Before we try to value a bitcoin we would need to define it as a currency or as an investment. Its use as a means of payment with some merchants can lead us to see the bitcoin as a currency not tied to a country and without central bank.

Bitcoins are usually measured in terms of their exchange rate to the Japanese Yen and US dollar as these two currencies remain the main currencies for which bitcoins are exchanged.

We will now try to value bitcoins as a currency using the minimal-value approach.

All major currencies have a central bank that monitors the exchange rate of their currency respective to other currencies and mostly to the dollar. Contrary to most traded currencies, bitcoin does not have a central bank or an entity monitoring its exchange rate. Therefore, bitcoin exchange rate to the dollar or to the Japanese yen could theoretically go down to zero.