Bitcoin

Bitcoin (BTC) exhibits the Value Transfer OoV as it serves as the primary medium of exchange for purchasing blockspace (transaction processing) within the Bitcoin network. The token is uniquely required to pay transaction fees, which are collected by miners as incentives for validating transactions and securing the network. This aligns with the VT OoV definition, as BTC is the sole payment medium for this service within its ecosystem. Notably, BTC is not a wrapper token and its utility extends beyond mere representation (e.g., it cannot be redeemed 1:1 for any off-chain asset).

BTC also demonstrates VT OoV as a peer-to-peer payment medium for goods/services outside the protocol layer. Evidence from bitcoin.org highlights its adoption for merchant payments, remittances, and donations. The token's design as "electronic cash" (per Nakamoto's whitepaper) and its mathematical scarcity (21M cap) reinforce this exchange-medium property. Crucially, these transactions occur without mandatory conversion to other assets, distinguishing BTC from pure representation tokens.