Does bitcoin hold any intrinsic value fiat vs bitcoin

in blurtech •  2 years ago 

A lot of people barely see the need why bitcoin should be the future currency against centralized fiat, holding bitcoin does not seem to add up to these people, why would I hold a mare digital currency that isn't backed or recognized by any government it has not been declared legal by any world power country, these and more questions have become so much interesting for none crypto users who have no interest in understanding the concept behind bitcoins existence.

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Fiat

While fiat printed papers circulate without limitation supply to help ease inflation hike its extraordinary value lies in the hands of regulatory official (government) if a country's legal system decides to wake up one morning and declare it country's local fiat invalid for any means of transaction am sure there would be much confusion among it citizens enforcing a complete change in the currency use rendering such fiat useless, we have witnessed several crack down on bitcoin as a decentralized currency such ban only have little effect on the said region for a shot duration, this means banning bitcoin completely can be such a rigorous task since it network is distributed across the globe.

Bitcoin

The question here now is what value does bitcoin hold unlike the fiat currency where regulatory officials get to dictate its value, with bitcoin such a monopoly system of dictatorship is eliminated allowing the entire bitcoin network to assign value to bitcoin, it increases or decreases in price depends on demand and supply bitcoin network security are managed through blockchain making it free from threats, being digital gold and a store of value makes bitcoin a valued asset that can be managed by users virtually without carrying it around like physical cash.

While fiat depend on security tag from government to sustain its value, bitcoin value depends on users' adoption and trust in a true blockchain transparent system without the need for an intermediary agency.

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