A programmer made an announcement on the forum, promising that when bitcoin fell to one cent, he would be able to buy all bitcoins and guarantee that he would. So the value of bitcoin will never fall to zero. In fact, in addition to this programmer, there are several rich businessmen who have made similar voices. If they have the opportunity, they are eager to buy all bitcoin. It seems that there should be no chance for programmers to fulfill their promises, because at a higher price, they have been cut off for a long time.

Over the past decade, people have spent a lot of time discussing whether bitcoin is valuable or not. Although some people still insist that bitcoin is worth zero, the significance of discussing this topic is very small. With no CEO, no spending money and no advertising expenses, bitcoin has become a new species with a market value of more than one trillion US dollars in 12 years. The implementation time of bitcoin is shorter than that of the world's greatest apple, Microsoft and Amazon. We have to say that bitcoin is worthless. It's either self deceiving or high-tech. Smart people, it's better to spend some time to understand bitcoin and see what its value is and why it's popular?

The preferred value of bitcoin is its use value. When it was founded, it was a bold innovation and attempt based on many drawbacks of the current legal currency system, using network blockchain technology and cryptography principles. Many people only notice that bitcoin has played a prominent role in illegal transactions in recent years, such as dark network transactions, money laundering, asset transfer, tax avoidance, evasion of sanctions, etc. The reason is that the existing monetary system does not give it mainstream opportunities, but its performance outside the mainstream shows that it has many unique attributes. With the improvement of mainstream cognition and supervision, the value of bitcoin will gradually be highlighted. The real use value is the decisive factor in the future of bitcoin.

The second largest value of bitcoin is hedging value, which mainly comes from the constancy of its scarcity. Bitcoin was born in 2009 after the subprime mortgage crisis in 2008, which inspired the creators. The economic crisis or the Great Depression of the past few hundred years have something to do with the runaway currency. Therefore, in the rules of bitcoin algorithm, the controllability logic is designed at the bottom. Everyone can get it through fair calculation. 21 million pieces will never change. Bitcoin, as a constant attribute, has a ruler function when it corresponds to legal currency. No matter how out of control legal currency is, it will be marked on the value of bitcoin. This certainty constitutes a hedging value. The recent release of US dollar and the soaring rise of US dollar denominated bitcoin are the real embodiment of this hedging value.

The third value of bitcoin is value at risk. Many people talk about the risks of bitcoin. In fact, a large part of the current value of bitcoin comes from its risks. Criminals buy $10000 drugs from Colombia and bring them to the United States to sell $1 million. 0.1% of the profits are paid, and 99.9% are value at risk, which is the reward for the possibility of going to jail. Bitcoin is just a string of numbers on the network, because it has no subject, no endorsement, no physical object, high volatility and high supervision, so there are many uncertain factors for holding bitcoin. At least in its current value structure, risk factors account for a high proportion. Risk and reward go hand in hand forever. Don't be naive to think that bitcoin is such a high value. In fact, half of the participants' investment is to pay for the risk.

The fourth value of bitcoin is credit value. What most people can't understand is probably this value. Because bitcoin is like a scam, no organization or individual is responsible for it, not even casinos and games. In fact, the essence of the current global legal currency is credit currency, which relies on sovereign credit to endorse. Credit consensus is the basis of legal currency value. But the problem is that when sovereignty is not trustworthy, people have no good way to restrict it. And then there's the value of bitcoin. Because all sovereignty is in the hands of people, people may not be trustworthy, but bitcoin credit comes from the consensus formed by algorithm rules. It is not necessarily perfect, but it is different from sovereign credit. Differentiation gives it a unique value, which is fair, definite and futuristic. This is also an important value of bitcoin's popularity.

The above value of bitcoin belongs to personal cognition, neither authority nor investment advice. Bitcoin is essentially a blockchain application. With the change of technology and times, it may be carried forward or eliminated by better technology. What I share here is just my personal perception of the popularity of bitcoin.

(2021-4-16)