"Let’s stop calling the Bitcoin a coin. Unlike the Euro, the Bitcoin is not guaranteed by a central bank or government as a means of payment, so Bitcoin is not a currency.”
-Jan Smets, Governor of the National Bank of Belgium
European Union central bankers are once again emphasized their stance on Bitcoin and other cryptocurrencies. Jan Smets, Governor of the National Bank of Belgium, stated that Bitcoin should not be treated as a currency.
I agree that Bitcoin and all other cryptocurrencies do not meet the TRADITIONAL definition of a currency. Emphasize on the word TRADITIONAL. Same as the Internet did not meet the traditional definition of telecommunication. Everything evolves eventually. Textbooks have to be rewritten and laws have to be changed with every advancement in technology. And over time I do believe cryptocurrencies will become more and more accepted no matter how threatened these old established systems get.
With regards to the argument that:
"........is not guaranteed by a central bank or government"
Authorities use this argument to warn people about the risks of cryptocurrency all the time. Yes, cryptocurrencies are very very risky. But every investment contains risk. Forex is just as volatile as cryptocurrencies as far as I know.
And if you think being backed up by a government saves you from any form of risk go look up what happened to Zimbabwe, Greece, Cyprus, Venezuela and countless others that have experienced and some that are still experiencing severe cases of recession and currency devaluation.
