How to explain Bitcoin at your holiday dinner

I find this funny because I first told my family about bitcoin in Christmas 2012 (they bought some immediately at around $10). In 2014 I talked about Ethereum, and this year I'll talk about EOS... =)

> Ironically, it is faith that gives fiat currency (e.g. US Dollar, Euro, etc.) its value as well. There isn’t any actual intrinsic value to fiat currency (i.e. no gold backing) either. Fiat currency actually derives its value from the faith that other parties will accept that currency in the future

More specifically the faith in fiat money derives from the fact that the you can pay your tax bill with it (and exclusively; US govt only acccept USD, Norwegian govt only accept NOK). If you're paid in bitcoin or any other currency/asset you'd have to liquidate it to USD or equivalent to be able to pay your taxes for that transaction. So I don't think it's a fair to compare with fiat money. Crypto as an asset storage like gold seems to me like a better comparison, both in theory and practice.