The Truth About Bitcoin

Why does anyone have to accept it at all ? Many small business won't and I accept payment that way either. Ask ever corner store if they will accept it as payment ? To most, it has no value to replace stock on shelves.It has obvious advantages. Disadvantages as well. As do all currencies. It may be the money of the future. If governments can't tax it, control the people farm, you can bet they will do everything possible to destroy it. I will not bet all of my future on it. Do you have that faith

There are plenty of people who accepts it. Especially people who do freelance work like web design. You can convert it into fiat very easily (easier through Bitpay) and restock the shelves. Governments can tax it, it's as taxable as cash in most cases. Nobody is asking you to bet anything on it.

bit coins are not durable. My computer dies, bitcoin dies

Bit coins are only portable on another device? i mean, i suppose you could carry it in an SD card, but you can't carry the bit coin in your hand. Can't touch it, so it really isn't portable

It isn't divisible

It has intrinsic value in the same sense that superman issue 1 has it. It doesn't really, it's value is only how much you can fool other people into thinking it is.

It isn't scarce. Right now it is, but numbers are infinite.

You have no idea what you're talking about.

No one cares if you can physically hold money. I pay for everything with a debit card. The fact that it's electronic makes it MORE portable, because I can access it anywhere.

Bitcoins are divisible into 100,000,000 Satoshis.

There is no such thing as intrinsic value. The only value of a thing is what you can get for it.

Bitcoins are scarce by design. There can never be more than 21 million of them.

But if the value of bitcoin tanks you have nothing ... nothing. If gold tanks you still have something ... it's a fine line between extrinsic value and intrinsic value, but one is based on "feelings" while the other is based on real items. The difference being is in the end, reality is worth more than a virtuality any day.

If the value of gold tanks, you have a shiny paper weight. GG.

There's no such thing as "intrinsic value", everything is worth what people will give you for it.

So

Everything only have the valve someone is prepared to pay for it.

Once the government have a substantial amount of them, they will no longer have any value.

Governments have computers too. What making you think there are no government computers mining bitcoins as well.

The large majority of bitcoins are in the hands of non-government entities. Governments can fire up miners all they want, but more than half of the 21 million bitcoins that can ever exist are already out there in the pockets of hundreds of thousands of ordinary people. If governments want to keep their coins, then so be it. It only makes the coins that are being traded around more valuable, not less (remember the rule of scarcity).

Is bit coin regulated like real money when it comes to the creation of it? like real money loses value when the government prints it, often called a stealth tax. how is bitcoin created and how does it keep it's value? is they a limit to it's creation?

Bitcoins are "mined" by users running a program that attempts to solve extremely complex decryption problems. Every time one of these is solved, a "block" is mined and the person who solved it gets a certain amount of bitcoins. As more blocks are mined, it becomes harder to mine new blocks.

So basically, bitcoins are constantly being created, but the rate slows based off how many have been created. Also, there is a cap of 21 million. Once 21 million bitcoins have been mined no more can be made.