What is Value?
The word is used in reference to a person’s principles and morals.
It is also defined as usefulness, worth, importance.
In this context, we must consider who finds something to be important and why. The more important it is the more value it has.
Why would anyone find Bitcoin important?
Different people and different societies value different things, usually depending on the surrounding conditions in which they live. Different external environments make different things important.
Let’s define 3 separate and distinct categories of people around the world.
1 – Banked
People who live in developed countries generally fit into the category of “Banked”. They have bank accounts which connect them with the financial world. Bank accounts allow them to buy houses, cars, food, vacations, toys and everything Amazon, Alibaba and Overstock have to offer.
Bank accounts allow people to send and receive money, as long as you don’t accidentally fall into one of their many “Evil” filters which automatically cut you off from your money without notice. It’s the Bank’s judgement call to put you on a blacklist or not. Maybe it’s not really your money after all.
2 – Unbanked and Underbanked
Then there are people who are not in the banking system or who have access to minimal banking facilities.
In fact, a full 2 billion+ of the world’s population are unbanked and another roughly 3 billion+ are underbanked. That’s more than half of the world’s 7 billion+ population.
Bitcoin holds the promise of including everyone throughout the world in a worldwide financial system without oversight. We all need to seriously consider the immense power of this.
The possible worldwide societal ramifications of Bitcoin are beyond what we can presently conceive. The transformation of money and worldwide society in the next 20+ years promises to be the most dramatic blossoming Humanity has ever experienced.
3 – Banked and Ruined
These are people who’s governments have destroyed the country’s currency with bad monetary policy usually leading to hyperinflation. When a currency hyper-inflates, it loses all its value because there is too much of it. (Scarcity, limited supply is a prerequisite for value. There will be a maximum number of Bitcoins which will never increase.)
When a currency becomes valueless, merchants will not accept it in return for goods and services. This includes healthcare, food, shelter and other life necessities. I’m not talking about a massage or getting the lawn mowed. Because their currency no longer holds value, they are unable to buy what is necessary for life.
When people lose access to life or death goods and services (thru no fault of their own), they will find another way to get what they need to stay alive. Bitcoin is the only solution these people have. It is a matter of life and death for them. They will find a way to use Bitcoin to save their lives because the option exists and is viable.
This has already happened in Greece, Cypress, Zimbabwe, Argentina, Brazil, Venezuela, Ukraine and others, in the past few years.
As you can imagine, the definition of Value differs greatly among the people of the different life circumstances above.
Underneath it all, we all (yes, even the Banked) want the same thing. Financial Sovereignty.
We want to be in control of our own money. We want to make our own decisions about our own money without the judgement and control of 3rd party oversight we did not choose, who doesn’t care at all about us as people or our money.
We don’t want to be at the mercy of a few people playing deceitful tricks and blindly experimenting with our money.
We don’t want to be denied access to our money because we gave it to or got it from someone the Banks put on their “not good” list, fully at their discretion, no questions asked.
Economic Inclusion is necessary for Financial Sovereignty. What good is money if you can’t receive it from or send it to anyone?
Money is a classic Network Effect. That means, the more people who use it and the more widely-accepted it becomes, the more value it has.
Bitcoin enables the first worldwide financial network effect. Think Facebook for money. Facebook connects people worldwide. This is a worldwide communication network effect, like the telephone. The more people who adapt the technology, the more valuable it becomes.
Conclusion – Does Bitcoin Have Value? You Decide.
Bitcoin enables every person throughout the world to send and receive value (money) among every other person throughout the world, without any 3rd party oversight or control.
Does Bitcoin have Values? Bitcoin holds the promise of worldwide individual freedom from existing control structures of money. I’d say that’s a high moral standard.