Re:Bitcoin and other cryptocurrencies are useless
by PacifyFish on Sunday September 02, 2018 @07:49PM
(#17899303)
Gold is primarily used as a store of value. Bitcoin (for me, at least) is primarily used as a store of value.
Gold has an intrinsic value of “beauty” and has a minor use in electronics. Bitcoin lets you make international money transfers easily.
People rarely buy sandwiches with gold. People rarely buy sandwiches with bitcoin (though I hope that changes in the future, because it will increase the value of bitcoin!).
It’s true that you can hold a piece of gold in your hand. But, honestly, how often do you do that? And more to the point - do you think most of the people who own gold do it for its physical properties, or so they can eventually exchange it for fiat currency?
I compare bitcoin to gold because, to me, they serve the same purpose for the same reasons.
Gold has an intrinsic value of “beauty” and has a minor use in electronics. Bitcoin lets you make international money transfers easily.
People rarely buy sandwiches with gold. People rarely buy sandwiches with bitcoin (though I hope that changes in the future, because it will increase the value of bitcoin!).
It’s true that you can hold a piece of gold in your hand. But, honestly, how often do you do that? And more to the point - do you think most of the people who own gold do it for its physical properties, or so they can eventually exchange it for fiat currency?
I compare bitcoin to gold because, to me, they serve the same purpose for the same reasons.