Hi, I am still learning about block chain and bitcoin. Some of peoples are saying that bitcoins primary value comes from it's "censorship resistance" and some of them are argued it's primary value proposition comes from as a fact that bitcoin is peer-to-peer electronic cash system.I am some what in a confusion and I want to know what you guys are thinking? 
I don't believe that bitcoin's value comes from a single source, but a multitude of reasons.
But if you want the primary reason, then I believe that its value is derives from its ability to serve as money. It's immutable, and not manipulable by governments, and thus, people have a demand for bitcoin as money.
It's similar to how gold has value, because it was the best thing available as a decentralized form of money many centuries ago.
Decentralization, and a strict cap on the supply of coins is where bitcoin's value comes from. If bitcoin was centralized, then I doubt it'll have any value at all, simply because it can't fulfill any purpose.
Thanks for your nice clarification and also I think In a peer-to-peer electronic cash system, the most important features will be its network of participants and the cost to the end user; if Bitcoin is unable to compete and maintain its lead on market share, the network of participants will simply migrate to another network having lower fees and higher speed.In that scenario Bitcoin primary value can be lowered by comparison to current value.What do you think?