Why Bitcoin isn't a legit currency.

[erifubirugen]

Ofcourse it is legit! The goverments started to make taxes for it, so how can't it be? The world needed something like this i believe. Think about someone find something (The Bitcoin) and everyone loves and accept it.. It means the people made it legit, and then the goverments too..

[BorisVirla]

Ofcourse it is legit! The goverments started to make taxes for it, so how can't it be? The world needed something like this i believe. Think about someone find something (The Bitcoin) and everyone loves and accept it.. It means the people made it legit, and then the goverments too..

People can think of anything, but we all live in a state of law and if they decide differently, we can not prevent them.

[PrissMCclen]

It depends on how you understand the word LEGIT, but for me btc is the most legit currency, the bankers and government knows it

[Kuchiyose]

Bitcoin isn't a legitimate currency because Bitcoin is not a currency that was known in ancient times because Bitcoin exists only with internet networks. if the network dies then Bitcoin is confirmed to be dead.

[eann014]

Bitcoin can be just used online transaction, it can still consider as your payment but it is just used by online, it can still have a value like other currency that we have, just like physical money. The difference is just it can be used only through online, I think there is nothing wrong with it. In my opinion, it can still consider as a legit currency as it can be used everywhere.

[Ricky.Libertarian]

Bitcoin is a legit store of value, just like gold and precious metals.

It's not an everyday money, but a valuable asset, dedicated to protect savings and wealth.

[Bitcoinislife09]

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.

Simply because you do not really have an actual currency. It can only be use indirectly. Transactions online are some. Its like a constructive way of paying. Though it does not have physical appearance it is still has value like the circulating currency. Also being a decentralized type of system, most government will not be convinced to consider as a legal currency. Bitcoin being volatile and having a high risk also considered as a factor of this.

[Malam90]

Bitcoin is the first digital currency and it the most used currency after USD.  Bitcoin is not legit currency in most of the countries because its transaction is out of control  for any govt of any country.

[aleksej.rozhkov]

this is a matter of time, many countries have already legalized the crypto currency in their countries! now you need to wait a little and legalization will be everywhere! but in fact, officials and civil servants are very much afraid of the crypto world!

[reyanshbasu]

Bitcoin is not be legalized in some countries thats why it would not be a legit currency world wide but still now more country are accepting bitcoin as a payment through online.
It will be a legit currency if all countries are accepting it but i think it takes take before it happen and still fiat will above on it because ever since it was the main currency of the people worl wide.

[salfogox]

the most important reason is robbers can exculpate their money by using cryptocurrency. this is so big problem for goverments. crypto world must find a solution about that first.

[Pattart]

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.

There are 2 problems, legalization and spread of bitcoin, you right even though bitcoin has been legalized, but if the number of bitcoin users is a little bit, it will be useless to use bitcoin as a currency because there will be fewer parties who will receive payment with bitcoin, both of that must complement each other..

[NowLovebed]

Also, bitcoin is created no to be controlled by anyone or someone because it is decentralized and can work without a single administrator or central bank.

[zwiggel]

The reasons for bitcoin are not monetary:
1. Bitcoin value is always changing rapidly, it is different from dollars or EURO.
2. Bitcoin is vulnerable to illegal activities such as money laundering.
3. Bitcoin is a tool for criminals to use.

[KeezAZA]

In my opinion people are not ready to embrace bitcoin specifics so fast because our economic system were developing and working for hundreds of years and now you want bitcoin to became an issue in 3 years.

[pkhabibullah]

Yes, Bitcoin isn't a legit currency. There are many reasons for it. Main reason is bitcoin full anonymous,Government can't regulate it.Government don't know who control this.Another reason is bitcoin is too much secure for payment because there is no info who is sender and who us receiver so bad people use this for bad work like crime, buying drag from dark world etc also people don't have enough knowledge about bitcoin.i think for this type of reasons bitcoin isn't a legit currency

[orarider]

Because the bitcoin price is like a bubble it can explode at any time. In bitcoin trading is anonymous so this is an opportunity for money laundering to take place. Bitcoin is the place where criminal organizations operate.

[amber deposit]

Well it is always debatable to considering it as a currency. One is government obstacles that always have issues with how the money is being tracked from point of origin to point of consumption, thus, taxation law. Another important issue is the amount of fees that is charged to pay with BTC, take those BTC atm for example that is scattered around the globe, those fees are ridiculous. This is why traditional Fiat currency will reign for quite some time as the only only complications for this type of cryptocurrency is the fee and also the amount of merchants that allow btc purchases in your day-to-day life.

[cryptoguy1234]

Bitcoin isn't yet a lawful money on the grounds that not all state governments trust in an advancement of the Bitcoin cash, which on account of exchanges won't be known, Bitcoin additionally can not be controlled by the present government. Be that as it may, for the future, I surmise that Bitcoin will be utilized everywhere throughout the world, in light of the fact that Bitcoin is an unmistakable evidence of a changing period of advanced innovation, and will likewise make every one of the general population of this world as far as their own monetary accounts.

[Sand King]

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.

As of the moment, yes, it is not yet a legal currency around the world. Being a legal currency isn't easy, so I assume it will take time, a long time. Maybe it will take a long time, a lot of hard work, patience and many more. But I think in the end it will all gonna be worth it.