⭐ Merited by pooya87 (2)
i dont understand why bitcoin has to be just base on people perceive value of it. and for someone to just artrarily fix the supply of them at 21 million doesn't make any sense. it should be able to contract and expand the # of bitcoins in existence. but because bitcoin is design very simplistically it is kind of like monopoly money. not backed up by anything.
Fiat isn't backed by anything either. It just has value because people think it has value. In the case of Bitcoin, its value comes from its decentralized and censorship-resistance design. Even though it's not issued by a reputable entity such as a central bank, the mere fact that it's sound money no one can shut down makes it an extremely-valuable cryptocurrency. Unlike Fiat, people are the ones who determine Bitcoin's price on the market. I'd say the max supply of 21 million coins is perfect for Bitcoin. No more coins will be mined, meaning there should be no inflation in the long term (which translates into higher market prices).
Ultimately, it's all about utility (not the price). As long as Bitcoin works as intended, nothing else matters. Just my opinion
