What’s A Bitcoin Worth?

A thing is what a thing does.

Photo by Kanchanara on Unsplash

Any sufficiently advanced technology is indistinguishable from magic. (Arthur C. Clarke’s Third Law)

Imagine a bunch of magic tokens. You can send one token, or a fractional part of a token (but let’s stick with one for now) anywhere you want, quickly and verifiably, and the recipient can sell it for local currency worth what you paid for the…