I never said it was backed by any legitimate country... In fact, that is one of the main purposes behind it and why it has value. It is a currency with no political power to manipulate it. No government has control over it. Many have tried to ban it but to little avail.
It is not backed by anything of value but the same can be said by every government backed currency once we all went off the gold standard. Same risk categorization. Not an issue for me and all those currently using crypto currency.
It is the opposite of digital monopoly money as monopoly money is easily counterfeited. It is technically impossible to counterfeit Bitcoin.
You say that the only thing that legitimizes bitcoin is that it is now treated as a commodity. However, the first legitimate futures market for bitcoin started in the fall of 2018. Bitcoin has been around for over 10 years. I guess you missed that point too.
Bitcoin is based on a real digital technology for a more efficient way of conducting commerce. It is not a fad nor will it be a bad dream some day. Why is China and the US now is a race to create their own digital currency to compete with bitcoin?
That is like calling blue tooth technology a fad several years ago.
It is ok that you just don't understand yet. Live and learn.
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