Bitcoin has no intrinsic value. It is not backed by anything real.
Gold has its uses. It’s a pretty metal and has practical uses in engineering and medicine.
It has been a choice for jewelry for thousands of years.
Gold has its uses. It’s a pretty metal and has practical uses in engineering and medicine.
It has been a choice for jewelry for thousands of years.
Using paper money has already defined you as a participant in accepting the societal construct of money.
As such, Bitcoin having no intrinsic is not novel or consequential and has no bearing on its utility.
But (b) money is given some real grounding by states; you can pay tax with it, in particular. It’s not much, and it’s not bulletproof, but by comparison to cryptocurrency, well, it’s _something_.
But really, it makes no sense as an argument that hoarding cryptocurrency is a good idea, because hoarding _money_ is, notoriously, a _bad_ idea.
Would you say gold’s value is determined mostly by its practical use? Because it seems demand is largely driven by speculation as an alternative currency.
BTC is more volatile than gold.