Redwurzel
Well-known member
It is not valueless (at present), but almost impossible to value.
Very few organisations accept it in exchange for real goods and services. There is serious talk of Tesla accepting it for a new car. Its use as a means of exchange are very limited because its takes so long to process a transaction. Say if I want to pay with Bitcoin it may take 30 minutes for it to be checked but if I pay with a mastercard credit card it takes 3 to 5 seconds.
I like the idea of a currency that has a limited supply which in general Bitcoin at present does have, but who knows in the future if the limitations of today on Bitcoin production will apply for say the next 100 years.
The nature of its price movements suggest its in a speculative bubble i.e. people are buying because others are, as they did with Tulips in 1700. Humans act in herds, if everyone is doing something humans believe that must be the safe thing to do.
There can be problems securing a Bitcoin completely safely and selling a Bitcoin. People have become digital millionaires, bnut have they converted all that value back to a National currency yet?
In the gold rushs of the past more money was made supplying the miners than made by the miners.
Very few organisations accept it in exchange for real goods and services. There is serious talk of Tesla accepting it for a new car. Its use as a means of exchange are very limited because its takes so long to process a transaction. Say if I want to pay with Bitcoin it may take 30 minutes for it to be checked but if I pay with a mastercard credit card it takes 3 to 5 seconds.
I like the idea of a currency that has a limited supply which in general Bitcoin at present does have, but who knows in the future if the limitations of today on Bitcoin production will apply for say the next 100 years.
The nature of its price movements suggest its in a speculative bubble i.e. people are buying because others are, as they did with Tulips in 1700. Humans act in herds, if everyone is doing something humans believe that must be the safe thing to do.
There can be problems securing a Bitcoin completely safely and selling a Bitcoin. People have become digital millionaires, bnut have they converted all that value back to a National currency yet?
In the gold rushs of the past more money was made supplying the miners than made by the miners.