Who recognizes Bitcoin?

Who recognizes Bitcoin? According to CCN news, who recognizes Bitcoin as legal? Is Bitcoin recognized as an asset? Is BTC considered a commodity or currency? What is “fiat money” and how does it differ from Bitcoin? Why is cryptocurrency not considered a legal tender? Why is Bitcoin not considered a commodity/currency but rather an entity outside the financial system? Why are they considered illegal or without intrinsic value? Can it be used as a payment mechanism and for other purposes? What are their benefits? Why do these questions need to be addressed? Why is Bitcoin not suitable for transactions or investments? What factors contribute to its price increase? What factors hinder it from becoming a true market? What makes Bitcoin difficult to become a complete systemic risk?

Who recognizes Bitcoin

Editor’s note: This article is from Meng-eyes Finance (ID: Meng-eyes), authorized to be reprinted by Odaily Planet Daily.

Bitcoin and blockchain technology have moved beyond a very niche circle and attracted a lot of attention: why use them? Because both terms were introduced before the 2008 financial crisis. Although people may think that Bitcoin is a bubble, they see “Bitcoin” as a scam. However, the fact is not like that—even with so much evidence suggesting that Bitcoin is a Ponzi scheme, it is still difficult to convince those who don’t believe in it to invest in this currency.

In fact, although many critics in the cryptocurrency community criticize Bitcoin, they still recognize one thing. “I don’t know how you can afford this token, but I know someone wants everyone to buy it.”

Of course, there are still many questions about Bitcoin that have not been raised. “Is Bitcoin worth speculating like gold or silver?” And there are critics who express their views on whether “Bitcoin is gambling” or even call it “drug trafficking.” However, experts also point out that if this is really the case, “Bitcoin is a rule-changer on the gambling table in the casino” (Bitcoin is a Game of Money). This statement is absurd. In fact, for many investors, Bitcoin is nothing new. On the contrary, most people consider it a scam.

However, some people may consider Bitcoin as a type of asset for speculation or consider it as “money.” Ethereum, Ripple, Dash, and other digital tokens belong to this category, just like Litecoin in the past…

As mentioned in the previous paragraph, “We should use all these things as ‘virtual commodities,’ such as electronic invoices or similar things,” but this is not actually the case. The Wall Street Journal has reported that Bitcoin and other cryptocurrencies may involve fraudulent activities. According to recent research, Bitcoin’s price is tied to stable anchors of its value and has risen by about 30% in the past decade, so there are many other types of cryptocurrencies on the market that can achieve this. For example, Litecoin currently processes about 500,000 transactions per day and can be exchanged for fiat money. Additionally, since Bitcoin has variable price characteristics, it can also be used for daily expenses and maintain cash flow.

Original article source: newsbtc, compiled and translated by the Bluemountain Labs team. The English copyright belongs to the original author. Please contact for Chinese reprints.