Friday, 30 June 2017

What Lies Beyond Bitcoin’s Utility?

The search for the thing, element or factor that creates Bitcoin’s worth has been varied, and vague at most. This won’t suffice, as the inevitable adaptation of Bitcoin and cryptocurrency into the entire world’s tertiary sector and host a considerable portion of world trade is something that is in full effect. This is exemplified in western as well as eastern countries; Bitcoin is legal in the United States and China (although regulated, of course), it has been formally incorporated into the economy in West and East Asian countries like India and Japan, which has prompted a lot of people to try and play catch up as they try to attain Bitcoins in order to sell Bitcoins in India (for example), as many companies are striving for supremacy in the Bitcoin exchange market. Namely in India, where so many Bitcoin exchanges attempt to dethrone each other as the best Bitcoin exchange in India and to try and maintain themselves in the rankings of top Bitcoin exchanges in India.

In looking for the source of Bitcoin’s value, the answer to its appeal and utility as a cryptocurrency doesn’t quite meet the standards to satisfy the heart of the inquiry, because for all other types of goods and services, must have a dimension of intrinsic value about them, given that asset’s values help it transcend and go beyond its nature of a medium of exchange.
After all, one of the principal causes for gold has been able to function as a money for thousands of human history, and even in different civilizations that didn’t have any contact with each other, is because it has several uses that bestow it with intrinsic value that will always be worth something.

Sean Lynch, the reliability manager at Google puts forth an explanation. He states how Bitcoin’s supply is inherently and systematically limited, as well as there being no other use for Bitcoin other than being used as currency. He forecasts that people will probably accept Bitcoins as payment for services but might simply abandon that practice in a matter of 1 year, leaving hordes of people with wallets of, effectively worthless, Bitcoin.


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