Many people say that bitcoin does not have intrinsic value, they typically compare it to gold and say at least you can make some jewelry using gold

Value comes from demand. If someday, people's preference changed and there is no demand for gold jewelry, then gold will not have intrinsic value anymore

Bitcoin's intrinsic value also comes from demand, maybe it is difficult to see the demand for a single bitcoin, but the whole bitcoin network can satisfy 2 major demands:

1. Securely store value in a digital form

2. Securely transfer that value worldwide instantly

There are demands in both area, gold or fiat money can not fulfill these demands

For the first demand, people might pick an online bank account, but due to the inflative nature of fiat money, it is not secure: The value of the saving account is getting less every year and the bank can freeze your account when they wish to do so

For the second demand, bitcoin enabled almost free international value transfer, just like internet enabled almost free international telephone call

Another usually asked question is: What is backing bitcoin? It is backed by all the bitcoin miners around the globe with the most powerful network in the world, and one single consensus of never generating more than 21 million coins

It is all about how to store and transfer value securely in a digital form. Before bitcoin, there is no way to do this without rely on a third party

But to work as a currency, it must have stable exchange value, that is not the strength of bitcoin, at least not before reaching a full market saturation