Great Video! So what does bitcoin value mean to me? Its all the power, the hardware of computing power, the time since the beginning of time Satoshi started this crypto asset.
Understanding what goes into mining a bitcoin, and this is where a lot of people get confused. When we say we mine bitcoin we forget that this is the same thing as banks. Someone needs to keep the ledger and how bitcoin becomes more valuable as TIME goes on is that these ledgers have not stopped and will not stop (unless the magnetic poles shift which leads to Armageddon). Banks are backed by governments that are backed by gold (before back in the day). Now any currency is back by the government which means you have faith in this government ie. you hodl USD because you believe in the American economy. The P2P aspect of this just gives us more $$ to deal with and instead of paying the banks we pay the miners which will keep this afloat because we need this ledger somehow some way.
That being said we can finally understand that Bitcoin is just another cryptoasset but it is backed by the faith of ALL the miners around the world (Bitmain) and the rest of us common minnows.
So what is the value of Bitcoin?
The Faith, Time, Hashpower, Video cards, CPUs, GPUs, P2P, people hodl the 16mil coins, all of this added together is the true value of bitcoin.
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