Why Bitcoin isn't a legit currency.

[ojanamon]

We know  bitcoin now digital currency. But it's not legal in many countries many government are not accepted bitcoin because it's decentralized cryptocurrency  no one control it

[1715112983]

1715112983

[1715112983]

1715112983

[1715112983]

1715112983

[1715112983]

1715112983

[supelle.born]

For me bitcoin has very little chance of turning a legitimate currency, simply because governments will not accept this means of payment in detriment of their national currencies. Bitcoin, however, has a great chance of becoming a legitimate and regulated investment

[silentgenius]

The long time I use this currency their is no doubt that I used it for investing.Bitcoin is a legit currency.Why?because millions of people use this currency for transactions,investment and also trading.It is the proof that bitcoin is legit.

[KKH84]

Basically, virtual currencies do not get official permission from the government because those that are recognized as legal payment instruments are only fiat money. The government considers investment instruments that are used by the public should be in accordance with what has been arranged, for example deposits and shares. In addition, investment from the community is expected to have an impact on the country's economic development, not just pursuing high interest.

[C0ld_Zero]

On the off chance that you mean world currency, where all/the greater part of the nations will utilize it? Obviously that ain't happening (not within a reasonable time-frame), governments need control of their cash.

[ETHICKNINE]

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.

Even we believe in Bitcoin and most essential crypto currencies There is no possible way for Bitcoin to get legit as a digital currency in the world specially when it is decentralized because how can we think central governments who has already well established currencies and economical systems to function  will keep there trust upon a currency and risk there economy when there is no one responsible behind it to give them a guarantee about the future of the government financial status and its people   

[rumexx]

Bitcoin is a electronic currency  created for P2P transaction only. It is also decentralized as no body controls and monitor bitcoin but the market sentiments.
Bitcoin is not legalized because all the world are yet to recognize it. But despite the official seal the world people are already trading and buying or selling on Bitcoin. Unofficial bitcoin meets the measure of exchange , because bitcoin can be exchanged to any currency in the world. Bitcoin can act as a store of value when the price is going up.
 

[nazaididuan1]

Because BTC threatens the financial order of some countries!
These countries exploit the people's property through their own legal currency, and BTC can better protect people's property!

[dimiinx]

in my opinion, bitcoin has few opportunities to change legitimate currencies, because the government does not support the existence of bitcoin, the government only uses virtual money. I hope that in the future bitcoin can be used for investment and for payment in bank

[Denigmatic]

Bitcoin is like virtual money, people use it, but its collapse every 2.3 months, when its speculation is a bubble, no one claims it as a legal currency. . Bitcoin is difficult to predict any development value and price in the market.

[cjinny]

Bitcoin is an alternative legal currency other than the main currency of a country that legalizes it. So the nature of bitcoin's validity depends on the regulation of a country that officially legalizes it, but not all countries consider bitcoin as a currency.

[saumang2m]

Bitcoin has not yet made legal currency. Because there is some country like this. Who have not yet adopted Bitcoin as currency. Those countries that governments seem to have. That using Bitcoin can lead to illegal activities in their country. Because of which Bitcoin is not able to make legal currency.

[Mario222]

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.

I think because it is not recognized by many countries and that's what makes it a little shady, but I am more than confident that in the near future we will see bitcoin is much stronger than what is currently in existence. and Every country that legally recognizes Bitcoin must first regulate all its laws in the right way.

[IndependentWild87]

Because Bitcoin is a crypto currency and it is illegal and the reason is governments can not put tax or control crypto currencies.

[Ace Amias]

bitcoin is not legit because it is decentralized and government can not make proper check and balance and cannot keep the record of transaction and payment paid so that's why bitcoin is not legit in some countries so as long as the government cannot make proper rules and regulations it cannot reach its real worth.

[Mandarava]

Bitcoin is now rapidly conquering more and more new countries and new applications. If in some less developed countries still are negative about this new phenomenon, then I am sure that this is a temporary phenomenon and soon it will change.

[stiffbud]

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 is a decentralised currency which means it doesn't under control of any kind of authority or government and because of this many government ban it in their respective countries and this thing is one of the main reasons behind this topic. Bitcoin is a digital currency and it untraceable money transaction facility is the main reason behind many criminal activities and for many serious cyber crimes. Its volatile nature is one of the biggest reasons behind this topic.

[ETHICKNINE]

It is a major scenario in the crypto world and many discusses that even many people use and invest in Bitcoin why it is not labeled as a legit currency in the world but the fact that we should understand is that there is no investment system or specially a currency in this world has been legit without a owner or a centralized party because even gold has its own regulations and restrictions though councils and international organizations which makes directly or indirectly protect its existence but for Bitcoin we don't see anything like that and the only  group that decides its future is us the investors and traders who always deal with Bitcoin   

[agor]

Who would think in 1018 B.C. that something but gold or silver could be a currency...

[Core.i7]

Because its tax free when you send money to someone you pay tax to government but when you use send the money with bitcoin you don't pay any tax so its become tax free which mean for government its illegal