1 Bitcoin is equal to almost $300 AUD at the moment, so clearly it was worth something. There are probably only two ways you can regard a cryptocurrency such as bitcoin. The first, is that it is money, a media of exchange. The second is that it is a commodity, that it is not money.
Historically, per the regression theorem, the history of money can always be derived from its use value as a commodity, and in time, as people begin to use it as a media of exchange, an additional value is attached to the commodity, now moneys function as a media of exchange. For example, golds function as jewelery etc, now being used as a media of exchange augmented its value. The same can be said for salt, cigarettes etc.
Most people think Bitcoin defies this rule, as we clearly see it being used as a media of exchange, but don't recognise that it historically had a commodity value outside of its function of money. Thus most people opt to define Bitcoin is a commodity. However, I've seen it satisfactorily argued that Bitcoin, initially was a unique type of payment network, with bitcoins being merely the accounting unit used on the payment network. As people delved into this payment network, testing whether it was safe, secure, etc its value increased slowly, and as a lot of people started using the payment network, they would be using the account units on that network, Bitcoin. Thus Bitcoins value is ultimately derived from the utility of its payment network, and the accounting units have now been used as a media of exchange, augmenting their value.
On to the value of Bitcoin. Whether we define it as money or a commodity is not entirely important. Either way, it is clearly used as a media of exchange, and the value of a media of exchange is derived from the demand for that media, and the supply of that media. Since Bitcoins supply is fixed, its value will only fluctuate in proportion with its demand. It is not inherently worthless, it is, like every other thing in existence, subjectively valuable per the demands of the consumer. So long as people demand it, it will have value, and given the fact that its supply is fixed unlike probably ALL types of money ever (salt, gold, cigarettes, fiat currency are not fixed in quantity), it is likely to gradually increasing in value as people keep increasing the demand.
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