Why does BTC have value? I understand why many utility tokens have value, but it seems BTC only has value because it is the #1 crypto. That is the only thing currently keeping it on the top.
The digital gold meme is the dumbest thing I have ever heard. Gold has uses which assigns it value to begin with. Then, since gold is rare, and is easily able to be stored (high value vs size), more value gets built on top of it.
I understand that the US dollar isn't backed by gold, but it has a powerful government that forces people within the country to accept it in exchange for goods.
I got into crypto in the past few weeks, I have been reading about it, but I don't understand why the fuck BTC has value vs other cryptos. OTHER than the fact it was #1 mcap (this means people know about it).
I'm thinking about investing soon, been lurking for a while, but I just can't really invest in this because I feel there isn't much value in BTC itself. I'm open to buying other coins.
The reason why BTC has value is because some other people accept that it has value.
There are other arguments such as the energy required to mine it, enforced digital scarcity, security of the network, peer to peer nature etc but they are mostly meaningless.
Hudson Adams
it's the most powerful and secure network in the world. PROVEN TRIED AND TESTED first implementation (and most successful so far) of an immutable triple entry public ledger and it's a fucking currency
eth has value only because it can create Ponzi schemes with copy paste of code
Caleb Fisher
this value is subjective
Jace Moore
Correct, it has value because people say it has value.
OP, look into 0xBitcoin, which is Bitcoin on the Ethereum network. It's the first minable token. Sounds like something you may be interested in.
Grayson Myers
because the developer doesn't hold 50-70% of the supply like almost every shitcoin out there
Andrew Hill
I understand that. But isn't it much better to invest in something that has SOMETHING to back it up?
I understand that in the end, it is just about what people agree has value. But certain things have stood the test of time better than others. Most of the things that stood the test of time better were had a real use other than currency, or were a currency backed by a STRONG organization.
I suppose bitcoin's back bone is primarily libertarian types of people who want to decentralize currency. I understand that. They seem to have a REAL religious like belief in this stuff. But why do those people specifically value bitcoin more than anything else? I'm not doubting crypto at all, I think the group I described above will always put value into decentralized money. I just feel crypto is in its infancy and might switch relatively soon.
How is it more secure than Ethereum or some of these other coins that claim they are anonymous or private?
Can't ethereum just as easily be used as currency? I've seen websites that accept payment in Ethereum.
Carson Peterson
Couldn't the creator of bitcoin done the same thing though? I understand how this could happen, but how does anyone know bitcoin doesn't have this going on?
Benjamin Rodriguez
you have a fundamental misunderstanding of crypto OP read up
Angel Edwards
> Gold has uses which assigns it value to begin with. imagine being retarded only 9% of all mined gold(literal shit that barely worth anything as well) is used in electronics only 20% of that gold is actually used for connectors, rest is jewely electronics gold has no uses, gold has no value outside of memeponzi electronics will jump gold ship once new specs are accepted widely enough stop posting this "muh gold uses" bullshit
David Adams
Look up the attributes that make a good currency. BTC checks a shit ton of boxes like being divisible, easy to carry, not highly inflationary, not able to be counterfeited. Things of that nature. Add in the security of not having a ton of personal info to send money to people like a credit card and thats why it has value besides just having people willing to use it.
Dylan White
Golds value is in its limited supply that prevents it from being highly inflationary or counterfeited. The drawbacks are its not easily carried or divisible.
Leo Torres
unironically, BTC enables the cheapest bulk transfers of money ever, kek
Lucas Garcia
yeah, my own shit has a limited supply as well, wanna buy a pile?
Christian Campbell
Except everyone shits, everyday, but even with that it can have value as fertilizer or that company that sterilizes it and turns it into charcoal.
Justin Lopez
Couldn't at least 10 other cryptos check those off too? They don't seem that different.
I'm not doubting using these tokens as money or to store money. But I am doubting the #1 asset and its value compared to the rest of the market.
Most of the people in here are giving reasons BTC is good, but most of the reasons could be applied to many cryptos couldn't they?
Joseph Cruz
but you can't produce shit like mine, mine has limited supply honestly just make an erc20 on eth with 10 supply, it should be worth billions right away by your logic
Adam Wood
This is exactly what I mean though. At least his shit could be used as a fertilizer, so if everyone stopped accepting literal shit as money, you could use it for something and recoup some of the loss.
BTC doesn't even give me fertilizer if it goes to near zero. Many of the utility tokens do though. Gold for example will never reach 0 because it would be used for something. Even though the price could go WAY DOWN, it wouldn't reach 0. I just feel BTC, since it intends to do nothing but function as money, is just a few memes away from hitting 0.
Liam Jones
>Secure >Bulk transfer
I think that it's these two primarily. Bitcoin has enough hashing power going towards its legitimate use such that there isn't enough hashing power left on Earth to (reasonably) create a 51% attack against it. This is unique to all other forms of crypto. Other forms of attacks have been proven unsuccessful against the ever adaptive, open source, unowned source code.
You take a system like that and you enable people to transfer value in an uncensorable fashion, forget about it. It's a digital commodity. It's something that you want if you are untrusting of other people holding your money, you're a US citizen with uneasy feelings about the federal reserve and their debt inflation, or you just don't have access to banking. If you have crypto, then you don't need a bunch of government paid bureaucrats transferring your currency around in iron trucks in order to buy a good that somebody else made.
Julian Long
What is gold but a lump of metal? We stopped using gold because it erodes to touch. So it's become not useful overtime. Still we assign it value because people value it.
Zachary Rodriguez
BTC has first mover advantage, proven system, security etc. Unless there is a crypto drastically better than btc at its purpose as a stable store of value theres no reason ppl would switch from the tried and true btc. Its main competitors are shysty clones of btc like bch and ltc and you can see where they are comparitively in price.
Ethan Cook
Obviously not a large enough supply for adoption or use. Dont be a brainlet.
Gavin Moore
There is not enough physical gold in the world to cover the amount of "gold" that people "own".
Ryan Williams
We stopped using gold as a backing to paper currency because central banks couldnt use it as an inflationary currency or create a debt economy.
Adam Watson
You can put 18 decimals, gold has no uses outside of shiny metal, same as diamonds they are scarce in supply as well. Whats the difference?
Colton Moore
Are you saying then that no other coins come close to the security? Are their examples of top competitors of BTC having security issues? (Ethereum, XLM, MONERO, or others?)
Charles Cox
Diamonds arent actually scarce, the Debeers monopoly creates artificial scarcity and the marketing campaign was successful in getting people to believe its rare and desirable.
Colton Richardson
Gold still has SOME use. While small, it is a use that would give it value if everyone suddenly said "lets not use that to store value anymore" it would still be worth something. No one uses horseshit today to store value, but it still has value, and people buy it to use it as fertilizer.
Nathan Myers
Im not implying other cryptos arent secure just that btc doesnt try to be something other than a digital secure store of value, eth's value isnt inherently driven by its value as a currency but rather its blockchains utility. Its in a way apples and oranges.
Lucas Brown
Everything that is either scarce or useful has some value based on its nature.
Tyler Thompson
Woah, we're finally getting on to something here. Gold is just the same except price is pushed by kikes. And if only you fucking knew how diamond price is manipulated you'd be fucking amazed. They are literally worth less than erc20 shittoken in reality, yet here we're erc20 token is worthless, diamonds are a mil for a couple of carates. All because its a ponzi with a very successful marketing. BCC was just a shittoken as well fyi.
Brandon Phillips
Not even close. The power of the btc network is truely horrific. It's the most powerful supercomputer in human history. The 500 next most powerful supercomputers out together would not dent it. ETH is kind of secure, Other POW coins only exist cos no one can be bothered to destroy them
Austin Nguyen
I actually think the price of gold is artificially deflated by the you know.
Evan James
>piece of shiny metal >1230 per ounce >price is deflated user, I...
The reason i think its deflated is the parity purchasing power to the USD. If you look at the inflation in USD purchasing power gold seems to not of scaled accurately.
Camden Gray
>Gold has uses which assigns it value to begin with.
Literally all electronics would be gold plated its just not because gold is expensive
Gold. Isnt being used by a lot of industries because theres cheaper metals not that gold isnt useful
Christopher Fisher
Speculation. Why is speculation happening? Because Bitcoin can be the currency of the future. Also, vast computing power and electricity resources were used up to mine coins, so there is some minimum value to a coin. But it's much lower than current speculative price.
Evan Reyes
The universe doesnt care how much energy was wasted to mine your worthless poop coin
Thats the lamest excuse to give bitcoin value ive ever heard
Caleb Harris
Bitcoin cash has real value due to its very low transaction costs and instant transfers and realistic use case as a global currency
In comparison Bitcoin core is a pajeet poocoin with no value
Colton Walker
>Why does BTC have value? I understand why many utility tokens have value, but it seems BTC only has value because it is the #1 crypto. That is the only thing currently keeping it on the top.
keep lurking and learn more about the history, theory/philosophy and it'll click eventually.
