Quote:
Originally Posted by AdultKing
I've said this several times but it bears repeating.
1 bitcoin will only ever be worth 1 bitcoin.
Anyone can start a cryptocurrency and many people have, however it's usefulness will only be proven once it is simple for Joe Average to use it and most people on the planet have no idea what it is and have never heard of it, much less how to use it.
Ask 10 randoms on the street if they know what Bitcoin is, I bet you'll average one in ten.
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Well just like every currency in the world, a bitcoin's worth is going to be judged by that of the US dollar. A single bitcoin maybe worth several hundred US dollars but it's worth is not valued on 1 bitcoin being worth 1 bitcoin. It's worth what you can exchange it for in US dollars or even other world currencies.
A bit coin has no value if it can't be used or exchanged for something else, but even if it could be used anywhere, it would still be tied to the value of the US dollar, for as long as the dollar is the almighty.