There have been some awesome posts lately on the real value of Bitcoin (big B: the protocol) and it’s clear that bitcon (little b: the currency) is merely a use case perhaps best described as the killer app that proved the value of the protocol
I won’t go further but will leave it to 2 of my favourite VC bloggers to explain.
Please read the articles. The quotes below are just a small sample of what is discussed in them and TBH miss most of the value.
Fred Wilson: Bitcoin – Getting Past Store Of Value and Currency (make sure you read the comments!)
As one can see from the current Bitcoin ecosystem map (http://bit.ly/1krEd0Z) that there are almost no start-ups, which solely use the protocol without using the ‘coin’ or the ‘currency’ as a function. 2014 will be the first year to see some of these. (Source: Lightspeed India as quoted by Fred Wilson)
Marc Andreesen: Why Bitcoin Matters
Bitcoin is an Internet-wide distributed ledger. You buy into the ledger by purchasing one of a fixed number of slots, either with cash or by selling a product and service for Bitcoin.