Why Bitcoin isn't a legit currency.

[trauchot]

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.

This is from which side to look at. After all, every month or maybe some months I see how many countries start working with bitcoin and trying to legalize it, which gives incredible growth, access to its open potential and development. To make bitcoin legalized everywhere, we will have to wait a huge amount of time.

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[riyarana1123]

Why the bitcoin is not a legit currency it is very easy to clear as a whole because the people of any nation have to follow the rules and regulation which are created by their own government and few countries are still there in this world of BITCOIN who do not accept the BITCOIN and OTHER CURRENCIES in their country which actually make it not legit.Moreover, the bitcoin is a digital currency which is controlled by the INTERNET and the internet is not in the control of a single government of any nation.In addition the paper currency is depend on the economy of a particular country and in the MARKET of bitcoin there are so many countries are involved.

[RodeoX]

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

We are not fucking asking for permission. 

[predictors]

Some countries or government may  not be able to use the decentralized cryptocurrency as the main money of the country. However, bitcoin and other cryptocurrency can quite go in parallel with such national money as it is done, let's say in Japan. To stake on decentralized state coins will not be, however they will be able to use their consumer qualities. Most likely, the states in their interstate mutual settlements will use only centralized cryptocurrency, which will be more stable. it is a decentralized cryptocurrency, and first of all bitcoin, need to be afraid to rise very high in its price, if they reach high price values, inevitably at some stage panic will begin and this cryptocurrency will fall, down to depreciation level totally.

[OSEIBOATENG]

You have really explained it but some reasons may be that they, they frown to it and also doesn't like its nature of decentralisation.

[TobMarshall]

 The three listed attribute of money/currency are really correct, the truth is even though bitcoin is not yet a legal tender it still fulfill the function and attribute of a currency. It is not a legal tender because many countries have not recognize it has one as by a legal system. Even each national currency when inflation hits it, the suppose store of value might loose it value because of time, it could increase or decrease. Same applies to bitcoin. To me, bitcoin can be used as a store value seeing the rate at which my country's currency is depreciating. Truly it is not a legal tender, yet still it is powerful enough to afford what the supposed legal tender of a nation can.

[Zebulun18]

Bitcoins isn't yet a legitimate cash 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 else governments can't discover who claims it or influence you to pay charges. There is a colossal problem process and it's costly to track it, make an entire arrangement of laws. You get the point don't you.

[allaking]

because the bitcoin is already created as a virtual or digital currency that can not be used as a legitimate currency. therefore bitcoin will not be used as a legitimate currency because not all countries that legalize bitcoin in the country

I disagree with your assertion that bitcoin cannot be legalized so long as it is a digital currency. It is a matter of acceptance and recognition. I think it is because of the government inability to control or regulate it that is why. You know the government see themselves ti be the overlords and must be able to regulate the affairs of everything that is happening in their country.

[adadaorlina]

Bitcoin is not a legitimate currency, because no government will ever accept having an unowned. 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.

[Zigzagkuy]

Because bitcoin is anonymous and cannot be known who the user is. And also bitcoin is very unstable. So bitcoin is illegal in a country. Bitcoin is also not related to banks and is difficult to control. Maybe that's the reason why bitcoin isn't legitimate. But we don't need to worry about that.

[tokilaka]

Legitimate or not, it is decided by governments, simply because it will have to convince in most countries of its benefits. It has not been recognized by most countries. It must be said that it is mainly a few countries, the United States, China, Russia, etc. As long as Bitcoin is recognized by these countries

[dfwafgdge]

If the Bitcoin bubble is useful, then it is time to ask some interesting questions. One is whether governments should join the cryptocurrency business for themselves or not.

Governments often reply that this depends on the actual situation. And such a response does not seem to satisfy the listener. Non-cash society is indeed on the rise, and governments and central banks have no choice but to prepare for it. But such a non-cash world does not necessarily require a government-backed digital currency. And although Bitcoin and other cryptographic platforms are almost certainly going to have many useful applications, replacing physical cash is not one of them.

Blockchain technology gives Bitcoin two important characteristics - it can be exchanged without a reliable intermediary, and it allows for anonymous transactions. With these two characteristics, Bitcoin is like physical cash. But while physical cash is the debt of a government and the central bank controls its value, Bitcoin is not anyone's debt. This is the most important shortcoming with one currency. Nothing to stop its value from falling down to 0.

[Menthil85]

bitcoin is not a legitimate currency, because it is not regulated by the government, it cannot be said to fail too, because many countries have used bitcoin as a means of payment to buy goods or shop.

[barsharkol12]

bitcoin is no a legal currency because its not paying taxes in the government, the number one reason why if btc is paying taxes in evry transaction maybe it will a legal and another reason why its because some people uses btc in a fraud way.

[jpnl0004]

Bitcoin is not a legit currency yet because its not accepted or recognised so it cant be a legit currency it can only work out when the government accept and  to be a currency well for now its does not pay tax

[jpnl0005]

Its legit but not in all countries in countries where its legal taxes are been paid to the government and its been regulated but the reverse is the case in other countries where bitcoin is not accepted. In conclusion bitcoin is not legit because its not recognised 

[kojakk]

The value of BTC is not guaranteed by any central institution - BTC acceptance would mean that there might be sooo much more money in a given country's economy that anyone assumed - and that would result in inflation, wouldn't it?

So, if all the BTC in, let's say, Iceland, were accepted as actually being wealthy, the value of the local curreny would so much drop - is my reasoning correct?

[vladaziya1]

I think it's very long, since this is the probability of an increase. Analyze for a year or two and everything will turn out, so they act on such principles.

[kadutz25]

I think because bitcoin hasn't been accepted in all countries and many governments have banned bitcoin so I think the main factor is government, but bitcoin is digital and bitcoin can be used as a payment instrument not as a legitimate currency

[Dongman2]

A beautiful write-up. I like the way you presented your points with examples and sources to validate your claim. Bitcoin sure has many hurdles to cross before it becomes a global currency that's if it's possible. Because, these points make it look as sure as dead on that global currency part.