Why Bitcoin isn't a legit currency.

[ayesha703]

Bitcoins aren't yet a lawful money cause, not all nations, world bodies have acknowledged or remember it. You composed so much and why you neglect to comprehend that this coin can't be controlled by anybody, nobody can control it and above all else, governments can't discover who possesses it or make you make good on regulatory expenses. There is a colossal issue process and it's costly to track it, make an entire arrangement of laws. You get the point, isn't that right?

[globalpain]

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.

it is true that there are some countries that still have pros and cons against bitcoin, the government in that country cannot accept the existence of bitcoin, it is difficult for bitcoin to become a legitimate currency in a country that cannot legalize it, it takes time and patience to make the government believe in the benefits of bitcoin and the future of bitcoin

[megalith07]

Since BTC has not been perceived by all countries. What's more, the estimation of BTC is exceptionally unpredictable so it isn't conceivable to make a substantial currency in this period. also, BTC clients are commanded by a few gatherings and networks who comprehend about innovation so it is exceptionally hard to make crypto a legitimate currency.

[sidodadii]

is bitcoin accepted in country and they make some regulation to bitcoin, than us for payment like fiat? some government accept bitcoin but they are still use fiat as their payment. for some people bitcoin can be their currency, but for the other people bitcoin is digital asset. bitcoin cant be currency, supply can affect why it cant be payment

[qwertyuiop0987654321]

Bitcoin is not a legal currency because it just pop out of nowhere. It is from nowhere to be found to be exact. It is not even introduced and regulated by the government so how could people accept something that has no assurance to be their currency.

[Virtual-Money]

Bitcoin is only an online currency,, in the near future maybe they going to print bitcoin in metal  ;Dto make sure that its a legit currency

[Marlo0619]

For me, I think it is because bitcoin is not yet trusted by people all over the world. We know that some people are believing that bitcoin will be a legit currency but maybe it's not yet enough to be a currency totally. Maybe in the future it will be.

[Jake Virus]

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.

I think the reason why bitcoin isn’t a legit currency is because it is decentralised in nature where in no other third party including the government could control it. Bitcoin is not regulated by the government. Who will make something legal without having control in it. Well this is just my opinion.

[Lumi3004]

Each country already has its own currency, which is legitimate in the trading sector, after the war to win independence for each country, while bitcoin was issued in 2009, to be made a legal money for one country.
difficult and impossible,
State money is created in one Bank, namely the World Bank with a limited annual capacity,
= If bitcoin is made like Gold is sold and makes money each country might be possible.
= Bitcoin is made as legitimate money, the country is very difficult to need processes and approval, which is very complicated from all circles, including government, society, community leaders and including people who struggle for independence in one country that is still left. and cons.

[kotajikikox]

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.

Bitcoin is good not a scam, Some people are bad making bad for bictoin use it personal interest how to make earn using bitcoin in bad ways.

Regarding for the legality speaking for bitcoin there have possible in the future become legal worldwide if bitcoin knows by the government how to control as centralized currency.

[tadpole_bitfrog]

I think it is legitimate. Because it is a money transfer tool and still helps many people solve their problems and get money from the deals. It is considered a great business and nothing called it illegal.

[Muspion]

Bitcoin is not legit currency because still the government not accepted bitcoin and didn't give a permission, But the're people still used bitcoin even though it's illegal.

true they still use bitcoin because they know bitcoin will benefit them, and the government cannot stop or restrict the use of bitcoin in its country

[Quarantine34]

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.

My opinion why they said that bitcoin is not a legit currency simply because bitcoin has no foundation at all. Also, about the decentralization and the government is not supporting cryptocurrency.

[Burogh]

Bitcoin is not legit currency because still the government not accepted bitcoin and didn't give a permission, But the're people still used bitcoin even though it's illegal.

true they still use bitcoin because they know bitcoin will benefit them, and the government cannot stop or restrict the use of bitcoin in its country

Many people still dont know about bitcoin or cryptocurrency. Bitcoin still 9 years old and i think its very normal people think bitcoin is not legit currency because government regulation. But i am believe, in near future, people will knowing better about bitcoin and recognizing bitcoin as legit payment

[mangsitin]

In my opinion, because Bitcoin is anonymous and only exists in the digital internet world, it is very difficult to become a legitimate currency today. and to make Bitcoin a legitimate currency it certainly takes a long time to make it happen. so Bitcoin like Gold is on the internet and can be exchanged into Fiat money, that's all.

[Blackhammer321]

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.

If we talk about legit it concerns about the coin being lawful or acceptance from the government. With this the government needs realization for them to understand that bitcoin is not just something that is not worth it. I guess the government need to teust bitcoin. But then the government has their own perspective. I suggest that the users must prove the government that bitcoin is very useful.

[4rzun4]

cryptocurrency cannot be controlled, and the existence of cryptocurrency has not yet received recognition from all countries in the world. There are some countries that legalize their users, some are prohibiting and there are countries that allow the use of cryptocurrency without prohibiting or regulating it. Is that why until today the use of cryptocurrency has not been recognized as a legitimate currency that can be used as a valid transaction and payment tool.

[MRY]

I think, bitcoin cannot become a legitimate currency because not all countries can accept and use bitcoin as a currency, the government bans the use of bitcoin because they fear bitcoin will be used for crime and they cannot control it

[raking]

Bitcoin is legal when the government controls it. But Bitcoin was completely removed by Satoshi, no one was able to control it, including Satoshi. Money is no longer in the control of the government, which can be owned by individuals.

[yulionoo]

in my opinion because every country already has a national currency that is used every day. so it will be difficult for bitcoin to become a legitimate currency. and most governments reject bitcoin because bitcoin cannot be controlled by the government and the government also cannot collect taxes from bitcoin. and they use bitcoin can also threaten the banking system. so they reject bitcoin as a legitimate currency.