Quote:
Originally Posted by afc wimbledon
All crypto currancies have to be converted into some other form of currency to be used, even if the end user converts them for you after you've made a purchase, as in 'US currency accepted here'.
What is the point of any crypto currency other than criminal activity? the point of the pound is to buy things in the UK, it works in some other places, you can speculate on it in the FX market and convert it into Canadian but its purpose is to buy crap in Britain, crypt has no other purpose but drugs and guns.
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Crypto has use in that it isn’t subject to the money printing whims of a nation state. It has a fixed number of total coins and there for is deflationary. This also makes it useless as a currency but as a hedge against inflation like gold it could work out long term if people back it. Golds value as bouillon is its cost to mine vs it’s percieved value. Now there is some industrial use but at a far lower value than its institutional value.
So saying Bitcoin can’t have value is akin to saying gold has no value.