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If you can answer that for gold & silver, then there is a point in talking about this. If not, the answer is "It's a secure, easily transferable, deflationary s
by ohaideredevs 7y ago
If you can answer that for gold & silver, then there is a point in talking about this. If not, the answer is "It's a secure, easily transferable, deflationary store of value. Examples of it being used - Venezuela. Gold is not an option due to crime. The local currency is not an option due to massive inflation.
- paulgb 7y agoI see Venezuela cited a lot as an example of Bitcoin adoption, but all I can find about its use is people mining as a way to arbitrage the subsidized electricity prices they get. Is there any evidence of widespread use of Bitcoin there as opposed to, say, USD?
- vkou 7y agoThere's also no shortage of people claiming to be from Venezuela, asking for BTC donations.
- Nursie 7y ago> If you can answer that for gold & silver, then there is a point in talking about this. You've had an answer for gold and silver and you've just said it's a store of value because it's a store of value. That's circular logic.
- ohaideredevs 7y agoObviously "people keep buying it" is enough for the price to go up. People keep buying for the reasons already mentioned. I don't have much else to add to the conversation.