Right now, Steem has value because you can exchange it for bitcoin. I don't have to exchange bitcoin for fiat for it to have value for me, even though the merchants accepting it are likely exchanging it for fiat. I can and do spend bitcoin all the time. I've never exchanged it for fiat but have always exchanged dollars for bitcoin. I prefer to have my weath stored in bitcoin. Someday, the merchants will, too, and few will care what the exchange rate for bitcoin vs fiat is.
RE: Why Are Bitcoin, Steem And Other Cryptocoins Worth "Real" Money?
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Why Are Bitcoin, Steem And Other Cryptocoins Worth "Real" Money?
"Right now, Steem has value because you can exchange it for bitcoin": this isn't strictly true, although it's a position likely to be taken by a bitcoin maximalist. All the arguments used to explain how bitcoin can provide value without fiat can equally be used to argue for Steem (or indeed many altcoins). Bitcoin has two major advantages right now: 1) it's the main gateway for exchange to fiat and 2) more merchants will accept it than other crypto. But of these two advantages, I believe it still mostly comes down to 1) right now.
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