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 is not backed up by fiat money it is because Bitcoin is created as a digital currency that is pretty independent I mean we can even use it without real money. The only thing that makes it like it was backed up by fiat is that central banks regulated local Bitcoin exchanges for a specific purpose which is to exchnage Bitcoin into fiat. It possible to exchange Bitcoin holdings anywhere in the world depending on every country's view and rules towards Bitcoin or cryptocurrency as a whole.