Post
Topic
Board Economics
Re: What is bitcoin backed by?
by
fanbeila
on 28/04/2018, 14:01:17 UTC
Bitcoin is not backed by gold or any other asset as the other currencies does.But USD also is not backed by gold.Bitcoin price is driven by the community support.The main difference which it has is that we could claim that the bitcoin we are holding is ours  unlike other currencies whose ownership could not be proved.I think that it might also be a strong reason for it to get trust among the normal people.