When People say Bitcoin & Crypto is Backed by NOTHING. Why is it VALUABLE? Here is Why
I talk to a lot of people about Crypto currencies and I hear a lot of interesting things. Some people think its a ponzi scheme or it has no value because it's not backed by anything. Does it have an intrinsic value? Is it backed by gold or silver......no. Is the US Dollar backed by silver or gold? No and it hasn't been for a long time. They US Government can print as much US fiat as they want. So what makes crypto different?
Crypto is different because for one, the supply is controlled. Bitcoin has about a 16 million circulating supply with only a 21 million total supply after it is all mined in a 100 years or so. All cryptos have a different supply; some under 1 million total supply and some in the billions (like dogecoin has a 110 billion supply). This is one reason cryptos are valuable, they have a controlled supply which helps control inflation.
So what really gives crypto value? The PEOPLE behind it! BLOCKCHAIN IS VALUE! When the internet came out, a lot of people didn't think it would amount to anything. I feel crypto is the new internet and a whole new world of technology that most can't even grasp yet. I know this because I talk about crypto to a lot of people, some who are very smart and they look at me dumbfounded. The MINERS backing our blockchain, verifying the transactions, supporting the network all give crypto value! It's a safer, more controlled system and it's decentralized and owned by no one. This is all huge. So when someone says crypto is backed by nothing, tell them no actually it is literally backed by millions of miners every second of the day and they are verifying and securing the network. Blockchain is the future! . 
Why did you sh it bitcoin ethereum litecoin but no dogecoin?
The longer it takes for people to get it more coins for me!
@ender Funny you say that because the only reason I'm really into crypto is because of dogecoin. In fact, I wrote something about dogecoin being under valued just yesterday: https://steemit.com/dogecoin/@arismikelatos/dogecoin-the-forgotten-investment-who-s-all-in-on-doge-share-your-thoughts
I've written several blogs about dogecion, check them out. I've also done giveaways with dogecoin. I invested $700 in doge in 2014 and bought 3,311,000 with that. I made 20x my investment. I got involved in 2014 on reddit with the dogecoin community.
And the only reason I didn't hash dogecoin (I almost did as my 5th hash) is because I was trying to reach the maximum amount of readers. If there was a sixth hash, it would have been dogecoin haha
unbacked Tally sticks lasted 700 years, why can't bitcoin
No reason it can't!
Great post! The scales of justice are balanced here! And I just posted an article on the investment opportunity of Bitcoin. You may like it!
https://steemit.com/steemit/@oldmanjustice/hang-in-there-bitcoiners-just-a-gartner-hype-cycle
It may take some time, but cryptos will become mass adoption!
@itsshowtime007 I agree 1,000,000%!
You absolutely nailed it! The REAL ponzi scheme is fiat debt-backed money system and especially the USD. It's the biggest bubble of all time in all of history and when that bubble implodes which is already beginning to happen, you will see cryptos go to $1trillion then $5trillion and beyond. That is 10x to 50x your money.... time to get in is now~ Resteemed
I agree with your words. I see a 1 trillion crypto market cap hitting in a year to 2 years or so.
Spot on dude :)
Thank you!
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