In order to understand crypto, start with understanding the nature of treating a friend to coffee or even a steak dinner.
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When we were kids we used toys as a currency to trade between our friends. It varies. Girls might trade Barbie dolls, while boys might trade baseball cards or GI Joes. Even now, some adults still collect valuable toys as grownups. Let’s say we make a promise to someone that we will treat them to a steak dinner as a means to reciprocate. The “thing” we are exchanging is a promise to deliver something, in this case, a steak dinner. Note that we do not really compute in our head what the dollar value of that steak dinner will be when that day comes, or even track its price day to day. All we know is when that time comes, we need to buy a steak dinner for someone.
All you need to remember is that there is global demand for these things, and some people already treat it the way they would treat a religion. They all have different reasons but suffice it to say that they believe in it and its value. While you might trust the Fed and Washington to protect the dollar, you cannot say the same for people living in Argentina, or some countries whose currencies have become hyperinflated to become almost worthless.
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