The utility of the blockchain is the value of bitcoin.
The uses are not even beginning to hit mainstream. The blockchain will eventually become the arbitrator of “truth.”
The easiest example is the transfer of local asset titles to the blockchain. A land title search that took days and cost $500 can be confirmed in seconds for no cost. Because of the nature of the system, it provides value.
A dollar had value because it is backed by the government. But the government continually devalues the currency by adding more. Bitcoin’s value is what two parties agree what it is. It is the simplest form of barter known to man.
Do not confuse the bitcoin network with general digital currency or crypto currencies. Those are very different flavors. And as soon as “Central Bank Digital Currencies” are issued, people will realize that Bitcoin does the same stuff—only better and without government intervention.
I urge folks to learn about this and not dismiss it out of hand.
Bitcoins will almost instantly devalue to zero when other digital currencies are designated/accepted as the one(s) to use. Bitcoins vaunted value because they are hard to mine will be worth zero. And that is going to happen. Governments, big banks, brokerages are all working on plans for alternative ones.
Interesting. Need to do some more research on bitcoin.