Is bitcoin a security?

Could you elaborate on whether Bitcoin should be classified as a security? Given the decentralized nature of Bitcoin and its operation as a peer-to-peer electronic cash system, it begs the question of whether it meets the traditional criteria for securities. How does its functionality, value appreciation, and investor incentives align or differ from traditional securities? Furthermore, what are the potential implications of classifying Bitcoin as a security, both for investors and the broader cryptocurrency market?