Hi! Today from Black Forest. Today we will talk about whether Bitcoin has a value at all. See you in the next part and you will find out!
Does Bitcoin have a value?
To answer this question you need to understand what value is. Objects and things don’t have value in themselves.
Value is something that we humans give to the things / objects. We value things. We give them value and value gives them price.
If we are willing to pay money for somethiing it means something has value. And important thing to understand is that there is no objective value.
Different things have different value to different people and even the same thing can have different value to the same person depending on the situation
Depending on the time. Of course, the famous example is glass of water has different value for you when you are stuffed after a meal
And it has the different value when you are starvingonthe desert. But generally, let’s consider different examples.
Let’s take food. Food generally has a value for everybody.
Everybody needs food and everybody values food. Of course, different food vary for different people.
If you like something, you value it higher. If you don’t like something, you don’t value that that much.
But certainly if you didn’t have any other choice you would need that type of food as well – if you were forced to, if you had no other choice
And you would even pay for that food if you had no other choice to feed yourself.
So, food generally has value to everybody. Then there are things that have usage value. Tools or something that you can use and that have value for you
Because you can use them, like a car has a value also because you can drive somewhere to get somewhere.
So, these objects and things have value by the usage they offer to you, by the function they offer to you
But the value of objects doesn’t need to be of that type, of a usage type or of a consumption type that you can eat it up
Of course, a shelter, a clothing has a value because you can use it to satisfy your existential needs.
But there are other needs that can be satisfied and they don’t need to be of a phisical nature, of let’s say life-and-death nature.
If you take for example art. Art can have no value for somebody, if he doesn’t appreciate art. It can be a worthless piece of paper.
And for other people it can have a value of millions of dolars and they are able and willing to pay millions of dollars for that piece of art.
So, it is very subjective. Or take your personal pictures. They have completely different value for you and for other people.
And this isn’t just a symbolic value. You’e really willing to pay for that. Imagine a situation where you have all your personal pictures from all your life
On your computer or pendrive. Let’s say pendrive, because pendrives don’t cost money.
Let’s say you have all your pictures of your life on your pendrive that cost, let’s say, 10 dollars.
Let’s say this pendrive gets broken. How much are you willing to pay to somebody who can repair that pendrive to bring you back all pictures that you have
You don’t have any backup. I am sure you are willing to pay more than 10 dollars. Some people may be willing to pay 100 dollars, some people 1000 dollars
Some people may be even willing to pay 10,000 or even hundreds of thousands of dollars to get these memories of their life back.
To get these pictures back. So, these pictures have completely different value to you compared to somebody who doesn’t know you
This person wouldn’t pay anything to get these pictures or to restore this pendrive.
And now coming back to Bitcoin. This is similar thing. Bitcoin apparently has value, because people are willing to pay money for that.
Of course, it has some functional value as a transit of money, international remittence, whatever.
There may be some functions of Bitcoin that are valuable to some people and aren’t to other people.
If there is a person who just deals or trades with people aruond him in his small community, in his own country
Does he really need Bitcoin? I doubt it. But for some other people it has some value and apparently it has enough value for people to pay thousands of dollars
For 1 Bitcoin.
So, this answers the question if Bitcoin has a value. If it didn’t have a value, nobody would be paying for that.
And there is nothing like an intrinsic value in anything. And now I read in comments and email that some people say that gold has much more value than Bitcoin
Because Gold has so many usages in industry, economy and in different areas of life, in electronics…
So there are hundreds of usages of gold and that’s why gold has more value than Bitcoin.
But the number of usages doesn’t really impact the value or especially the price of a good.
If you take this argument, you could argue that for example iron, steel, aluminum or copper have much more usages than gold in industry.
Look around you and you see everywhere there is iron, steel, aluminum. There are thousands of usage scenarios where these metals are used.
But nevertheless gold has higher price than these metals. So, you see that the number of usages doesn’t impact the value of a special good, product, object
At least it doesn’t impact it immedietaly.
So, I hope you liked this video. If yes, give ma thumb up. If not, of course, thumb down.
Don’t forget to subscribe. I invite you to comment . What do you think about value, about Bitcoin’s value? What are your thoughts?
What is your experience? What is your perspective?
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I talk here a lot about money, about cryptocurrencies, about economy, business and doing great, impossible things in life and business.
I talk here about the most successful entrepreneurs of our times. About the self-made billionaires. How they think and act.
So, if you liked this video, you will certainly like my other videos. I invite you to watch them.
I wish you a fantastic day today from Black Forest. Let’s do something extraordinary today!