It sure has more value than any paper currency, and people think that's very valuable.
So yes, Bitcoin has value and it will likely increase as more people find it useful.
A paper currency would have more value than bitcoin if people started valuing it.. Nobody honestly values paper money for what it is, they only value it because it is backed my Gold. And a lot of people love and believe in the power of gold. Bitcoin, however, is not backed by anything except people's belief. If one day everybody stopped giving a fuck about bitcoin, it kinda dies. Like, really dies
