Quote from: alastantiger on November 26, 2023, 10:47:05 PM

Quote from: Vickky Rae on October 27, 2023, 05:45:17 PM

Presently, should we say it's good the way bitcoin its been tied to dollars? Dollars is not backed up with any resources but to my understanding, bitcoin is a product of great energy surge. We shouldn't let bitcoin tied to dollars but bitcoin standing on its own. What could decide the durability and value of bitcoin? I have some ideas..

Bitcoin needs to be tied to something.
There needs to be something backing it. That's how you know what is valuable from what is not.

Hehehe...@Vickky Rae is just an example of people who are bereaved of economic understanding but still forcing themselves into that field. My question is why this naivety?

You should have also corrected him instead of just replying to the backing or no backing. Contrary to all that he said in case you also do not know, the USD is backed by the Federal Reserve and in turn backed by the US economy, and since it's mostly used as the world reserve, it's also invariably backed by the world economy. But Bitcoin is backed by nothing, except that people's deposits make it valuable.

And point blank, Bitcoin has no say in an economy, so it can't stand on its own, only a legal tender can do that, nonetheless, Bitcoin can't go round even if countries decide to legalize it. Mind you guys, Bitcoin/USD has really helped it to be most accessible to people, not otherwise, and Bitcoin will always have to be paired with currencies/fiats for it to be exchangeable locally and in cross-border transactions and payments.