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.
partly correct, if everybody agrees it has no value it will have no value esp that it is not backed up by any banking or govt institution like paper money. however, its being utilized as a medium of exchange for goods and services, and many people find it more convenient esp those advocates of cashless society. therefore, its value stands.