Post
Topic
Board Bitcoin Discussion
Merits 2 from 1 user
Re: Can you answer a couple of questions to a potential bitcoin buyer?
by
witcher_sense
on 07/02/2022, 10:22:53 UTC
⭐ Merited by BlackHatCoiner (2)
Bitcoin is simply a name given to a number in a "digital box" that Satoshi designed. In the same way, you can design a physical box, put a limited number of grains of sand in it, give these grains a fancy name, mark them somehow to be unique and voilà, your grains are scares. No, they are not. The same is true for numbers.

Also, scarcity is referred to things people can live off of. From numbers in a database no one can.

Of course, you can create your own cryptocurrency and give it whatever name, but it won't in any way affect bitcoin or make it less scarce or significant. Yes, bitcoin, like any other software, is merely a set of zeroes and ones that behave in a certain way and perform certain functions, but these numbers differ from any other numbers because they stay inside the bitcoin system which has value only because people consider it valuable. If people stop considering bitcoin a valuable thing, they won't be investing their time, money, and effort to interact with it. It will become worthless, like any other thing should people stop deeming it valuable. What you need to do before trying to convince people that bitcoin is not valuable is you need to learn more about bitcoin, understand how and why it works, how so-called scarcity is achieved, how it is even possible, why people may want to put their money in it, why miners spend a valuable thing that everyone can live off of to obtain numbers that don't make sense and then you should convince yourself that everything you have learned about bitcoin can't work in the real world and is against all economic laws. Only when you have spent thousands of hours learning about every aspect of bitcoin, can you start to criticize it adequately without employing questionable analogies.