..........The currency would neither have had time to accrue a community of its users nor the time needed to attain a stable value that can be useful when transacting. Another way to look at it is because bitcoins have no central issuing authority, like RBI for the rupee, regulating the value of the currency after letting it become monopolised would be difficult. The coin doesn't have an intrinsic value but provides value to transactions. The only other form of currency - the one issued by governments - represents value that can be ascertained by government-approved institutions like banks. This shows itself as a processing fee when you're wiring money between two accounts, for instance..............
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