When we talk about something being backed up, we mean those that are behind and sponsoring that particular project, investing funds in it to make sure that it continues.
Currencies cant be back by a particular organization or whatever it is they think, rather it is being backed by individuals. And for Bitcoin, we are the ones that are backing it up. So Bitcoin is fully backed up, and by us. Anyone telling you that Bitcoin is not backed up is a pretty good liar.
Currencies cant be back by a particular organization or whatever it is they think, rather it is being backed by individuals. And for Bitcoin, we are the ones that are backing it up. So Bitcoin is fully backed up, and by us. Anyone telling you that Bitcoin is not backed up is a pretty good liar.
Agree. Whereas fiat currencies are backed by people and the government, Bitcoin is backed only by its people. The best thing about Bitcoin, IMO, is that people are the ones responsible for giving it value. This is totally different from fiat currencies, since the central bank is responsible of determining the value of the currency. In this aspect, Bitcoin can be worth anything people want it to be, limited only by their imagination. What really gives value to Bitcoin or any other cryptocurrency in existence, is their technology and development team.
Depending on how active the development team is, and the number of innovations provided to the project are, would be the value the cryptocurrencys going to get in the long term. Since Bitcoin has been tried and tested over the years, and it's the most secure blockchain to date, it's no wonder why it's a valuable cryptocurrency today. Therefore, even if there's no central authority responsible for giving value to Bitcoin (since no one controls it), the people as users of the cryptocurrency are the ones responsible for its value and survival in the mainstream world as times passes by. Just my opinion
