Why bitcoins ?

Moderator: kyletorpey

Why bitcoins ?

by sofy » Thu Apr 17, 2014 11:45 am

Why do bitcoins have value?
 
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Re: Why bitcoins ?

by kyletorpey » Sat May 24, 2014 12:24 am

There are many different ways to answer this question, but the main reason that bitcoins have value is that they're censorship resistant. There has never been a form of censorship resistant money on the Internet, and it should also be noted that using Bitcoin comes with no counterparty risk. When people think about digital money, they usually think about PayPal or the 1s and 0s in their bank accounts, but the reality is that those numbers represent nothing of real value. Those numbers are really just IOUs for other money that can be redeemed at a later date. Even if the case of a gold-backed digital currency, it's important to note that the currency can either be shutdown by the government or turn out to be a scam where there was no gold in the vaults to begin with. Bitcoin is the only technology that can be used to transfer value through the Internet without having to rely on the trust or permission of anyone else. All you have to do is connect to the Bitcoin network and sign a transaction with your private key to send money to anyone in the world. No one can stop you.
 
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