24 Dec '13, 1pm

Crazy currency: The more I report on Bitcoin, the weirder it gets

Bitcoiners famously like to talk about the fact that like most modern currencies (like the US dollar or the euro), it’s a fiat currency. It essentially works on faith. There’s nothing inherently valuable about a piece of computer code more than a piece of green paper. We know that $1 is worth $1 because that’s what we’ve decided as a society. I get paid in dollars, and I can buy stuff with dollars. There are shops on the Internet and in real life that will take my physical paper dollars and my digital (debit/credit card) dollars. We have an innate sense of what things are worth because of it. By contrast, precious metals like silver and gold also have inherent worth too, but that's more due to their industrial and aesthetic properties. Bitcoins are physically just bits of code.

Full article: http://arstechnica.com/business/2013/12/crazy-currency-th...

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