Quote from: zanezane on Today at 10:11:44 AM

This post is very long for your first post, some members here will get tired reading this post. You can just simplify it like, Bitcoin and Fiat are two different types of payment system. Bitcoin is decentralized system that uses cryptography to secure transactions, while fiat is a centralized system that is backed by the government. Bitcoin is not reliable to store of value. It is more a speculative investment, and we people should only invest in it if they are willing to take on the risk of losing our money.

Well, that is what everyone talks about. My post is about what no one talks about - the lack of mechanism for returning resources in the Bitcoin system and the existence of it in the fiat system.

Quote from: SamReomo on Today at 11:34:50 AM

You have totally ruined the purpose of Bitcoin my friend. Your arguments are pointless and doesn't make sense at all. Bitcoin is a resource and those who provide energy to mine it are rewarded with true fiat currencies. If you think that it isn't a resource then can you create a Bitcoin out of thin air? If no then you should learn about its fundamental mechanism of action before creating such long posts that doesn't provide valuable knowledge at all.

Satoshi introduced Bitcoin as a decentralized payment system and when he introduced it the value of Bitcoin was way less than today's values and the mining difficulty was so less that even with Pentium CPU's one could easily mine many Bitcoins a day. Now the things are different and the mining of this precious digital gem requires a lot of processing power, and trust me Bitcoin is a very useful digital commodity these days.

Bitcoin is an easy option to carry than other commodities. If we take the example of gold into consideration then it's quite heavy to hold many gold items in your hand, while holding thousands of Bitcoin is as simple as holding your smartphone. A smartphone with a Bitcoin wallet can hold thousands of bitcoins without any issues and the one who owns those bitcoins can get increased value because of the volatility of the market. Now even after knowing this you consider gold a resource and Bitcoin a non-resource then you're totally wrong.

Although, I agree that Bitcoin isn't a physical resource but in the digital world it's currently the costliest resource that anyone could own. And, unlike gold it's far harder for a laymen to own this thing. There have been many instances in history where people have found gold during the travels, but there hasn't been a instance where ordinary people found any Bitcoin by using internet or any other technology. In that sense the Bitcoin is far more rare than gold in the digital world. And, with each halving that happens in 4 years the value of this digital gold increases.

For this topic it is irrelevant what Bitcoin is. What is relevant is the difference between Bitcoin and fiat. Bitcoin lacks a protective mechanism to return resources. Members of the Bitcoin system cannot eat coins, drink them, live in them, drive them, use them as energy, etc. So once they are in, by holding coins, their coins mean nothing. They need people from outside of the system to get resources. To get something they can live off of. Calling coins resources won't make them eatable or drivable. Fiat system, on the other hand, has protective mechanism, as described in the OP. That's why units in that system are valuable while units in the Bitcoin system are not. It's pretty simple argument.