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Bitcoin has no value, but neither has fiat money. So if using it has benefits over fiat money, it will become the preferred medium of exchange. I can see a lot
by koonsolo 9y ago
Bitcoin has no value, but neither has fiat money. So if using it has benefits over fiat money, it will become the preferred medium of exchange.
I can see a lot of benefits, such as a global currency (no need to exchange money when going abroad), no (hyper)inflation (especially helpful in unstable countries), wire transfer immediately (not needing to transfer money during bank business hours), pay with your mobile phone (you have it already, and in the future you don't need a wallet), no government interference (illegal activity).
Hard to predict if Bitcoin will prevail or not, but it's hard to deny that it doesn't have potential.
- EGreg 9y agoBitcoin, like any money, is valuable only insofar as someone else will accept it for stuff you want. Bitcoin has been becoming more and more valuable. And it is deflationary. Patrick McKenzie needs to address THAT.