Hi all,
How often do your friends and family ask you why is bitcoin worth so much? well, if you agree with what I've said you can now tell them this is the reason. see below video:
Now that you've watched the vid, what did you think? I want to do my part to fight spam and promote insightful comments/discussions. I read every comment and value your feedback. Write something and I will pick the most insightful comment to delegate 100 Steem Power to you for a week.
You may earn curation awards using my STEEM manually OR use a service like SmartSteem to vote automatically for you. Just click "sell your votes" button, log-in/authorize and you are set~
Last post's winner:
If one is asking "what is the value of BTC"- most likely it has no value to the person who is asking this question.
Because those who for got BTC, who HODL them for years - has perfect understanding from where is this value comes.
As simple as that
BTC has to be understood first before it becomes valuable in someone's mind. The people asking questions are on the right path; they just have to be guided properly.
BTC has value as a trustless exchange of value protocol, but it could have been so much more if it had dApp capabilities.
But on the other hand, if the BTC group(s) focus on enhancing the value transfer protocol to make it comparable to the tps of Visa or MC while increasing security and decreasing fees, the value of the BTC protocol will be even higher.
Well said. one has to understand the gist behind, why it was brought on the seen. What the developer had in mind and problems he wanted to solve. Then come onto why it has appreciated the value to where it is now and how. To expects, all this info can be understandable in not time but to bums, crypto is something that they think is for the 'elite'
it is simple to people who are already understand btc's value but let's get more people who don't yet understand to start thinking about it. we often are blinded by the "knowledge curse" in which we dismiss things that we deem are simple because it is very basic to us, yet to other it is often the first steps of understanding that is the hardest to grasp. as an example, if you have understood algebra, it seems very trivial to you to be asked why is 2+2=4. yet it is exactly that simple addition that is needed for understanding of algebra.
Great post! Follow me and i will follow you. I will auto upvote anyone who is following me.
Check https://mykucoin.com for more Cryptocurrency news
Technically, no currency has any value except what we assign to it. Cryptocurrencies are the same, many people invest in bitcoin. This can change the value of any currency. So, you are right, and wrong. At the same time
I want what you're smoking plz
"Power lies where men believe it resides. It's a trick, a shadow on the wall." - Varys
Currency only works with a network effect, especially if the thing being exchanged has no intrinsic value outside of being a currency. Given that fiat has no intrinsic value, it just satisfies certain properties of money and is used as such.
Technically Power shifts from time to time . where is it moving to ? Crypto currency is a thing of the future . with the way inventions/creations keep springing up am sure the ULTIMATE COIN will soon be create if it hasn't already .
I was more amused by the phraseology than his point.
But I'm not willing to pick a fight over his point. It's valid indeed.
Hell, maybe I am willing to debate. "What it trades for" is another way of saying popular opinion of value. Popular opinion can be extremely manipulated.
But just because a smaller percentage of the population believes something has value, doesn't mean it actually has value.
The same thing can be said of people who collect fine wines (or anything, in actuality) - to the small subset of the population, these wines are valuable; but to others the wines are merely tools to get plastered. It gets even more intricate when you take into the account people who see wine as disgusting and therefore has no value, or those who just see this expensive wine as overvalued and are waiting for prices to decrease.
I think there's a mix of all these types of people in the cyrptocurrency space, making it even more pertinent to establish why something has value in the first place. Me getting a group of people together and saying "Because I've held onto this position for so long, you should also join our group and hold onto this position for a while because it is inherently valuable" wouldn't cut it in any other space, so why should we apply the same logic to cryptocurrencies?
Nonetheless, I do think cryptocurrencies are valuable (bitcoin not so much, personally) - the key is getting the rest of the population on board.
To me the value of BTC is Not that it is $10072.30 (as of this moment)
The value is in changing this planet.
One day long long time from now, possibly hundreds if not thousand years, children will learn in the first grades of school:
** List of events and inventions, which had biggest impact in evolution of this planet Earth:**
Invention of WHEEL
Invention of speech
Invention of writing
Invention of electricity
Invention of Bitcoin ( blockchain)
Now you are getting it. Please read my post today under @quantshaman. Crypto and blockchain IS the r3voLtion.
I blogged a post about my comprehension of the infinite abilities of blockchain the other day. My feeling is Bitcoin is here to stay, once all the coins are mined a lot more people will comprehend the technology and will trust and use it. Btw i dont own any coins right now but im intrieged and if i had capitol would follow the market and invest in it. Lets see what the future brings. 😊
whoaaaaaaaaaaaa you forgot one important one the Invention of Internet, also you can read my Value of the bitcoin down below.
I have intentionally skiped internet. Trying to show that blockchain's importance (in a very long run) is so much more than internet's.
I think blockchain wouldn't have happend if there was no internet 🤔🤔
BllSht... :D
printing press & Oil
Don't forget Gutenberg's printing press, just like Bitcoin allowing for the democratization of the bank account (a.k.a. private store of wealth), his printing system made possible a wider distribution of
bank notes*books (a.k.a. personal knowledge).I was thinking about making a Satoshi/Gutenberg kind of meme but since I coincidentally came upon your comment throwing up a bunch of inventions, there you have it.
*historyMAKING A WHOLE LOT OF SENSE...DUDE
Bitcoin gets the value from the speculations of holders/users.
Ha ha ha... that's true.
I fail to understand why bitcoin is better than other digital currencies which are far more superior in tech and are near instant and almost fee less. If bitcoin cant become a transaction currency, it will not become a standard either. It is just a piece of cryptographic code and will become redundant if not updated, which is the very nature of technology to include fee less instant unlimited transactions feature. People should not have emotional attachment to it.
FREE COINS February, 24th (will be supplemented) #AIRDROP #Bounty #bitcoin#USD
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bitcoin has no intrinsic value. It, like all forms of currency, has value because people pretend it does
yes and its high now because of the demand of how company and big business is implanting it into their system because of a mass public adoption of online users
I would vote for you, but last time I didn't agree with anarchyhasnogods, so do you think a anarcho-socialist is a thing, do you think it's adequate to both be for and against state power, how do you think that'd balance out
let me sum it up.
"Anarcho capitalism" is not a thing, the most common form of anarchist is socialist
so social anarchism is socialsim? and anarcho capitalism is capitalism, then why are you throwing labels around :D I'd say both aren't a thing, they are derivatives of old systems that don't work or do work and you are just arguing nonsense ;D well I wouldn't impose on anyone anything, so that must make me an anarchist, w/e I'm a volunterist-anarcho-capitalist-libertrerian-free thinker, I don't get why you label and go into the left-right dichotomy, I'm not sure I'm either of the ones above or some of the unlisted ones.
I do agree that the current systems are flawed, but that has always been the case, sorry for getting caught up in this, but just like you I think that anarcho socialism can't exist without a state either. Anarcho capitalism could however if people adhere to values, social and economic, you could have private ownership without a state, because you have a community and respect between peers, if there is no community each of the peers is free to do whatever they choose with the goods and services they have, therefore free trade, of course you'd need the non-aggression in practice since it would get feudal otherwise, I'm not sure what your value and views are on the topic, so I have nothing to say.
"anarcho" capitalism is not anarchist. Private ownership of the means of production requires a state.
The first self-proclaimed anarchist, the one who essentially defined it, was anti-capitalist in every way.
read up on words before you use them to sound cool.
damn I wrote such a cool comment, don't really wanna redo it. Basically I am cool I care about what makes sense, bicker about left and rightisms. it's a belief system at the end of the day, I'm not a political fan I just like schools of thought, nothing else, thanks for the hint I will read when I have time as it is there is enough on my plate. Plus politics is a side track for me, I do have interest in it and history tho.
Cheers ;)
social anarchy is not for state power. Private ownership of the means of production can't exist without a state. Social anarchy is based on collective control of the means of production
After the economic collapse about a year 2009, Satoshi Nakamoto created a new currency that suppose to be a medium of exchange without the Government, banks and any other third party involved in transactions, in other words it's peer to peer transfer of value via decentralized blockchain. Before, it was easy and cheap to transfer bitcoin to other person, but today it's a bit harder, longer, and expensive due to it's scalability and scarcity supply of bitcoin(21m) that leads from a crypto currency to sort kind of commodity that will exist forever unless you turned off all the Internet around the world, and that's why there's a value to it at the same time it serves as a hedge against incoming economic collapse.
To me, Bitcoin has value because there are people who believe that it has value. Bitcoin is simply a placeholder for value much like a US dollar has value. A US dollar is a contract between two individuals that agree that that dollar has the same value and that contract and agreement give that dollar its value. If someone believes that a US dollar has value, then inherently they also believe that Bitcoin has value.
What you are saying is any currency not just the USD. The contract between two individuals is that they agree that this currency is what is perceived. After that its the banks that make these two people believe that this value of this currency is what is on the note ie.100 dollars. The banks are then backed by the governing country, in your case the US government, The USD is the faith of the American government and the economy which is backed by all the US banks which is back by the Federal Reserve.
which prints money out of thin air, then the banks distribute to people so they can produce and consume more goods, ending up with where we are wasting electricity making bitcoin transactions :D
bit coin is worth what any one is willing to pay the first rule of captist economics
this is a very insight video... thank you... FREEDOM is the right of all sentient beings
Value is subjective, and it isn’t something that tangibly exists in reality, so it’s no wonder why so many people get hung up on this concept.
Some people knock bitcoin because of its “lack of instrinsic value”, while pointing out that currencies like gold do have instrinsic value - i.e. if gold wasn’t a currency, it’d still have value because it’s ‘pretty’ and people like to wear it.
This is a logical fallacy. Tastes change. The world could wake up tomorrow and decide they don’t think gold is pretty anymore. There is nothing instrinsicly ‘valuable’ about gold, nor any other good in the world. Value is only an opinion, subject to change on a moment’s notice. Our opinion of a good is not THE good itself, if that makes sense. If it doesn’t, keep reading:
A currency’s supposed instrinsic value can only serve as an insurance policy—a price floor for you—in case people decide to stop transacting in it. It does nothing to make the currency more useful at being a currency. Still lost? I got this:
At the end of the day, what you really need to do is examine the things that make something a good medium of exchange. Without mediums of exchange, we’d all be inefficiently trading goods between each other. I’d trade you chicken for your water, you’d trade me milk for my eggs, and it’d be a nightmare, and ridiculously tough to start a business, limiting the velocity of economic growth. Instead, we need a good (or multiple goods) that can function as a way to allow us to transact as smoothly and efficently as possible. Here’s 7 characteristics that I think make a perfect medium of exchange:
(1) divisible
(2) durable
(3) portable
(4) storable
(5) transferable
(6) scarce/rare/costly to acquire/produce (USD fail)
(7) Private/anonymous (USD fail)
How many goods out there can you think of that satisfy these principles? Hardly any. Gold has historically fit these principles best, but not even close to perfectly. For example, how portable is a large amount of gold? How transferable is it?
If there was some magical good out there that could be all of these things perfectly, I’d bet the market would choose it over any other means of transacting—over the USD, gold, you name it.
Bitcoin and crypto, in my opinion, is as close to perfect as there is in the world, as per these principles. I believe it’s inevitable that the market, on a mass scale, will share my opinion as well in the future. Especially once all the technology that is currently being developed on top of the blockchain is released. Acquiring and transacting in crypto will become so easy, so accessible, and so cheap, anybody will be able to do it.
Oh, and not to mention, we won’t be debt slaves anymore to the world’s banking elite. So that’s good too. ;-)
slaves to just a few whales then?
bitcoin is just the beginning!
To be honest, I don't see Bitcoin as everyday payment system for small things, like cup of coffee. High fees at moment are not reason for that, I believe that BTC developers will solve this with LN or some other thing.
Problem to buy coffee in my view is because price is too high and it will be higher in future.
At moment of writing 1 USD is 0.000108785 BTC. It is not ease to put all those zeros when you are buying something and it will be more zeros if price go higher. I think that average user don't want to do this and there are other cryptos for small payments. You can still pay for cup of coffee with BTC if you have Bitcoin VISA or Mastercard but this is not Bitcoin payment, that is fiat payment after card provider convert your BTC to fiat.
Maybe Bitcoin price in Satoshis can solve this and I have herd ideas for that but I don't think that it will be easy to implement that.
My view of Bitcoin is that it is best store of value and payment system for transferring large amount of money and buying expensive things like houses, cars,etc...
Somebody can ask why BTC, why you don't use some other cryptocurrency for that?
Reason is simple, BTC is most decentralized (not as I would like) of all, it's brand is well known around the world, and it doesn't have leader that you can influence on.
Satoshi's leaving is best thing he could do for BTC dough he's tech skill would be useful for sure and it wouldn't be more pronounces of he's vision that I hate a lot.
If he is around somebody(governments, many bad people) could force him on something, so this what he did is best for Bitcoin and him.
And use case for uncontrolled, free money transfer is huge.
Imagine how rich people from Russia felt after USA and EU put sanctions and froze all money that they have in foreign banks.Nobody want that he's wealth depend on some government's will. With Bitcoin you don't depend.
How would Julian Assange defend himself without BTC? They froze all his assets but BTC they can't.
Swiss banks were forced to open their accounts after 2009. crisis and now Credit Swiss, one of their biggest banks is not profitable for last 3 years. Why would you keep your money in Swiss banks if you don't have any benefit comparing to other banks.
So there are Falkon private bank and Vontobel bank, who firs have aloud keeping bitcoin on account and I am sure that more Swiss banks will follow that.
As a store of value I agree with opinions that you can't just HODL, you need to spend that BTC have value. There is more and more houses bought with BTC and as I wrote, BTC is perfect for buying expensive things. Again story with zeros, it is easier to pay 107 BTC than 1000000USD.
People just need to get used to BTC. Just as they are used to these exchange rates:
Technologies as lightning network and/or segwit will solve the high transaction costs!
Bitcoin simply means nothing, its virtual and only exist in the web. Bitcoin have its value from the people who used it and creating a network of users of bitcoin. People use bitcoin because of the technology behind it and that is blockchain technology wherein anyone can transfer money through peer-to-peer transaction without any middle entity like banks and government. No one is in control with your coin except you and no central control of the network - it is decentralized and have an anonymity characteristics.
In conclusion, bitcoin only exist in the web and the one who gives value in it are the network of people who used it and they use bitcoin because of the blockchain technology behind it and is decentralized!
Bitcoin has a value because it is limited, because it is difficult to produce, because there are physical assets behind it to make it work (computer hardware, asic devices...), because it cannot be manipulated...
wow
Bitcoin's price is holding up because its popularity...so many platforms now coming online and have better tech. Than bitcoin :))
@ddangerwu One question that bugs you every time, when start talking about Bitcoin... Nice explanation...
What would you say to the idiots, who keep on emphasizing that bitcoin will be eaten out by Chinese People, People who made their opinion on something, they just don't want to listen to you, I believe...
Bitcoin has value because people are tired of governments taking advantage of their hard earned cash and giving tax breaks to the rich and bitcoin helps to level the playing field and everybody is accountable to the network and cannot do anything unfair to gain an advantage thus people trust it more and that is what gives it value.
Great point of view here. This is something to stand behind. People are in fear of crypto because they either don't understand it or they are in powerful positions. Crypto has the potential to take the power away from the powerful and that scares them.
Decentralized, programmable money. It's in human nature to assign value to this.
I really like your point of view for the use of bitcoin and other crypto currency with the wikileaks situation and I completely agree with you.
The maijuana industry could really benefit from the use of cryptocurrency as growing and selling marijuana are, like using it, legal under Colorado law. But banks tend to take their cues from the federal government. Not only does selling marijuana violate federal law; handling the proceeds of any marijuana transaction is considered to be money laundering. Very few banks are willing to bear that risk.
With millions of dollars coming in everyday and more and more states legalizing marijuana where is all the money going to go when bussiness owners cant have a bank account due to contradicting state and federal laws.
This is just one use case.
Well, I agree with you and I guess one of the reasons for bitcoin to get all this value is:
It still controls the market as it's the main currency to buy any other asset.
It's usable everywhere on every exchange, so it's the head of the market.
Also, Lighting network I going to fix all issues about it such as transactions time and high fees, and that's going to keep bitcoin on the top for a long time.
One more thing:
Bitcoin is going to be the most popular payment method for anyone in the next few years especially, people who don't have bank accounts (PayPal's CFO said)
Here to check: https://cointelegraph.com/news/paypal-exec-says-very-high-likelihood-bitcoin-will-become-popular-payment-method
Thank you for sharing this info with us @ddangerwu :)
they dont ask me often they just tell me its going to crash haha
removed
Hi, can you reconsider your flag? I noticed you've also flagged @flysky(which I agree is abuse) and the troll post by Bernie. I think you believe I was using voting bots to farm rewards and I present the case that I have quality content. It took a day and half to research, shoot and edit that video. everything said was based on facts and I presented a clear explanation for beginners to understand the value of bitcoin.
I do use voting bots but I do not post more than a few times a week, I try to promote quality conversations in the comments by rewarding 100SP delegation every post, and i have been actively reporting abuse of voting bot users such as @dobartim.
again, please consider removing your flag as I genuinely am a video content creator using the voting bots to promote my posts. if you'd like to discuss anything further, feel free to message me on steem.chat or reply to this. thanks for your time
-Dan
done. I might have gone flag happy in a moment of being annoyed. My apologies.
good post , very informative post thanks you @ddangerwu
Excelent example of the power and freedom Btc can offer. Easy to see why the extreme efforts to take it down... Good post man... Following..
I like it - sad story but good video and great point thanks for sharing
@joeparys
BTC and blockchain have value because they automate TRUST, in a completely transparent way.
With 100% TRUST, many new business models are possible.
And the 3% to 5% overhead charged by banksters so you can buy trust in traditional transactions will no longer be necessary.
Banksters won't be able to shave points to make themselves rich.
ya I agree
The Answer to why bitcoin has value can be looked at a couple of ways.
Agreed, and will also point out that BTC is some store of value but definitely not a "currency" based on the common definition. Nobody hoards USD as an investment, currencies do not rise in value in fact they usually drop, no currency rises and falls in value like a stock let alone like BTC. People don't get rich holding USDs, in fact they would lose money.
I'd argue against BTC being rare. There's millions of bitcoins for sale in every exchange. i think limited is a better way of stating it. But yeah 21 million supply is no where near enough for 7 billion people. But this is why it's divisible to 8 decimal places!
You have to understand that not all Bitcoin is accounted for... Im sure there is plenty of "lost coin".... but even 21 million BTC : 7 billion People = rare (IMO)
There are "millions" of rare coins and stamps for sale. Just because it for sale doesn't mean its not rare. Just means that it has "value".
There are billions of carats of diamonds and ounces of gold out there too...yet they are rare and valuable. In fact, more diamond can be found at any time than exist in the world today AND the value would still rise because its a corrupt monopoly
Bitcoin has value because it provides a gateway from crypto to fiat and vice versa. There are only a few cryptos have that status. Bitcoin is the oldest and the most well known one. In US, for ie, to invest in cryptos, you often have to convert fiat to Bitcoin (or ether) first, then use Bitcoin (or ether) to invest in other alter coins. That creates demand, and that demand put a floor under Bitcoin's price.
Earlier this year, when Chinese government banned crypto exchanges, the Bitcoin price dropped 50%+. That is because the channel from fiat to Bitcoin was shut down in China and other places in the world were not able to pick up the demand. Later in February, US had congressional hearing on cryptos, and the outcome was positive because the US government will not put a complete ban on cryptos. So demand picked up in US and the Bitcoin price recovered.
I expect Bitcoin to minimally retrace 1/2 back to the February 6 lows. $ 8,759.00 or less. Is my target. I expected lower than 5,846.00 on the last drop. I dont think the is low finished. But for now 8,759 has a 80 % chance IMHO. I posted the basket I use. All 4 of them should retrace 50% or more. All 4 didnt go as low as indicated February 6. The February low may not hold in Ethereum,Bitcoin,Ripple,Litecoin or Steem. For now I will be less bold.
In the short term Bitcoin may find some bounce at the yellow line at 9895.92 area. But eventually I expect it to fail. Atm it's
sitting above 9,895.93
But we know BTC doesn't respect TA.
All it needs is the media to shill again and we are flying.
Bitcoin raised a very important question on everyones mind:
Do you really control your money?
In this digital era we are living, cash is something that less and less people is using on a daily basis, and if you think about it, cash was the only real way that you would have a direct control of your money.
The banks started an era of making it easier to manage your wealth, since it was impractical to hold all your liquid wealth in one big coffer on your house.
Also, the banks were a big improvement on the economic side, since now people could more easily lend money to each other, most of the times to fund a project that would improve the society as a whole.
But in time, a big problem started to form: A small amount of entities started to have a control over most of the money circulating on the world. Things could work fine, if greed weren't one of the basics human feelings.
What we have today is a small amount of people that have the possession of everyone elses wealth. And we have to trust these people that they wont just close the doors and run away.
Bitcoin started to solve these two big problems: physical impossibility to store a lot of cash, and the need to trust another person that he wont disappear with all you life savings.
The price of the Bitcoin is the smaller thing that give it value (and remember that value is not the same as price).
The Bitcoin protocol/system/network + plus the easy access we have to information, where if some quick digging we can find out what most of the big players on the financial world do with our money is what gives the true value.
It's essentialy a paradigm shift on our relation with money.
I'm a new follower but this was a excellent post my friend, looking out for more
Because... I'll buy it.
Nice work my friend. Really good explanation!!
Upvoted and follow you. See you in next post.
Thanks again for you video
A thing has value when (a lot) of people think it does. The more people think so, the more desirable an item becomes, the higher its value. But it is exceedingly difficult to put even a guestimated value on Bitcoin, or most other Cryptos for that matter...
Bitcoin (and crypto) is a lot of different things for a lot of people. For some, it's merely a way to score a quick buck, for others it's mostly version 2.0 of the stock market... for others, like myself, it's the beginning of a new Era. Block chain technology will play a key role in the development of world-wide trustless-but-tamperproof networks doing away with multiple layers of middlemen, agents and commissions since they simply will no longer have a function. The Block-chain revolution hasn't even truly begun.
That's a great explanation! Th e block-chain revolution is on its way and I'm jumping all in
Good post! I really enjoyed your post.
So Bitcoin is able to fund the truth or whistleblowing, hmmm, we need that kind of freedom in this world, freedom of difference of opinion and belief, being able to express and search, find other theories and expose them to the world. I believe it's the only way humanity can be freed from it's slavers.
On another topic but related to your post, my content is 100% original, i'm a 3D modeling and drawing / animator artist and i am making an indie game related to steemit right now called "Steemdya" with a friend, we are a duo of indie devs !
In the hope you read even your last comments ._.
I read every comment =)
I like the post thanks for the sharing...
Bitcoins value is derived from the market forces driven mostly by its adoption rate. As more people get into Bitcoins and seek to buy them, because its supply is at a constant rate, that adoption rate applies upward pressure on its value. There might be fluctuations from events, news, and more temporal factors but that appears to be the long term factor when the more noisy factors are filtered out as shown in a paper I referenced in a post linked below.
However, Bitcoin's adoption rate has been dropping since late December 2017. If that does not recover there is almost no way the recovery can be sustained. I described in detail where things are based on the fundamentals here and would appreciate your thoughts as well.
https://steemit.com/bitcoin/@kenraphael/bitcoins-have-not-yet-fundamentally-recovered-at-this-time-a-mathematical-case
No follower here. Love your stuff. Upvoted.
https://steemit.com/bitcoin/@philakonecrypto/bitcoin-btc-feb-22-technical-analysis-afternoon-update-support-zones
Please keep up with my daily BTC analysis. I'm a crypto analyst with a passion for Elliot Wave Theory. Please consider following me if you are looking for original content as my goal is to help improve the crypto community. I hope it'll add value to your crypto career through my enthusiasm and love for crypto.
https://twitter.com/PhilakoneCrypto
https://www.youtube.com/users/philakone1
the wonderful post.i like this post thanks for sharing @ddangerwu
& upvote ,resteem you post...
i followed you , i would to be one of my followers
i liked that, i followed
Like for a like? Follow for a follow.. I liked and followed. Lets spread this love!
Bitcoin has value because the government says it doesn't.
Great video and I agree with you.
Bitcoin is rare, the total supply is low compared to many coins on the market.
As mainstream media starts bringing more attention to Bitcoin and the whole crypto space the demand for the coin will increase as will the value.
Also, remember there are old computers out there which have been discarded years ago by people and these coins will never come back to the market or circulation.
People who know about crypto and BTC in particular fully understand the logic behind it and why it was created in the first place.
To start taking control of our own money and not being dictated to by goverments or banks.
Conclusion - HODL and buy the dips :-)
Real Digital Gold
The price of Bitcoin is all about demand, supply is set. It's simple, do you think there will be more or less demand in the future.
Name another major asset where supply is set...
Bitcoin value is comprised of a combination of its utility as a store of value, means of payment and unit of account. Those together are so dynamic that the volatility is way too high.
I see Bitcoin, in fact ALL crypto currencies, as a new kind of stock market. The difference to me, is that the "stock" is not a share in some company, business, or a value of a portion of some tangible good/s. It is a steak, or claim on a universal currency. Demand for any currency fluctuates, the same way the physical stock markets do. This one just happens to be virtual. I don not think crypto will go away. It can't, really. This is a digital age, and our old ways of paper & metal tenders can not keep up. Especially when no two countries use the exact same forms of money. Crypto bridges that indifference; easily translates from one country's monetary system to another's -even if not at the same value per unit for each one. For those who play the long-game in the markets, crypto is is going to be as important to one's 'portfolio' as the physical stock markets. Some folks have already figured that out and have made their moves.
Hell! I can't watch your vid as my network is tortoising. But bitcoin according to me a poetry in digitization. Because there is no restriction as in poetry, your imagination is the limit.
In my opinion, bitcoin has value because of many reasons:
First, the good ones:
A huge amount of people who believe in this technology and want to use it. It got very trendy last year!
But, there's also bad ones:
Bitcoin turned out to be the black market coin. So the huge amounts of money invested by criminals in this criptocurrency, makes the value rise.
Despite the Bitcoin Revolution, I don't think it as a functional currency in the long term. But I do think Bitcoin gave the world a great and powerfull gift that changed everything, and criptocurrency are here to stay forever, but it still needs some improvements before becoming and efficent way for economy exchanges.
Bitcoin is to Banks what Uber is to Taxis!
upvoting this, because I like the simplicity :) Would be nice to see your analogies for the additional benefits of BTC.