Post
Topic
Board Beginners & Help
Re: Do Bitcoins need something REAL to back them?
by
Kazimir
on 19/04/2013, 14:46:55 UTC
Gold/fiat do have one advantage over bitcoin...  you can still trade with them when the lights go out.  Don't get me wrong, I think Bitcoin is superior in many ways... but imagine a world that trades exclusively in Bitcoin, and then imagine an EMP strike anywhere.  We are close to this being an issue already with fiat being exchanged almost exclusively electronically, of course.  I believe the smart course of action is "diversify".
Close? See what happens when the power is out. People can't user their credit cards, ATMs, etc. Euros and dollars become just as useless in this scenario as Bitcoin.

It actually happened a while ago - people getting in tons of trouble cause they couldn't pay for their fuel anymore, had to walk home, etc. Chaos all over the place. So our dependency on electricity and internet is already a fact, regardless of Bitcoin.