Virtual currencies' (including Bitcoin) are a way to transfer value, but there is no established mechanism or legal framework in place to protect users.
Virtual currencies (cryptocurrencies) operate on a decentralized platform; that is users are basically in charge of the safety of their funds. Setting up a legal framework will not be able to keep the funds of users safe if these users do not set up security measures to protect their private keys secured for an external interference or third party. With cryptocurrency, users are solely in charge of their funds and how they decide to send or receive funds. Users are responsible for their safety, establishing mechanisms will not really be of help keeping the funds of users safe..
People often mistaken cryptocurrency to function like fiat, which is not possible to happen. They keep on insisting that it should be something they are expecting it to be, but that doesn't how it works. Cryptocurrency makes a big difference in both our life and to the economy itself, the best thing about being difference to other is the uniqueness you have---that cryptocurrency have, as of now, bitcoin adaptation is still blurry, unless the most of us accept it as a whole.
Cryptocurrency is a currency that is not legalized by the government to be used in our daily life, it can be use through digital transactions but it wont be use to buy in the market the same as fiat, while fiat was declared to be legal, it can be used in different as how we use cryptocurrency.
They may be differ on this day but it is not impossible for crypto to achieve what a fiat currency can do.