Why Bitcoin isn't a legit currency.

[emberbekas]

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

The price of Bitcoin is very unstable and the government cannot control it which will certainly give a big problem if the government allows citizens to use it as a currency. That is what I can understand from my government statement.

[Supremacy1]

I choose bitcoin because of it decentralized nature , unlike flat keeps regulating from the government, it volatility will brings profit if the holder can have patience at the right time

[1van__]

because greedy, corrupt states have not yet imposed a bitcoin tax and state municipal institutions do not accept its payment means

[parazhia]

My mind is simple, that bitcoin does not qualify as a currency and there are no legal rules regarding bitcoin. And criminal acts can be easily done with bitcoin.

[xena2]

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.

it is not a legit state currency but bitcion is a legit crypto currency. The concept of crypto currency was made only on the virtual world yet it can still be converted into state currency which made it legit and reliable.

[peacefulpeace]

bitcoin isnt a legit currency yet, due to the fact that government hasnt been able to set a regulatory standard for it, hence government are skeptical about given their endorsement for bitcoin. The only medium bitcoin is been use is through the internet, with the rising issue of cyber fraud, it will be difficult for bitcoin to be accepted without proper regulations from government,.

[Antonina]

I think because bitcoin like the other crypto currency is a very unstable thing and therefore doing its legitimate is not logical

[Sarastiche]

For Bitcoin to be legitimate, the world bank must have a control on through the development of  policies and regulations, and because of it volatility globally government has ban it in several country and automatically that has a major negative impact on it existence.

[CryptoCClendon]

But who told you btc ain't legit?

[achichy]

Bitcoin is not a “legitimate” currency, but a digital currency which will one day form the linchpin of a cashless future, Bitcoin falls under the category of cryptocurrency, it is a computer generated value and is sent to the buyer and seller without involving the real money. Having a clear understanding of currencies wil help you understand why Bitcoin is not a legit currency yet, Money, or essentially any fiat currency (such as USD, GBP or EUR) should satisfy three key criteria:

It should function as a medium of exchange,

It should be a unit of account, and

A store of value.

Although Bitcoin has some of the attributes listed above, it most definitely fails to meet them all. Let us take a look at them one by one.

Medium of exchange

We most probably have to agree with this one as more and more merchants are starting to accept Bitcoin as a payment option (Google has launched its payments API with Bitcoin, Amazon is rumored to soon start accepting payments in Bitcoin, etc). Moreover, the network of Bitcoin ATMs and the number of Bitcoin Payment Cards is growing constantly, which makes this crypto similar to our beloved fiat.

However, this is only one side of the coin. In fact, the most popular cryptocurrency performs quite poorly as a medium of exchange. This is fundamentally due to high volatility, which makes it inconvenient and impractical to denominate goods or services in Bitcoin. For example, at the beginning of the day you might price your MacBook at 1 BTC, but due to daily fluctuations (that can range up to 30 to 40 percent), at the end of the day it should cost 1.5 BTC. To put this into perspective, the daily exchange rate between USD and EUR is on average 1 to 3%.

Unit of account

In economics, a unit of account denotes a nominal monetary unit of measure or currency used to represent the real value of any economic item such as goods, services, assets or liabilities, income, expenses. Again, referring only to volatility, we can understand that Bitcoin does not satisfy this criterion.

Another important point to consider is that no lenders use Bitcoins as the unit of account for such things as consumer credit, loans or mortgages, nor are credit or debit cards denominated in Bitcoin, per se (you can spend your Bitcoin, but the real transactions happen in fiat since the digital currency is sold on the back-end).

Store of value

The last trait that should be found in any currency is probably the only one that fits Bitcoin the best.

It is quite clear, and I have argued this numerous times, that Bitcoin has emerged as a digital peer-to-peer cash, and thus is challenging current monetary systems. Yet, over the years it has outgrown its initial purpose, and now it is more similar to a store of value, or an alternative investment.
Moreover, many people are buying (or storing their wealth in) Bitcoins simply because they expect the price to rise, at least for a while. This is reminiscent of the Greater Fool Theory which states that people buy something simply because they expect that there will be a greater fool that will buy their asset later at a greater price.

But there are others who are storing their wealth in Bitcoins simply because the alternative (fiat) is non-functional. Look no further than Zimbabwe or Venezuela. In the former, BTC is priced somewhere around $13,000! Due to high inflation, the demand for Bitcoin has skyrocketed lately in this Southern African country, as not only people, but also businesses demand Bitcoin for day-to-day purchases.

Bringing it all together
After taking a look at the key attributes of a currency, we can easily see that Bitcoin is not one. Taking into account slow transactions, relatively high costs and energy inefficiencies for running the network, as well as some fundamental disagreements (in terms of future developments) within the Bitcoin community, it is more than obvious that this cryptocurrency will never seriously challenge USD, GBP or EUR.

However, this does not mean that Bitcoin has no future of becoming a legitimate cryptocurreny. Quite the opposite. I can imagine it being quite a popular and strong (alternative) asset class. With the help of network effects, rising interest from institutional investors, as well as more crypto-friendly regulatory framework

[ANUKRAMAYON]

because bitcoin is still new. moreover there are still many people who don't know what is the world of bitcoin. it's the bitcoin barrier to legitimate money. but I'm sure that bitcoin will someday become a legitimate currency like paper currency

Sure some day Bitcoin will become legit as paper or fiat money but Bitcoin need atleast 51% formal agreement for that to happen which is not happening at the moment and even it is happening it is in a slow rate right now but we can hope that will happen in the near future so many can use it without hesitation to make there payments and for there core business transactions to develop there functions further with better efficiency and security   

[semutracing]

which is the main reason bitcoin is currently not a legitimate currency because in my opinion bitcoin is still anonymous and bitcoin does not come from one country so the government cannot provide its legality as a legal currency

[tsinelas]

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.

Who say's it wasn't legit? For me it was legit because it doesn't impact me in a negative way. Maybe in legal terms it wasn't but we all know that some governments recognizes bitcoin as a currency.  So I think this is one of the proof that bitcoin is legit and all the users that still holds and trust bitcoin.

[enwi]

I think, bitcoin is not a legitimate currency because bitcoin is a digital currency and can only be used online and has a constantly changing price so that it cannot be a currency

[comeinwiththe]

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[Btcmaeng18]

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

[Kennedy]

Probably it will not be a legit currency until whole the world accept it. Bitcoin is decentralized and this is also one of the reasons why it can’t be legit in this circumstances. But we just don’t know what will happen in future, everything is changing.

[Jackolantern]

thanks for sharing useful information and it will be better to use it as it is not legit but still have many advantages. To my mind, the best way to use it to trade but not now when the price is low

[dgreat]

When Bitcoin futures started trading on the CBOE options exchange late Sunday, the crypto-currency joined the big leagues of financial instruments. But, despite its name, it still isn't money.Economists have a strict definition of what counts as money. For anything to be considered such, it must have three attributes. They are as follows. Money must be a medium of exchange. As far as I can see, this just isn't the case in a significant way, anywhere on earth.
Money must be a unit of account No one I know or have ever heard of says their net worth is defined as some number of Bitcoins. They use dollars, euros, or Japanese yen, etc. Money needs to be a store of value In case you haven't noticed, 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.
 

[safarabela]

Bitcoin is not a legitimate currency because bitcoin is not stable in value, and therefore the government does not endorse it because it is considered to have a high risk. I think bitcoin is more used as an asset because it is very difficult to use it as a currency.