Why Bitcoin isn't a legit currency.

[Gurueconom]

Perhaps you described all the details correctly, but in the end, all the same, the crypto currency is legalized and the question is only in time. Therefore, this is not the main reason.

[Irwandho]

That's what others think is not legit bitcoin for me bitcoin it's a legit money that's great for my bitcoin.

I think it will get legal status with some kind of limitations depending on the government. This is legitimate, because everything happens through internet fraud easier and this makes people consider it not legitimate.
In simple terms, getting a centralized status will not be considered important as a legal currency.

[Yarsk]

Well despite the fact that bitcoin is not a legitimate currency, bitcoin still remains our secondary currency aside our traditional currency and also bitcoin is a store of value which is decentralized and if you have good knowledge about bitcoin then you will see how bitcoin have been able to sustained it position.

[solnce010515]

Essentially any currency has to able to do only one thing, and that is the ability to be used to purchase. So yes the Bitcoin fits into that category. The only possible counter argument that I could perceive is that someone would oppose it as it is not linked to a specific economy. But the imaginary money in every currency system gives the same problem.

[macartem]

Well despite the fact that bitcoin is not a legitimate currency, bitcoin still remains our secondary currency aside our traditional currency and also bitcoin is a store of value which is decentralized and if you have good knowledge about bitcoin then you will see how bitcoin have been able to sustained it position.

Yes, bitcoin is a unique currency. It does not depend on anything, but attracts and unites millions of people around the world

[ngalamunan]

Well despite the fact that bitcoin is not a legitimate currency, bitcoin still remains our secondary currency aside our traditional currency and also bitcoin is a store of value which is decentralized and if you have good knowledge about bitcoin then you will see how bitcoin have been able to sustained it position.

I also saw how the development of bitcoin is now, indeed the development of bitcoin is enough to benefit all of us, because its development which has attracted a lot of people also makes me choose bitcoin. so we must be sure that actually bitcoin will be more advanced.

[SIDDHI777]

Still bitcoin is new to the world so no one has clearly understand it's nature and it will become legit in the near future once it becomes more usable and accessible among general public to provide more assurance for Bitcoin holders and investors

[reality18]

Bitcoin is legit when the people accept to trade with it just as it is being done now. The ban from the governments only makes its transaction illegal in a particular country because they claim it is used for the funding of terrorism due to the anonymous nature attached to its transactions.

[Sohailul]

I like your post. Bitcoin is not legitimate because of its anonymity. The government does not like things that can not be controlled and bitcoins.

You are right. I Think Bitcoin is a legit currency. But Illegal because most of the country totally prohibited. Some people use it in illegal way but most of people use it in right way. So I think it is legit but illegal for some country.

[PhilipCornel01]

There are a lot of reason behind it but the most important reasons are first of all government cannot regulate it and also they can not get any kind of tax from here.

[CeyCrypteon]

It is not accepted in the formal financial world as a legit trading currency yet and I think there is no need to give some formal legal basis for Bitcoin because it is not the intention and the build pupose of the Bitcoin and that is why it is so important than anyone can Invest, Trade and use without ristrictions or any other barriers

[aladlanie04]

bitcoin is not treated as legit currency in some countries,  some countries is treated as legit  currency like australia, thailand, japan  they are accepting bitcoin as legal tender to accept payments or do payments in bitcoin mode of transaction. some countries are still bring rules into regulation for bitcoin to avoid money laundering activities is better for people .  hopefully  soon bitcoin is accepted and rules will be implemented to avoid fault transactions.

[Kira_lapa]

Although Bitcoin and other crypto currencies are already used for commercial transactions, they are still far from being money: money is an accepted medium of exchange. From the point of view of the theory of monetary circulation, however, there are no grounds for assertion (which can be universally heard) that bitcoins and other crypto-currencies can not rise to the level of money as a generally accepted means of exchange.

[pendong101]

Because Goverment didn't regulate it and not all countries approved it only some accepted it and recognized it

[Shimmiry]

Bitcoins is not yet a legal currency cause not all countries, world bodies have accepted or recognise it. You wrote so much and how come you fail to understand that this coin cannot be controlled by anyone, no one can manipulate it and most of all governments cannot find out who owns it or make you pay taxes. There is a huge hassle process and it's expensive to track it, make a whole set of laws. You get the point don't you.

I agree with the term "not 'yet' legal" whereas it implies that soon enough the bitcoin will become legal nd the government will accept that they can not really control bitcoin because of its decentralized system. W
The users can assure that with bitcoin there money are safe without tax. The government can legalized it if they will implement rules or laws regarding to it.

[chomli]

the federal reserve is afraid of bitcoins potential and for that reason its never going to be a legal currency in the near future unless something way unpredictable happens.

[DainSLane]

Most of the country around the world are not accepted or legit the bitcoin to their each government due to the unknown person whose behind in bitcoin and it is digital currency, the government is being afraid because they can't get taxes from bitcoin.

[saruxanyan]

I think that for something innovative, what is the crypto currency, it takes time for states to understand how to work with the new market.

[tuturutmunding]

Because in a country bitcoin does not have an official institution or authority so that no party will be fully responsible if there is fraud in investing so many other negative aspects that become bitcoin are not recognized as legitimate

[TetraSquad50]

Which is legal and which is legal it is fully depend on the government of a country and also on the law department of that country. I think when government get the authority on bitcoin they will make it legal.