Can anyone explain to me why Bitcoin is a store of value? Please?https://twitter.com/ShinghiD/status/1450272102917894144 …
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Replying to @MbtHawk
At some point during history we all agreed that gold was going to be a store of value. The same has happened for Bitcoin.
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Replying to @danthewolfe
I don’t think the analogy is parallel though. Gold has intrinsic utility for starters.
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Replying to @MbtHawk
Sure but so does copper and it’s 29 cents per oz vs 1700 per oz.
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Replying to @danthewolfe
That’s true. Good is less plentiful and more difficult to mine I’m told….lots of factors. I get your point it just isn’t that strong to me. I think the reasons why we all agreed gold is a store of value actually make sense to me. It’s finite, hard to get, has utility; etc.
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Replying to @MbtHawk @danthewolfe
Bitcoin isn’t hard to mine at all; you just need abunch of computers. It’s just programming which anyone can make any coin and do the same thing. Why should Bitcoin be worth the most?
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Replying to @MbtHawk @danthewolfe
Bitcoin is amazingly hard to mine - so much so that you need special purpose build hardware to do so and you will lose money mining it unless you have extremely cheap electricity. There are charts you can find that will show you exactly how hard it has been to mine over time.
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But beyond that, mining a block only creates new BTC until all 21 m BTC are created - then the only payout to miners are the transaction fees in the block.
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