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The value of a bitcoin is not tied or pegged to the value of any other currency. Similar to stocks or property, bitcoin’s value is determined by buying and selling in the open market.
A bitcoin’s price changes in real time based on the number of people who want to buy or sell it at a given moment.
Bitcoin's core protocol is viewable by anyone, has been vetted by thousands of security researchers around the world, and has proven to be robust and reliable after immense scrutiny. Using bitcoin is similar to using other private applications on the internet, such as email or online banking. Just like these other web services, you must access your bitcoin with a password in order to ensure only you have access to your money.