Seriously, people? Bitcoin is a coin with nothing backing it up?
I'm sorry.
Care to look up the definition of money?
something generally accepted as a medium of exchange, a measure of value, or a means of payment
Let's check some boxes, here.
Is it a medium of exchange? Yep.
Does it provide a measure of value? Yep.
Can it be used as a means of payment? Yep.
Huh. Almost like it is the very definition of money.
And bitcoin
does have something backing it up.
Electricity.
Each bitcoin is created through expending huge amounts of electric power. You can't (currently) create it any other way, without this massive expenditure.
So your argument is invalid.
@First77, you keep on trolling about bitcoin, and HYIP programs. To answer your points briefly.
1. Bitcoin is anonymous. Nope. Not even close. You need to learn more about bitcoin.
2. Bitcoin is unregulated. Nope. Not even close, again. Bitcoin is *less* regulated.
So you're wrong. Also, you know a lot about ponzi schemes for a guy so dead set against them.
People aren't investing in bitcoin to go play in ponzi schemes.
@Simvolickk, dumps happen. They happen in the fiat world all the time. It just doesn't create waves quite as large. If others (anyone, really) dumps their coin, all they are doing is providing someone who is more patient with a great deal.
There is no collapse. Bitcoin is king because it was first. It has the name brand. And it is a tried and true model.
You want other cryptos to be on top?
Guess what. 99% of coins are derived from bitcoin, or are derived from a coin that was derived from bitcoin.