Hi I would like to know how bitcoin would be 'valued' if the official $ or any of the other official currencies are abolished. If the international currency system is RESET, then how would a bitcoin be 'valued' (objectively). I can not envision that bitcoin (being virtual) could stand alone as an objective currency? D
Everything considered a "currency" has value because of trust.
If a vendor trusts that they can use the currency you're giving them to purchase something else, the currency will have value. If the vendor doesn't
trust that someone else will be willing to accept the currency you're giving them, then they don't value it.
Typically, after any major economic shakeup like a currency collapse or reset, valuations of all other currencies and commodities will fluctuate, but eventually the trust will return to the market. Bitcoin would be valued at whatever price point people would be willing to accept it, simply because they trust everyone else would be willing to accept it as well.
The "value" of Bitcoin is in the immutability of the blockchain which is a guarantee of trust. Nothing "backs" it; it doesn't have "intrinsic value" and those who insist it should or else it's worthless, don't actually understand that money is firstly an idea. It's an idea that we can store up the proceeds of our labour to use it at a later date. Representing it physically with paper or precious metals was a good idea, but essentially we were just playing with toys.
Bitcoin takes the idea of money and burns away everything we don't need. It is a purer form of transactable value than we've ever had before.