Right now we determine the value of bitcoin by dollars, euros and other currencies, but if we remove all the currencies and use only Bitcoin how we can know what is the value of Bitcoin?
Do we need to use MBTC then?
The value of bitcoin will be based on other altcoins and commodities. Its like asking the value of dollars, if you can answer what gives value to the dollar then you can answer what will give value to bitcoin. The economy will dictate about the value of bitcoin against the value of the commodity. It is hard to determine it now but soon if we are already at that situation the economists of different countries will be the ones to agree on how to determine its value.