Crypto-Currencies and Crypto-Assets: An Introduction.

In the fourteen years since official launch of Bitcoin (BTC) at the start of 2009 based on the concepts in Satoshi Nakamoto's whitepaper (Nakamoto ([18])), the number blockchain-based digital tokens has grown to over 22,000. If Bitcoin's value is derived from its value as a unique payment token, the introduction of these 17 competitors should have an impact on Bitcoin's price. This implies that even if some of Bitcoin's price is attributable to its use a payment token, other reasons for positive prices must also contribute (which can include speculation). Valuation No examination of the cryptoasset ecosystem is without a discussion of any fundamental value such assets may (or may not) contain. [Extracted from the article]