Message from @roadcrypto
Discord ID: 496482643915964420
you generate an address based on some complicated math. the private key is only known to you and it's what allows you to say: "i own the money on that address, so i can spend it"
Where does the scarcity get it's value though?
cyber vermin
Post Malone looks like a sack of garbage.
when bitcoin was created, it was in the code that there's only gonna be 21 million available ever
when you "mine" bitcoins are created over time until that 21 mil mark
Alright...? And why is it valuable?
we're 3/4 of the way there now
because scarcity
because paypal without asking
permission
So as long as it can be exchanged into USD
it's like paypal and gold mixed together
When you use Paypal, you're exchanging USD.
it can - but like someone pointed out - those are fault points
I've used crypto to directly trade
I want your thing or do some work for me...
you can go through 3rd parties if you want..
I could deposit bitcoin at Quadriga and have it sent to my bank account directly
but at that, you have to find someone willing to accept Crypto.
or I can trade it in person like I would a silver coin
there's a huge OTC market. localbitcoin is another option
it connects people
like a buy and sell forum, the website escrows your coins during the deal (holds it so no one cheats)
I think the question we're circling toward is: What value would bitcoin have if it got cucked out of exchange for "normal" fiat?
ok, so..
Bingo
china bans bitcoin all the time
india bans bitcoin all the time
it just gets more popular because that's like erasing the gold standard back in the day. do you guys know the history of that?
Yes.
Go on.
when the gold standard got whiped out, it was illegal to use gold to transact
so.. is it worth "less" because of that?
the short answer is yes... but the long answer is no
so, some countries try to ban bitcoin, and other countries are like: holy shit, we are making good tax money on capital gains, come to our country
what do you think is gonna happen?
canada is pretty pro crypto btw
as long as you declare it
so, they won't shut down the exchanges if they make shitloads of moneyz