I agree, I wish I has bought some when it was first starting to. As far as how it's value is determined, I look at it like any other publicly traded commodity, value = demand * availability. As far as it being a legit replacement, i have a hard time seeing that happening. Main reason is that it is not backed by any agency or government, and while I recognize that the dollar is pretty useless anymore, it is at least a recognized official currency and is backed by the gubment. bitcoin to me is like buying stock. I kind of look at it like if someone decided that they would accept monopoly money as payment for goods or services and you traded it like that, only Bitcoin is literally nothing! The "coins" you own are 100% virtual, they don't come from anywhere or go anywhere, and if the servers crash, you are literally left with nothing. I have dollars, you can own stock or other funds.
I find it very interesting and my observation may be way off, but I just can't get on board with it as anything other than a commodity.
I find it very interesting and my observation may be way off, but I just can't get on board with it as anything other than a commodity.