Quote from: Churchillvv on June 01, 2024, 07:02:33 PM

Quote from: AlphaBoy on June 01, 2024, 12:53:49 PM

The reality tho is the fact that this coin and Crypto in general is backed by nothing but Fiat and this is why I always want to sell my BTC before it's to late (it been stolen but that beside the point)

Bitcoin is not backed by fiat, it's an alternative currency which is used same way as fiat but not a physical money as your regular fiat.

That up there is the lamest assertion I've seen about Bitcoin on this forum, I mean, WTF does he mean by Bitcoin is backed by fiat?
Asides the very fact that they're both legal tenders and used for transactions, there's absolutely no relationship between Bitcoin and fiat.

I'm trying to figure out how you're able to think that a Centralized currency could back up a decentralized currency because it doesn't make sense to me. There's just so many distinctions between crypto and fiat and I can't begin to name them all.

If you're selling your bitcoin, it should be for somewhat different reason and not the silly idea that it's backed up by fiat, that's just so lame.