Some wonder how #bitcoin https://abs.twimg.com/hashflags... draggable="false" alt=""> could have any value at all. It& #39;s a good question, and can& #39;t be answered without thinking about how BTC (bitcoin the asset) relates to its host network and protocol (Bitcoin). 1/4

Networks are valuable. We know this. Just think about Facebook (a social network; to access this you give up privacy and endure censorship) or World of Warcraft (a gaming network; to access this you pay Blizzard).

Bitcoin is a network too -- a monetary network. 2/4

To control some BTC is to have the ability to send a certain kind of message (a "transaction", we call it) on an open global network, one that runs 24/7, is censorship-resistant, jealously guarded by tens of thousands of nodes, and used by some 100 million people. 3/4

The price of BTC reflects what people are willing to give up to enjoy these network privileges. And that is one reason BTC has value. 4/4