Why Bitcoin isn't a legit currency.

[scrypt256]

Bitcoin is not legal because all countries and governments approval is require to make it legit also this currency is decentralized and it's transactions is not traceable but governments can accept this currency because of its bright future and for digital payments and blockchain technology will be good for bitcoin and banks so they can make law and policies according to their need.

[1714467968]

1714467968

[ASHANABEY]

Because the digital currency system is new still world has no rules or regulations over it and there is no organization or an government who is responsible for Bitcoin so the picture of Bitcoin is unclear for formal parties in the financial sector and according to my understanding this is the reason still bitcoin is not accepted as a legit currency

[btcdarkfanboi]

Not many has knowledge about it and it's not regulated by government and not so many countries approved it

[euronine897]

There is not point being a legit currency for Bitcoin because it is decentralized currency and doing fine even without the legit badge as a tranding asset and a digital currency so there is no need to make it legit it is already have success in the financial world without it

[loonb]

Bitcoin is not taxable, they are not getting anything out of it so might as well ban it or be against it. They would rather have that than see Bitcoin successful yet they are not getting anything from it. Last but not the least is that it is very volatile, it is so risky to have a currency as volatile as Bitcoin, its value can depreciates in a matter of minutes, so it cannot be a legal currency.

[3acaga]

Bitcoin at the moment is controlled only by the miners from China (1/3 of all bitcoins are subject to them), but the more people will keep bitcoin, the less control there is.
And tell me please - which country or government will want in its country to resolve an uncontrolled monetary unit, with which it is impossible to collect taxes for social needs? (I'm talking about developed countries now).

[basyang]

In simple terms until it gets a centralized state it will not be given importance as a legal currency. In my thinking it will get the legal status with some sort of limitations depending upon the government. It is legit, as everything happens through internet scamming is easier and this makes people term it as not a legit one.

We can say that Bitcoin is not a Legit one, its because our country or some country did not yet fully accepted it. Even though some citizen of a country used it but as long as the Government did not accept it or do not recognize the value of bitcoin it we can not used it in some transactions. We just have a minimum use of it and as of now, we can not used it everywhere we want.

[IamKnowledge]

Bitcoin is a legitimate currency.Afterall, you would not get arrested for investing or doing business transactions with it, would you? It has not yet been accepted by all countries just because it is not yet taxable.

[ratatat bangbang]

Bitcoin isn't totally a legit currency because it is not totally accepted to all countries. But somehow many are accepted bitcoin as mode of payment, money transfer and online buying. I am confident that soon it will be accepted to all countries because it is totally proven and tested how good bitcoin is, can't wait that day.

[Gen-8]

For now Bitcoin is not yet a legitimate currency in this world. But we will never know what happened in the next 5 minutes! I am very confident, Bitcoin in the future will be the only currency that we will use in many ways of payment transactions. Bitcoin is a digital technology currency for future humanity, if we cannot feel it now and see it, then our children and grandchildren will feel it and use it. Trust me

[eut078]

The principle motivation behind why btc isn't lawful cash since it isn't issued and directed by the national bank like fiat money.No one can control it and its cost is so unstable. Additionally no natural incentive to help it.Price isn't steady and extremely hazardous to be utilized as medium of trade and store of significant worth.

[Arksun]

Governments still denies bitcoin, they still afraid of it. I understand there are some specific rules about economy and ruling the world, so it’s not easy to change their mind for new economic alternatives. In time we will see how far bitcoin can go. In addition, it gives me positive energy there are countries like russia tries to understand blockchain itself and supports all crypto in an open way.

[jennygamilo]

It has just a simple answer ! Because government are nkt be able and have the powers to manage it

[mimiko]

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.
The principle motivation behind why btc isn't lawful cash since it isn't issued and directed by the national bank like fiat money.No one can control it and its cost is so unstable.

[Pattart]

It has just a simple answer ! Because government are nkt be able and have the powers to manage it

Thats right, all the rules in each country are regulated by the government, and of course need careful calculations before determining a decision between legalizing or prohibiting. every country has its own government. so that each country has different rules. some countries even declare legalization and bitcoin legitimate there..

[IndigoRed]

It’s isn’t a legit currency, yet. But crypto already has the foundation and structure to function as a currency. All we need is acceptance, trust and perhaps a few regulations to protect users. I’d hate to see something with such a life-enhancing design go to waste.

[zhopas]

For me, I think it's because not all people haven't known it and they easily judge it without understanding what is bitcoin really is. Also the government has a big impact why bitcoin isn't a legit currency, why? because government people think that bitcoin is a threat for them especially the fact that government regulates most of the countries.

[LigwagGanern]

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 legit currency if you really know what is bitcoin and how to use it you will not say that it is fake currency. There are many people who have now a better life because of using bitcoin. Many evidences saying bitcoin is legit and paying currency.

[ninokh]

because not all countries can accept bitcoin as a legal payment instrument. and bitcoin has also not been accepted by the public as a means of payment. the number of people who know and know bitcoin is still very little. so bitcoin cannot be used as a currency. bitcoin is suitable for investment tools. then decentralized cannot be controlled by anyone. so that no party can monopolize and regulate bitcoin.

[ntodntodan69]

In my opinion ! because bitcoin is a crypto currency. there is no physical form. there is only value, so the government does not legalize bitcoin!