https://en.wikipedia.org/wiki/Legali...y_or_territory
There are quite a few countries accepting Bitcoin, Japan most likely being the most imporant on this list. Bitcoin is a legal form of payment in many countries, and more to come.
Yeah, it's possible to cash it in. However you have to pay taxes just like normal, depending on the country.
You can buy cash with it and then you can buy food
But really, currency doesn't just happen overnight. Give it time, it won't take long before it completely takes off in Japan and then it's just going to explode.
If I had a dollar for every time someone said that Bitcoin is going to die, I would have been a millionaire now
I actually have 0 Bitcoins, however I have invested in altcoins. They are risky but on the countruary to Bitcoins which is a rather stable currency, altcoins can give back x10, x100, or even x1000 the return. That is actually quite realistic for those who invested in for example NEO. Back in February it was worth $0.1. Now it's $28 and all time high $50.
That's a lot of return for those who were lucky to invest in the right coin.