There are some believes that we might not necessary need fiat currency in trading cryptocurrencies.
My question now is If Fiat is completely irrelevant in the world, and gold do not back crypto, where will cryptocurrency derive it value from?
From its utility, just like everything else. Where does gold derive its value from?
it is a unquie useable material, commonly used as money, along with other metals besides having a use in crafting it is culturally and historic a popular money and jewelry materials.
encripted information are not.
I used Bitcoin to buy plane tickets and a hotel room last week. Bitcoin, like gold, has utility, and it has value as a result.
BTW, Bitcoin is not encrypted.