Why Bitcoin isn't a legit currency.

[SunriseSecret009]

Really appreciate your thought and must say it is a very informative article. In one sentence I can say that because bitcoin is illegal because of the government of different countries.

[chloevo]

Because it is very difficult to control, it can make you from the rich to the poor and vice versa. So some countries in the world have not really accepted it. So it's just an asset ) This is just my personal opinion

[AAKODI]

It is officially or non officially a global currency and there is no need a legal confirmation when it doesn't transact using traditional banking systems or other financial media and that is why it is not legit and it won't ever but still it will be usable for people to do international payment

[phieudieu]

I am living in Vietnam and currently in Vietnam bitcoin is not a legal currency and is not used to trade commodities but what we can do is hold and trade they are on the international floor. The fact that it is not legitimate is because it is a virtual cryptographic form of government that will not control it tightly.
Second: it is a currency that has a high rate of price fluctuations if the country is easy to come into play
Third, it can be circulated to taxpayers and taxpayers
No. 4: It is not a government-issued currency.

[naily]

indeed for now, bitcoin has not become a legitimate currency in all countries, but in some countries bitcoin is a legalized currency in the sense that bitcoin has been recognized as one of the money for digital transactions

[phanquan5111994]

Yes!!
Of course Bitcoin is not a legitimate currency !!!
Because Bitcoin is too young !!
And there are rumors that Bitcoin is a scam!
Consequently, the government and the world still can not see Bitcoin as a legitimate currency !!!

[Elips1]

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 a legit as a cryptocurrency because it is already used for investsments and also lots of people in some other countries and individuals that they used as mode of payment methods on the online transactions.
Everything has its own usage and purpose.

[lelahkenabanned]

yes you are right bitcoin has been created for a long time from 2009 but the development of bitcoin has only been seen when it entered in 2014 and many have started to use bitcoin to grow their assets.

[pinoyden]

Yes!!
Of course Bitcoin is not a legitimate currency !!!
Because Bitcoin is too young !!
And there are rumors that Bitcoin is a scam!
Consequently, the government and the world still can not see Bitcoin as a legitimate currency !!!

If it is not legit then why bitcoin is still growing ? bitcoin is not also young because bitcoin is already 9years old and many people/countries are now already aware with it . the rumors that you heard about "bitcoin is a scam" is only a strategy , so that if people will stop using bitcoin , its value will decrease and the one that spread lies will get benefit the most because he can now buy bitcoins at a cheap cost .

[polyballz]

It is very difficult to accept bitcoin as a legitimate currency, because not all places / shops accept Bitcoin, and Bitcoin is still an enemy for some countries because they think bitcoin is dangerous. and bitcoin must be supported by modern tools to use it, it makes it difficult for bitcoin to become a legitimate currency.

[TonyCallahan]

Bitcoin is a form of currency it is the government who don't accept it and only for this reason it still called illegal in many countries on there hand there are a lot of countries who accept it cordially.

[pumbum]

these arguments are relevant today, but in the future all these issues will be resolved when bitcoin is gaining critical mass and will be less mobile and therefore more secure for long-term storage. but not for frequent transactions

[Sirnero111]

To I have in high hope that as more regulation and trust in bitcoin businesses is established with clear oversight, the more use cases we will see emerge and the would be no reason what so ever not to make it a ligit currency

[nellakarisma]

if my reason.
1. there are still many people who are not familiar with the world of bitcoin even some of them still do not believe that bitcoin is a profitable investment.
2. Some of them consider the increase in the price of bitcoin to be a bubble .
3. there are still many people, especially people who are still ordinary, they cannot how to invest and use bitcoin. because of their limited insight into the world of bitcoin bro

[yecats]

Bitcoin is considered as  money  but not legal for the government one reason is  its decentralized. But  government  is  regulating  crypto  currency  that means  they know  that  bitcoin do really exist  and soon they will also  accept  bitcoin  as  typical  currency.

[marginal]

For now it is actually a true, but in the future of the world economy and Country government's will make bitcoin a reliable and worthy currency, but we will able to use and pay with. This is what I believe.

[RANWAN]

It might take some time because now only governments like Switzerland, Belgium and other make some afford to accept Bitcoin as a foreign currency and sooner the world will accept Bitcoin in the near future and hope this will give more demand for Bitcoin in the world

[tamarindbleu]

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 think it isn't a currency yet because of its users.  Users use bitcoin as an investment not a currency, this is the problem that i can see in my point of view. We are the blockage towards bitcoins real goal.

[altercreed]

Some people said that bitcoin fails. Well, it fails because it becomes more of an investment stuff. As people who uses bitcoin already since day 1, they also believe that bitcoin will really become the good alternate for fiat currency but with a whole new usage and benefits than fiat. But bitcoin is perceived to be an investment by most of people today.

[DIHARA]

Face value is the problem here . It is not a surprise that Bitcoin is not legit in the world because unlike other currencies it cannot be present as physically and the world things even one billion Bitcoin doesn't mean anything and has no face value and that is not true and we know as a crypto community but the problem is the rest of the world doesn't believe that so it is not consider as a legit currency