When a group of people get together and AGREE that what they are exchanging has value, it's a currency as long as those people agree it has value.
First currency was probably shiny rocks and shells then people learned how to smelt metals and metals became valuable and a unit of currency in trade.
Today fiat only has value due to people agreeing it has value, it is not backed by anything, none of it.
Now BTC and all Crypto is a new technology that allows like minded people to accept the digital byte as a unit of value to trade goods and or fiat.
So as long as people AGREE it has value, it has value.
The crypto markets are the value setters based on people willing to trade crypto or fiat on the exchanges for something a group of people AGREE has value.
Of course old world bankers that think fiat has value can't wrap a brain cell around crypto.
They're not in the group of LIKE MINDED PEOPLE that agree it has value.
When a group of people agreed Tulips in Holland were RARE they built a currency around it, then some ships doing trade realized they could import Tulips year round and get goods or metals for them, so the RARE Tulip became common and lost it's value.
As long as an agreed currency is rare and cannot become common, the people valuing it will value it.
For years Cuban said crypto had no value, now he's buying in at super high rates.
Of course the vested interests of old world control that owns the fiat will try to say zero value.
Hey morgan stanley, I can take my coins I got starting at $5 bucks years ago, bring them to an exchange and get what I want, I can find other people with wallets and trade for what I want, so in REALITY it has great value and the value will keep going up due to scarcity as long as NEW LIKE MINDED PEOPLE join the group of others that already see value in crypto.
Negative news is great news, the reason, it puts CRYPTO into the conversation and then the people who are prone to be LIKE MINDED find the others that see fiat is bullshit and join the club of like minded people that want to see value in something that is rare and growing in acceptance.
I could care less what fortune 500 companies take it, the fact is I've been taking it online since '10
I take it today, not just BTC but lots of coins I like.
So keep trashing crypto dinosaurs, you're extinct and forgot to die already.
Very nice explanation , although its really a threat to traditional fiat currency based system.
