Can someone please explain bitcoin to me? I have a general idea but Im still lost on how it fan count as currency
Because it can be exchanged with others in return for goods and services.
>>1295120
It's not a currency. Currencies are given a guaranteed value by some organization, usually a government. Bitcoin is just a number traded (or subdivided and traded) among people. It has no guaranteed or inherent value and is not legally mandated as a unit of exchange in any physical place on earth.
It is a digital tulip.
>>1295167
>implying currency = fiat currency
state of /biz/ high school economic knowledge
>>1295198
>My digital tulip isn't going to the moon if people keep pointing out how inherently worthless it is!
Cope.avi.webm.jpg.gif.tga.mp3.dat
>>1295167
Please define "guaranteed value", and list some currencies meeting that definition.
>>1295717
My dick
Your butt
$5
>>1295167
>It is a digital tulip.
i can agree to that. tulips once worth a house now they worth less than a hookers spit.
>>1295167
>Currencies are given a guaranteed value by some organization, usually a government
The existence of inflation invalidates your retarded argument.
>It has no guaranteed or inherent value
Neither does fiat currency.
I just want to be clear, I don't own nor do I care about crypto currency but your post was so retarded I had to say something.
>>1295120
Think of it like money in video games. You mind for gold and silver in an RPG then buy virtual stuff.
It's like that but in the real world where you buy real stuff.
It also increases in value based on reasons
>>1295167
>Currencies are given a guaranteed value by some organization, usually a government.
>legally mandated as a unit of exchange in any physical place on earth.
Stop it you keynesian shill.
You are now aware that this ONLY happens when the currency has NO inherent value.
The free market determines the value of a particular commodity that is to be used as currency, based off the law of supply and demand. Bitcoin's inherent value happens to be technology and the worlds computing power. Couple that with the law of supply and demand and BAM you have a currency, if thats what the market place wills.
>USD or any other fiat is just a number traded (or subdivided and traded) among people.
FTFY
>>1295167
value is always subjective.
nothing has inherent value.
for example try to trade a diamond for a loaf of bead with a strawing man, he will tell you where to shove your shiny carbide.
