regarding it. And anything that has no regulations is by default not legit in the eyes of people. Also the governments are hesitating in making Bitcoin legal cause they don't have any control over it.

[Gayas]

For me, it does not matter whether bitcoin is a legal currency or not. For me, it is important that thanks to bitcoin I can earn dollars. But unfortunately soon bitcoin will become useless from this point of view.