There is no one answer to this question as it depends on the laws of the specific jurisdiction in which you are located. Some jurisdictions may treat Bitcoin as a commodity, while others may treat it as a currency. You can always exchange bitcoin to usdt here - https://jidex.io/btc-to-erc20-usdt
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Depends on your country. Just don't purchase anything with it if you live in China, Russia, Vietnam, etc.(find the complete list on the web). Though you can freely buy it, treating it as an investment asset, it's not regulated that much. In some countries, it's as legal as it gets. I've seen BTC ATMs a few times and I heard that there're Coca-Cola vending machines somewhere. If you want to buy Bitcoin, Etherium, etc. do it here and nowhere else.