The hardware and energy invested in the Bitcoin network gives the currency intrinsic value.
Explain that to the people who say Bitcoin isn't backed by anything.
Discussion
I wouldn't. I don't listen to anyone who wants to talk about iNtRInSic VaLUe
https://www.youtube.com/watch?v=_A2ZrfdX22w
When people talk about money being packed by anything it's because paper on its own is worthless as money. The "backing" was the belief and trust that these paper notes could be exchanged for something scarce, ie gold.
Bitcoin doesn't need to be backed by anything because bitcoin itself is the scarce thing. Just like no one expect gold to be backed by anything.
What backs bitcoin it's the consensus that the maximum supply of bitcoin won't reach or exceed 21 million
#intrinsic #value is nonsense bogus !
#acceptance matter !
https://armantheparman.com/iv/ excellent article on this very issue