Many people are unsure whether to invest in cryptocurrencies like Bitcoin or not. Does the currency really have any inherent value? If we are to believe the statements of the self-proclaimed founder of Bitcoin, Craig Wright, the cryptocurrency has no use.
Here we will take a closer look at the claims and try to make it easier for you to decide whether bitcoin is something you should invest in – or not.
What is meant by utility value?
The term “utility” is often used to describe whether something has a use value or not. For example, if you buy a warm jacket before you go out in the snow, the jacket will probably be of great use to you.
In other words, whether something has utility value will depend a bit on the eye that sees. If you buy a warm jacket while you are in a warm place, the jacket will probably not have as much utility value.
Controversial statements by Wright
In the crypto environment, the Australian computer engineer Craig Wright has received a lot of attention after he claimed that he is Nakamoto. Satoshi Nakamoto is known to many as the anonymous founder of bitcoin.
Whether there is any truth in the allegations is uncertain. Wright promised to prove that he is Nakamoto, but some proof has so far failed. In a rare interview conducted recently, Wright made some surprising statements in which he claims that bitcoin is useless .
He has a huge fortune in bitcoin, equivalent to about 440 billion british kroner, but plans to sell everything. Instead, he wants to come up with a new protocol that will be able to handle several billion transactions per second.
He also believes that bitcoin today is not what he intended the currency to be. It should be digital cash, not a currency associated with criminal acts such as drug trafficking or money laundering.
Does Bitcoin have utility value?
When assessing whether bitcoin has any utility value, it is necessary to take into account whether the buyer of the cryptocurrency will have any general benefit from it. The view on this is divided, and some naturally believe that the currency has no utility value.
Bitcoin, for example, will have little utility value when it comes to buying goods or services in United Kingdom . There are virtually no stores that accept bitcoin as a means of payment, and as such, cryptocurrency can be perceived as “useless”.
On the other hand, bitcoin can have great utility value for those who want to make long-term investments. It will of course be risky to invest in crypto, just as it is risky to invest in commodities or stocks.
However, there are examples of british who have made good money on bitcoin, for example because they bought the currency while it was cheap, and sold it more expensively. For these, the cryptocurrency has probably had great utility value.
Does another cryptocurrency have utility?
Like bitcoin, virtually no cryptocurrency will have particularly great utility value when it comes to purchasing goods and services (at least not in United Kingdom ). It is probably first and foremost relevant to buy crypto for investment purposes for most people.
Before investing in crypto of any kind, it is wise to check the rates . That way, you can make smart investment choices, and perhaps experience great utility value. You can find the courses at crypto exchanges such as eToro and Binance. Good luck!