Why Bitcoin isn't a legit currency.

[Kayuslawal]

its not legit currency just because till this moment the government has not officially support the use of cryptocurrency by its citizens.

[sabarr]

I think, bitcoin is not a legitimate currency because bitcoin has a volatile price and the government has not been able to regulate so that the use of bitcoin cannot be accepted in all places

[CeyCrypteon]

"The downside of using a decentralized currency is that people can do illegal things anonymously and get away with it."

How is this different from fiat?
Fiat is centralized yet people can do illegal things anonymously and get away with it. In real World do Secret Agencies need to search passers-by to reveal how much is in their physical wallets? They definitely don't need to know! They should instead go to markets, malls, shopping centers and other public places to gather intelligence, nobody will complain. What is meant to be private, is meant to be private!

It shocking how easily people abandon their rights in virtual World

That is a major problem in the crypto world that any criminal can do anything and get away from it without getting caught even I got hacked many times and if this happens in the real world atleast I can go to the police and complain about even the thiefe got caught or not because there is a centralized party to do something but this is a diferent world so many would think twise whether to make it legit or not   

[ParveZ219]

Bitcoin is it legit currency but some transactions made by it is not legit so people are not gaining trust for Bitcoins because drug peddling gun smuggling and many transactions like this are made using Bitcoins only.so the government even is trying to stop Bitcoins by banning it networks.

[Faroxx]

Bitcoin is not legitimate only for one reason - people taking laws and such as you hold on to the remnants of the old world.

[inspirone1]

In my opinion bitcoin has an opportunity and possibility to become one but it's not it yet because we are not familiar with the way of using it as a currency. We need to try that before.

[nguyentuit5a]

I think Bitcoin will become a legal means of payment. And we can safely pay for Bitcoin purchases.

[Astvile]

Main reason why it is not a credited as a "legit" currency because it is not being monitized by the government,but when the time reach that government has overall monitor and control over this asset bitcoin can be called as currency used by all government services,i think that is the main reason why.

[mrbamboo]

Legal or illegal matters are determined by the governments of each country. If they think that money is good for the economy, society, and safety for them, they will evaluate it well. And if they bring about a lot of trouble in the management of the country, they will judge it poorly. It is possible for countries with equal and safe social status, Bitcoin is legal, and vice versa.

[mrbamboo]

bitcoin is no a legal currency because its not paying taxes in the government, the number one reason why if btc is paying taxes in evry transaction maybe it will a legal and another reason why its because some people uses btc in a fraud way.

There may be tax reasons as you say. But there are other reasons as well. For example, the inability to manage and control Bitcoin in liquidity operations is easily a tool for the sale of arms, drugs, money laundering, corruption, etc. These are potentially dangerous issues harm to social security. In general, the government does not recognize Bitcoin as legitimate because they believe Bitcoin management is not possible.

[blackhawkeye1912]

Although bitcoin is called a crptocurrency, it is not a currency. Instead, bitcoin is an investment whose value changes because of several factors. Bircoin is better classified as an asset. Because of its nature, bitcoin is used as payment system for some transaction.

[Asusnumbaone]

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 isn't legit currency because of the system of it unlike to other currency you can use it by using of paper money but the bitcoin's not you to have Bitcoin wallet.  Bitcoin I think cant use as a currency because bitcoin itself consider as a system transactions it means you can convert it into cash or to other cryptocurrency, it is versitile

[angchosenone]

Bitcoins isn't yet a lawful and legit money cause not all nations, world bodies have acknowledged or remember it, Bitcoins are not an authentic cash on the grounds that bitcoins are not ensured by the administration, the motivation behind why bitcoin isn't a genuine money is on the grounds that the regular cash is being controlled by any organizations or government, So to what degree it can be a legal position except if it is completely recognized by any country or government!

[Gururapyco]

It's not a legit currency for few obvious reasons. 1 - it's just too volatile to pay for anthing with it. 2 -  it's banned in a lot of countries. 3 - there is no mass adoption for cryptocurrencies in global economics.

[1NV3ST0NM3]

Bitcoin cannot become a legit global currency until all the countries start to accept bitcoin and use it as a common medium of exchange. Apart from this, everyone is aware that bitcoin is lucrative form of investment that is trending these days. But there are certain people who still hesitate to invest herein bitcoin because they think crypto market has got no backing. Their fears and concerns are justified to a certain extent. So there is a need for the governments to support the crypto platform so that the crypto trend goes on revolutionizing the world!

[putrisa]

maybe it's because this bitcoin price can't be stable and there is a lot of demand from bitcoin so bitcoin prices cannot be stable and not suitable if it becomes a legitimate currency because prices cannot calm down and always move.

[caeles]

Bitcoin was not just regulated by any form of government or any country. It is legit, it just not have any specific government authority from anywhere in the globe, but it is acceptable.

[Naelanikor]

In my opinion today BTC is not a legit currency. Firstly, it is too volatile and unstable. Secondly, a lot of states don't have special laws to regulate cryptocurrencies so people can't use BTC widely in the life

[gaurav82]

In every country there is local currency which is issue and regulate by government. Government has full control on it. But in case of bitcoin this is not issue and control by government. Is there any scam then government can not responsible for it. And by this a person can hide his income for saving tax easily.
There are other reasons too. But I think above reason is main reason.j

[Athanasios Motok]

I generally believe that bitcoin is difficult to call now a currency, I would call it a digital asset. Well, for example it can be compared with gold. Both gold and bitcoin are mined by machine. The price of an asset increases over time. There is a certain limit of bitcoin, which does not allow you to create a system by the type of the us dollar banking system. Where there are always new wrappers.