Quote from: jag2k2 on June 04, 2013, 11:41:45 AM
Bitcoin cannot be counterfeited. That has intrinsic value.
Bitcoin can be stored somewhere secure AND somewhere that is convenient to access. That has intrinsic value.
Bitcoin can be easily divided down to make a smaller transaction. That has intrinsic value.
Those properties could be said of some now defunct cryptocurrencies too.
Or I could invent some digital bits that have those properties too. There is an infinite supply of those bits and encoding schemes, hence that does not add intrinsic value outside of a store-value ledger.
Those defunct cryptocurrencies had intrinsic value as well. If you are wondering why bitcoins have more value than other cryptocurrencies well that is a different question.