Many of us Austrian econ types have been concerned about Bitcoin as it relates to the regression theorem. Money is supposed to emerge from its "use value" toward a "trade value". Gold is useful for decoration and other purposes, beyond being a money. But, what is Bitcoin useful for beyond its use as money? If it's only useful as money, can it really be a money?
Well, consider the following: Bitcoin is also a service. With the Bitcoin software, you can send a payment to another person, free of charge (almost). In the normal economy, other companies provide similar services (paypal, western union, bank transfers, etc.). Sending money from one person to another is indeed a demanded service.
So perhaps Bitcoin's "use value" comes in full or in part from this ability it bestows to send money, or value, or units of account, across distances securely. In this way it offers a substitute service to the paypals of the world. From this "use value," the regression theorem is perhaps satisfied, is it not? And perhaps many people don't initially see this, because "Bitcoin" is both a money and a software service, and the fact that both components share the same name obscures the service of Bitcoin behind the monetary unit of Bitcoins.
Gold's use value is primarily as a decorative good. Bitcoin's use value is primarily as a transfer service. Bitcoin as a transfer service then allows the open market to value the units for this transfer... and then the price on day 1 is based on the price on day -1, etc etc.
This was why i got into Bitcoin originally. As an alternative to paypal.
The amount of merchants taking bitcoin has increased dramatically since then, although it is still nowhere near the level of paypal.