Bitcoin still doesn't fit the definition of currency on its own. The fact that Bitcoin has a value is more because of speculation. People early on mined it and

Bitcoin still doesn't fit the definition of currency on its own. The fact that Bitcoin has a value is more because of speculation. People early on mined it and therefore own larger amounts for relatively little effort or cost. Now it's worth more and they have reason to perpetuate its growth. Investors now have joined gamble and speculating by putting in $100s of millions of real cash in hopes they can help stabilize it and make their current Bitcoin worth 10x to 100x more just by getting more people to adopt it. There are some people who accept Bitcoin in exchange for services, and more accepting it for goods, however it's those base Bitcoins that were mined that are the problem. Re: USD for EUR - As you mentioned above those are at set rates between fiat currencies, and therefore there is practical reasons for the currency having a value. Bitcoin's value is mostly dependant on demand, which is being pumped up and perpetuated by investors and those with vested interest in the ecosystem including those who own Bitcoin and larger amounts of Bitcoin - who all want the value to go up 10x - 100x.