We don't use gold to buy goods either, but it has a value, because people believe it has. The value of Bitcoin is disputed because not everyone believes in it yet. So it's either a gold in the making or nothing, depending on whether those who believe in it will succeed at convincing the others of its merits.
So yes, while it does have value because people believes it has value. Even if no person wanted gold for its "imagined" value, it would still have value because it's used by many actual companies in actual products (electronics etc). E.g. Every iPhone contains about 0.0012 ounces of gold.
Bitcoin has no value other than imagined by people. I.e. Greater Fool theory.
And bitcoin is more easy to move around than gold, which is a benefit
Industrial applications of gold as imaginary as those applications of Bitcoin are. You can use other metals as conductors, and the whole notion of a specific arrangement of molecules being called “an appliance” or “a jewellery piece” is just human imagination.
Why would I want to do this on Bitcoin specifically? There are thousands of cryptocurrencies that offer this and an entire banking system that specializes in financial transactions.
>You can use other metals as conductors, and the whole notion of a specific arrangement of molecules being called “an appliance” or “a jewellery piece” is just human imagination.
The difference is that it is a form of human imagination shared by most humans. The golden appearance has a certain appeal to it. If humans want it regardless of its value on the financial markets that is a reason to agree that gold is THE store of value instead of silver or Bitcoin being THE store of value. This is a popularity contest and being able to wear and see your gold gives you a massive head start in the popularity contest.
Yes indeed! And you know what they say about too much imagination - VERY dangerous. In light of this, I am making a special one-time offer to you to improve your safety by sending me specific arrangements of molecules you may have that take the form of gold or US "dollars". Act now before it expires!
Actually that is what makes it attractive as a store of value. It's going to last millions of years. Bitcoin is data on HDDs and SSDs and we know that those eventually corrode or simply become obsolete.