Does bitcoin provide any actual value?

[Something Funny]

It can't be used as a currency because it's changing so much.

Is the only reason it's valuable is because people can make money from it? People keep mining it and buying it because they hope they will make a profit if its value increases and so its value increases because people keep buying it. While it doesn't have any actual value (at least I don't see any?). It is kind of strange-loopey, lol.

[Lyubov]

You basically answered your own question.  Crypto currency has utility for sure but 99% of the hype around certain coins is people just wanting wealth. As soon as certain ideas take off people will literally do what cows do when 1 or 2 start running, follow along. Sometimes a whole herd runs off a cliff. People who actually have a practical use for crypto get what they need from stable coins and the current technology that is here. Vast majority of people that dabble in crypto do so as an invest not for its uses. 

[FourCrossedWands]

Yes, it's valuable.

Why is it valuable? Because it's price goes up.

Why does the price go up? Because it's valuable.

[ted73104]

Bitcoin most likely won't be used as a currency, but it can be used like digital gold. It has the blockchain aspect where it is decentralized, all exchanges can be traced, your keys can be easily carried/transported without risk of being stolen physically. Plus the amount is fixed, so no need to worry about inflation. So it is a good replacement for gold, and if people would agree to replace gold with bitcoin, bitcoin will have value.

[sholomar]

It provides a fixed asset that can't be debased and they can't mine more of it out of the ground. The value it has is the value people are willing to pay for it. They print a lot of money globally and debase a lot of currencies. For some countries it's a really good choice compared to their native currencies.

[FourCrossedWands]

3 hours ago, sholomar said:

It provides a fixed asset that can't be debased and they can't mine more of it out of the ground. The value it has is the value people are willing to pay for it. They print a lot of money globally and debase a lot of currencies. For some countries it's a really good choice compared to their native currencies.

There is no fixed digital asset in today's world. Exchanges and ETFs are selling BTC they actually don't have and that doesn't exist. At least with physical gold, you can be sure that the piece of yellow rock in your hand can't by multiplied by a single click.

I wouldn't be surprised if Russia or China claiming they are buying BTC in reality is just them secretly buying physical gold instead.

Edited December 6 by FourCrossedWands

[Something Funny]

@ted73104 unlike bitcoin, gold has value beyond people just agreeing on it having value. It's a rare metal that's used in all modern electronics, not to mention stuff like jewellery.

 

 

[FourCrossedWands]

23 minutes ago, Something Funny said:

@ted73104 unlike bitcoin, gold has value beyond people just agreeing on it having value. It's a rare metal that's used in all modern electronics, not to mention stuff like jewellery.

 

 

Not to mention stuff like medical, aerospace, and some other future unknown uses.

If a global conflict ever escalates, it will be the west backed by BTC and USD against the rest of the world backed by gold, gas, oil, lithium, and lots of other real world commodities. I wonder who will win lol.

[Something Funny]

@FourCrossedWands 

Gather up your platinum, melt it down
Gather up your gold, melt it down
Gather up your silver, your bronze, your aluminum
Melt it down
Melt it down
Melt it down!

[OBEler]

Just ask Chatgpt4:

Yes, Bitcoin provides value in several ways, though its value is often debated due to its decentralized and speculative nature. Here are some ways Bitcoin is seen as valuable:

1. Store of Value (Digital Gold)

Bitcoin is often compared to gold as a store of value. Its finite supply (21 million coins) makes it scarce, which can drive demand and value. Many view it as a hedge against inflation.

2. Decentralization and Security

Bitcoin operates on a decentralized blockchain network, meaning no central authority controls it. This makes it secure, transparent, and resistant to censorship or manipulation.

3. Borderless Transactions

Bitcoin enables fast, low-cost, cross-border transactions without intermediaries like banks. This is particularly valuable for people in countries with unstable currencies or limited access to traditional banking systems.

4. Transparency and Immutability

The Bitcoin blockchain records every transaction publicly and immutably. This transparency can increase trust in financial transactions.

5. Financial Inclusion

Bitcoin provides access to financial services for the unbanked or underbanked populations, especially in regions where traditional banking is inaccessible.

6. Technological Innovation

Bitcoin introduced blockchain technology, which has spurred innovation in numerous industries, including finance, supply chain, and healthcare.

7. Speculative Investment

For many, Bitcoin is valuable as a speculative asset, with potential for significant returns. Its high volatility attracts traders and investors.

8. Resistance to Government Control

Bitcoin's decentralized nature allows individuals to hold and transfer wealth without fear of government intervention, making it appealing in oppressive regimes or during economic crises.
 

[numbersinarow]

So, you literally just thought to made an ideologically charged thread where you just pretend to ask a question, then try to boil it all down to your 5 year old level understanding of the topic.

And the idea that it can't be used as a currency can be debunked with one google search about the deep web. Hope this helps.

Imagine this being the way you interact with other humans. Make some friends, and stop being the most empty-inside nihilistic psychopath on the internet. Cheers.

[numbersinarow]

On 12/5/2024 at 9:27 PM, Something Funny said:

Is the only reason it's valuable is because people can make money from it?

The fact that your English is SO BAD that you think this is a sentence is hilarious.