Backed by real assets. This feature might be up for a debate. But in my view, bitcoin is not created out of thin air.
This sort of depends on your reference class. Proponents of Bitcoin tend to make a big deal about the cap on total Bitcoins and artificial scarcity, but once you include the cryptocurrencies in general in your reference class, then “created out of thin air” is the thing that happens all the time, there is no limit, and no scarcity.
The main argument here is that at its current state, you have to invest not-so-small capital in order to be part of the bitcoin production system. If no one puts capital, no bitcoin will be created. In this regard, bitcoin is different from all other cryptocurrencies, including Ethereum (Yes, Ethereum also uses POW but there new blocks can be created much faster with less capital intensity). This has nothing to do with 21 million cap or scarcity.
This sort of depends on your reference class. Proponents of Bitcoin tend to make a big deal about the cap on total Bitcoins and artificial scarcity, but once you include the cryptocurrencies in general in your reference class, then “created out of thin air” is the thing that happens all the time, there is no limit, and no scarcity.
The main argument here is that at its current state, you have to invest not-so-small capital in order to be part of the bitcoin production system. If no one puts capital, no bitcoin will be created. In this regard, bitcoin is different from all other cryptocurrencies, including Ethereum (Yes, Ethereum also uses POW but there new blocks can be created much faster with less capital intensity). This has nothing to do with 21 million cap or scarcity.