Does Bitcoin has any intrinsic value?

[Duzter]

If you think bitcoin haven't got intrinsic value right now then you've to know more about it. If you consider anything the intrinsic value is got through their progressive growth other than few metals such as gold, diamond and so on, which is valued based on their rare availability. With bitcoin initially it might have not had intrinsic value, now everything has changed.

[cafucafucafu]

Business Insider CEO Henry Blodget said Bitcoin has no intrinsic value. 
https://www.youtube.com/watch?v=RxycmMo8Z2o

If Bitcoin has any intrinsic values, then what are they?  The author of the video did bring up 10 "intrinsic values".  It is very hard to determine if they are intrinsic values or just characteristics.

What do you think of all of these?

If he thinks that bitcoin has no intrinsic value then I don't think anything has intrinsic value honestly.

Nothing currency has intrinsic value, it's that simple. Only usable things like food has intrinsic value. Currencies are simply a medium of exchange, in which people conduct their business in. Rather than talking about intrinsic value i think it is much more appropriate to talk about how decentralized something is, and how much trust people have in the currency.

For example, gold, an established form of money over the centuries, has decentralized production, much like bitcoin. It is not useful other than being a good electric conductor, but then there are much better conductors. What makes gold valuable is its rarity, much like bitcoin again, and people's trust in it, like bitcoin as well. So i think it's fair to say that just like gold, in the long run bitcoin is going to be a great hedge against inflation and financial collapses, whether or not it has intrinsic value or not.

[Iranus]

To be honest, it doesn't have much intrinsic value, because the open-source code can be copied and someone else creates a new cryptocurrency which is exactly the same.  The "limited supply" is only limited for this one thing, and there can be an unlimited number of other cryptocurrencies which also have that same "limited supply".

Admittedly, Bitcoin does have a huge brand and originality, but a better marketed coin would still have an effect (and ETH has, even though it's not much good).  What gives Bitcoin value is public support and faith.

But fiat currencies have absolutely no intrinsic value at all.  They lose value every year because they are not backed by even public support, and they're based on debt anyway.

So if you want an easy way to move money which has some kind of intrinsic value, Bitcoin is far better than any other monetary system that I can currently think of.

[megynacuna]

If you think bitcoin haven't got intrinsic value right now then you've to know more about it. If you consider anything the intrinsic value is got through their progressive growth other than few metals such as gold, diamond and so on, which is valued based on their rare availability. With bitcoin initially it might have not had intrinsic value, now everything has changed.

I couldn't agree with you the more, Bitcoin has everything thing that constitute intrinsic value(tangible and intangible factors) and so those that only want to speak down Bitcoin should change and make constructive criticisms.

[seattletu]

It has intrinsic value in future should be bitcoin value increases,so it is easy to save the money and transfer to the money and also secure to the money.

[stevebc]

If he thinks that bitcoin has no intrinsic value then I don't think anything has intrinsic value honestly.

Nothing currency has intrinsic value, it's that simple. Only usable things like food has intrinsic value. Currencies are simply a medium of exchange, in which people conduct their business in. Rather than talking about intrinsic value i think it is much more appropriate to talk about how decentralized something is, and how much trust people have in the currency.

For example, gold, an established form of money over the centuries, has decentralized production, much like bitcoin. It is not useful other than being a good electric conductor, but then there are much better conductors. What makes gold valuable is its rarity, much like bitcoin again, and people's trust in it, like bitcoin as well. So i think it's fair to say that just like gold, in the long run bitcoin is going to be a great hedge against inflation and financial collapses, whether or not it has intrinsic value or not.

I agree.

If I can eat something, drink something, or breathe something - it has intrinsic value.

All currencies - whether it be BTC, USD or gold - only have value because the user base believes it has value.

[hatshepsut93]

Business Insider CEO Henry Blodget said Bitcoin has no intrinsic value. 
https://www.youtube.com/watch?v=RxycmMo8Z2o

If Bitcoin has any intrinsic values, then what are they?  The author of the video did bring up 10 "intrinsic values".  It is very hard to determine if they are intrinsic values or just characteristics.

What do you think of all of these?

The phrase "intristic value" can be very speculative, as economic value is always a psychological phenomenon, value is not a physical property like mass or temperature. So it shouldn't matter much whether something has or has not "intristic value". And as for Bitcoin, the network itself is valuable for many people, because it allows to immutably send tokens (Bitcoins) globally, and Bitcoins are the only representation of this value.

[ActiveP]

Intrinsic value = characteristics. Bitcoin has more than a few. For example, it is an efficient way of transferring money over the internet, It is controlled by a decentralized network and so on.

Anybody saying it does not have any intrinsic value, should be ask what intrinsic value cash has. Henry Blodget is talking bollocks.

[Yuuto]

Intrinsic value? No currency naturally has value, but the value is how much trust people has in it and how well it can perform its function in society.

The key intrinsic value of bitcoin is that 1. it is decentralized and 2. there will only be so many coins that exist. A bit like gold, and silver. People have trust in currencies that they know won't be manipulated by governments to their benefit, and that's where bticoin derives its intrinsic value from.

I bet these people think that fiat currency has some sort of intrinsic value but bitcoin doesn't. It's the complete opposite. Governments can issue as many pieces of paper currency as they so wish, unlike bitcoin.

[jaysabi]

Intrinsic value isn't only things people "need" but things where the value comes innately from the object. You can think of intrinsic value as a synonym for "utility."  Does something have value because it is useful, or is its value arbitrary? For example, silver is used in far more industrial applications than a metal like gold. Silver has more intrinsic value because it is useful for things people need to do, whereas gold's value is more arbitrary. It's just valuable because everyone agrees it is. (This is not a perfect example since gold has some industrial or medical uses, but overall it is a generally good illustration of intrinsic vs. arbitrary value.)

Then does air have any intrinsic?  We need it to survive.

And just thought of this - if 1 satoshi = 1 penny, tten 1 BTC = $1M.

Yes, air's value is intrinsic since it comes from its utility. It's also virtually worthless because it's freely available and common. If that wasn't the case, air would have a market value, and that value would derive from it's intrinsic value (utility). In fact, we do have a market for air for those in need. People who are on an oxygen tank have to pay for the air in that tank. As you pointed out, those people need it to survive and can't breathe it naturally from the atmosphere, so the value of the air in that tank comes from its utility by the people who need it to survive.

[jaysabi]

Intrinsic value = characteristics. Bitcoin has more than a few. For example, it is an efficient way of transferring money over the internet, It is controlled by a decentralized network and so on.

Anybody saying it does not have any intrinsic value, should be ask what intrinsic value cash has. Henry Blodget is talking bollocks.

I don't know what you mean by "characteristics." Everything has characteristics, that doesn't mean everything has intrinsic value. As for the second point, bitcoin doesn't have intrinsic value, and neither does cash. If the government didn't establish the dollar as official currency, dollars would not have any value by themselves. That's why they aren't intrinsically valuable; their value is assigned to them.

[Ahmat faisol]

For me bitcoin has an intrinsic value because the sale price is definitely profitable for every user.
If anyone thinks bicoin has no interinsic value then why does one choose an investment against bicoin.?

[jaysabi]

For me bitcoin has an intrinsic value because the sale price is definitely profitable for every user.
If anyone thinks bicoin has no interinsic value then why does one choose an investment against bicoin.?

Bitcoin is definitely not profitable for every buyer, and that notion is ridiculous. Anyone buying something and thinking there's no risk in it and only guaranteed profit is likely an investing simpleton, and large groups of people thinking such things is sign of a bubble. Tread lightly.