Why Bitcoin isn't a legit currency. - page 41.

xanaxxx

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Quote from: electronus on June 13, 2018, 01:23:28 PM

the main reason for not implementing crypto currency and bitcoin as a legitimate currency is money laundering and high volatility in the currency. maybe they understand the serious advantages of crypto-currencies, but they are not yet ready to implement these functions in financial and banking systems.

it seems you have missed that bitcoin is already treated as currency in Japan for example, which is a country of heavy regulations, yet they find the courage to regulate it. More countries are to follow them

Kristina_2805

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Governments can shut down websites; they can arrest exchange owners; they can make onboarding hell; they can tax it as capital gains. Governments cannot stop an idea whose time has come. Crypto is not very liquid these days but it's a matter of time. For example, have you heard about Paytomat? Paytomat will streamline the process of accepting the payment in crypto for the merchant, and give an extra incentive for the customer to pay in crypto of their choice with no extra conversion.Basically, it is a Decentralized System for Cryptocurrency Payments. I've checked their team and partners, quite impressive.

uray

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Quote from: electronus on June 13, 2018, 01:23:28 PM

the main reason for not implementing crypto currency and bitcoin as a legitimate currency is money laundering and high volatility in the currency. maybe they understand the serious advantages of crypto-currencies, but they are not yet ready to implement these functions in financial and banking systems.

You really do not need the banking system to implement the currencies but i am sure they will be implementing the blockchain technology in the future for each and every transactions, pointing out money laundering as an issue is not a valid reason as fiat currency is used more for those sort of illegal activities and that cannot be said about bitcoin as everything is recorded.

Mary89

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Not everywhere, we can say it is not it only in some countries, those countries that have not legalized the cryptocurrency and have not made it already officially, and those stra6ny all takip decided to take a step, content with what they have.

electronus

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the main reason for not implementing crypto currency and bitcoin as a legitimate currency is money laundering and high volatility in the currency. maybe they understand the serious advantages of crypto-currencies, but they are not yet ready to implement these functions in financial and banking systems.

twostepsally

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Quote from: BitNaija on June 13, 2018, 12:37:10 PM

Bitcoin cannot be a legit currency. The facts are obvious. Just as you have highlighted three significant characteristics of a legit currency, I wish to add that such a currency must be issued and backed by a government. https://www.scribd.com/document/245814525/Characteristics-and-Functions-of-money. But bitcoin as we know today was not created by a country.
Also of importance is the concept of bitcoin. A decentralized peer to peer payment solution, with pseudo anonymous capabilities. Bitcoin is virtual so cannot be said to enjoy all round acceptance and usage.

Bitcoin is digital currency. So it any where to use and easy to exchange any country currency. If try to launch the any new process. If affect the with out knowledge people. this people can't not understanding the process. So country will be not accept any new process. So people knowledge is important for learn more information. So country also growth. So Some country need to tack time for improvement. It good future saving. If knowledge people easy to gather more information of the bitcoin. But with out knowledge people can't easy to handle this process. So need to some more time for launching.

Baby Dragon

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OWNR - Store all crypto in one app.

Quote from: arjanenako on May 24, 2018, 11:59:12 AM

Because the first thing, they dont have enough knowledge about bitcoin, either way, hearsay from community that bitcoin is a scam. Some Government wouldnt allowed bitcoin to be legalized because they think, bitcoin will surpass their Country currency.

Bitcoin is not accepted in some country's cause there people are lack of knowledge about in cryptocurrency and they know that bitcoin is scam cause they heard negative feedback in social media. That's why Government wouldn't allowed bitcoin there country to be legalized cause they didn't know how to control bitcoin.

BitNaija

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Bitcoin cannot be a legit currency. The facts are obvious. Just as you have highlighted three significant characteristics of a legit currency, I wish to add that such a currency must be issued and backed by a government. https://www.scribd.com/document/245814525/Characteristics-and-Functions-of-money. But bitcoin as we know today was not created by a country.
Also of importance is the concept of bitcoin. A decentralized peer to peer payment solution, with pseudo anonymous capabilities. Bitcoin is virtual so cannot be said to enjoy all round acceptance and usage.

BorisVirla

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It will be very difficult to recognize bitcoin as a legitimate currency. To this end, all countries must recognize it, learn how to regulate this payment system between countries.

doroshok

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Well, if you look at this situation, there are a few factors, in my opinion. First, not all of this was allowed.Secondly, he is not attached to anything.

Rustandy

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The reason, this currency is considered non-compliance with the principles of anti money laundering, tax avoidance risks, terrorism financing and fear of negative impact to the financial industry.

Musia

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https://saturn.black

Many countries are simply not allowed, and still don't want to put bitcoin into the legal economy, so bitcoin is also left to wander on the Internet and in countries that this ban was removed, I think anyway soon it will happen and everything will fall into place.

sulec70

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Quote from: Juggy777 on May 24, 2018, 09:13:26 AM

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.

The main reason why btc is not legal currency because it is not ussued and regulated by the central bank like fiat money.No one can control it and its price is so volatile. Also no intrinsic value to support its value.Price is not stable and very risky ti be used as medium.of exchange and store of value.

AliMan

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Vave.com - Crypto Casino

Quote from: neliawesome on June 11, 2018, 07:53:47 AM

Bitcoin isnt a legit currency because its not yet legalize and fully embrace in all part of the globe.Its hard to fully legalize bitcoin due to volatile value in it and some countries wouldnt accept and banned bitcoin because of the taughts it is not good for the economy of a country.

I don't think if bitcoin is not legit because it may be in contrast why I'm here. Bitcoin is legit for me but there are reasons to be considered why did they call it not legit. Acknowledgement from other countries is one problem of bitcoin' legitimacy. Another thing is the acceptance of government which blocks the way of bitcoin's legitimacy.

peninglalat

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bitcoin will never being approved to be legit currency cause no countrys in the world approved it. but bitcoin sure has in own values cause people make it has it own value. so no countrys will ever approved it as a legal currency.

jcarlo

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I think bitcoin not legit currency in real world because government ban and prohibit bitcoin circulation. Government affraid on bitcoin because government can not control bitcoin price and supply

kammolak85j

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according to the simplest terms convey or find centralized status will not be regarded as a legitimate interest. because it will find the status of laws and regulations such a limitation depends only on government agencies, It is legitimate because everything that happens through the path of an internet fraud.

tester4206

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my hope will be more countries that can impress bitcoin to shop or buy goods and indeed bitcoin is made as virtual money, and is very different from original money, but in some countries there have been impressive used to shopping and buying something or something else but it's only in some countries that can accept payments using bitcoins

Ianbadz2000

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Quote from: Eijrafarm on June 11, 2018, 06:58:38 AM

I think bitcoin is officially called currency or legit currency because government can't regulate it. They don't have access on bitcoin which is a decentralized platform. If we expect bitcoin to become a legit currency then bitcoin will need to be regulated to be accepted internationally.

Many of us wanted bitcoin becomes legit like in other country, but in us this is not regulated in our country philippines due to some circumstances our government cannot controlled it like spammers and scammers it is too risk for our government thats why it is not legit in here ..

Ianbadz2000

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In my country it is now legal because some banks already adopting bitcoin as one of the highly cryotocurrency nowadays,,so some establishments also uses this bitcoin as payments and we can do transactions for some many reasons,,so i think it is now a legal

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