Why Bitcoin isn't a legit currency.

[Supremacy1]

It is not legitimate bcos some countries don't want it decentralized nature , it can easily be use to finance terrorism, embezzlement and the rate of volatility scared many weak hands

[CeyCrypteon]

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 will become legit if the large number of people in the world starts to use BItcoin and majority of industries starts to use BItcoin as a main currency in there core businesses and it is happening right now and we can hope it will become a reality but after along time because not only BItcoin should expand more but the image about Bitcoin should be much popular among many regions     

[taeewo]

It cant be legit except with the approval and legalization by the government, its only government through its financial department that can make any form of currency legal, we still waiting for the time because digital currency is the future.

[Jingjess]

Bitcoin is not a legit currency because bitcoin are not yet totally accepted by some government and besides bitcoin has only limited supply so how can they legitimized bitcoin as currency.Maybe,In the near future,bitcoin will become legit currency or the future currency.

[Ava Duvall]

Because it is not a legal payment instrument and is not regulated by the central bank, the central bank is not responsible for the risks associated with the use of bitcoin.

Exactly. The government cannot control it also banks dont have a say in this matter.

[ShitTL]

The fact that bitcoin is not legal money is because some countries are afraid of bitcoin that makes them lose control as well as they fear bitcoin will be like balloons that affect their economic stability we should take a look. more aggressively with the bitcoin market

[vixcious]

I think we should think simply because the transactions on Crypto are anonymous transactions and the government can not control that. So it happens a lot of illegal transactions. For those reasons, Bitcoin has become illegal in some countries.

[Rivijski]

There is one trouble with BTC - it's so volatile. Solution may be projects of stable coins like Nebula Network - it's stable thanks to emission mechanism tied to resource supply (Nebula is a decentralized cloud) - resource is computing power.

[giantrobot]

Bitcoin is a decentralized and anonymous transaction. This is very convenient for transactions but the possibility of abuse is high, it becomes the fraudulent tool, the potential for crime. Unfortunately, we live with the crime according to the existence of Bitcoin so the country banned Bitcoin.

[kevinzxz]

if in my opinion the main reason for bitcoin is not legit currency because the price is very expensive and the identity of the bitcoin owner cannot be traced, so that it can be used for crime.

[Darz299]

I think there are many reasons why bitcoin is not a legitimate currency, many countries do not recognize bitcoin, there are even countries that prohibit using bitcoin, but there are also countries that can accept the existence of bitcoin as a legitimate transaction tool. One consideration for bitcoin to be a legitimate currency. Legal currency must have a definite value.

[nehemiah31]

Who said it is not legit?This is not true.If it is not legit then why big companies use bitcoin.Why the government allows it.Research and studies attest that bitcoin is legit and people who benefited from it can prove it.

[lunafreya nox]

This kind of speculations is from those people who are against and do not believe on bitcoin, why? because it's hard for them to understand it and also it's hard for them to know what is it really is or somehow they just do not recognize bitcoin. But obviously it is not true because many people are using it and earning money in bitcoin.

[BitTheLight]

bitcoin is not a legal currency, States do not recognize this currency, as it is an electronic Currency, they do not have access to it, and will not be able to track your money for tax collection. perhaps after a while and say that bitcoin is also money, but it will not be soon

[Zalaster]

Bitcoin = decentralization, that is, it is impossible to manage it, to track whom and from whom the BTC pass. It is very convenient for scammers, they can launder money, pay for drug trafficking and much more. This is the problem that bitcoin is illegal in most countries.

[looking31]

A few years ago, enthusiasts triumphantly shared announcements from businesses that had started accepting Bitcoin. Over the last couple of years, such announcements have become scarce. Instead, businesses that once accepted the currency have begun to drop it.

[Alex31207]

Bitcoin is very difficult for many people to understand.Many people do not trust plastic cards.Bitcoin is too volatile to pay them in everyday life.

[CLAID]

What I see Bitcoin isn't getting legit any soon because political problems mainly because doesn't matter how potential Bitcoin becomes if governments and there politicians don't wont Bitcoin to grow in the world as a digital currency there is no way it can become a legit currency so the discussion drags further but nothing happens in the reality. But we can see some countries are having an open mind and if other countries do the same thing things will be much different   

[NazaConte]

Because it is very expensive making the tax huge as well and its price is not stable unlike the real currency which relies to the economy of the country. Government I think cannot control the price.

[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 will not legit currency because of their own system the changing of price it is hard to have a currency that always changing the price unlike to the paper currency it is stable .