The market is finally showing some weakness after a wild post-election stock market run-up, and it's taking Bitcoin with it. At least so far.
Three years ago, Bitcoin was under $400, a price I thought was too high even then. As far as I'm concerned, Bitcoin has no intrinsic value and should be worth nothing. So why does anyone think it's worth thousands (and in some cases, millions) of dollars?
It's the theory of false scarcity. There are a limited number of bitcoins in the world and the usage of blockchain technology has assigned the ownership of each coin to specific wallets owned by individuals. So to take "ownership," I have to use the universal blockchain mechanism, accepted by all as valid, to transfer a coin.
Why are you still hanging around on a forum, dedicated to Bitcoin, if you do not believe in the technology? What intrinsic value does other products and commodities have, other than the demand for it? Bitcoin's intrinsic value is linked to the weight of it's use case.
If you want to send money from one country to the next and you want to do it cheaper than MoneyGram or Western Union, then you use Bitcoin. This is just one of the use cases for Bitcoin.
Yes, you are right. that is the advantage that bitcoin has.
we can send it anywhere in the world at the same cost.