In the English language we have a lot of euphemisms for profanities that take the form of abbreviations; for instance, people may say the f-word or the s-word if they don't want to say fuck and shit. I always used to assume that WTF was the same type of thing.
However, I've noticed lately that if people are reading out loud a sentence that contains wtf, they often pronounce it as what the fuck - for instance, if they get a text message saying "Hey, wtf just happened?" and another person asks them what the text says, they are likely to say what the fuck just happened? instead of double you tee eff just happened? In this usage, wtf isn't a euphemism; it's just an alternate way of writing the profane phrase so that it is easier to type, i.e., an abbreviation.
So, my question: Which do we consider it? (And has it always been that way? For instance, perhaps it started out as a euphemism but is evolving into an abbreviation?)