Quote from: Nora Olin on Today at 06:27:45 AM

Quote from: jackg on October 01, 2021, 02:27:22 PM

Quote from: lumierre on October 01, 2021, 02:18:59 PM

First of all, I want to ask you if Gold is backed by anything, or why do many people think that it is one of the best investment?

Most people say gold has historic significance to it, it's also used in industry quite a bit and is used a jewellry as well as other stuff.

The main thing increasing the price of gold is the miners profiting off it though by producing a scarcity, most industries can use platiumum better than gold too so there's less of a reason for its uses.

On the what is bitcoin backed by, what is currency backed by? There has been a lot of studies on the economy and many have found that the largest investments are in derivative assets (often people buying portions of assets or buying assets against other people selling them - while neither hold the asset - which does seem quite odd).

I've generally considered an investment in Bitcoin to be an investment in its: name, developer community and infrastructure at least.

Bitcoin is virtual, not as visible and tangible as gold, and gold has a long history and has many uses, but it is also limited, because it is more valuable because of its scarcity. But when investing in something, you should first understand and study it yourself.

Fiat "paper" currencies are also backed by nothing, no gold, silver, or anything; if that is what you want to know. Bitcoin is a digital currency that is fast, secure, and decentralized yet acceptable worldwide. Bitcoin has three main features you may either used bitcoin as a digital store of value, or a digital payment system, or run smart contracts on bitcoin blockchain.