I personally do not like the idea of Bitcoin being classified under a particular context, as it can be limiting. Bitcoin represents different things to different people and can be utilized in a lot of ways; its speculative value makes it attractive as an asset which can be traded, its resistance to inflation and supply shocks makes it a possible hedge, it can also be used as a currency for transacting and making payments and is described as A Peer-to-Peer Electronic Cash System in Bitcoin's white paper.

Regulations of cryptocurrencies or its recognition by government agencies is not necessary for its growth. Bitcoin does not need Banks to function.

It was declared legal earlier this month after years of not being recognized. Although under the current legal stance, cryptocurrencies are considered to be securities until proven otherwise. So, sponsors or developers of various currencies are expected to prove that their projects are not securities. Bitcoin however lacks a centralized authority and would likely remain a security.