Bitcoin is a digital currency run by a decentralized network that has a transparent set of rules. It is an alternative for the fiat currencies for online trades and shopping for many today. Bitcoin was invested in 2009, and it has been growing in value compared to fiat currencies ever since. Just like all currencies, the value of bitcoin depends on its relative value. Even though bitcoin does not have any intrinsic value since it is not a physical currency, it represents a value relative to the fiat currencies digitally. Several other factors, like scarcity, divisibility, utility, and transportability, also define bitcoin’s value.
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