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Title: Introduction and some basic questions Post by: jetsetter on March 29, 2013, 07:47:30 PM Hello All,
I am a newbie and have been taken by Bitcoins for some time now. The situation in Cyprus has rekindled my interest (which in the past waxed because some of the procedures, even just to open a secure wallet, seem quite daunting). Thank goodness for this site; I am hoping I will find/get good advice - so far it looks phenomenal!! May I take this opportunity to ask the most basic of all questions about Bitcoins? What is behind bitcoins that gives it value? I understand that confidence in what it can purchase/represents goes along way and even the US dollar is not "backed"; but is there anything else besides what the last guy was willing to pay for it? here is my point: All currencies are backed by at least a gun; what I mean is the military force to ensure it is used within geographical bounds. Bitcoins does not have that. And my second question relates to options: why not buy gold coins/certificates as a hedge against uncertainty? thx BTCBTCBTCjetsetterBTCBTCBTC Title: Re: Introduction and some basic questions Post by: over1977v on March 29, 2013, 08:20:11 PM May I take this opportunity to ask the most basic of all questions about Bitcoins? What is behind bitcoins that gives it value? I understand that confidence in what it can purchase/represents goes along way and even the US dollar is not "backed"; but is there anything else besides what the last guy was willing to pay for it? here is my point: All currencies are backed by at least a gun; what I mean is the military force to ensure it is used within geographical bounds. Bitcoins does not have that. You right, Bitcoin and fiat is backed by trust only. But fiat use is forced by law, and Bitcoin use is voluntary. IF Bitcoin succeeds (still long way there remains) then it means it is much better than fiat. |