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RE: What makes Bitcoin Valuable?

in #bitcoin7 years ago

I agree, bitcoin is EXACTLY like gold, like you said. A digital gold. Gold is also decentralised. Also doesn't depend on one specific government. It's also a store of value. And it also doesn't have a real utility value.

But as much as it's more convenient to transfer Bitcoin compared to Gold; that also makes it less likeable, hence less usable. Gold is shiny! I know this sounds crazy, but people like Gold because they make rings, earrings, necklaces out of them. They show it off in the weddings etc.. Otherwise Gold actually has no value.

Bitcoin doesn't have value either but it also doesn't have the likability and use cases that people are attracted to. Now, that might change but I think it's much less likely for the mass population to adopt a digital non-utility asset (like bitcoin) than a physical non-utility asset (like gold).

I can't say the same about utility currencies though. Ethereum and co. are solving actual problems.

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