Backed by fiat currency.
Lack of patent.
What do you mean by these two comments? You're listing mistakes cryptocurrencies have made and these two are on that list.
Bitcoin is backed by fiat currency? Since when?
Bitcoin lacks a patent? Why does it need to be registered as an invention with a company?
I think you may misunderstand a bit how Bitcoin works (and call me out if necessary).
Bitcoin isn't backed by fiat currency. The reason people refer to the value in terms of fiat is because that's the currency that people use to buy and sell it. Bitcoin isn't backed or pegged or hinged to the value of a fiat currency. It's performance or existence isn't dependent on fiat currency.
Bitcoin is a project, creation, invention that isn't bound by any government. A founding principle is that it fills a void in the money system that's been lacking free access, support, and market. For Bitcoin to be registered for a patent would completely and directly undermine what Bitcoin is meant to be. It's meant to operate independent from any central entity (especially government). Trying to gain approval and protection to exist from a government would be the single greatest irony Bitcoin could achieve (and not for the better.)
If I've misunderstood
you, please let me know.
I stringly agree. And even if the government and their banks build a new crypto currency that they might think is flawless, they will not get people to move from bitcoins to their own crypto currency. Because the main reason as to why people went to bitcoins(other than greedy fcktards that only want profit) is to be freed from all the chains of the governments and their banks. They want to lose all of those watchful eyes that wants to know everything they do and about everything they have and tax on everything they can. Fcking hate how the system today works.