How do we know that Bitcoin has actual value? and how can we approximate that value ?

[quriousj]

Some smart people are saying that Bitcoin is a perfect scam and that Bitcoin will work as a currency whether its $100 or $20K, meaning that it doesnt really have an exponential value. The fact that there are a limited amount of BTC's creates imputed value, but is it falsely creating value in something that is no more valuable than a $100 bill ? What say you?

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