To explain more, for e.g., we hear that the USD was backed by the convertibility of this currency to precious metals until 1971. Now, what are altcoins backed by such as Ethereum or Litecoin? Are mathematical calculations performed by ASIC miners any useful in the real world?
True, in fiat currency, the money created and backed by physical gold reserve.
But cryptocurrency is different from fiat currency i guess. Bitcoin or other popular altcoins are not backed by anything, its value grow from the users.
I think the only backed cryptocurrency is some stable cryptocurrency such as USDT, it is backed by real USD.
I agree with your opinion. I think the comparing of cryptocurrency and fiat currency is wrong because 2 currency is completely different. The cryptocurrency is the future of currency, it very useful and help people the most in using money in the global with fewer fees.