People call it “digital gold” due to its properties. It is divisible, highly difficult for an average person to extract it from “the ground”, storing value etc. Generally, it is referred as digital gold, because it really isn't owned by anyone, but everyone has the same rights.
Here's a nice quote from Satoshi:
As a thought experiment, imagine there was a base metal as scarce as gold but with the following properties:
- boring grey in colour
- not a good conductor of electricity
- not particularly strong, but not ductile or easily malleable either
- not useful for any practical or ornamental purpose
and one special, magical property:
- can be transported over a communications channel
If it somehow acquired any value at all for whatever reason, then anyone wanting to transfer wealth over a long distance could buy some, transmit it, and have the recipient sell it.
Maybe it could get an initial value circularly as you've suggested, by people foreseeing its potential usefulness for exchange. (I would definitely want some) Maybe collectors, any random reason could spark it.
I think the traditional qualifications for money were written with the assumption that there are so many competing objects in the world that are scarce, an object with the automatic bootstrap of intrinsic value will surely win out over those without intrinsic value. But if there were nothing in the world with intrinsic value that could be used as money, only scarce but no intrinsic value, I think people would still take up something.
(I'm using the word scarce here to only mean limited potential supply)
in 2009 the first block reward was not 50btc.
it was 5000000000sats. and every 4 years that reward number halves
It was 50 BTC. The fact that this unit doesn't exist in the source code doesn't mean that we can't name it. There are just ways to measure it. In gold, you can use grams, ounces, tones etc. They're all correct.