Bitcoin and other cryptocurrencies

While I understand that the real value of an equity might be very different to market valuation at any point in time, I could never quite understand how people valued Bitcoin and other Cryptocurrencies which have no underlying value at all.
There has been a lot of comment about the blockchain and I can see how this can be of commercial use. However, a blockchain currency – say a token worth one US dollar – would need to be underwritten by a central bank, or group of central banks. In this way risk could be removed from commercial deposits which are largely uninsured at present. This risk free token money would be used to trade – say if an airport wanted to order more jet fuel – or if a government needed to order more pharmaceutical products.
All the costs associated with trading could also be paid for with token money, and defined user groups e.g. oil, Pharma would be able to hold their cash in this way. To compensate the central banks for overseeing the scheme, and to ensure that companies were not just holding cash there, a negative interest rate could be applied on a progressive scale.

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