Quote from: kryptqnick on March 22, 2020, 12:15:27 PM

Quote from: Paleus on March 17, 2020, 03:41:04 AM

It is a simple yet not easy question to answer: why does bitcoin have value?

The answer, we believe is summarized in this video: https://www.youtube.com/watch?v=Vv2-6KDlZSE

Bitcoin has value because it has both scarcity and utility. It is a limited and useful resource. It is important to note that something must be BOTH in order to command a market value, NOT either.

It doesn't sound right to me anyway. Bitcoin has value because people put it in it because people trade it at certain prices. I don't think it has an inherent value, perhaps just a bit of it that comes from what's needed to generate BTC (electricity, equipment, maintenance), but that's not how we measure the value of money these days anyway. You're talking about scarcity I'm sure there are many scarce things on the planet nobody cares about. As for utility, it's kind of dubious because you can't really do anything with Bitcoin apart from generating it and making transactions... I mean, in terms of utility something like animal skin which used to be money about a thousand years ago had way more utility. But in terms of being money Bitcoin is kind of useful, I agree with that.

I think you might need to look at it as a currency. Dollar gain value, has utility and very scarce, which is an essential feature of money as legal tender. You might need to help yourself with this simple term to stop expecting and comparing the utility of animal skin to money. Animal skin can be consumed with no other form of exchange. Except for destruction of money it will continue to exchange for anything, this is the utility we are talking about, that is the main purpose of money. Money is scarce and not available to everyone that why some are poor and some are rich. Only a rich man can understand this concept and that why they are good managers of money, poor dont know money is scarce they just suffer from it. Dont get this complicated please