A lot of people have been debating whether or not to buy into cryptocurrencies, some say it's a scam that's not backed by anything (Which it is) and some say it's the future. In my opinion, it's definitely the future and here's why...
IT WILL NEVER LOSE VALUE!
So firsts things first, let's talk about what is value?
By definition, value is the "estimate the monetary worth of (something)."
Now, what is value backed by?
Value is backed by a few things, but the biggest thing keeping bitcoin or any other cryptocurrency up is the finite supply and what seems to be infinite demand. The sad thing is eventually bitcoin will not be in the news and all over social
media meaning fewer people will be pushed to buy it and the price will become less volatile BUT the FINITE supply of bitcoin is very good for its future. It almost seems like we will never be able to adopt bitcoin as a true currency but will always trade it as virtual gold and we will probably choose a currency with a little more supply and a little less volatile (Maybe Tether, or Ripple?) but it will seem that the price will always inflate.
Even when cryptocurrency crashes it goes right to the media and unlike you would assume, everyone starts buying it due to it's history. Everytime it's crashed it's gone back up and so everytime it crashes from now on people our going to assume it's going to go back up and will all start buying it while it's low meaning that the demand will rise and when demand rises, so does the price. There is always going to be demand for bitcoin and other cryptocurrencies and that is why it will never become valueless.