this post was submitted on 01 Feb 2025
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I don't understand how bitcoin has value. I know the dollar has no intrinsic value either; we just all agree it does. But the difference between the dollar and bitcoin is that if you decide to stop trading using the dollar, you become a terrorist and get a free hellfire delivery. If you stop trading using the bitcoin, no one cares. How did this whole bitcoin to value begin? How does a brand new currency start without the backing of a state? Why does it keep having value? It's interesting af.
It has value because it can be exchanged for dollars. It originally could be exchanged for dollars because people believed in it the same as a God. It is a simulacrum of dollars that became hyperreal.