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I've never really given it a thought till now, but do bitcoins have a guaranteed value in gold similar to physical currency(banknotes/coins)?

As far as I know, the value of a currency is guaranteed by the amount of gold the state(s) using it dispose(s) of.

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    As mentioned in the answers, contemporary government currency (what you call "physical currency") has no guaranteed value whatsoever and is not related to gold in any way. – Meni Rosenfeld Sep 8 '15 at 21:50
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Bitcoins are not backed by another currency or commodity. Bitcoins' value solely derives from their scarcity and utility. As their value doesn't derive from backing, the exchange rate is discovered by the market for example through trade on Bitcoin exchanges. Also see: Where do bitcoins come from and what gives them their value?

Fiat currencies such as the US Dollar, Euro, or Renminbi are not backed by commodities either: They are backed by the power of the state distributing them as well as their citizens faith in the currency. The Gold Standard was discontinued in 1931, the succeeding Bretton Woods system that fixed exchange rates of different currencies and their gold price was abolished in 1971.

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do bitcoins have a guaranteed value in gold

no

the value of a currency is guaranteed by the amount of gold

wrong

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