What is the basis of value for virtual currencies like bitcoin?

The basis of the value of crypto-currencies is the perception.

In case of ‘proof of work’ consensus type coin like bitcoin it is the perception of a work done to solve some crypto puzzle.

In cases of ‘stable coins’ it is the promise of fixed exchange rate (for ex.1:1 to USD).

In most of other cases the perception is based on the promise of the coin project of potential future use.

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