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"...currency whose value is determined by cryptographic algorithms" Not at all. The value is determined by the people who are using/trading bitcoin in addition
by atom-morgan 13y ago
"...currency whose value is determined by cryptographic algorithms"
Not at all. The value is determined by the people who are using/trading bitcoin in addition to its scarcity. Which leads to...
"Anyone can create a Bitcoin..."
Anyone can mine a bitcoin, but its supply is capped. Perhaps this is just a bad use of the word create but I feel it's necessary to clarify that they can't be infinitely created since this is such a common misunderstanding. For now, until the cap of bitcoins is reached, they can only be mined by anyone.