Do Bitcoins have any worth?

So he spent his bitcoins

So, what is the worth of bitcoin, which miners have "worked so 1080 ti mininghard" to mine using countless power resources? Let's take a look at the history of Bitcoin. When the subprime mortgage crisis erupted in 2008, the Federal Reserve was forced to employ loose quantitative policies to deal with the ensuing crisis. With the US dollar constantly being printed, devaluation became inevitable.

Satoshi Nakamoto, a "dragon slayer," released a white paper called "Bitcoin: A Peer-to-Peer Electronic Cash System" at the end of the same year, which clearly explained the concept of Bitcoin and his attempt to use electronic money to challenge the hegemony of the US dollar. Thanks to his efforts, the "Genesis Block" of Bitcoin was born in January of the following year.

Bitcoin was only known to a small group of programmers at the time, so it wasn't worth much money. A well-known story involves a programmer who mined for 1000 bitcoins. So he spent his bitcoins on two pizzas.

However, Bitcoin quickly gained acceptance in the Geek community due antminer s19 wattsto its own rebellious spirit (i.e., tech enthusiasts). Bitcoin gradually gained a foothold around the world as a result of their embrace. It was used as the virtual world's "dollar" for a variety of black industry transactions even in the dark web world.

As its popularity and use grew, so did its price, which eventually became magical. All the way up to $3,000 in price. In 2020, the Federal Reserve "flooded" the market once more, issuing 21% of the total US dollar in that year alone, and Bitcoin experienced its "highlight" of its "life," breaking the $68,000 mark in a single swoop.

However, contrary to Satoshi Nakamoto's initial idea, asantminer s19 for sale the number of Bitcoin fans has increased, it has gradually moved away from the concept of money, and even from the labor theory of value, the value of Bitcoin can only be considered as "0". To begin with, human society did not require such a thing at the outset of Bitcoin's existence; it was not an urgent need. Second, labor cannot be used to quantify the process of gold mining by miners. In short, Bitcoin has existed outside of our commodity distribution system for the past 13 years.

Bottom line: bitcoin has no real value, and its current high price is nothing more than a speculative bubble.

If Bitcoin has value, it is only because it possesses the characteristics of decentralization, anonymity, and difficulty in losing it, which give it the value of a fictitious digital asset. When it returns to its original form - the currency - it will be strangled by mainstream currencies. So, I'm afraid the most valuable aspect of bitcoin is the wasted electricity and mining bills!

 

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