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How Does Bitcoin Have Value? with Layah Heilpern

https://youtube.com/c/exodus?sub_confirmation=1

What gives Bitcoin it’s value? Layah Hailpern explains how the fundamentals of Bitcoin are based on math and scarcity as well as describes the characteristics of money and how they apply to Bitcoin.

So how does Bitcoin have value? Tune in and find out.

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How does Bitoin have value? with Layah Heilpern

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26 Comments

  1. How does bitcoin derive its value from mathematics and code? I’m a software developer and I write code all day long. Do I own bitcoin? I understand that a gold bar has a certain amount of value and if I have a gold bar, that translates into x amount of US dollars (well it used to but I digress). My question is: What is it that I could/would own, that would translate into how many bitcoins I have? Satoshis?

  2. Great now I can see who this is directed at I can explain how bitcoin works in their terms.
    Imagine I have a piggy bank. I tell you and 9 of your friends to each put in $100. Then I tell each of you separately that your $100 is now $500 because you're a special snowflake. After a while one of you comes and asks for your $500 so I say sure no problem and hand it over. Then I have to tell the other 9 that sadly their $500 is now only $55 but if they can go and find some suckers to put money in the pot, their $55 will increase. Rinse and repeat.

  3. Still don’t get it, I know I’m the idiot but I don’t get how it held value in the first place. I can understand broadly that now there is only 21mil and most of it has been mined so there people ‘want’ it.

    I understand the mining, the transaction process, all of that but when did it first create value and why? Assuming at first you could only trade it on a niche internet based market, now actual real capitalist markets accept it I get its value, but what I can’t get my head around is the start!

  4. Things not mentioned about bitcoin that must be addressed.

    Scalability: the adoption rate of crypto is still low and bitcoin is struggling with fast cheap transactions. Imagine when adoption becomes more mainstream.

    Decentralization: ask yourself: can you mine bitcoin? Have fun looking at your electricity bill with no blocked mined. The mining power is in the hands of a few large pools. That doesnt sound like decentralization to me.

    Governance: bitcoin has had many forks leading to other cryptocurrencies. What measures are placed to prevent any others?

    Fixed supply: so if I made a bitcoin with 5m supply is my bitcoin more valuable? 21m is just a number that someone made up.

    Proof of work is already an outdated concept and there are other cryptocurrencies doing thing much more effectively and efficiently. 2017 is not the same as 2020. Much more competition this time.

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