Bitcoin has no value? Not so fast skeptics!

[Decade_Later]

https://www.cnbc.com/2018/01/16/skeptics-say-bitcoin-has-no-value-heres-why-theyre-wrong.html

"Bitcoin's price has been on a wild ride since its inception. 2017 alone saw massive gains, starting the year at under $1,000 and, at its peak, breaking $19,000, according to industry site CoinDesk.

On Tuesday, it was trading at $11,943, a decline of 12 percent, according to CoinDesk.

As bitcoin's popularity surges and its price rises and falls, more and more people are asking the same question: How does bitcoin, something that's essentially invisible and intangible, have value?

Scarcity and utility
In economics, something has value if it checks the following two boxes: scarcity and utility. Scarcity just means that something has a finite supply. In the case of bitcoin, the cryptocurrency has a set cap of 21 million bitcoins.

Many analysts note that this set cap makes bitcoin more desirable than other assets, even gold. That's because unlike with gold, there's no need to worry about a digital Gold Rush. A treasure trove of bitcoin won't ever be "discovered," causing the crypto's price to crash with an influx in supply.

"There are potentially millions of times more gold underground than actually has been extracted," said Tom Lee, head of research at Fundstrat Global Advisors. Lee was chief equity strategist at J.P. Morgan before co-founding Fundstrat in 2014."

[ebliever]

Good points RE: scarcity and utility. The ability to move value around in a secure manner, quickly and efficiently, provides great utility. For that matter so does the ability to timestamp a hash in the blockchain, providing proof of existence and control of whatever is summarized by the hash. The skeptics are just plain wrong.

[CryptoBry]

We have no problem with scarcity as definitely the amount of Bitcoin possible supply is already fixed. The problem with Bitcoin is more on its utility. This is where many people are doubting its future. Because of its so high volatility, many merchants are turned off to adopt it and there are those who dropped Bitcoin already from their mode of payments. Bitcoin is the cryptocurrency that will stay for good but its continuing leadership can be questioned if things will not be improved. We already the many challenges facing Bitcoin.

[teilwalL05]

Well many people engaging in bitcoin like it that way because of the scarcity of bitcoin it is sure desirable by many people that has knowledge with it and aside from this it is decentralized which means no individual or government has authority or control over it, And the usefulness and convenience of bitcoin than gold is more popular to a lot of investors you can not chip some gold to buy anything other than bitcoin,

[green547]

Government has no value to me, but most of the world still uses it and exchanges goods for it.

[BrewMaster]

one of the biggest problems with bitcoin has always been the fact that a lot of people invest in it without bothering to understand what it is. they only care about the fact that price is going up so they jump in and keep jumping in until they create a big bubble (ie. $20k) then when it naturally burst and starts falling a little they see they are holding something that is losing value and they don't even understand what it is they are holding. they might as well be holding fistful of diamonds and not realize it.
then they start panic selling because now they believe all the crap that has been said about bitcoin.

you can even see members around here who still believe nobody ever uses bitcoin as a currency. and that is while millions of merchants are accepting it!

[danherbias07]

Scarcity. Yes.
That is the main factor why I have stayed getting more bitcoin. It will be like a collection that will become rare someday.
But also it cannot be done without patience. There are still more to be mined and with that many things will happen
Sometimes it will just be easy to just leave it for years rather than look at it everyday. 

[ALI AKBAR]

We have already fixed the amount of Bitcoin supply. Many people suspect Bitcoin's future. Due to the extreme unsettling of Bitcoin, many investors have stopped accepting it. But there is nothing to worry about because most of the countries use bitcoin in the currency of the currency. Property for the country of Bitcoin. Bitcoin works in the country's progress.