I just wonder how bitcoin really works on local exchange around the world because if you will going to need a real money and you have bitcoin definitely you can sell your bitcoin and exchange it with real money in your local to be used. Well if all people around the world would exchange their bitcoin holdings is it possible because bitcoin is being back up by real money?
Bitcoin on exchanger is like commodities. Peoples buy and sell or keep it on their own wallet for long term. Exchange dont hold bitcoin, exchange is just third party. We can use dex exchange if we want to peer to peer transaction