Bitcoins are is e-tulips
Its rather ridiculous
Why buy an electronic, digital derivative of shares in a gold-mining company when you can just go out and buy the actual thing?
Yes, I’ve heard the “ease of transfer” argument, but such a derivative just means you are one further step away from real ownership.
They exist 95% in digital form. They have no scarcity. They are centrally controlled and issued. They are subject to counterfeiting. They require manual auditing because the protocol is not secure. They can be censored.
If anyone created a cryptocurrency with the characteristics of the dollar it would be laughed out of cyberspace.