Search content
Sort by

Showing 4 of 4 results by God Almighty
Post
Topic
Board Beginners & Help
Re: Why do people assign value to Bitcoins?
by
God Almighty
on 02/11/2012, 17:35:23 UTC
So it's like a digital gold?

Interesting. Thanks.
Post
Topic
Board Beginners & Help
Re: Why do people assign value to Bitcoins?
by
God Almighty
on 02/11/2012, 17:05:11 UTC
I can't pay taxes with it. I can't fund my credit card with it. Why do people value Bitcoins at $11 a piece?

A US dollar is recognized as cash because people have to accept them for debts including taxes. People are forced to trade oil for them all around the world. Bitcoin has nothing like that so why is it even used as money? That is my question. But it seems since some geeks like it, others rely on that value when holding and using Bitcoins.
This is very different... almost religious...

1) Bitcoin removes the counterparty from the currency. You do not have to trust a government. You instead have to trust in mathematics and the stability of a self-regulated community. (as such there is still some trust required)
2) Bitcoins are cash like and are superior to cash on many levels (money on your bank account is not cash)

Here's some homework for you: try to do a cash-like transaction with someone in another country

Okay, it's easier to trade Bitcoins around the world but what makes them worth trading for? Why would I want a Bitcoin over a half ounce of silver?
Post
Topic
Board Beginners & Help
Re: Why do people assign value to Bitcoins?
by
God Almighty
on 02/11/2012, 16:47:22 UTC
I can't pay taxes with it. I can't fund my credit card with it. Why do people value Bitcoins at $11 a piece?

Hehe, first post and probably your last?

Is it just me or do recently a lot of accounts pop up, crating on single thread and are then never seen again.

But just in case this is a real question:

Bitcoins provide the usability of cash, although you can instantly pay them in every wallet world wide.

This usability provides value.

The fact, that they can't be printed instantly by anyone (infation resistant) increases the value even more.

And then they are only a few of them + most of them are horded and not available on the open marked, causing a high price.

A US dollar is recognized as cash because people have to accept them for debts including taxes. People are forced to trade oil for them all around the world. Bitcoin has nothing like that so why is it even used as money? That is my question. But it seems since some geeks like it, others rely on that value when holding and using Bitcoins.

This is very different... almost religious...
Post
Topic
Board Beginners & Help
Topic OP
Why do people assign value to Bitcoins?
by
God Almighty
on 02/11/2012, 05:11:17 UTC
I can't pay taxes with it. I can't fund my credit card with it. Why do people value Bitcoins at $11 a piece?