There is no "intrinsic value", but the subjective value of Bitcoin is that could be a better money than any money that has existed so far.
Strictly speaking "intrinsic value" does not exist, there is only subjective value placed on things based on their properties and usefulness to humans.
Gold only has "intrinsic value" because we value that we can use it to build machines or shiny jewellery. But that is only valuable because we value machines and shiny things. Even air is only valuable to us because we require it to survive, but anaerobic lifeforms don't care. So the value is not intrinsic, but only subjectively "intrinsic" because most people value staying alive.
So the subjective value of Bitcoin is based on its its properties. Humans happen to use money, and the properties of Bitcoin could theoretically make it "better" money than any money that has existed so far.
Anything can be money, but is judged on how "good" a money it is depending on several criteria such as:
1.) Scarcity: Only a select group can create money.
2.) Durability: Should be resistant to aging and natural elements.
3.) Divisibility: Can be divided into smaller sub-units.
4.) Transportability: Easy to transport and transact in.
5.) Recognizability: Should be difficult to counterfeit.
6.) Fungibility: Any $1 bill is equal to any other $1 bill.
Bitcoin could theoretically be better in every category.
However, it is still suffering from lots of problems.
Currently "portability" is often suffering due to network congestion and high fees, which also impacts "divisibility" as it becomes impractical to move small amounts.
However, there's still a good chance that either Bitcoin Core or Bitcoin Cash or any other of the current cryptocurrencies will find a way to scale and retain good portability and divisibility.
tl;dr Bitcoin has no "intrinsic value", nothing does, but the subjective value is that it could be better money than any other.
Strictly speaking "intrinsic value" does not exist, there is only subjective value placed on things based on their properties and usefulness to humans.
Gold only has "intrinsic value" because we value that we can use it to build machines or shiny jewellery. But that is only valuable because we value machines and shiny things. Even air is only valuable to us because we require it to survive, but anaerobic lifeforms don't care. So the value is not intrinsic, but only subjectively "intrinsic" because most people value staying alive.
So the subjective value of Bitcoin is based on its its properties. Humans happen to use money, and the properties of Bitcoin could theoretically make it "better" money than any money that has existed so far.
Anything can be money, but is judged on how "good" a money it is depending on several criteria such as:
1.) Scarcity: Only a select group can create money.
2.) Durability: Should be resistant to aging and natural elements.
3.) Divisibility: Can be divided into smaller sub-units.
4.) Transportability: Easy to transport and transact in.
5.) Recognizability: Should be difficult to counterfeit.
6.) Fungibility: Any $1 bill is equal to any other $1 bill.
Bitcoin could theoretically be better in every category.
However, it is still suffering from lots of problems.
Currently "portability" is often suffering due to network congestion and high fees, which also impacts "divisibility" as it becomes impractical to move small amounts.
However, there's still a good chance that either Bitcoin Core or Bitcoin Cash or any other of the current cryptocurrencies will find a way to scale and retain good portability and divisibility.
tl;dr Bitcoin has no "intrinsic value", nothing does, but the subjective value is that it could be better money than any other.