30 Dec '13, 5pm

Here's the answer to why Bitcoin has value.

Here's the answer to why Bitcoin has value.

Paul Krugman set off a new firestorm this weekend with a post about Bitcoin that asked a fairly simple question: What gives a bitcoin its worth ? The post drew a ton of angry reaction from the Internet community and tech people for a couple of reasons. One is that this question — why is a bitcoin worth anything — is a difficult question to answer. The other is that the post is bizarrely titled "Bitcoin Is Evil" even though the post doesn't say that. But on the Internet, people don't read past the headline and so, outrage! But back to the question of trying to establish an "intrinsic value" for Bitcoin. It's not simple. The dollar has intrinsic value because you need dollars to pay taxes in the United States. The government accepts no other currency. So if you're going to engage in any kind of commerce whatsoever, you need to use dollars. This creates real value for the cur...

Full article: http://www.businessinsider.com/why-bitcoin-has-value-2013-12

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