Crypto currency bitcoin is like a dollar , inherently both has no value of its own. when dollar backed by trust of a federal government it's becomes a legal tender. Bitcoin is based on decentralisatio

professor S

Crypto currency bitcoin is like a dollar , inherently both has no value of its own. when dollar backed by trust of a federal government it's becomes a legal tender. Bitcoin is based on decentralisation of trust, not a single entity would be incharge of it . Best thing is inherently coded monetary policy in it, which protects from inflation. Still there some concerns of misuse of bitcoin in illegal activities. It's has both pro's and cons , time will tell that's it's a digital gold or fools paradise.

Feb 11, 2022 1:34 AM

Corrections · 1

The Crypto currency bitcoin is like a dollar; neither has any intrinsic value of its own. However, when the dollar is backed by the trust of a federal government it's becomes legal tender. Bitcoin is based on the decentralisation of trust, and no single entity controls it. The best thing about bitcoin is that monetary policy is inherently coded within in it, so protecting it from inflation. However, there are some concerns regarding the misuse of bitcoin in illegal activities. It has both pros and cons, and time will tell whether it's digital gold or fool's gold.

I referred to fool's gold, which is a common name for iron pyrites (I think!) which glistens like, but is not, gold.

February 11, 2022

Want to progress faster?

Join this learning community and try out free exercises!