And I would argue that cryptocurrencies do none of those things. What value is being stored? Owning some BTC just implies that someone at some point burnt some electricity and computing power to solve a rather insignificant crypto problem.
This is precisely what I don't get about cryptocurrencies. There is no intrinsic value, and they're not even backed by the full faith and credit of, well, anyone. I don't see why it's "worth" anything.
And, we don't need a digital currency. We already have a bunch of them (the US dollar among them). Most money in the world doesn't exist as physical coins, notes, gold/silver, etc. It's all bits in a computer, but those bits are backed by a sovereign entity. That's why we are able to use them as currency.
If anyone can explain the fundamentals of why BTC or any other cryptocurrency should have any value whatsoever, I would really appreciate that.
This is precisely what I don't get about cryptocurrencies. There is no intrinsic value, and they're not even backed by the full faith and credit of, well, anyone. I don't see why it's "worth" anything.
And, we don't need a digital currency. We already have a bunch of them (the US dollar among them). Most money in the world doesn't exist as physical coins, notes, gold/silver, etc. It's all bits in a computer, but those bits are backed by a sovereign entity. That's why we are able to use them as currency.
If anyone can explain the fundamentals of why BTC or any other cryptocurrency should have any value whatsoever, I would really appreciate that.