There has been a lot of confusion on why is Bitcoin so valuable mainly because of multiple opinions in the matter. This article will help you in understanding the nature and cause of bitcoin’s worth.
A group of people claims that Bitcoin is similar to that of gold. Initially, we need to understand the difference between gold and Bitcoin.
The former is a commodity that occupies mass, space, shape, temperature, etc. on the other hand, Bitcoin is an idea manifested by a chain of numbers with ambiguous location or physical presence.
The latter comes with a lot of uncertainty. Hence, there is no rational comparison between the two. John McAfee is of the opinion that he prefers fishing instead of deciding between Bitcoin and gold.
Another group asks if Bitcoin is a type of investment. Melik Manukyan instead considers it a divestment carried out from unbridled economies due to limitless money printing.
Unquestionably, Bitcoin can be considered as disapproval of the corrupt financial system. As the banking system does not work for our profit. We usually hear key banks facing billion dollars fine for malpractice. The banks continue doing it, so the turnover should necessarily be more than the penalty.
US Congressmen are so alarmed of Bitcoin disabling them from the steering that they frequently raise voices in favor of its ban.
The factors that make Bitcoin so cherished are that Bitcoin is open sourced, safe, tough, inflexible, permissionless, global, self-governed, authorizing, Unbiased, portable, borderless, etc.
A few of these qualities correlate with the long-accepted characters that provide worth to commodities like gold and money. Others label ideas which are less concrete, but equally vital for accepting Bitcoin’s worth.
The real worth of Bitcoin is much than that of any commodity as it is both a freely made investment and divestment from the corrupt financial system. Bitcoin attributes elevate it in worth than any commodity.