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You can't make as many Bitcoins as you can pokemon/baseball cards/pet rocks. That's one thing backing it. There will only ever be 21 million bitcoins in existen
by GigabyteCoin 13y ago
You can't make as many Bitcoins as you can pokemon/baseball cards/pet rocks. That's one thing backing it. There will only ever be 21 million bitcoins in existence. Ever.
- axaxs 13y agoI see your point, but from my perspective it means little. There will only in history be x number of hairs on my head, but that doesn't make them worth anything.
- mcantelon 13y agoYou hairs lack the ability to be transfered quickly and globally and it wouldn't be hard to find hair of a similar color one could substitute for it.
- acchow 13y agoYour hair can be easily counterfeited (it is prohibitively expensive to invalidate a fake). Your hair cannot be used as currency; bitcoin can.
- yapcguy 13y agoNot really true. We could fork the software and call it something else. Maybe change the hashing algorithm and the hard limit on the maximum number of coins, like Litecoin did. Trivial to do. There is no intrinsic difference between a Bitcoin or a Litecoin except they are used on different networks and have a different name. By contrast, precious metals have inherent properties determined by nature. Gold is inert, it has never been recreated by man synthetically, which is what makes it so precious.
- GigabyteCoin 13y agoThat's already happened. The bitcoin software has been forked thousands of times and there are hundreds of alt coins out there currently.
- tedsanders 13y agoThe supply of first edition Charizards (a pokemon card) is also fixed. Any future printings will be a later edition. By your logic, is there a reason we shouldn't use first edition Charizards as currency, since the supply is fixed? (Counterfeiting is the only good argument I see.)
- GigabyteCoin 13y agoCounterfeiting is a good argument, and also instantaneous transfer anywhere in the world at any time without any extra security necessary.