posted on Nov, 8 2013 @ 08:38 PM
reply to post by superman2012
Bitcoin has value for the same reason gold has value. There are limited numbers of bitcoins that will exist. Unlike gold however, there is no physical
object that governments can steal or arrest you over. In theory, Bitcoin is a "true" currency.
-No physical asset that gives it value
-Only certain amount can be created
-Not controlled by central banks
-Anyone with internet connection can have access to a blueprint of every transaction ever made
-Incredibly low transaction costs (say 6 cents on a million dollar equivalent transfer, take that Western Union)
-Open source meaning people can use the blueprints for bitcoin to create competing currencies
-Completely open and not centrally controlled by any one person
All in all, I think it's amazing. I studied finance and this is the only currency I have ever dealt with that is honest and transparent.