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?
Yes, Bitcoin is backed by our Fiat currency. Though it is a digital currency, it could also serve as a means of transacting online because it can be converted to Fiat if used as a payment.