Basic principle for Bitcoin value

[Domithra]

John Oliver once made a statement,

like most currencies, the fundamental reason that bitcoin has value is that people agree that it has value

Of course yes, this principle holds. Cryptocurrency in general are subjected to the supply and demand principle. For Bitcoin, due to its limited supply and increased demand on the market, it tends to increase in value each time. Without the acceptance of the people, Bitcoin has no value.

[altcoingamer]

Yeah... I do think its backed up somewhat with the proof of work cost.... but yeah things are worth what people perceive them to be worth and thats that.. Gold you could argue has a use case but its use case value doesn't have anything to do with its traded cost.