How does cryptocurrency increase in value reddit

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Gold is nothing but it is just a metal. Stainless steel, Aluminium or Copper have more uses rather than Gold. But still Gold is the most expensive metal in the world. And it is just due to two things — scarcity and demand. If any of the products have high demand and it has low availability — then obviously the price raises.

So then you might be clear why cryptos are adding more value? But keep in mind — the price has nothing related to importance. The solution is just very complicated but it can be decreased to two elements — trust and liquidity that is supply and demand. All the currencies which involve cryptocurrency are known as valuable if both parties believe and trust which is worthy. Take for example — the bill of the dollar has no deep value as it is only the piece of paper.

But still, the US government guarantees this, thus the recipient trust that it will value the dollar when anyone tries to spend it. The more we utilize any currency, the higher is the chance that we become more comfortable with it and so we use it any number of times. As currency popularity increases, the laws of supply and demand come into mind. If there is a large amount of any currency in the market which means liquidity, then the value raises because of demand.

Getty Images, Illustration by Forbes Cryptocurrency haters have found a home—and common cause—trashing the volatile asset class and wishing for its demise. Bitcoin in particular earns his ire. He does not even have anything nice to say about the widely applauded technology underlying crypto, the digital ledger system known as the blockchain.

When Gerard wants to commune with other crypto haters, he heads over to a burgeoning corner of the web: a Reddit forum called Buttcoin, the name a suggestion that cryptocurrencies are, well, a waste of time. Or marketing shills. Crypto has legions of devoted fans but also an army of critics. And sometimes those lines blur: Musk turned on Bitcoin last month and triggered a plunge in its price by saying Tesla would no longer accept the currency as payment for its vehicles, citing "the rapidly increasing use of fossil fuels" by miners who create the currency with banks of computers that create blocks of verified transactions which are then added to the blockchain.

Crypto foes on Reddit cheered Musk's retreat and trumpet any such negative news to fuel their own strident criticism of Bitcoin and other currencies, pointing out that they are underpinned by little other than hype of the kind initially inspired by Musk. Like those true believers, the denizens of Buttcoin tend to be men interested in technology who are constantly online and enjoy communicating through things like memes.

Despite two decades of steadily increasing mainstream acceptance, crypto remains an undeniable easy target—something that some people love to hate, like say, the tax man and the New York Yankees. It has no value tied to a physical object.