If it's not used as a currency ?
Then it's not one .
This is not an argument.
Let us all bury fiat money then. What is fiat money after all? It is nothing more than just a piece of worthless paper. Or perhaps let us also bury gold and silver? What is gold or silver? They are just tiny stones mined from muddy mountains or under dirt. You know what, everything that has value in this mad world is agreed upon. Your bills and coins will give you food to eat, a car to drive, and a home to shelter you. But what is that really? They are simply human creations out worthless materials that began to acquire value because everybody agreed to.
Value is something that has practical utility, be it: legal claim that grants rights to tangible goods and services or tangible goods and services. Numbers on the internet are no such things. Crypto is neither a legal claim nor something tangible. It's just an empty number, a numerical value. If you give your iPhone to someone and as a result some number has been modified this won't make this number practically useful. If no legally enforceable claim exists that is represented with this number, than this is the same as throwing away your iPhone.
So you keep talking about legality, I take it cryptos aren't legal where you are at. In the U.S., where the dollar is used/made, cryptos are legal. So, just like a bank note, the law does allow for the trade of cryptocurrency for goods and services. People are getting paid in Bitcoin, you can trade/buy things with cryptocurrencies at/from U.S. companies. So, just like the fiat world, cryptocurrencies are being used as currencies. It's just that the ledger is on an open source blockchain instead of being behind closed doors of the banks. Get more educated on what cryptocurrencies are and how they're used instead of putting fud out there. Why are you here otherwise?
No, I am not talking about legality. I am talking about the fact that cryptos are numbers and that numbers are abstract mathematical objects without value. You cannot compare bank notes to numbers(cryptos). A bank note is a legal document showing that people who hold it, credited borrowers with tangible goods and services. Since borrowers must pay back their loans, otherwise they would lose their homes, cars or other assets, they are legally forced to return tangible goods and services back to people who have bank notes. Hence, a bank note is a legal document that entitles the holder to tangible goods and services and as such it has intrinsic value. Cryptos however, are empty numbers stored on the internet. Comparing a legal document(which grants right to tangible values) to an empty number is nonsense of a high order.
I see so many people throw these ponzi scheme accusations but isn't a ponzi scheme run and controlled by a person or a group of people who are trying to profit from it? To be able to prove that Bitcoin is built like a scheme one would have to identify the people cashing out. Who are they? The members of the Bitcoin Foundation maybe? Gavin and the CIA? Satoshi Nakamoto whose coins haven't been moved for years? It's just a bunch of wild theories.
Ponzi is not determined by means of control or profit, but by one simple thing: people put in actual values in the form of dollars, euros, pounds, tangible goods and services... and they end up with promises, faith, hope or empty numbers(like in the case of cryptos). Or simply put: value in - junk out. If you give your iPhone(value) to someone and as a result some number has been modified(crypto) this won't make this crypto practically useful. It is still a number - an abstract mathematical object without practically utility - you can't eat it, drink it, wear it, drive it, sit on it, enter into it, please the aesthetic senses with it, etc. Hence, value in - junk out. And that is ponzi.
This has happen many times bitcoin price may dump but not to the facts it will dead. Bitcoin is the strongest online currency and becoming more popular. Also in demand these days because of its huge ability to take the price high. This cryptocurrency will bring you to challenge and to become succeed in life.
Bitcoin is not a currency. Bitcoin is a number, while currency is representation of loan contracts in a specific country.
The digital currency has its value and it is measured by the uniqueness of a combination of numbers that have a certain meaning and use. For example, what determines the cost of the painting? Is it the amount of paint expended or the high cost of cloth for it? No, it is measured by the aesthetic satisfaction of a person, expressed in a certain combination of length, color and color saturation. A cut diamond? What is its high cost? Obviously, the above arguments against the value of the crypto currency are untenable.
Digital currency is digital representation of loan contracts in a specific country and legal claims that originated form them(deposits for e.g.). Bitcoin is number in digital form, not a currency. A number can exist in human mind, on paper, in computer's memory, in sand, etc. Bitcoin is number that exists in computer's memory. Digital currency is representation of loan contracts that exists in banks' computers. Calling a number (bitcoin) a currency won't make it representation of loans or legal claim.
You guys should educate yourselves about basic monetary concepts instead of just repeating nonsense that numbers are currency.