Quote:
Originally Posted by BWillie
People value what they value. Why do people value gold, diamonds etc? No idea, but they do. Bitcoin and other crypto currency has many advantages because it doesn't have to be converted to USD, CNY, Euro etc. Its also easily exchangeable for goods and services.
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Fair point but obviously gold and diamonds are worn as jewelry and unless bitcoins are going to be worn as jewelry, I'm still baffled it's worth $3,200 a pop.
How are the bitcoins turned into cash? I would assume merchants who accept them quickly flip them for real currency so they can pay suppliers and employees and other bills.