Bitcons are just empty numbers on the internet without any value or legal power

[Juggy777]

Unlike numbers on a bank account, which represent legal liability of the bank and are backed by the collateral of specified real estate or other debt instrument that a borrower offers as a way for a bank to secure the loan, the numbers on a bitcoin address are completely void of any legal liability since software that creates them is not a legal entity which can have legal rights and obligations.

So basically, people are paying huge amounts of money to get some empty numbers which are then recorded in a public ledger on the internet. If nobody wants to accept these numbers in exchange for dollars, goods or services, they are as useless as a random number that I write on a piece of paper.

On the other hand, since dollars in a bank account are bank's liability, if nobody wants to accept dollars in exchange for goods and services, they will be settled over time through the legal system by transferring real assets from those who have received loans from the bank, since loans are secured by the collateral of specified immovable or movable property and they represent bank's assets. This comes from the fact that obligation to repay the debt would not vanish if nobody wants to accept dollars. Since the borrower received real assets for its dollars, in the absence of dollars the borrower's debt must also be settled by real assets. Alternatively, since dollars that are in circulation were exchanged for goods and services by some borrower and since he is obligated to repay his debt in dollars, if nobody wants to accept dollars the borrower is the one who is forced to accept them in exchange for goods and services otherwise he is unable to settle his obligation to the bank. Besides being backed by borrower's collateral, dollars are also backed by banks' capital and the ability to pay taxes. As we can see, dollars on their own, have real measurable value, just like goods or services.

Bitcoins on the other hand, don't have value on their own, and if nobody wants to accept them in exchange for dollars, goods or services, no legal action can be taken by their 'owners' to get some kind of value out of them. As such, Bitcons are just empty numbers on the internet, which means that people are exchanging real values for literally nothing.

How I wish this forum could have a option Bitcoin lover or hater, and hater immediately banned from this forum, this newbie comes here and cribs about Bitcoins, says number dont mean anything, we'll go to preev.com maybe your eyes will poop out and I literally mean poop. As far your banks, they are running scared, and if you can't see it, then you're dumb. I would advise you to grow up, and buy some Bitcoin, maybe you'll improve your knowledge.

[ivrynx]

first of all, the internet if you really take a look at it, even your computer, your phones, all are made up of 1s and 0s, basically they're numbers, only man gives them value. the paper notes your central banks print out, they're made out of numbers, in the case of gold,however, man gave it value for some reason, that it is a precious metal. i think we need to go back to history and check how money works and how it started, first there was the barter exchange, no physical money money was used, you only trade in goods and services, then there came, gold coins, since it is a precious metal,why not use it for exchange of goods and services, so the more gold you have back them, the more buying power you have, then came silver coins, it is also the same with gold, then we started to print out i.o.u.s since gold is heavy to carry around, we use i.o.u.s in replacement of gold, and that gold is being deposited in banks, in turn it became paper notes, similar to the money use today, but it is being back up by gold, if you have money then, it means you have gold under your name, then they took the paper notes, out of the gold standard and it became petrodollar, which is fiat today, in a sense, it doesn't have any value since it is not being backed up by any precious metal, the value is just rising, depending on the oil trade, and we all know that the price of oil can be manipulated, however for bitcoin, since it follows the law of supply and demand, it has value, since it is being considered not just as currency but as an asset, we might see a lot of characters during transactions, but it is just like the receipt we see on groceries. bitcoin also has value because it has its own buying power and as of now it is being valued around 4000 usd. bitcoin being treated as an asset, also separates it from fiat, since fiat, is not an asset it is just a currency, something that is being used only for transaction.

[valentin68]

Maybe bitcoin are empty numbers on the internet but at least they have some value. This is what makes the bitcoin good, their value, they are acccepted for good money by almost every country in the world. Also there are some western countries that accept them legally. It is good that they are empty numbers, you do not have to print paper or wahtsoever, they can be sent easely through the internet to everyone to pay for what you want.

[redhondaxrm125]

Umm, op has little valid points, but on most of what he said, I disagree. Yes, bitcoin is something that satoshi made, and people saw then was sold with a certain price, so came its value, then it got a bit more harder to get day after day, weeks, months, then years so it got a bit more expensive. Just like gold, people saw it, liked it, and sold it to someone who liked it also, then boom. Came its value. So bitcoin is not something that has no value. Hope you get this.

[cpfreeplz]

Lol I feel like you maybe should have written this back in 2012 or something. You're way too uneducated and way too late to be so uneducated. Get caught up before you make yourself look even more stupid.

"Screw email. If the post office doesn't accept it then I'm not going to trust it." Ignoramus.

[imteaz]

This is what i thought back in 2015, that Bitcoin is just an intangible coin, circulating online without any protection or guidance. But once i study and know more about it, i figured it out it is way to go for future. One thing i want to say, even though you can't see it and can;'t feel it doesn't mean it worth nothing

[kotajikikox]

what do you mean legal power bitcoin in many country have a legal power as currency government give bitcoin value to excahnge in fiat money and also empty number or series number do you looking for bitcoin like the series from the fiat money bitcoin are came from the volatile crypto currency so no need to use a number for the control of bitcoin as currency the important of this bitcoin give help to the economy to each nation accepted as currency.

[Astrilian]

The Internet itself as everything with computers is just empty numbers of ones and zeros so of course this is the case for bitcoins and everything else

[gribble]

The OP explain about the fiat money that there's no relationship with bitcoins, he is believe in the banks power and the government that control the fiat money, even after they take the value of money due to inflation in fiat, he still said bitcoins were just empty numbers on the internet without any value or legal power, the big reason many people who invested into bitcoins due to system of fiat money was failed.

[Snaic]

If someone thinks that bitcoin is just empty numbers recorded in a public book on the Internet, he has the right to think so. No one forces him to buy bitcoins or other crypto currency. He also has the right to pass by the freedoms and amenities that the crypto currency provides. This is a private matter for everyone.

[Koadharber]

The OP explain about the fiat money that there's no relationship with bitcoins, he is believe in the banks power and the government that control the fiat money, even after they take the value of money due to inflation in fiat, he still said bitcoins were just empty numbers on the internet without any value or legal power, the big reason many people who invested into bitcoins due to system of fiat money was failed.

Not at all. People didnt really invest to bitcoin because they saw fiat money system was a fail.Im sure it would really be on other purpose which is on making money not totally on its innovation.I might be wrong but these are just my opinion and perception. Fiat system would still remain no matter what since its been backed by government always and we cant do anything about it.Just let bitcoin stand on his own field.

[erickkyut]

That is why it is called a digital currency! If Bitcoin is just a number with no value, how come you can use it to buy items online? Why can you exchange it into fiat? Value is not about legality! It is about acceptance. Bitcoin is valuable because people are willing to accept it and use it for online transactions. Even the latest mobile phone can lose their value after a few years because people lose interest on it due to the new models of mobile phones.

[Franky00]

Bitcoin can not be touched, but with the help of it you can earn very well and buy everything you need. It's just a digital currency of the future to which many are not yet accustomed.

[yishak]

The same thing can be said for dollars and other paper moneys , they don't have actual values peoples are the one who make these paper moneys have value when they agree that a paper with a $1 sign on it can buy you a cup of coffee. So don't just go around saying bitcoins are worthless numbers like that!

[Tyrantt]

Gold is just a shiny mineral that someone gave value to for some reason out there. That's your argument..

[cripperz]

The value of Bitcoin is inherent in the mining cost, the electricity and time is takes to mine a Bitcoin.

[Bezobraznike]

The value of Bitcoin is inherent in the mining cost, the electricity and time is takes to mine a Bitcoin.

   And in demand, if many people wish to have bitcoin they need to buy it from miners, and if many
people wish to have it than demand is going up and moving the price up, cause supply stays the same
and over time supply will go down, with every next halving.
   Bitcoins are not just empty numbers on the internet, if that is true then it would be easy to copy
them, multiply them like you wish, and that could do everyone with little knowledge. Value comes from
all that Cripperz said already and demand from other people, legal power is in bitcoin technology.
   This kind of topics can not change what we think and feel about bitcoin, they can just unite us more,
that is what I see in this comments, most of us think in the same way.

[bncbnc]

If someone thinks that bitcoin is just empty numbers recorded in a public book on the Internet, he has the right to think so. No one forces him to buy bitcoins or other crypto currency. He also has the right to pass by the freedoms and amenities that the crypto currency provides. This is a private matter for everyone.

in fact those people who do not have any idea about bitcoin, those who do not use it yet, they can think so, but i am sure that those who have little experience about bitcoin they will never think that bitcoin is just an empty numbers of internet, they know the importance and value of bitcoin and i am sure that very soon the other people will also realize the importance of bitcoin which is in fact the need of the time and in modern time we can expect that people will depend on bitcoin for everything.

[krigger]

Bitcoin is not just empty numbers on the internet. Tell that to people who's bank accounts are not empty thanks to BTC.

[Agamemnus]

Coding is a language and people use language to express things, like value. Not even can governments stop your right to free speech. Well they could before, but not anymore with cryptocurrencies;)