Bitcoin and Crypto Talk (Merged)(includes NFT)

Saints318 said

The way I understand it is the complexity of the algorithm validates the bitcoins authenticity and value.

Bitcoin's value and authenticity is backed by how it is impossibly difficult and infeasible to counterfeit. It's backed by science like how the dollar used to be backed by gold and is now backed by.....

Bueller? Bueller? Anyone?

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Correct. In theory, it is not able to be manipulated by governments or central agents. It's collectively stored and the number of possible bitcoins found is very finite. So it's value cannot be diluted through the creation of more coins, for example. It's a way of circumventing centralized authorities and establishing legitimate market value. The use of the currency for illegal activity is, in fact, proof of concept and is not a detractor in my opinion.