Mon Mar 28, 2016 7:47 am

Hello all!



Ok. This may sound like a stupid question to some but no question is a stupid question.



I am in South Africa and I monitor the BitCoin exchange rate in USD and ZAR (South African Rand).



Firstly, is BitCoin valued individually against all currencies or just the USD? For example:

1 Btc = 400 USD

1 btc = 6000 ZAR

400 USD = 6000 ZAR



It seems that it is only measured against the dollar. Can I get some thought on this.



Additionally, how did it get the USD value? It's not backed by anything according to my understanding. If it's not backed by anything, then in the same aspect it is no different to USD or any fiat currency. I know it is massively different in other ways, however I am just focusing on thia aspect of it.



Was it the first transaction of the pizza in 2009 that gave it it's first value?



I understand that the market decides it's value, but how? Hoping someone can explain simply and not say, it's economics or something vague like that.



Thank you guys in advanced.



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