I've just watched the John Oliver show about cryptocurrencies and something struck me about what he said:
" like most currencies, the fundamental reason that bitcoin has value is that people agree that it has value"
I just want to know your thoughts on this. I only have a little understanding about the idea of currency and its value although i've already been at it all my life. Im new into this kind currency and right now its plumetting.
first of all, John Oliver is great! Secondly he is right, indeed every currency, for example fiat money is only worth what people perceive it to be. This means there is the consens that a bill(which is just paper) is worth to get your grocerys because the vendor trusts in the piece of paper is keeping its worth..