Besides ... for example bank robbery etc will also be impossible.
If it becomes a world standard currency, "exchange" will disappear.

I agree, bitcoin is EXACTLY like gold, like you said. A digital gold. Gold is also decentralised. Also doesn't depend on one specific government. It's also a store of value. And it also doesn't have a real utility value.

But as much as it's more convenient to transfer Bitcoin compared to Gold; that also makes it less likeable, hence less usable. Gold is shiny! I know this sounds crazy, but people like Gold because they make rings, earrings, necklaces out of them. They show it off in the weddings etc.. Otherwise Gold actually has no value.

Bitcoin doesn't have value either but it also doesn't have the likability and use cases that people are attracted to. Now, that might change but I think it's much less likely for the mass population to adopt a digital non-utility asset (like bitcoin) than a physical non-utility asset (like gold).

I can't say the same about utility currencies though. Ethereum and co. are solving actual problems.

well written, bitcoin is decentralized and no govt. can stop it!

https://media.giphy.com/media/GMIbzgzyS4pws/giphy.gif

I am once became a victim of that charge back scam. I set up my online store last 2012 but paypal charge a dispute of unauthorized credit card usage, put some 2000 usd in freeze while the dispute is only at the amount of 30 usd. Therefore in my opinion paypal and other agency who hold fiat money is a scam. Real scam.

The main reasons mentioned here are that Bitcoin is decentralized and secure. Any currency, either digital or ordinary should be secure and this is a duty of government to do that for you. And having a decentralized currency makes the payments easy all over the world.

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Bitcoin is probably one of the best innovative tech of the 21st country. It has huge potential and this is only the beginning of bitcoin. Mass adoption should soon follow. What a time to be alive!

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https://twitter.com/deeplizard/status/912022879751024640

All these are certainly the points that make Bitcoin what it is at present. However, you need to know that Bitcoin reach is not alone to do with these points; it’s also to do with the contribution of other Cryptocurrencies and even the upcoming ICOs, as they boost it in greater way! I especially love this Cryptonetix, it’s one of the FINEST upcoming ICOs I have seen!

Good post!


Overall, I think right now it boils down to the brand of Bitcoin. No matter what will happen in the upcoming time to Bitcoin or cryptos in general, the name will be become a milestone in the history books. 

Beyond that, Bitcoin is already a big global name. Of course the overall majority of people don't have any or don't (yet) see the necessity to own some, but the "relevant" 5% of the financially and politically interested know Bitcoin and most of them surely have the feeling that it will once become a household name. 

It would therefore be interesting to compare the Bitcoin brand to others and see where it fits in. How far is it behind Apple? Can it compete with McDonalds? Did it already take over BMW? 

I think such a branding analysis would offer the necessary insight into the true value of Bitcoin. Or do you only go to McDonalds because of the crispy fries?

Thank you for sharing @boxmining. This is a very informative post and answers many of the questions that people new to bitcoin and the crypto industry may have. How would you answer the question regarding people being able to send bitcoin for illegal transactions in a much easier process?

It seems to me that the best thing of all is it empowers people by encouraging creativity and innovation. it takes away the monopoly held by the banksters and puts the power back were it should be with the people who do all the work, nice post.regards Gez

Finally,  I've read an explanation I understand.  So, if I get Bitcoin, how do I spend it?  Or, is it just for investment purposes only at this time?

@cheetah

https://i.pinimg.com/736x/43/6c/f6/436cf634c0c7da4e2c1459bd1b596192--so-funny-funny-shit.jpg

An example of the ever changing industry and economics. Is great.

Great review of the basics

Its a great informative post ..keep it up

the mentioned factors are applying to most of other altcoins
but why is bitcoin the most valuable cryptocurrency?
the way i see it, it's three factors
Reputation, widely used as a payment option, limit of quality
& it has the biggest share of miners

i think mining is a very big factor to increase cryptocurrency value, which is the point that most recent of altcoins are missing, even though they have better technology, faster confirmations & stronger security

Nice post Boxmining!  Most of the people have got convinced that crypto currency has better edge than the traditional currency system, but still acceptance & security needs to be improved further. On top of this, we are not sure how this digital currency will influence the functions of the current banking system. Anyway,  time will help us to solve all these road blocks in coming days.

Great article. I share your enthusiasm for cryptocurrencies and Bitcoin in particular, but I think that it is important to observe the potential issues that we might face along the way.  I'm thinking about the mining companies. Yes, Bitcoin is decentralized in theory, but is it really? Antpool and BTC.TOP, both private companies, mine about 36.4% of all BTC and growing. The recent 2X debate and the upcoming Bitcoin Gold forks shed light on the problems that Bitcoin has to overcome.  I think Bitcoin and blockchain is one of the greatest technological breakthroughs we'll see in our lifetimes and I'm grateful to be able to witness and have a small part in that.  Is there value in Bitcoin? Absolutely, but only as long as people believe in it and make it grow.

Nowadays people and government are slowly making their move towards digital currency to abolish corruption.  This will have a paradigm shift and digital currencies such as bitcoin are very good alternatives..hence its value proposition increases over passage of time

The answer comes from understanding that every form of money, from dollars to gold to bitcoins, is only valuable if people consider it to be valuable. A money’s worth is completely based on our own individual perceptions. If we trust and value a form of money, we’ll accept it in return for our own goods and labor. But our trust in particular forms of money is not arbitrary or without reason. Nearly every form of popular money in history has possessed particular traits that have caused people to want to use it.

Bitcoin has nearly all of the properties of secure, sound, and useful money. And if a new form of money possesses enough of these qualities, especially to the point where it’s advantageous to use over other existing forms of money, people will voluntarily choose to accept it as payment and hold it as store of value. As demand increases, value increases, and the exchange rate goes up.

Good post Boxmining! Bitcoin is the real deal!

I agree completely!  I was having a discussion with a coworker yesterday, and he said he thought Bitcoin was "imaginary" money..  The DOLLAR IS IMAGINARY!

This is a fascinating debate that I've had with friends about the true value of Bitcoin.  Yes, I agree that all of the characteristics that you mentioned give Bitcoin value.  I would also add that a VERY important characteristic that gives it value is the fact that it costs about $1000 in energy and equipment to mine one bitcoin.  That helps set the floor for how low the currency can drop during a panic.

Awesome post as always! Will be watching your video on Youtube now :D

nice

Ty, for the video
greetings @boxminning

Saying $370 is a massive error. Why wouldn't you re-edit and fix that? It's a good video but I'm hesitant to share  because of that.