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What do Bitcoins do? Nothing. That's not true. Bitcoins can be securely transferred between accounts without the need for a centralized broker. That's not "not
by weavejester 15y ago
What do Bitcoins do? Nothing.
That's not true. Bitcoins can be securely transferred between accounts without the need for a centralized broker. That's not "nothing".
- achompas 15y agoSo their unique value comes from private transactions...but there's only a finite supply of bitcoins? How many of these transactions can actually occur in 2013-2014, when every bitcoin has been mined and their value is skyrocketing?
- weavejester 15y agoThe amount of transactions that can take place is unlimited, and even though there is a maximum of 2.1 million coins, each coin is divisible to 8 decimal places, giving 2.1 quadrillion units of currency. Also, mining won't be completed this century, although the rate at which coins are generated decreases over time.
- cube13 15y agoCash, delivered in person, does the same thing.
- weavejester 15y agoWhich has an obvious disadvantage over bitcoins: it has to be delivered in person.
- vladd 15y agoThat's not the value of the bitcoin, it's the value of the cryptographic code which has been open sourced. Anybody can fork it and create its own "Webcoin", but there's no intrinsic value in any forked instance coin, beyond the publicity that allows early adopters to cash in.