# Bitcoin

Bitcoin is the first [crypto asset](cryptoasset.md) investment. Used as a vehicle for [speculation](speculation.md) and [gambling](gambling.md).

## Properties

Bitcoin is not a [currency](currency.md).

Bitcoin is a [speculative](speculation.md) investment.

Bitcoin is [deflationary](deflationary.md).

Bitcoin has no [fundamental-value](fundamental-value.md).

Bitcoin has no [use-value](use-value.md).

Bitcoin has no [income-cashflows](income-cashflows.md).

Bitcoin has a [present-value](present-value.md) of zero.

Bitcoin has a [terminal-value](terminal-value.md) of zero.

Bitcoin is a [greater-fool-theory](greater-fool-theory.md) asset.

Bitcoin is a form of [gambling](gambling.md).

Bitcoin is a [non-productive](productive-asset.md) investment.

Bitcoin has a negative [expected return](expected-return.md).

Bitcoin is a [security](security.md).

Bitcoin is allegedly a [sound money](sound-money.md) in the [Austrian economics](ideologies/austrian-economics.md) school of thought.

Bitcoin is a [bubble](bubble.md).

Bitcoin investing is a [negative-sum game](zero-sum-game.md).

Bitcoin has a [narrative economics](../claims/narrative-economics.md) based on [libertarianism](ideologies/libertarianism.md), [regulatory arbitrage](regulatory-arbitrage.md) and aspirations of [private money](private-money.md).

Bitcoin shares a payout structure similar to a [ponzi scheme](ponzi-scheme.md).

Bitcoin is based on an environmentally destructive [consensus algorithm](consensus-algorithm.md) known as Proof of Work [mining](mining.md).