Why we say the creation of Bitcoin is an Internet of value?

[RainbowKun]

Apart from trust, value is another crucial word in Bitcoin. We often say that Bitcoin has created an Internet of value. Why? Before discussion, let's look at a fable.

What is value?

Two exactly same bamboos, one made into a flute and the other, a clothes airing pole.

The latter is not satisfied and says, " Why I’m weather-beaten yet cheap, but you are in clover and expensive. It's unfair".

The flute answers, "Because you were stabbed for only once, I experienced thousands of times".

Any inspiration? Value, a very simple word but vital in the evolutionary history of human civilization. It is closely linked to everyone, like air. We can't see it, but we feel it every moment. Take investment for example, the emergence of Bitcoin emphasized the significance of value in investment because the network built by Bitcoin is an Internet of value. Bitcoin is leading the migration of mankind from the Internet of information to the Internet of value. That is getting recognized by more and more Bitcoin believers.


So what is value? It has many definitions. I’m gonna put the philosophical principles aside, to think about value in economics.

In some economic knowledge, value is regarded as undifferentiated or abstract human labor condensed in commodities

That is, the amount of labor in the construction of this commodity, which is presented in the form of value. In that fable, the value in two same bamboos varies based on how much work is done.


Undifferentiated human labor or abstract human labor condensed in commodities is one of the basic elements in commodities. Commodities with different values can be exchanged with a certain ratio. For instance, a sheep can exchange 20 feet of cloth since between them, something common and comparable exists, namely, undifferentiated human labor in commodity production.


The undifferentiated and abstract human labor is condensed in the commodity, so value is formed. We can see that the value of the commodity has this characteristic: function in use endows a commodity with value. Use value is the bearer of the existence of value. Value is invisible and intangible, which can only be manifested in commodity exchange.


Value reminds us of price. The value of a commodity and its price are related but different. The difference is, value is the basis of price, and price is the manifestation of value. The connection is, value determines price, and price fluctuates around value. The price of a commodity is the currency expression of the commodity. Due to the law of value and other factors, from the perspective of a specific exchange, the price of a commodity and its value are often renegade. But in general, commodity price still conforms with its value.


Value can be seen sorely in the exchange of commodities. It embodies the social relationship in which commodity producers exchange labor with each other. Essentially, it's a kind of relation of production.

So what's the connection between value and Bitcoin? Bitcoin, in nature, is the product of value. When we trade Bitcoin on the Internet, we are actually trading and transferring value. As is mentioned before, Bitcoin has material property, which is in fact a kind of manifestation of value. Bitcoin network built a value transmission network where value is exchanged and transferred in the form of Bitcoin.


To understand what is Internet of value, we must first know its definition. The Internet we are currently using is substantially the Internet of information where information flows. I send you a video and you receive a copy of this video, which is still on my computer. Information can be copied and transferred with no limitation if condition permits. We can transmit information through the network, but we cannot directly transfer money. Only by a centralized intermediary agency, money can be transferred because our accounts are recorded by the bank.


In the real world, we can deliver valuable items. If I give you an apple, then I'll lose it. This is governed by physical rules. Any object in the material world is unique and cannot be copied. Bitcoin realized some of the characteristics of the physical world, it fulfilled the transfer of material, which is essentially value.


In the global Internet ledger of Bitcoin, Satoshi Nakamoto created something similar to cash. In the physical world, I give you $100 in cash, then it's gone for me. In the Bitcoin network, if I transfer a Bitcoin to you, then it's gone for my account. At this moment, the value of this Bitcoin matters not. It might be 1/5000 pizza or $40,000. Through the Bitcoin protocol and its network, we are in the digital world, transferring value like cash between people, without the need of any intermediary for endorsement.


The existing Internet protocol can only transmit information which can be copied infinitely, while the Bitcoin network can transmit value, which is tamper-proof and cannot be copied. Bitcoin has created a new value network. We are coining a new encrypted world in accordance with the ideas of Bitcoin, which is inherently capable of delivering trust and value, resetting the value system and rules and order. Bitcoin is leading the migration of mankind from the Internet of information to the Internet of value.

That’s my point. What do you think?

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[ilovealtcoins]

I think the internet has previously been a great tool for businesses to reach their data and manage it. The problem of placing data on the internet is that it is not safe, secure and difficult to control systematically. Blockchain has helped people really take the internet to the next level. Currently, many large and small companies are bolder in applying blockchain to their corporate governance. The result is security, lower management costs, and more accurate information through Oracles.
The security and immutability of the blockchain attracted users to crypto. People can keep their money on the internet safely and the transaction speed is faster than the traditional banking system.
I call the birth of blockchain and crypto the financial evolution, people call it FINTECH. That is the new and inevitable direction of human development.

[Aliceooo78]

From the Internet of Information to the Internet of Value, Bitcoin is a powerful promoter.

Blockchain is known as the core key technology driving the Internet revolution. It has two characteristics that cannot be ignored: First, decentralization. When people do not know each other, point and point, end and end, blockchain technology can build trust, save costs, and improve efficiency. The second is that the blockchain will not be forged, and the information is highly transparent.

After Bitcoin completed a great attempt, the technology was defined as a blockchain.

Bitcoin relies on the Internet to perfectly carry out value transmission instead of pure information transmission. We can call this process a P2P contract. This kind of contract is based on unconditional trust, so it can be endorsed by the trust of a third party (sovereign currency).

Bitcoin will bring us into the era of value Internet. In the era of value Internet, the exchange cost of value is lower and the flow is more convenient. It will greatly change the existing business model and the lifestyle of each of us. This is a great change.

[John Jefferson]

I don't think that the creation of Bitcoin is the Internet of Value.

Bitcoin is the first currency to connect the value of the currency system with cryptography. If you use the same algorithm to invent another currency, if you can persuade the same number of people to use it, that's right, the value is indeed equivalent.

In extreme terms, any kind of cryptocurrency is worthless at the beginning. In the future, their value may surpass all currency systems, as long as there are enough users.

[James Watson]

Bitcoin opens up a different dimension of value. Just like ships unlocking water navigation and airplanes unlocking air voyages, Bitcoin unlocks a new alternative layer, storing and moving value as the first local digital asset. All the attributes of Bitcoin come from the ability to exist completely in that digital world. It cannot be attacked in physical space like physical assets.

Over time, the impact of this will only become apparent, but we can already speculate that Bitcoin may be very useful for:

1. Anyone who lives in a place where local property rights are weak.
2. Anyone who is discriminated against by the current financial system.
3. Anyone who lives in a place where the local currency is weak and the risk of inflation is high.
4. Anyone who wants to store or move meaningful value (the highest value requires the highest security)

Using Bitcoin gives these people the ability to collaborate more effectively, increase their productivity, and thus achieve their prosperity. It allows them to save money for the future, build capital that can be invested in more productive companies, and allow them to participate in global trade in other countries around the world.

[Ebede]

I can say everything about cryptocurrency originated from internet and bitcoin can't work without internet, the technology of this period is giving a blessing hand to us, now bitcoin has turn to the order of the day because of it's gravity for values, and fast awareness of online advert I'm sure no place like country is not aware that digital currency exist.

[DapanasFruit]

Many people believe that Bitcoin is the money of the internet and I subscribed to this adage as this can be true and into the future. Value to me is what a critical number of people attached to something, that is when we talk of a community and in this case the people who believe and support Bitcoin wherever they might be so the more people who are getting onboard with Bitcoin we presume that the more its value to rise hence massive adoption can be so important and this is where the governments can be coming in which is to disrupt the disruptor. The perception of value can also be subjected to individual convictions but what is paramount is that of the community. In the end, no matter how valuable we perceive an asset to be if the community decides that it is not so anymore then there is nothing we individuals can do. So far, Bitcoin is doing well on this department. By the way, I am always mesmerized reading your posts here in the forum, thanks for that experience.

[RainbowKun]

Many people believe that Bitcoin is the money of the internet and I subscribed to this adage as this can be true and into the future. Value to me is what a critical number of people attached to something, that is when we talk of a community and in this case the people who believe and support Bitcoin wherever they might be so the more people who are getting onboard with Bitcoin we presume that the more its value to rise hence massive adoption can be so important and this is where the governments can be coming in which is to disrupt the disruptor. The perception of value can also be subjected to individual convictions but what is paramount is that of the community. In the end, no matter how valuable we perceive an asset to be if the community decides that it is not so anymore then there is nothing we individuals can do. So far, Bitcoin is doing well on this department. By the way, I am always mesmerized reading your posts here in the forum, thanks for that experience.

Yes, value is largely the belief of the community. The stronger the belief of community members, the higher the degree of recognition of it, and the greater its value. Hi, DapanasFruit, thank you very much for your recognition of my articles. I am also very happy to have friends who really like them. I recorded my thought process and shared it with more friends. Hope that through mutual sharing, we can all improve.

[RainbowKun]

the emergence of bitcoin can be said because there is internet help, bitcoin is getting more popular the internet is getting more advanced, they live side by side, maybe they can't be separated, maybe if there was no internet bitcoin would never have existed, now bitcoin is very popular and bitcoin has so the currency in digital is already held by many people..

It can be said that the current Internet is the Internet of Information, and the network constructed by Bitcoin can be called the Internet of Value. It allows value to flow freely, divide, trade and circulate in the network. This is a brand new era and the future of human civilization.

[lovemycar]

Bitcoin's value transmission is based on the comparison of Internet information transmission technology. 

Value Internet is a reliable network that realizes the collaborative interconnection of various industries, realizes the interconnection of people and everything, and realizes the efficient and intelligent circulation of labor value.

It relies on the traditional People may rely on the impartiality, adjustment, and arbitration functions of the center, and hand it over to a trusted machine for automatic execution in accordance with an agreement recognized by everyone.

In fact, the above content is given to the development of blockchain technology. Bitcoin assumes the function of currency, and it does not require a third party to participate. Bitcoin solves the problem of information asymmetry and perfectly realizes the establishment of a trust mechanism.

[cotton ball]

Actually there is no reason for the state not to recognize the existence of bitcoin, if a country does not recognize the existence of bitcoin, they are the same as not wanting to acknowledge the existence of the internet, because the internet and bitcoin cannot be separated at all, bitcoin will never be able to develop without it. the help of the internet, I don't think the internet will develop if there is no bitcoin, which helps him..

[slaman29]

Actually there is no reason for the state not to recognize the existence of bitcoin, if a country does not recognize the existence of bitcoin, they are the same as not wanting to acknowledge the existence of the internet, because the internet and bitcoin cannot be separated at all, bitcoin will never be able to develop without it. the help of the internet, I don't think the internet will develop if there is no bitcoin, which helps him..

Then you definitely don't understand what Bitcoin does simply by existing. Everyone born today has to accept that the state they are born to is what determines their value, the value they produce, own and send. Bitcoin for the first time allowed anyone to use a system that was free from the state and yet also free from the determination of other entities (which makes it very different from altcoins whose value is also determined by the creators of their networks).

That's a very good reason for states to not recognize Bitcoin.

[RainbowKun]

Actually there is no reason for the state not to recognize the existence of bitcoin, if a country does not recognize the existence of bitcoin, they are the same as not wanting to acknowledge the existence of the internet, because the internet and bitcoin cannot be separated at all, bitcoin will never be able to develop without it. the help of the internet, I don't think the internet will develop if there is no bitcoin, which helps him..

Then you definitely don't understand what Bitcoin does simply by existing. Everyone born today has to accept that the state they are born to is what determines their value, the value they produce, own and send. Bitcoin for the first time allowed anyone to use a system that was free from the state and yet also free from the determination of other entities (which makes it very different from altcoins whose value is also determined by the creators of their networks).

That's a very good reason for states to not recognize Bitcoin.

Regardless of whether the country or government actively recognizes Bitcoin, Bitcoin will still exist there. Bitcoin relied on technology to create the Internet of Value. In my opinion, this is a leap in the level of human civilization. Because Bitcoin is the currency of the people. More and more people will awaken because of the Bitcoin consensus and begin to embrace the new era. When a person breathes fresh air, he will never return to that turbid society. I believe that Bitcoin will lead us into a new era.

[cotton ball]

why the creation of bitcoin is a valuable internet,,,?? the answer is simple, because the presence of bitcoin has a very positive impact on the internet, because many people who hold bitcoins must use the internet, to make transactions, bitcoin most likely will not work without the internet, and bitcoin can not do anything without the help of the internet.

[adzino]

It's the first time I have heard of the term Internet of Value. Did a little reading about it and got to know what it is. Bitcoin can be said that it's an internet of value, but there are some points that seem very contradicting. Things that are internet of value has properties like being able to transfer almost instantly, securely and at low cost. But we seem to be missing all those properties when the bitcoin network is under heavy usage. We see slow confirmation time and absurd fees. So is Bitcoin really an internet of value?

[MIner1448]

The value is contaminated into material value and intangible, if we are talking about bitcoin, then it is intangible but carries a huge material value, but on the other hand it is not backed up by anything in fact, for example, in gold, for example, I would attribute a more tangible value, or tangible than bitcoin ...

[franky1]

commodities are raw materials mined/grown and processed to create new products.
bitcoin is NOT a commodity and should not be compared.

value and values are 2 different things too.
values are the features and benefits
value is the economic measure


bitcoin value. (economic measure) is currently like

54% cost of mining it at its cheapest location in the world
21% regional adaptive cost/support
   25% speculation/emotion/hype

lets call its VALUE is 75% of price.

as for values
the ease of access and transport and transactability compared to physical assets like gold is a good benefit
the ease of security(private key) is better than a bank safe deposit box
and so many more.

as for 'internet of value'
well back in say 2010-2012 when bitcoin was the sole crypto of any significance. yes it was deemed as the internet of value.

but now there are so many others that its not THE internet of value. but A internet of value now.
many places over the internet are using other networks to move their value.
i personally dislike all the altcoins. altnets and subchains and sidechains and altnets pretending to be bitcoin or pretending to be better then bitcoin.
but the world is, as the world is.. a place where many things have to co-exist. and bitcoin has to compete

[franky1]

The value is contaminated into material value and intangible, if we are talking about bitcoin, then it is intangible but carries a huge material value, but on the other hand it is not backed up by anything in fact, for example, in gold, for example, I would attribute a more tangible value, or tangible than bitcoin ...

a banana never asks for money.
a banana has no value or cost.. what does..
the people farming the banana..

people farm the banana because other people want the banana. its nutritious

bitcoins values(features and benefits) come from its ease of transactability and cheaper to use than gold

bitcoin value(economic) comes from initially the cost of acquiring it. (mining) and then when people buy it from miners. the acquired cost from those buyers who wont sell for less than their cost

same with banana's
a banana costs nothing. but the labour and the effort of the farmers. and then once bought from the farm the labour and effort for the distributors/wholesalers.

everything in life is initially free. its the human cost of getting involved that then puts a value on it.

for bitcoin to have a value. it needs to have values(features and benefits(a utility/need))
if bitcoin became useless to people. then the desires and values will drop. which will impact the value

if no one wants it. then no one will mine it or keep it. it needs to solve a purpose.
so all this talk about offramping utility away from bitcoin into other networks is taking that utility away. making people not want/need to care about onchain transactions thus no need/desire to want to monitor the network. meaning less need to secure the network. and so on and so one

[jinneas]

Bitcoin's underlying blockchain technology uses a decentralized consensus mechanism to build a credible free transaction network that is open and transparent and does not rely on any third party. Bitcoin network technology promotes the creation and transaction of social value, and transforms the Internet from the Internet of Information to the Internet of Value.
Blockchain technology can solve is value transfer, making transactions independent of trusted third parties, and value can circulate safely and quickly like information. Its open and transparent characteristics not only make the transaction process convenient for supervision, but also prevent the occurrence of repeated transactions. While this improves safety, it also greatly improves efficiency. The Internet as an information highway, will become a value highway with the help of blockchain.

[perryxi2]

Over the centuries mankind has developed very quickly, as far as I know, from 1974 the internet started to appear. At that time the network was still called ARPANET. In 1983, the TCP/IP protocol officially became the standard of the US military and all computers connected to ARPANET had to use this new standard. From a worthless internet, people have become valuable and these are the new turning points of human development. Just like we want to grow, we have to accept the new and BTC as the product. on the development of internet technology.
Bitcoin has a lot of useful things for humans like .

1. everyone has the right to financial freedom no one has the right to control
2. who is discriminated against by the current financial system.
3. who lives in a place that wants to transact quickly with another country.
4. who wants long-term and safe storage with high security.