Why Bitcoin isn't a legit currency.

[AAKODI]

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.

Yes Inorder to get official legitimacy Bitcoin may have to undergo some regulations so inoder to happen that It should be a centralized one because no one can make regulations for a decentralized one but the thing is what sort of limitation, disadvantages can occure during such processes

[fairytale]

because bitcoin is a decentralized currency which the government hasnt no controlled about its value.But same as a local currencies,bitcoin also face ups and downs to its value.

[Teriyanone]

Because each country is controlled by the government, and each government has its own rules on the money. It is not possible to create one law for the bitcoin. Yes, and a lot of governments are corrupted. They want to steal a part of your money, through the payment of taxes and commissions. And this is not beneficial to users.

As you have mentioned  it is not much benefitial if Bitcoinbecome legit because then goverments and other organizations may make some taxes and limitations for Bitcoin but to expand as a global currency I think it essential to go under some rules and regulations otherwise Bitcoin will not grow

[YamigaHyoushi]

I wonder when will the whole world accept the Bitcoin as a legit currency, maybe in the future, or it will never happen? I think China is starting to change their currency from fiat to cryptos.

[chocolah29]

It is not a legit currency because it is not regulated by the government, it is not implemented by them but someone just invented in it and they don't want people to become victimized of this as they were thinking that it was purely a scam.

Yes you have a point but for me people think that bitcoin is not a legit bevause it is only virtual.

It's legal in terms in digital currency and people keep comparing bitcoin to fiat because they see it as an alternative and they're tired of inflation. However, bitcoin can't be a real currency because it doesn't backed by anything and it's volatility can't be controlled aside from being a decentralized one. And these fear the government from adapting it.

It is only created by a program that can e hacked by anyone. That's why they are thiniing it is a scam.

The program you called is blockchain and it can't be hack however hackers can hack your wallet.

[BitcoinConte]

Bitcoin is not a legit currency because it is not regulated by the government. it comes from digital technology that is blockchain. so it needs time to become a legit currency

[Ykabir]

Bitcoin is not a legit currency  but people still believe in its trait to become one. We are moving over to new technologies and it's boundaries are limitless. Before, technological theories and breakthroughs are laughed at but look at where we are now. the future is uncertain and who knows, bitcoin may have a place in it.

[anitalxy]

    Bitcoin is a virtual payment system that is not controlled or governed by any central government or private agency.It trades over the network and users put their bitcoin in an e-wallet. The deposits and withdrawals of the depositors are recorded in the bank books, which are not visible to the public, but it is legal for the government to review them.The government cannot monitor us or stop people who are doing illegal transactions.

[TiffanyYoung94]

Bitcoin is just not legal for those countries that are banned. Some countries still consider Bitcoin a pre-eminent technological development.

[takihaha]

Bitcoin is not a legal currency, The bitcoin's information though it is on the internet it is not published and supported by the government. One reason I see is because the government is afraid bitcoin.bitcoin is an ideal tool for terrorists and financial criminals. We were honored to hear those calls again at the World Economic Forum

[euronine897]

I think it is because bitcoin is not supported by some of the government. We can call it legit if the government in our country has already approved BTc in our daily basis. Even thought it is not a legit currrency but still it is not forbidden.

In order Bitcoin to continue in the future as a international currency at least it has to gain some kind of approval like you have mentioned that has in your country and even that is enough for bitcoin to continue in the future without dying because it is very important to the cryptocurrency world that bitcoin survive as the first digital currency for people to believe and  have confidence enough to invest in cryptocurrencies

[tkaush]

       To my point of view  Bitcoin is a legit currency it is a store of value it is valuable as gold . Bitcoin mined with the help of internet and gold is mined from the ground .The value of gold  fluctuates as well as the value of Bitcoin also fluctuates . Bitcoin has an exchange value  people fears about the safety of Bitcoin since it is not controlled by the government or central bank   Bitcoin is a decentralized currency  and it is volatile .

Of course but what should Bitcoin has to achieve or accomplish in order for it to become legit in the world because without that it cannot become a global currency and even for gold there is a world Gold council to make regulations and taxes to make it more legitimate in order to protect both people and the market

[EVIAJOHNPAUL]

Some people didn't know what is  Bitcoin, but this is real a legitimate storage of money from no experience about the this, the bitcoin to any mind set are scam and corrupting money from other people, but the reality it can help people from proverty and without financial money in the big word this a legit to some country because they know and oriented about the value and demand of currency of bitcoin.

[Jake Virus]

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.

Bitcoin has it so called feature, decentralised control. Who would let something legal without having the right to control it? In my opinion, that is one of the reasons why bitcoin isn’t legal on certain country and isn’t a legit currency as well.

[jmvzlfyg]

Yes, the Bitcoin is not a legitimate currency, and I don't think it will challenge the fiat for some time to come. We all know that Fiat is provided by the state, and Bitcoin is not combined with state power, so it can not become legal currency.

[royalparade01]

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.

That was indeed true. Bitcoin is not a legal currency because it is not accepted by most of the governments of each country. In addition, it is not centralized and regulated by them. The transaction is unknown and also the developers. Moreover, bitcoin is not created and implemented by the government so it cannot be legalized.

Bitcoin isn't a legit because the bitcoin is already created as a virtual or digital currency that can not be used as a legitimate currency. therefore bitcoin will not be used as a legitimate currency because not all countries that legalize bitcoin in the country.

[warning_btc]

Bitcoin is legit. You make sure about that by trying to sell btc.
If you cant find customer then its mean what btc not legit, but i think you find easy customers: for example on localbitcoins

[Fretcy]

        Though Bitcoin is gaining popularity some investors believe that Bitcoin will become legal currency . Bitcoin is not a currency as fiat currency it cannot be counted or feel like fiat currency but  it is a store of value that means it creates lack of accountability and the potential for tax evasion . Since Bitcoin is of store of value the price fluctuates due to speculation on financial markets but it will never fall to zero the major value of Bitcoin has now is exchange value .

[itzura]

I think that's because the value of bitcoin depends very much on the market situation, demand and supply and then makes it very volatile. It is this very volatile value that makes it not eligible as a valid currency.

[arc67583]

Bitcoin cannot be a legit currency. The facts are obvious. Just as you have highlighted three significant characteristics of a legit currency, I wish to add that such a currency must be issued and backed by a government.But bitcoin as we know today was not created by a country. Also of importance is the concept of bitcoin

Even Bitcoin cannot become a legit currency now what we need is some kind of acceptense for it from the outside world so we and the rest of the world can use Bitcoin and get its advantages without loosing our money and getting Bitcoin ban because if Bitcoin get ban means it can make a big negative impact on other currencies too so Bitcoin should continue no matter what happens