Jan 2, 2018
Why does anyone attribute value to Bitcoin?
Posted by Philip Raymond in categories: bitcoin, cryptocurrencies, economics, internet
Oh, Cheez…We’re back to this question, again!
As a Bitcoin columnist, I get this question a lot. Today, an answer was requested at Quora.com, where I am the lead contributor on cryptocurrencies:
“Clearly, some people value Bitcoin. But How can
this be? There is nothing there to give it value!”
Many individuals, like the one who asked this question, suspect that Bitcoin was pulled out of thin air—and that it is not backed by gold, a government, or an authoritative redemption guaranty. After all, it is just open source code. What stops me from creating an ElleryCoin using the same code?!
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