I talk to a lot of people about Crypto currencies and I hear a lot of interesting things. Some people think its a ponzi scheme or it has no value because it's not backed by anything. Does it have an intrinsic value? Is it backed by gold or silver......no. Is the US Dollar backed by silver or gold? No and it hasn't been for a long time. They US Government can print as much US fiat as they want. So what makes crypto different?
Crypto is different because for one, the supply is controlled. Bitcoin has about a 16 million circulating supply with only a 21 million total supply after it is all mined in a 100 years or so. All cryptos have a different supply; some under 1 million total supply and some in the billions (like dogecoin has a 110 billion supply). This is one reason cryptos are valuable, they have a controlled supply which helps control inflation.
So what really gives crypto value? The PEOPLE behind it! BLOCKCHAIN IS VALUE! When the internet came out, a lot of people didn't think it would amount to anything. I feel crypto is the new internet and a whole new world of technology that most can't even grasp yet. I know this because I talk about crypto to a lot of people, some who are very smart and they look at me dumbfounded. The MINERS backing our blockchain, verifying the transactions, supporting the network all give crypto value! It's a safer, more controlled system and it's decentralized and owned by no one. This is all huge. So when someone says crypto is backed by nothing, tell them no actually it is literally backed by millions of miners every second of the day and they are verifying and securing the network. Blockchain is the future! .
