Bitcoin does meet the first three conditions.
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something holds value if you and a big enough number of other people sees it as valuable.
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This is the only condition that you need for something to have value and a valid basis too.OP going on giving a detailed explanation,but do you think most people will care? If so,you wouldn't have see many people try to earn,trade or invest in bitcoin.
Even if people can be mistaken about value,it doesn't change the fact that they have valued bitcoin.