You can’t pay your taxes with it.
It is not “money”.
It is not “money”.
That’s not actually a requisite feature for something to serve as money. The properties of money are scarcity (without scarcity you can’t generate relative exchanges), transferable, divisible and recombinable without loss of property (half a cow is a harder transaction than halving an oz of gold, never mind trying to combine three cows halves), durability (you don’t want to end up with rotting cow half).
Bitcoin satisfies all those criteria, and does some in ways superior to alternatives (e.g. storage costs and considerations for $1 billion worth of gold or the same in bitcoin).
Like baseload solar power, globalWarming, WuhanFlu, WWW2.0, etc — scams to skim your $$.
Modern currency has value to the extent that the government that backs it is able and willing to repay its debts.
Distributed ledger technology is genius. It facilitate low-friction exchange. And Bitcoin has scarcity. But, at the end of the day, money only has value to the extent of its backers’ wealth.
Unfortunately, governments around the world are rushing to implement cryptocurrencies that are government-backed AND allow the government to monitor every transaction. No privacy.
Crypto epitomizes the the dual-use dilemma that cynically can be expressed as the idea that for any technology or innovation there are people who will find a way to use it for something evil.