What is intrinsic value? This question comes up a lot with crypto currencies, blockchains, finance, and economics. While people continue to debate it, today I will provide my non-textbook definition by using a simple question. Does it have value to a bird? I call this the bird test and it provides a more accurate definition of what intrinsic value really is.
There are many other types of value and if you look online you'll find a lot of different perspectives. I briefly cover financial value (does it provide cash flows) as this is often confused with intrinsic value. Just because something has value for a human does not mean it has intrinsic value.
Cryptocurrencies and more specifically blockchains are a product and products rely on supply and demand of that product. Products are replaced over time with better versions or better products to meet a specific need.
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