Why Bitcoin isn't a legit currency.

[rtm125]

Bitcoin completely changes the modern idea of the economy and financial structure of the country due to its unique technology. And not every country is ready to go on such an adventure. Decentralized currency is not profitable for the country.

[hacsoi2799]

Bitcoins are not legal currencies because they are not under the control of anyone, including the government. The government is concerned that criminals will attack bitcoin users but lack knowledge of it and make the economy of a disturbed country.

[tonthoduy]

 it is not implemented by them but someone just invented in it. Users use bitcoin as an investment not a currency. But  government  is  regulating  crypto  currency  that means  they know  that  bitcoin do really exist

[CaterpillarRave]

For me bitcoin's a authentic currency, because of the nature of this forex the concept's greater perfect than fiat currency, transactions can be done quickly, transaction prices are lower and tough to forge. What makes bitcoin illegitimate's due to the fact there's no control of authority nor authorities support. In addition bitcoin values are also very fluctuating like commodity prices.

[PJLimbo]

When we trade Bitcoin we don't pay any assessment to Government.For this legislature Don't give consent in his nation .It's lead need to pay duty to government on the off chance that I do any bussiness, buy merchandise etc.On other hand government have no control on Bitcoin this is likewise enormous issue.

[lyn11]

Why bitcoin isn't a legit currency?

It is beacuse one of the main characteristics of currency as a store of value is that it should be stable. And this is especially important for all of the countries that are trying hard to gain an investment. Simply put, those who invest are expecting some stream of future earnings, and unstable currency compromises investors ability to accurately predict future earnings or sales, which makes investments less valuable and cannot be successful and hence less attractive. Another important point to consider is that no lenders use bitcoins as the unit of account for such things as consumer credit, loans, salaries, expenses or mortgages, nor are credit or debit cards denominated in Bitcoin. You can spend your Bitcoin, but the real transactions happen in fiat since the digital currency is sold on the back-end.

[Maymuna]

Virtual Currency is not protected in the definition of rupiah currency, Virtual Currency, he added, is very unstable and full of hypothesis because no authority is responsible, there is no reliable administrator, there is no underlying asset below the digital foreign money price, and the fee of trading is very unstable .

[CLAID]

Bitcoin isn't regulated any where in the world so common laws and regulations doesn't apply for Bitcoin which is why in world some countries and individuals consider that as a illegal currency   

[teklang01]

Bitcoin is not yet a legit currency but the most trusted digital currency that will take over the whole world in the future. Bitcoin became famous now that some countries already recognized it and made it legal to use.

[Andrey13101991]

Crypto currency should gradually spread among a larger number of owners. But moreover, the corresponding banking services (cryptobanking) should appear. It was the banks that destroyed the monopoly of gold as money, replacing it with credit money. Credit crypto money is what will allow to expand circulation of the crypto currency as such. Without the formation of a crypto-financial infrastructure, even a virtual one, there will be no crypto currency.

[ansarose1]

For me, currency is a country used money to accomodate their needs and etc. But, bitcoin is only a digital currency and works through online. It will become currency by the help of the governments and majority world leaders to adopt it and use it as a currency. As for now, it is not yet made a legal or legit currency. Maybe in the future, or someday it will be hopefully.

[Ailmand]

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 this topic concerns the technicalities of Bitcoin as a currency. Although it is legal and is already received by many countries, companies and people alike, the fact that it's not yet recognized in a large scale in terms of the number of people who sees it as a legit currency as well as use it for different transactions are the driving forces that hinders it to be embraced and propel it to a wider reach in the business and investment sectors.

[narik amal]

maybe because it is still not set by the government as an official currency, and is used as a payment instrument in each country.

[Agnusdei12]

With the fast movement of Bitcoins value and how difficult it is liquidate this. Some countries and economist are saying that it is risky to make it a currency. Also, governments of some nations are still trying to study cryptocurrency on how it could be regulated and boost the economy of the country.

[Bumblecoin]

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.

You are absolutely correct fellow. And I think it will be different or there will be changes when bitcoin will become legal. Taxes will be imposed on every transactions, I am sure about that in my place when it will be legalized.

[anitalxy]

Every country has its own legal currency, and the government does not like things that are beyond control.
Bitcoin is the world, no one can grasp it, this is decentralization.
Of course, because some people currently use Bitcoin for illegal activities.

[Assface16678]

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.

If we goes to the definition of legitimate or legit, it is lawful or somewhat authorized. As per the current situation of bitcoin, it is not legit because there are lot of scams. It is happening that is why it is as of today. But if we look on the brighter side of it, bitcoin is really something. Where we can lean on.

[derekeaton]

Bitcoin will get legitimacy if the government starts to control it. Unfortunately, there is probably no other option.

[Sofia234Edwards]

 Bitcoin is not legal in the world. Many national governments are concerned about Bitcoin's influence on politics, society, and economy.   

[Jyominall]

Well, economists have a strict definition of what counts as money. At first, money must be a unit of account no one says their net worth of thing is defined as some number of Bitcoins. People use dollars, euros, or Japanese yen, etc. Secondly, money needs to be a store of value. And Bitcoin prices swing back and forth in a way that makes an Alpine landscape look flat. So far, Bitcoin has not shown itself to be a stable store of value.