to all the pumpers around here, what can i do with bitcoin?

THAT's where a true valuation comes for something

Big questions:
Who accepts it?
What is the total value of the areas that accept it?
What is the difference between the value of the above and the market cap of bitcoin?
Am I only hoarding this with hopes that someone else will buy it with government backed fiat currency for a higher price than I payed?

People like to relate it to gold, and I don't like that
Gold:
Is a physical commodity, it has wide range of uses from electronics to jewelry.
It has backing by all governments of the world.
Doesn't rely on a network of computational power for it to work

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Posted by TigerTatorTots

The Safeshore

Member since Jul 2009

80859 posts

Posted on 1/8/21 at 4:32 pm to DVinBR

It doesn't matter who accepts it or how many businesses accept it. That isn't its purpose. It is an alternative to gold. You don't ask what merchants accept gold before buying it as a wealth preservation tool do you?

quote:
Is a physical commodity, it has wide range of uses from electronics to jewelry.

The value of its physical nature is a miniscule fraction of its price today. Something like 90% of gold's price is due to its wealth preservation properties.

quote:
It has backing by all governments of the world.

Nothing is backed by gold anymore except perhaps a handful of small currencies.

quote:
Doesn't rely on a network of computational power for it to work

This is a benefit of bitcoin, not a negative. Next time you want to exchange your gold for something, what do you do? Where do you go for this? If you want to take over $10,000 with you abroad or back to the states, you carrying it in your luggage?

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Posted by Pendulum

Member since Jan 2009

7073 posts

Posted on 1/8/21 at 4:35 pm to DVinBR

quote:
People like to relate it to gold, and I don't like that
Gold:
Is a physical commodity, it has wide range of uses from electronics to jewelry.
It has backing by all governments of the world.
Doesn't rely on a network of computational power for it to work

While gold does have industrial use , the vast majority of why it has been used as a store of wealth for 1000s of years is because of it's scarcity...and the energy that is required to supply more. Theres plenty of commodities much more useful than gold on a usefulness scale worth nothing comparably.
Gold has always been denominated in Fiat.

This post was edited on 1/8/21 at 4:36 pm

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Posted by AUHighPlainsDrifter