Post
Topic
Board Economics
Re: What can I do with a bitcoin?
by
shawshankinmate37927
on 10/12/2013, 04:51:13 UTC
Golds value is that people like to look at it and touch it, they think its pretty. This value is why people accept it as a payment of goods and services. Golds monetary value is therefore directly linked and dependent on it being pretty. If it would not have been pretty we would not want it and thus it would not be widespread money.

You cant seperate between money value and utility  as gold is only money because it has utility (it being pretty).

Bitcoin has no utility (like being pretty) and thus its other aspects (scare, divisible etc.) are irrelevant.

In a free society, everyone should free to choose for themselves what they are willing to accept in exchange for the goods they produce or the services they provide.  Bitcoins obviously don't meet your personal requirements and, fortunately, one of the best things about bitcoins is that using them is completely voluntary.  I don't think you have to worry about a banker or politician ever forcing you to accept bitcoins.