Bitcoin storms past $11,000 Signals a lost in confidence in traditional investments
- Thread starter Angstrom
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But governments have restricted people of using them to purchase things with silver and gold n the past.
Bitcoin is not under any government control that way
At present, anyone in Canada can legally accept gold or silver as currency if he wants to just like he can Bitcoin. Since they're not legal tender though, he has no legal obligation to do so though. But if the government wanted to, it could regulate Bitcoin just as easily as it could gold and silver. It would just need to pass a law to do so.
The value of a gvt backed currency is, in general, based on the strength of that nation... Essentially backstopped by the assets of that nation.
There is nothing, zip, zero, nada, backstopping bitcoins.
This price increase is based solely on speculators
PS - As you require some recognized gvt currency, bitcoins are a function of the value of the aggregate currencies that it takes to buy them.... There are no global currencies that have increased in value anywhere close to this increase so the bitcoin rise is nothing more than mass hysteria/psychology... It will come crashing back down to Earth - it's not a question of IF but a question of WHEN
Albeit, the US shale reserves are enormous, but the depletion rate relative to drops from initial production are massive.
That said, the energy independence is fully reliant on the consumption rates and time, and assuming that consumption remains static at todays rates, the supply won't be lasting anywhere close to decades
Hindsight is always 20/20. Had I known, I would have bought Bitcoin long ago and would be selling them now 
Then its survival & success is entirely on its ability to fill a gap in the world economy as a global world currency unbiased by any government manipulation. If there is a nich for a world currency then it may as well fill that gap.
What worries me about Bitcoin though is that it's not backed by anything that I know of other than trust and nothing more. Gold and silver might not be government-backed, but at least they hold intrinsic value beyond that of a mere currency. They can be used for jewelry, electronic devices, etc. etc. etc. Of what use is Bitcoin other than as a currency?
Its backed by the guarantee of its ability to perform exchanges and transactions. Unregulated and un manipulated by any single government on the planet.
Participation is open to anyone in the world who wishes to up link their rigs to work the algorithm program that processes transactions
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But even if gold or silver loses its value as a currency (which it can sometimes do), it still maintains its intrinsic metal value for jewelry, electronic components, etc. Should Bitcoin lose its value as currency, what intrinsic value remains beyond that?
If there is no wholesale acceptance of bitcoin as a currency that I can use daily, then there will be limited success at best within the niche space it can be transacted.
The value of the ability to perform exchanges between anyone with a internet access without government tariffs, and regulations.
And free of currency exchanges fees.
As its virtual, It can be exchanged easily compared to sending a skid of gold
How much shipping cost to transport a skid of gold?
You're dreaming.
i can, today, take gold to a dealer or bank and have them convert it to any currency i wanted.... Hell, I stand a reasonable chance of trading that gold for items as well.
Use this example... You own $1 million in bitcoin today... Where do you go to get that converted to cash so you can buy a house?
Also, gubmint can, and probably will, assess some kind of tax, fee, tariff etc on that process in converting bitcoin to the local currency or on the transaction.... The tax depts are extremely clever when it comes to carving out their piece of the action
Bitcoin's price is collapsing and people can't trade because 2 big exchanges have crashed
Coinbase, Gemini exchanges encounter issues as bitcoin surges past $11,000 - Business Insider
Coinbase, Gemini exchanges encounter issues as bitcoin surges past $11,000 - Business Insider
I asked what value Bitcoin would retain if it lost its value as a currency. You just described its value as a currency. In other words, if it should ever lose its value as a currency, it would lose all of its value since it possesses neither intrinsic value nor any legal-tender status in any state.
I'm not denying that a currency that retains no value other than as a currency can still thrive, but it's just far riskier too. If it has either legal-tender status or at least an intrinsic value other than as a mere currency, then even if it loses its value as a currency, it will still maintain its intrinsic value so as to prevent you from losing its entire value. That makes it a safer currency.