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The utility is predicated on scarcity. If you're interested in trying to understand how there might be utility in a technology like Bitcoin, which it sounds lik
by ghgdynb1 6y ago
The utility is predicated on scarcity. If you're interested in trying to understand how there might be utility in a technology like Bitcoin, which it sounds like you genuinely are, consider the following.
Imagine two perfect simulations of our universe. In one, people are allowed to use currency to trade things. In the other, people are not. Press play and watch civilizations in the former develop much more quickly than civilizations in the latter.
I haven't gotten to Bitcoin yet, but if you agree then we've established that currency can be useful because when you eliminate the use of currency while holding all else equal, people are worse off. Now, I don't like to think of Bitcoin as a currency, but in much the same way that the technology of currency makes it easier for people to reliably and rapidly transact, the technology of a mathematically defined, elegant, widely deployed store of value can help a civilization. To descend far beyond this into the particulars might require several volumes, but hopefully I've put forth an argument you can extrapolate from as you consider where the "utility" of Bitcoin and projects like it might be found.