However, if people weren't out there using it for real-world transactions then it would have no value at all.
And there will always be, because electronic cash has a tangible value on its own. But not for all people, again. Some people don't care about that, and are quite fine with electronic fiat, alone. For them, electronic cash represents nothing more than an investment – an asset appreciated in practice solely by the faction that truly esteems the concept of electronic cash.
OK, so we're in agreement... I don't understand why you bothered replying to me in the first place.
Even though I don't care much about Satoshi's intentions, I'm just going to quote two parts where he's pretty much arguing it's more than currency;
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.
This further hammers home the point that I was trying to make. He also referenced bitcoin as being a commodity, but commodities only have value because they are useful in some way or another. They don't have value simply because people expect the price to keep going up.
Honestly, I don't give a damn about being in history. I wouldn't want to be the known one who traded 10,000 BTC for two pizzas.
