Then basically, a value is ultimately determined by those who are willing to transact or trade it. And that is determined by supply and demand.
Bitcoin is illegal because it is not a legal tender (legitimate currency)
In America, precisely in March 2013, the Financial Crime Enforcement Network has issued new guidelines on "de-centralized virtual currency".And it is clear these new guidelines refer to Bitcoin.In it stated, "The user of virtual currency is not Money Services Businesses (MSB) under the FinCEN regulations, therefore it is not an object of MSB to register, report and record and comply with existing regulations." Miners, while doing Bitcoin mining, they use it personally for themselves.So it is not required to enroll in MSB or as a Money Transmitter.
In general, there are a number of currencies, but not officially backed by the government. A currency, basically nothing more than an account unit that is convenient for its users to use. Meanwhile, the legal regulations in a country may vary.In general, any commodity trade including such as Bitcoin digital currency, BerkShares, currency in games such as WoW gold, Linden dollars, is not illegal.
In America Bitcoin many assume that Bitcoin becomes a form of terrorism, because it will endanger economic stability
Terrorism by definition in the US, it is necessary to commit acts of violence in order to be regarded as a terrorist and has violated the law.These statements mostly made by these politicians have no facts and are unfounded.
Bitcoin only multiplies people to avoid taxes
Actually, cash transactions also have the same level of anonymity, but can still be in tax collection. So this actually depends on how the rule of law prevails in each country.And in turn, each user will decide to follow applicable laws in that country or not. Of course, there will be consequences if it does not comply with applicable law.
Transactions in Bitcoin are indeed possible to be anonymous, and this is the same as any other currency transaction that can be transacted anonymously.Tax evaders can be caught because their lifestyle does not match their reported assets and income.So not because the government is able to follow the circulation of money.
Early Bitcoin adopters were more benefited, so there was an unjust treatment
Early adopters, of course, also took a higher risk, with time devoted, as well as with the money it had to adopt Bitcoin.This perception is the same as an investor in a company, or a person who buys the stock of the company's IPO. And it could be that the early Bitcoin adopters used it more as a store of value, rather than using it as a value transfer.
A total of 21 Million is not enough
To note is, 1 Bitcoin (BTC) consists of eight digits.So actually Total Amount:
21 Million BTC = 2,099,999,997,690,000
More than 2 quadrilion (thousands of trillions). In 1 BTC = 100,000,000 Satoshi (small unit of Bitcoin).Because the value of 1 BTC is too large, so the transaction can also be done with the smallest units, such as mili bitcoin (mBTC), or micro bitcoin (uBTC).
Bitcoin is a Ponzi Scheme
It is said ponzi, if the founders persuade the investors with the lure of getting multiple benefits to join. Bitcoin there is no such thing or guarantee.Bitcoin no central authority, no central entity.
In the ponzi scheme is zero sum game, the total profit and loss of all participants is zero. The benefits gained by a participant.