04 Feb '13, 7am

Direct use value of Bitcoin

When talking about money, people usually say something like “money has no or very little direct use value and is only useful as a medium of exchange”. For instance, you value your silver spoon for its immediate use during the dinner, but the dollar bills do not have any value in themselves — they are useful only when there are other people around who are willing to trade some of their stuff for them. Bitcoin is generally perceived by people as a currency which makes them think that the same arguments about its value apply. That is, in itself Bitcoin is some digital noise which can only have value as a monetary instrument. But that’s not the case at all. Bitcoin network has very interesting properties that allow you to use it not only as a currency. For example, the block chain (distributed transaction history) is designed to be extremely hard to forge and very easy to veri...

Full article: http://blog.oleganza.com/post/42262765318/direct-use-valu...

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