Shouldn't all crypto be backed by bitcoin ?
How could a "Bitcoin Standard" emerge? For example, if you could pay for food service etc everywhere with bitcoin, would that be enough to essentially drive bitcoin as a backing standard ?
To my knowledge and observation, almost all cryptocurrencies are paired with Bitcoin, but not most of them are backed by Bitcoin, there are only a few that I see or maybe they just hold Bitcoin but I'm not sure if they are backed by Bitcoin. In other words, many cryptocurrencies during this period have existed in this industry for several years that are not even backed by bitcoin and still survive in the market.
Although we all know that wherever we go to exchange Bitcoin is always there, and that is probably the top brand because Bitcoin in the world of digital currency here in crypto.