So I was asked this question on Facebook, and wasn't sure how to answer. I was asked if it's the same as the current fiat system, i.e. it has value because the users of it all agree that it has value.. I think that's the correct answer, albeit with slightly more tech.
It has value because remote users that maintain the ledger all agree that it has value based on number of coins mined versus the coin limit? Am I thinking along the right lines here? Is the value derived from scarcity or trust?
Can the Steemit community answer this question?
I looked through Coindesk for an answer and came fairly close, but not really what I was looking for. I can understand the tech of how it's created, how it's maintained etc but not where its actual value originates from.
That's what I'm looking for. Over to you.