Bitcoin has value because it is useful as a form of money. Bitcoin has the mathematical properties of money (durability, portability, fungibility, scarcity, divisibility, and recognizability) rather than relying on physical properties (like gold and silver) or trust in a central authority (like fiat currencies). In short, Bitcoin is backed by mathematics. With these properties, all that is needed for a form of money to have value is trust and usage. For Bitcoin, this is reflected in its growing base of users, merchants, and startups. Like all currencies, Bitcoin's value comes directly from, and only from, people willing to accept it as a form of payment.
