Ninjastic
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Board Economics
Re: What is bitcoin backed by?
by
davinchi
on 25/06/2018, 09:27:22 UTC
Quote from: BitcoinMarketer39 on June 20, 2018, 07:17:21 PM
Quote from: Ciremik on February 13, 2018, 12:14:06 AM
People believe bitcoin is backed by nothing. I think that is not the truth. I believe bitcoin is actually backed by people themselves. It is backed by none other than just you. We all witnessed the price has been fluctuating by all those FUDs and bad news. The price changes by emotion and non logical facts. I believe you hold bitcoin no matter what happened and would happen, and believe it is backed by all of us, it would make a history.  Cool

If you are saying that bitcoins price will rise again because of the people then yes it will be depending on the investors in the market, if people will be starting to invest on cryptocurrency again then the demand will continuously and within a few months, the price might go back to normal.
The market is not so good these days and this is due to the demand rate, demand rate controls the value o Bitcoin which is currently low. We expect a better price in future because some people have invested in high markets and now they are in loss so all they need this time is the jump of market or shifting of market from this position into favorable position. As the demand rate has to increase these days because the price is low and will becoming better in the upcoming days.