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<p>[QUOTE=&quot;johnmilton, post: 26188393, member: 101855&quot;]Money derives its value from the fact that other people and perhaps the legal system accept it as payment for goods and services. So long as others view it as a store of wealth, Bitcoin will have value. I don’t know if the U.S. or any other courts have recognized Bitcoin as legal tender in an isolated case. If they have, that’s a boost for it.</p><p><br /></p><p>As for high value, that’s because more people have recognized Bitcoin as money while the supply of Bitcoins has remained the same. That was one of the attractions. The Bitcoin money supply remains the same, which prevents increasing it which would cause it to lose value. The physical Bitcoins sell for high prices because they represent the Bitcoin currency.</p><p><br /></p><p>If people lose faith in Bitcoin, its value will fall. If they start to think that it is a Ponzi scheme, its value could go to zero. That can happen to any currency, including the U.S. dollar.[/QUOTE]</p><p><br /></p>

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