May 5th, 2020 at 10:19 PM
I mean the problem with cash is that it's also pseudo-money. Banks just decide how much that cash is worth in terms of other currencies, and shops or anyone selling stuff also decides how much cash their products are worth. Value is subjective, but because there's no central entities controlling Bitcoin and cryptocurrencies, it's entirely up to the people to decide how much it's worth. As a result, price fluctuates everywhere.
And yeah. Bitcoin has all sorts of problems. Back in 2016-2017, transaction fees started to skyrocket because it was getting so popular. No one wanted to spend 7$ on top of a 10$ transaction. But other cryptocurrencies exist to try and solve those problems, as well as the active maintainers and developers behind the core Bitcoin project. The main problem though IMO is that there are too many projects that try to solve problems that don't exist, and they try to rake in investor money by throwing all sorts of fancy words around -- typical marketing bullshit. But honestly, if/when central markets fall, these cryptocurrencies as well as precious metals like gold/silver will be the only real stores of value just because of their inherent scarcity.
And yeah. Bitcoin has all sorts of problems. Back in 2016-2017, transaction fees started to skyrocket because it was getting so popular. No one wanted to spend 7$ on top of a 10$ transaction. But other cryptocurrencies exist to try and solve those problems, as well as the active maintainers and developers behind the core Bitcoin project. The main problem though IMO is that there are too many projects that try to solve problems that don't exist, and they try to rake in investor money by throwing all sorts of fancy words around -- typical marketing bullshit. But honestly, if/when central markets fall, these cryptocurrencies as well as precious metals like gold/silver will be the only real stores of value just because of their inherent scarcity.
