Quote from: larry_vw_1955 on Today at 12:07:48 AM

Quote from: nurilham on July 09, 2022, 11:45:23 PM

Even gold isn't backed up by anything, right? Grin

So why do people trust it and want to pay with expensive value? Because people believe Gold is valuable. The main thing here is people's trust. It is the same as Bitcoin, it doesn't need to be backed up by something because people trust it. People believe Bitcoin is something valuable and useful for human life. In this matter, something like Gold and Bitcoin is acceptable although it is not guaranteed by anything.

Bitcoin is software. Gold is an element that cannot be created by man. It has to be mined. And obviously there is a limited supply of it available here on earth. Gold is a precious metal that has many applications and uses. Bitcoin is just software. You can copy software and rename it. You can't do that with gold.

gold is just too old and so many flaws we don't even know if the vaults storing our golds can be trusted or if the gold bars are hollow. this is why we are not in this fiat system shrouded by ponzis and governed by ponzis.

anything old is to be replaced because they are flawed. like the horses that use to roam in the towns but are not replaced by cars. BTC is base on computer networks working together spending huge amount of energy to create few of them.