Why Bitcoin isn't a legit currency.

[gilbert056]

simply because there are countries who are not accepting bitcoin yet since many countries do ban it because it will affect the fiat currency demand if many people support and use bitcoin fiat currency demand will decrease which will affect their economy and inflation will rise . But it always depends on the government on how they handle it .good thing bitcoin is regulated in our country and they do support it as well

[MarjorieZimmermanGinger]

because bitcoin is a digital currency that only exists in cyberspace and cannot be made into real money, therefore bitcoin cannot be used as legitimate money and certainly also large banks in other countries do not agree if bitcoin becomes legal money and legal money it will be shifted

[Eyjeyy]

In basic terms until the point that it gets a concentrated state it won't be given significance as a legitimate money. In my reasoning it will get the legitimate status with some kind of confinements relying on the legislature. It is genuine, as everything occurs through web misleading is simpler and this influences individuals to term it as not a genuine one.

[Cacao2017]

Bitcoin is not a legitimate digital currency because some governments do not accept the legality of bitcoin

[Yaspers101]

Bitcoin is not legal - because so everyone can start printing their banknote and there will be a collapse of the economy

[Sithawaka]

It has many objectives to achieve before getting legit in the formal currency world and the first digital currency and also bitcoin may have to listen and obey every rule and regulation that global and international relevant organizations will provide in the process to become a legit currency but the problem is even to become in the future bitcoin should have started the process but I don't see any progress

[FreedomFighter2]

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 is not yet a legal currency cause not all countries, world bodies have accepted or recognise it.

[jakezyrus]

bitcoin may seem unlegit to some people because they cannot feel it but bitcoin is actually a legit currency and infact we already used it even before  .

appearance does not also matter to tell if the subject is legit or not but what matters the most is thier usage on why they are built .

  if they built for a specific reason/purpose in order to help our lives more easier , then they are indeed legit but if they arent any usefu in any way and they are doing suspicious activities , then they are indeed fake/scam .

[miramax-10]

Bitcoin was conceived and created as a coin, which will not be controlled either by states or banks. But it is both a means of exchange and a means for investment, only it is not regulated by the state.

[Fika15]

indeed it looks illegitimate because it can only be used online, this currency cannot be compared to a currency in general

[ongkok87]

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 ?

but even though the problem has finished bitcoin it will never be a legitimate currency, because bitcoin is a digital currency that cannot be realized

[camric09]

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 ?

but even though the problem has finished bitcoin it will never be a legitimate currency, because bitcoin is a digital currency that cannot be realized

I think there may be chance that bitcoin will be recognize as digital currency in the near future but still no assurance it will happen because of so many bad news happening right now.

[lee cooper]

The existence of bitcoin is still pros and cons, many things must be understood and studied well. Indeed bitcoin has not become an official currency and it still has a mystery because not everyone knows about bitcoin especially to get it. Not all countries accept because they see unstable prices, anonymous users and also many things that are less acceptable by government regulations.

[cosmoo]

People just are not ready for the future. They don't understand how cryptocurrency works and they don't want to learn something about this.

[Konffetka]

Bitcoin is not a legitimate currency, because central governments are not recognized as a form of payment. It simply acts as an equal payment among Internet users. The government can make it a legitimate currency if it can control it and make it centralized.

[ganjasmokingg]

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.

At the present time, btc has not been recognized by people around the world so it can not be converted into a legal currency and its features are unlikely to become an official currency. I think bitcoin is often regarded as a kind of asset and it allows the user to trade quickly with the anonymity that many people like.

[nealdlover]

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 always think that bitcoin is a better asset than a currency, although its quickness, ease of transaction or anonymity are widely enjoyed by many, but it will bring high unsafe risks. As for cash so many people will not use them often but only when they are really needed

[terraminer2018]

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.

Because bitcoin is too volatile to use it as a unit of calculation for the goods. In addition, it is inconvenient for the government.

[terraminer2018]

I always think that bitcoin is a better asset than a currency, although its quickness, ease of transaction or anonymity are widely enjoyed by many, but it will bring high unsafe risks. As for cash so many people will not use them often but only when they are really needed

I agree with you. You are right

[terraminer2018]

At the present time, btc has not been recognized by people around the world so it can not be converted into a legal currency and its features are unlikely to become an official currency. I think bitcoin is often regarded as a kind of asset and it allows the user to trade quickly with the anonymity that many people like.

Crypto-currencies still did not come out of the shadows. Most of the population of the planet has not yet studied this phenomenon. Crypto community is very small. It's too early to talk about accepting the bitcoin world.