29th December 2017, 2:33 AM
(26th December 2017, 1:35 AM)thefleebs Wrote: Before investing you should probably know that bitcoin (and pretty much every cryptocurrency, for that matter) have no well-defined entity backing the value. It makes the value extremely unstable. The anonymity of the transactions makes it difficult to prove any given value of a bitcoin. As such, the value is determined by how much people are willing to pay for it--essentially community hype. As soon as attention fades, the prices will fall.
To increase the value, just make propaganda!
In order for that to be true, Bitcoin would have to be owned by someone which it isn't. Bitcoin is backed by everyones money because people are investing money into it. If i buy $10 of bitcoin, it is distributed evenly across everyone who has bitcoin and future mined bitcoin.
