Originally Posted by
neebother
Funny how some see Bitcoin as a fluke. A get rich quick scheme. All investments are about the trust the majority have in it. With newer forms of money this tends to be a rocky start, with lots of people (parasites) abusing the early adopters and taking their money. This doesn't mean Bitcoin (Crypto in general) is a bad thing. The same individual could have lost his/here money on buying tulip bulbs....
The main thing about the monetary system is trust and believe. Why do you accept a tenner whilst the paper is only worth maybe 10 cents. That's because you believe in the myth the paper is worth the amount that is written on it. As long as you and the majority believes that, its worth a tenner.
The same goes for Crypto (and Bitcoin). As long as there is trust that it has a worth, it's fine. And that's all there is to it. No more, no less. Trust gone, money gone. And that goes for every token of money. No matter if its Pounds, Euros, Dollars, Rubles, or Bitcoin.
Reason why you accept a tenner is because you can pay with it and no one questions that very idea unlike crypto currencies… Its never about the value of the paper but it has a real need like paying taxes or morthage with it unlike cryptos…