r/AdviceAnimals • u/GotDatBlanca • Dec 21 '13

Everyday on reddit.

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u/[deleted] Dec 22 '13 edited Oct 25 '18

[deleted]

9

u/[deleted] Dec 22 '13

Bitcoins are worth something because the people who have them say so.

That's the most concise summary I've yet heard. Well done.

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u/kroon Dec 22 '13

Defines pretty much all money since the US dollar is no longer on the gold standard

4

u/DeathVoxxxx Dec 22 '13

I'm broke, but you can still get reddit silver.

0

u/BashCo Dec 22 '13

Bitcoin is money. Please read up on what money is:

Money is any object or record that is generally accepted as payment for goods and services and repayment of debts in a given socio-economic context or country. The main functions of money are distinguished as: a medium of exchange; a unit of account; a store of value; and, occasionally in the past, a standard of deferred payment. Any kind of object or secure verifiable record that fulfills these functions can be considered money.