Why Bitcoin isn't a legit currency.

[bluehive21]

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.

Of course and becoming a legit currency means Bitcoin will definitely have to go through some sort of regulations and limitations because the people who makes such regulations main idea is to control Bitcoin as much as possible so if that happens there will be no difference between Bitcoin and other fiat currencies in the world unless fiat currencies are considered as paper currencies and Bitcoin is in digital form

[KIROMATH]

You have clearly mentioned the major reasons why Bitcoin cannot become a legit currency and I agree with them and Bitcoin huge price changes can be a major problem for many business personals who are willing to use it with there core business to gain more profit because when a customer comes and purchase something for a one Bitcoin during that moment the deal can be very profitable for the retail store but in a few days due to Bitcoin huge price drop it can be a disaster but even we see same things happen in dollars we don't see such variations so if Bitcoin to become legit there are many qualities it should gain

[levvv]

For me, bitcoin is a legit currency. The value of bitcoin has been growing from the bottom because many peoples bought it from early years of bitcoin until now. Some countries consider bitcoin is not a legal currency maybe because bitcoin is not backed by a real things like money that backed by gold.
As long as peoples agree about bitcoin value, they can use it as a currency to doing transactions.

[Kaznachej123]

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.

  Hey ME12 from the latest news... Canadians were just approved to buy BTC through their tax free savings account or registered retirement plans. The first Canadian Bitcoin mutual fund is another step towards mainstream adoption of the asset class. The virus continues to spread...   See entry details here: https://motherboard.vice.com/en_us/article/9kkpey/a-bitcoin-investment-fund-was-just-approved-in-canada

[oceantiger]

Bitcoin is legitimate digital currency but not universal legitimate digital currency. This is so because some countries like Japan S. Korea  and Estonia have long approve the use of cryptocurrency in their countries. More countries are also in the verge of allowing cryptocurrency in their own countries. Bitcoin can only be generally legalized when universally it becomes accepted as a means of transaction.

[aris av]

To become a legitimate currency would require approval from the government, and for now bitcoin has not received approval from the government and therefore bitcoin has not become a legitimate currency.

[Evil eye]

Bitcoin isn't legit currency, it is just wrong thinking. Bitcoin is now very popular currency in online exchange market. Some country has accept bitcoin because they think bitcoin is legit coin. And some country has ban bitcoin because they think bitcoin isn't legit coin. Some time use of bitcoin for terror works. But there are many time use of bitcoin for good works.

[Kay94]

Bitcoin isnt a legal currency because of its decentralized nature. People or governments are afraid that when it becomes legit in the whole world it will overtake the fiat currency and thereby want to condemn it.

[mensahkkofie]

In the current world order, people classify centralised monetary system as legit. In terms of that, one can say that bitcoin is not a legit currency, but in the real sense, bitcoin can be used just like the normal fiat currency in the world without any problems. Bitcoin is a digital currency and as such, it can be used in any business transactions without any problem or whatsoever.

[magmar]

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.

Bitcoins goal is to be a currency but unfortunately this hasn't happened yet but soon it will happen I believe it is still int the process of turning itself into a full currency which people will accept and use.

[Master of Shitcoins]

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.

Lol, your first post, a wall of text consisting of bad misinformations and most likely anti Bitcoin propaganda. I woud really like it to distribute negative points for such a BS. Maybe you don't believe it for yourself what you are writing here.

[syauqialbaana]

Maybe, 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 become a currency. Bitcoin is decentralized and this is also one reason why it cannot be legitimatein this situation.but we don't know what will happen in the future, everything changes.

[MADUWAN]

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.

Some kind of limitation will be there definitely if bitcoin has to go under regulations and that is the main target of politicians and governments to allow use of bitcoin under there nose as they want and it will have to happen if bitcoin should continue in the future with the rest of the world but will it be valuable and useful as it is now after it goes under regulations and that is something we should discuss 

[vainnew]

I think why Bitcoin isn't a legit currency. Because Bitcoin is not a “legitimate” currency, but a digital currency could one day form the linchpin of a cashless future. And i think why it isn't a legit currency because there are still some countries that not accept or recognise it, moreover bitcoin is not regulated by the government, so that's why Bitcoin isn't a legit currency.

[Dreamrone]

Most banks fear about the bitcoin rise and so do the other major organizations relevant to financial trade but those banks and major organizations are backed by governments and powerful politicians like HSBC  connection with the Chinese governments so if banks will be disrupted with the rise of bitcoin my concern is will major players in the political background allow bitcoin to legit because anyone like to avoid taxes and other charges and keep there money safely so bitcoin wallets are great to do that but if hat happen I don't think we may need bank all the time unless for other reasons like to take loans

[Abram434]

Bitcoin isn't a currency because if whatever you use as money doesn't keep its value then it will quickly lose its role as a medium of exchange or as a unit of account.

[PhuongVo2702]

Because Bitcoin still have a lots problem had to solve involve terrorism and laundering money, etc.
Besides, Suppose if you were a foods or goods supplier that which price would you set for your product when the Bitcoin's price is not stability ?

[sarungmen]

most people assume that they will be very risky when using it because it is not recognized by the government and does not have an authority as the responsible agency that does not meet the standards to be used as a legal currency or payment instrument

[42K]

Bitcoin has been considered an illegal currency because of how people see it and the way they drive at it. Also since it has a decentralized blockchain that is why they see it as being illegal.

[want0606]

I am a new member and I think bitcoin is not legal because it does not depend on the government. The government can not influence its value. Bitcoins are not taxable