(01-22-2021, 03:03 AM)Senor Fantastico Wrote:

(01-21-2021, 06:51 PM)The Real Marty Wrote: It's big in the ransomware industry.  They demand payment in bitcoin, because it's untraceable.   

Also, I recall a few years back there was a nationwide drug dealing business where you could order drugs and they would ship them anywhere in the United States.  They also required payment in bitcoin.  Here it is: 

Silk Road Black Market

It's just like any other currency; if people think it's worth something, then it's worth something.

By the way, when you say, "There really is no tangible value to it (can't see it, touch it, etc.). " I would point out that probably 99.9% of dollar based transactions are electronic.  Credit card transactions, for example, so you can't see or touch those dollars either.  Of course, the big difference is, there is a government behind the dollar, and a banking system.  Some people don't like that, but I prefer to have a government and a banking system backing up my money.

Bitcoin is completely traceable. Every transaction is recorded in the blockchain. 

The problem is with bitcoin wallets. They don't always verify identity so you can always see where a bitcoin went, just not who owns where it went, if that makes sense.