
How to explain Bitcoin at your holiday dinner - kcoleman731
https://blog.meshstudio.io/how-to-explain-bitcoin-at-your-holiday-dinner-5a91ce4fa7ff
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joeyspn
I find this funny because I first told my family about bitcoin in Christmas
2012 (they bought some immediately at around $10). In 2014 I talked about
Ethereum, and this year I'll talk about EOS... =)

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theodorton
> Ironically, it is faith that gives fiat currency (e.g. US Dollar, Euro,
> etc.) its value as well. There isn’t any actual intrinsic value to fiat
> currency (i.e. no gold backing) either. Fiat currency actually derives its
> value from the faith that other parties will accept that currency in the
> future

More specifically the faith in fiat money derives from the fact that the you
can pay your tax bill with it (and exclusively; US govt only acccept USD,
Norwegian govt only accept NOK). If you're paid in bitcoin or any other
currency/asset you'd have to liquidate it to USD or equivalent to be able to
pay your taxes for that transaction. So I don't think it's a fair to compare
with fiat money. Crypto as an asset storage like gold seems to me like a
better comparison, both in theory and practice.

