Bitcoin Forum

People believe bitcoin is backed by nothing. I think that is not the truth. I believe bitcoin is actually backed by people themselves. It is backed by none other than just you. We all witnessed the price has been fluctuating by all those FUDs and bad news. The price changes by emotion and non logical facts. I believe you hold bitcoin no matter what happened and would happen, and believe it is backed by all of us, it would make a history.  8)

What is any currency backed by? Currency is only backed by the people transacting with it. For example, the dollar only has value because its users see it as a fair exchange for goods. Like any currency, its value is subject to those who agree to use it.

Bitcoin supported
1) money idealists who believe that bitcoin will be able to defeat the banking system and become a new world currency.
2) money traders who have brought their money to the stock exchange in an effort to earn and buy bitcoins from miners and other traders. (This includes except for single traders and financial funds)
3) companies producing asiki, since if something happens with bitcoin, they will actually go bankrupt because ASIC can only consider Bitcoin hashes.
4) companies that act as merchants. That is, they allow shops to sell goods for bitcoins, while the store will receive payment in rubles / dollars / euros ...
5) illegal operations with money laundering / drug sales and other. Silkroad and analogues.

In general, some ecosystem has bitcoin :) If I did not name any spheres, then maybe someone else will add.

But the reality is that Bitcoin is backed by nothing other than the value that peers, users, the network itself provides to people. I know people are really building up hype into the so called tokenized economy, with digital assets backed by physical tangible assets like precious metals and fiat, but this is the beauty of Bitcoin to me.

After all, so many currencies in the world are backed by nothing but promises. And you can see what happens that governments cannot always fulfil those promises. See Argentina, see Cyprus, and many other examples in recent past.

I believe that bitcoin can change history even though many people say bitcoin is not supported by anyone, for those who say "bitcoin is not supported by anyone" maybe they do not believe that bitcoin can change history

In fact, demand is supported by people. I recently read an interesting article. It wrote about the importance of HODL in the growth of bitcoin and that it is investors that are an important element of the price movement up.

Bitcoin is backed by people, energy and time.

The real question may be whether currencies being gold backed collateral can function as a preventive measure to mitigate the risk of dangers posed by overprinting or hyperinflation based crashes fueled by state issued deficit or debt. Gold backed currencies like the (geman) deutsche mark have hyperinflated and crashed in past history. Gold standards were largely being utilized before the advent of the internet, digital currencies or the recently proposed "cashless societies"(which are the furthest thing from being gold backed or NOT creating money out of thin air  :D).

The concept of "gold backing" being a valid protection scheme against negative consequences could be archaic or obsolete. Gold standards were devised long before the internet existed. Long before credit cards or modern day conveniences. I think civilization might benefit from greater acknowledgement of "gold backed" securities no longer fulfilling their intended role.

OP just nailed it,there is nothing backing Bitcoin in terms of tangible things, but in terms of intangible stuff, it has lots.  The belief of the people, the idea it wanted to convey, I believe it is the demand of people and wants to get out of the traditional banking system that backs it.  Being decentralized and no one governing it, it is backed by peoples trust on the bitcoin system that it will end the tyranny of centralized financial institution.  That I think backed bitcoin.

I want to add electricity to your list. First of all, the cost of cryptocurrency supports the cost of electricity needed for its production and maintenance. The bankers and the government spread many different rumors to create a negative image of cryptocurrency.

Spot on. We do some of the backing yes, but the POW system and the miners are what create the coins and give us basis for a price point. Without that system in place we wouldn't have originating prices. All 5 aspects of Bitcoin are needed to derive a price and the security it needs so we in turn can have faith in backing it.

Fiat is backed by nothing but the State's threat of violence for it has reserved the right to print money for itself. And since it can print as much as it see fit, it may not even reflect the reality on the ground (insert image of American president accusing China of devaluing the yuan to keep exports cheap).

Bitcoin is backed by trust but many people still  consider that as nothing. They probably feel uncomfortable having the value of their money dependent on the whim of strangers.

The simplicity of the way economics works is that nothing is backed by anything. Everything has a price that is determined by market forces, supply and demand. Bitcoin's price goes up and down because peoples perception of its value changes. This is true to everything in the world.

How do you explain proof-of-stake coins having a price greater than 0?

In the meaning of centralization and price control it isn't backed by a particular person or a group of people, that's what others believe in. That what you are talking about is the thing that makes Bitcoin popular and demanded, which makes up the price.

One problem with writing that "X is backed by Y", is that there are many meanings for "backed by". Without stating what you mean by "backed by", this discussion will go nowhere.

They once believed that bitcoin is backed by nothing, but I guess bitcoins are backed by those people whor are currently fund of doing them. Those who are really interested in doing so and are sure of practicing it.

bitcoin is supported by people who like bitcoin, if bitcoin does not support it maybe bitcoin will die and not worth it, investor support, shareholder is so necessary that bitcoin will not die forever

You can say so, yes. I believe in the same thing also despite all the statements that says otherwise towards this belief of us Crypto currency lovers. And even though some of these negative comments on bitcoins that a lot of people says sometimes makes sense, if you truly are a believer and an investor of this coin, you will ignore them because you know to yourself what really is right(considering that you really did your own research about bitcoins or the crypto world). Some people just cannot accept their mistakes even when they know they were wrong just because of their prides. That's just how people are.

Basically, it is backed by the code (which is mostly impregnable), people's trust in it and the fact of decentralization.

bitcoin is an antithesis of a banking system, it does not come suddenly in one day, after technology is available and people begin to question the reality of our economic system with the banking system as a core, so it is correct to say that bitcoin backed by people, but i think it is more of Hegelian than just a technology, it is just a chain reaction, thesis synthesis and antithesis, or like we call it, blockchain.

Bitcoin is mainly backed by masterful technology called the 'blockchain' which is completely foolproof by code. Being the brainchild of an extraordinary visionary in Satoshi Nakamoto, it resembles the flagship of current technology. This is mighty enough to sustain Bitcoin usage for many decades to come without any sort of lapses in security.

yes public trust including bitcoin supporters is one of the causes of bitcoin persistence in the market. how can bitcoin survive if there is no support .. ??? ???

While there is a lot of FUD surrounding bitcoin, the big thing that it is backed by is the blockchain and the code. Bitcoins code has been unable to be cracked yet, you can't crack into bitcoin based on no one being able to do it yet. That's not to say it's impossible, but as of right now we haven't hit the point where anyone has.

The blockchain confirms all transactions and the miners confirm all the transactions by confirming that all of the transcations are real and are not frauds.

That public support is possible only when the product or service has got some merits. I mean one can create some hype and get initial promotion with money but this cannot be faked for long. Bitcoin is going strong for last 8 years and this is possible only because of its continuous rising prices that benefited a lot of people.

Of course real money. People enter their dollars/rubles/EURO and buy Bitcoins on them, there is a reinforcement of coins directly with money, which in turn is backed by the real sector, where they are earned for goods and services. The growing turnover of "living money" inevitably supports and increases the value of Bitcoin.

There are a number of factors that influence the price of Bitcoin over time:
- Demand and Supply on the market.
Actually physical market and digital market always influenced by the basic law of Supply and Demand (Supply and Demand). If the offer is more than the demand, then the price will fall. Vice versa.
- Total Bitcoin and Holder.
The total maximum amount of Bitcoin is 21 million, although it is in production gradually. Currently, there are about 16 million BTC and more than 14 million people have wallets with BTC. Because the amount of Bitcoin remains, but people who want to have more and more, then the price will continue to increase.
- News
Lots of news that could affect the human factor (market sentiment) in the cryptocurrency market. For example, the news about the capture of Ross Ulbricht, the operator of Silk Road site that uses Bitcoin a lot, makes the price of Bitcoin down. etc.

Completely agree with you, mate. Bitcoin is backed by blockchain technology and the people that support it. Since it's a purely speculative asset, people determine what its value would be in the long term. With blockchain technology, fraud and double spending problems are no longer a real threat when compared against traditional fiat currencies. As such, Bitcoin's strongest point is the public ledger which is transparent and anyone can verify, allowing for greater security and reliability.

Many say that Bitcoin is not backed by anything, but it is all the contrary as real-world resources become spent to help preserve it for years to come. Every day, lots of individuals, businesses, and corporations join Bitcoin to help it become a mainstream digital asset. Therefore, Bitcoin is and will always be backed by people, and its underlying revolutionary technology which is highly safe and efficient (when compared against traditional centralized monetary systems). Just my thoughts. ;D

Your right , bitcoin make a history specially to all the people who has no hope for their lives .Maybe, because they are poor and has no money to get a capital for their want business. And for the people who tortured by others because they are poor.
Well , Bitcoin is a new hope for the poor that has no capital .It has no need a capital needed. Just do your task.

There's nothing that it is backed by in the vein of things you seem to be searching for, but belief backs it, and a key part of that belief is that it doesn't need any backing except the value placed on it by other users and speculators.

Every people has a different choices and some people needs to be convince first before they try to put their money on one thing or to invest on it , thats why they check if that thing is backed by something because the term backed or backing to them can make thing more trusted and credible .

although in most people , backing is not really important because they only matter on whether that thing is profitable or not.

Anyways , i think bitcoin is backed by hodlers , bounty hunters , merchants/companies ,etc. Bitcoin does has a wide array support from the public.

What do you think that the money you use is backed by ? People live in false hopes that government will compensate is the value of currency degrades. If this was reality, you would not have see currencies becoming useless in some countries.

Bitcoin’s value comes from several sources:

1) Miners spend money and resources to make and verify transactions

2) Users of Bitcoin pay fees to the miners

3) Developers spent time to create Bitcoin and maintain it.

4) Users/investors see value in Bitcoin and are willing to pay for it.

There may be other reasons as well, but I think that last one is the main reason for its value.

I think bitcoin does not support anything because bitcoin is just an electronic currency, unlike the common currency that believes in publishers but is a distributed database. :)

Bitcoin's value is determined by the adoption or usage of the people. The higher the number of people that uses or adopts to bitcoin then the higher its value. Given the fact that mining difficulty of bitcoin will increase every after 4 years, sooner or later it will reach its limit and the law of supply and demand will take place. Scarcity will make bitcoin more valuable than any other coin and if this moment will come bitcoin will be the best store of value.

Trader, investor, hunters and all of us are the factor of having a change in price. We are tge ine who uses crypto currency. The volume, the price ,the pump, the dump, The green, the red market is all because of us. So we are thr one who will back and  the factor btc back to its natural pump. Stronger community will make crypto healthy flow

Bitcoin backed by nobody or nothing at all. Actually bitcoin exist because of it's value that derived or came from people who believed that bitcoin has its own value and wealth. According to research this currency was already written in the history because before the paper money invented most currencies were coins fashioned from precious metals even here in our country. Actually before the current system understood it was started by the old system which continuously operating up until now. Basically, this currency considered as a fiat currency which considered as a free floating currency that is not backed by any sort of commodity. Bitcoin for me honestly about money which has value because we believe that it has value and important like trading our money to food and nowadays trading money for credits. In fact, when bitcoin evaluated it showed good impact and consider as best indicators of a currency's value in where we can have a adoption rates, the ability to buy goods and services, established history, and etc.

It's all about the trust. In the fiat currency, you trust the government (basically, a small group of people who says that 1$ bill is worth $1), on the other hand when you trust Bitcoin, you trust each and every user out there who is willing to pay the current market price for your Bitcoin. There are some other benefits too but this is the one of the biggest benefits in blockchain based decentralized currencies.

Afterall,

Fiat money like dollars backed by trust on government and bitcoin backed by trust from community. The value bitcoin depending on market and market drive by community. Bitcoin and community are mutual benefits each other

Bitcoin is not backed by gold or any other asset as the other currencies does.But USD also is not backed by gold.Bitcoin price is driven by the community support.The main difference which it has is that we could claim that the bitcoin we are holding is ours  unlike other currencies whose ownership could not be proved.I think that it might also be a strong reason for it to get trust among the normal people.

If you mean backed in the sense you could redeem Bitcoin for something else at any given moment then no it is not backed by anything.

If however you meant backing in regards to the faith people have in the currency, then look no further than the 9k price line today for Bitcoin. That is enough proof that enough people believe in it and back it.

Yes, you're right. It's like the question 'why the gold so worth?' because the people appreciate to gold, as well with the bitcoin.

In fact, it seems to me that bitcoin is supported by people, by the energy of confident people, by the time of many people and by the fact of decentralization.

Bitcoin has backed by people and people have backed by Bitcoin. It is the only single currency which is for the care and benefit of people. Similarly Bitcoin is also applicable for governments if they do so and use the Bitcoin in order to build their economies for future values and solve all the problems of countries. Due to this positive achievement Bitcoin is backed by many CEO’s of companies and world trading centers and many more.

I believe Bitcoin is backed by USD. People are buying bitcoin using usd and by the time the number of people that believe bitcoin could be use in future increasing the price is just rapidly increasing too. Many people are think that investing in bitcoin is dumb cause its dangerous and its bubble. I think they just afraid of change and they dont open their mind for something new. I do believe somehow blockchain technology will be use in many aspect of our live so thats why i believe bitcoin and other cryptocurrency could have a future.

Agreed that the value of btc was built by the community. And as the community grows, using it for good causes btc will really become a powerful economic tool.

The best feature of Bitcoin is it is totally decentralized. There is no one or no group backup Bitcoin. All the community supports and it grows.

The cryptocurrency bitcoin exchange form that is supported by blockchain and Bitcoin is not centered means that no person or organization has or controls Bitcoin. Everyone can see every transaction that has been done on the Bitcoin network.

The greatest need of humanity is trust our society have had a very hard time to create trust on a ssystem by bring third party into human transactions and that makes batter system more help to humanity than the current system we have. Bitcoin been a decentralized and p2p system is back-up by our trust. We all believe on this systems and that is the trust we need.

Lots of people make the argument that bitcoin isn't backed by anything, therefore it's worthless. That is simply not true. Assuming if that is true, then it would essentially mean that gold should be worthless, as gold itself doesn't have a lot of industrial usages, definitely not enough for it to be this valuable, and therefore, should be worthless. Simply not true, completely false.

Bitcoin isn't representative money. It doesn't represent a promise to pay a certain amount of commodities. Only representative currency is backed by something.

That doesn't mean that BTC is not intrinsically valuable. It is, being the first crypto with the most amount of adopters. And the fact that it is decentralized mean that people know it's going to hold its value in the long run, and the fact that it is the most trusted cryptocurrency with the properties that it has in scarcity, trustlessness, and decentralization, are what makes it valuable instrinsically.

It is still backed by fiat money actualy. It's price is greatly determined by the supply in the market among other things. People out value in it. If one sells it at a higher price, then everyone will do the same and vice versa. It really depends on how much people are willin to pay to have it.

Exactly. The fact that Bitcoin is decentralized, and it's the most resilient cryptocurrency available today, means that it will always be a valuable currency/asset for others to enjoy. What really gives Bitcoin its value is not a central bank or institution, but rather the people supporting it. Since Bitcoin has a rare or limited supply of 21 million coins in existence, it's somewhat compared to Gold. On the other hand, Gold is also extremely valuable because it's a rare asset/commodity and people back it. Of course, at any moment, Bitcoin's value could drop to zero when people stop using it. But, I believe that would never be the case as Bitcoin is extremely useful, especially when it's considered as the reserve currency of many altcoins we know and love today.

Therefore, Bitcoin is backed by the blockchain and the people that support it. The verifiable source of truth (which is the public ledger underpinning Bitcoin) prevents fraud, and double spending, allowing the pioneer cryptocurrency to retain its value for years to come. Just my opinion :)

I'm sure Bitcoin is backed by USD. People buy bitcoin using usd and by that time the number of people who believe bitcoin can be used in the future increases the price also increases rapidly. Many people think that investing in bitcoin is stupid because it is dangerous and bubbles. I think they are just afraid of change and they do not open their mind to something new. I believe somehow blockchain technology will be used in many aspects of our lives so that's why I believe bitcoins and other cryptocurrencies could have a future.

That's certainly true, mate. Bitcoin is backed not only by the USD, but also the EUR, RUB, and CNY. The people who use the cryptocurrency are the ones responsible for giving value to it (in contrast to a central authority like the US Federal Reserve). Because Bitcoin is decentralized, and is mostly a speculative cryptocurrency, it is extremely volatile causing abnormal price changes in a blink of an eye. Individuals who're new to Bitcoin would frustrate themselves the moment they see a massive decline in price.

However, they're unware of the future of Bitcoin and other cryptocurrencies as primary payment systems in the mainstream world. Given that there's a huge interest in blockchain technology among banks, governments, and even companies worldwide, Bitcoin's value will certainly increase over the long term. Therefore, it all depends on the value the people want to give to Bitcoin as a currency. Just my thoughts ;D

Well for me, I consider bitcoin is backed by the blockchain because if there is no blockchain, then transactions will not go through the intended user or receiver. The idea behind cryptocurrencies would be pointless if the transactions will go through banks or any third party entities like the government where they can track each one of them.

The value of bitcoin can be a good example of human trust. Unlike the miracles in films, but here, trust constitutes the great value of bitcoin throughout its development.

Yes it is. Bitcoin is a crypto currency created for the people, therefore people support the bitcoin course, thus being its asset. Bitcoin will exist as long as there is humanity.

Yes! Let's make history and deprive that little bunch of people that represents the world domination of the right to it! Cryptocurrencies can change the financial situation of ordinary people with you! You only need to believe!  ;)

What is gold backed by?

It's not something that can be used in industry that much at all. Industrial demand for gold is pretty much nonexistent when you compare it to people using it for investment and storing value. Yet, people perceive gold as value itself sometimes.

If bitcoin or gold were controlled by a central bank, it would not be valuable at all intrinsically. Bitcoin is valuable because it's not manipulated by any central organisation or entity, including a central bank.

The fact that bitcoin is the agreed protocol on which people transact and store value, and that it can't just be depreciated by printing more of it, means that it's valuable. It doesn't need to be backed by anything, just like gold.

Supporting BTC may be one of the ways you say that they are now being taught and taught by so many people, so BTC may be born to serve humanity and they will grow stronger in the future. hybrid.

Bitcoin is backed by technology mathematical formula and open source technology more importantly the backbone of bitcoin is blockchain

No currency is backed by anything, even if a currency was backed by gold you need to ask what backs that gold? And the answer to that is simple, nothing backs gold except the trust people have put in it for thousands of years, bitcoin is the same, we trust in it because it is an incredible concept which has been accurately described as digital gold with the huge advantages that brings.

Bitcoins are supported by blockchai technology and the creators created this coin. It is always researched and marketed so many people know the bitcoin world.

Well certainly i agree. It is like tracing the ancient history of something that nobody could really tell where it came from exactly. One of the most foundation of currencies is trust, without it, people wont acknowledge it, and even they wouldn't use it as well. Because of earning our trust, it made it out publicly and even spread it widely because there are also testimonies by users itself.

Yeah, I agree that the most important part of the existence of bitcoin is the people using it primarily and obviously.
Bitcoin would literally have no value if no one uses it, there will be no concept of demand/supply of it basically. So we can say that popularity of it is a very critical as it would increase its value, they go hand-in-hand as increasing value also attracts investors.

Well I think bitcoin is dealt in dollars just for the reason that dollars are now being used over the world. There is no currency working concurrently in different countries rather than dollars. So that is solely reason for this favor from dollars to bitcoin. And for later years, if some other country would become super power, that currency would be dealt and backed by bitcoin.

Bitcoin is supported by demand, where such demand can raise bitcoin prices .. the technology given bitcoin is very popular in today's digital age.

Exactly. Bitcoin's value is only determined by its usage and adoption in the real world. It's just a mere combination of ones-and-zeros with absolutely no value at all, since it's not backed by anything real. However, given that Bitcoin's blockchain is the most secure to date, its transactions are immutable, and its supply is finite, it's no wonder why it has value. The creator of Bitcoin designed it as such, to be a deflationary currency, unlike many real-world currencies we know and love today. Because of this, the future value of Bitcoin is in people's hands. No central authority means there's no single entity that's responsible of giving value to the cryptocurrency. As such, Bitcoin is a cryptocurrency by the people, for the people in this world full of corruption and fraud.

Only time will tell what Bitcoin's value will be in a few years from now. Just my opinion :)

Bitcoin is not supported directly (offline) by the people in this world, unlike fuel if the price goes up a demo will be held to lower its price.
Bitcoin is supported online and with the trust of every people in this world who believe in bitcoin. Because bitcoin holders believe that this digital currency can help the economy in the future.
And I also support bitcoin with my belief in bitcoin although my support only has very little effect, but if many people are same as me then the small things would be a big influence for bitcoin.

Bitcoin is backed by its technology which implies fixed supply and impregnability and unchangability of the code. Also, mass trust backs bitcoin as well.

Supply and demand. At the end of the day is anything really backed by anything? Money started existing because people needed that concept to trade. So again, supply and demand is in everything. You could argue that bitcoin is backed by miners as they are the ones who maintain the blockchain.

By it's technological uniqueness, by it's fame, by all crypto-believers all around the world. ISn't that enough?

Bitcoin is backed by safety, empowerment, transparency, speed, authority and so on. Because of these features people have come to trust bitcoin, especially the holders of bitcoin and the pioneer investors whose investments have seen amazing rise.

There is no technological uniqueness anymore, the more than 5000 altcoins are the prime example of the copy and paste greed that we have gone through. I honestly even think that people are heavily distracted, where they don't seem to be able to appreciate Bitcoin for what it is. The main focus of people has been that they jump from one coin to the other based on where the market is offering the best possible potential profit opportunities. If people had a slight clue about how shitty the altcoin market is, they wouldn't mess around with them, and they would have the patience to let their wealth in Bitcoin grow in a slower but more sustainable manner....

bitcoin is backed by whales, and these whales are very influential to the existence of the existence of bitcoin
indeed this is already a public secret, every time the price rises or falls, it can not be separated from the act of the whales who have a lot of money,
they are actual price controllers

You know that there are uses for gold, right? There's a bunch of industrial, medicinal and aesthetic uses for gold, something that Bitcoin can't really boast. It's not just misplaced interest and trust in something that has no value. There's a ton of significant uses and it is a relatively finite resource that can be used in weapons and all kinds of other fun uses which will burn through the supply we do have. Bitcoin can't really say the same for any sort of uses.

For sure, 90% of alt coins don't even have a product or prototype and still make it to top 100. Bitcoin has a lot of developers working together and they can always fork bitcoin if needed. You can fork bitcoin a couple times and boom, bitcoin is back on top of the technology race

And I think the government is having difficulty to control cryptocurrency in the country, so there are some countries that have ban cryptocurrency so it will be difficult to access even though their electricity is able to access it.

bitcoin is baacked by the crypto community. Everyone trading in crypto market, everyone making posts here, everyone discussing about blockchain technology or crypto market anywhere are supporting bitcoin.

Just ignore those claims that bitcoin came from nothing, came from thin air and is being backed up by nothing.

Those people that claims bitcoin that way are just jealous about the bitcoin ecosystem and they never bought during it's early days. They only see it as an expensive nothing but if you're going to give them one then they will glad to take it, they are hypocrites.

Exactly. Bitcoin is only backed by its inherent technology which provides transparency, security, and eliminates the possibility of fraud and double-spending. Since it's decentralized, there's no middleman, giving the power back to the people. As such, individuals are the ones responsible to supporting Bitcoin, and giving it value. Many say that Bitcoin comes out of thin air, and it's not backed by anything.

However, Bitcoin doesn't come out of thin air since there's a lot of effort and cost involved in the mining process. While it's not backed by something real or tangible, Bitcoin is backed by belief as it's a decentralized cryptocurrency free from manipulation. Being a trustless system, gives it a fair advantage over many centralized payment systems known in the real world. Therefore, I believe that Bitcoin will always be valuable if people backs it over the course of time. Just my opinion :)

That's always mentioned during the debates whether or not Bitcoin is good. A lot of economists say that mining is a process which wastes a lot of energy. Printing bills and the distribution of them needs also a lot of energy. Not to mention the banking system which needs a huge backbone. Some people say that the solution is simple - change PoW algorithm to something like PoS which doesn't need as much electricity. However, every solution has its own disadvantages.

If you are saying that bitcoins price will rise again because of the people then yes it will be depending on the investors in the market, if people will be starting to invest on cryptocurrency again then the demand will continuously and within a few months, the price might go back to normal.

Those uses were of gold as a commodity, gold was such a good commodity that it began to be used as a way to barter more effectively but it was not until coinage was invented that it became money but as money gold is not backed by anything those uses are really not enough to justify its huge price, what justifies the huge price of gold is the trust people have in it as money.

yes, bitcoin is a self sustaining platform. its source are backed by the users itself, depending on the buying and selling activities of users, there are no specific person runs it, it is a decentralized platform by peer to peer system. in terms of technicalities, that i did not know, who monitors the whole system from every transactions, i will leave it to the experts in IT. but as far as the platform itself is concern, i think we, the users are keeping bitcoin in running, because of our buying and selling activity.

I agree, Bitcoin is backed by the people and actually this is what some financial experts are baffled with, but they forgot that the value of one thing is only determined by the people price on willing to buy it. If we agree to buy super car for $10,000,000 even though the price to create it is just $100,000 then that car is worth $10,000,000. It is same with other assets like stocks and other currency.

I don't think that there is something that backing up by bitcoin like a government or an organization and the only thing that i think that puts value on bitcoin is how the people believe that it has value and i think that is the reason for bitcoin to get some value but even though there is no backing up for bitcoin, it is still worth the risk because it could be the future for our technology to run on blockchain.

Yes. People determine whatever value they want for Bitcoin. Since there's no central issuer or authority, Bitcoin is free from any standard valuation. It's based on belief and its underlying technology. There's no other explanation, considering that Bitcoin is just programmable money composed of ones and zeros. If we were to base our valuation on this, then Bitcoin would be worthless. However, because Bitcoin has managed to bring a technology which provides transparency and prevent double spending, it has an inherent value provided by its users.

And that also explains why Bitcoin is a volatile cryptocurrency, because within any given day, people can either recognize it as a valuable cryptocurrency, or all the contrary. Despite this, I believe that Bitcoin will always be a valuable cryptocurrency because of its limited supply, deflationary model, and unparalleled security unlike any other cryptocurrency in existence. Therefore, Bitcoin is backed and will always be backed by its users, which is quite an advantage when compared against traditional fiat currencies. Just my opinion :)

It has use. It has an extremely powerful network securing your transactions and wealth. Yes, the speculative nature is leading, but that's something we can't do anything about -- we just have to go through the initial hype to have it pay off later on. Bitcoin is new, people explore it, abuse it, speculate, it will at some point decrease significantly where the use will turn out to be the leading aspect. Bitcoin is money for me. If I have something for sale I gladly pick Bitcoin over anything else. If I can pay with Bitcoin I gladly do so. I am slowly shifting away from all this speculation nonsense....

Bitcoin is decentralized and is not backed by technology that makes it safe and secure. Besides, it is not controlled by and authority. But the statistics shows that a huge portion of the population using Bitcoin belongs to America and this portion can actually act like a Whale in the Bitcoin market.

They can actually manipulate the prices of Bitcoin. Besides, the technology is transparent and the time when Google and Facebook banned the ads, the technology has eliminated the threat of fraud as well.

bitcoin is only supported by blockchain as a complement if you realize that the bitcoin stands alone does not interfere with some fiat and other media.

The backing for the bitcoin comes from the investors like you and me. After years of trading, buying, selling we have gotten to multi billion market that we see today which is the consultive proof of such backing that our investment is what gives them the real value. If there would have been no one to put any single penny into it then how do you see that coming to bitcoin? We say bitcoin is worth thousands of dollars today! Why? Because we created the market cap for it which in turn giving the price tag for it. Thats the biggest backing it has.

until whenever I will support bitcoin, because my income is in the bitcoin market and I will develop bitcoin to my friends, so bitcoin will grow more advanced and will be glorious.

Definitely bitcoin is a very stable currency and despite its fall, it will experience its positive growth! The government frightens the people of his instability only with the intention that people have ceased to invest and deal with cryptocurrency as a whole! Why does the country need a rich people? Something like that..  ::)

bitcoin is based on a decentralized blockchain technology. it is not backed by individuals or some groups. it is backed by all the ecosystem including traders and miners. as soon as this ecosystem exist bitcoin is going to stay alive.

Bitcoin is baked only with its marketing, this is blockchain protocol which is the most useless with others... simply check it  :-X

The market is not so good these days and this is due to the demand rate, demand rate controls the value o Bitcoin which is currently low. We expect a better price in future because some people have invested in high markets and now they are in loss so all they need this time is the jump of market or shifting of market from this position into favorable position. As the demand rate has to increase these days because the price is low and will becoming better in the upcoming days.

It is backed up the huge demand among people as an investment medium. It also has value as payment option.

You have directly or indirectly hit the nail right on the top, that nothing is actually backing Bitcoin regulated or fixed in nature, other than than everybody's general belief of it s existence and co habitat workings as peer to peer form of transactoinary medium.
That abstract strong belief and mindset of all Bitcoin fans, Traders, Miners, Investors and forum members in all Bitcoin Ramification is nothing but just the backings which Bitcoin relied upon for it's existence and sustainability.

Backed by the trust that people put in, gold is not backed by anything, just the trsut that with gold you can buy and trade things

Think about it as it is being backed up by fiat all across the globe. The value of bitcoin represents the amount of all the money being placed to it.

As we know USD is backed by the value of the gold, but Bitcoin does not have anything that is backed by, but the value is setten based on the supply and demand, as much demand that much the value increases.

USD is not backed by gold. It is backed by nothing -- just like Bitcoin.

This is the main difference between bitcoin and all other currencies. In any other currency, the value of your money is determined by someone else but not by you. In bitcoin, people themselves determine its value.

Agree. Bitcoin has real uses in the mainstream world, and it's one of the most resilient assets to date. Given that it has top-notch security, and transparency, I'd say that Bitcoin is somewhat better than Gold. Also, it's extremely portable (unlike Gold) and it's backed by the people. That's what really gives value to Bitcoin, and most cryptocurrencies in existence despite what many say in the mainstream media. Of course, Bitcoin is a volatile asset, but it may soon become stable as the market becomes regulated over time.

Best of all, Bitcoin is not only money, but also a store of value, giving you the option to hold onto your balances securely and cash out at a higher price in the future due to its limited supply. And once it becomes useful for micropayments with the Lightning Network, then it'll be much better than fiat currencies. Therefore, Bitcoin will remain backed by the people if it maintains its decentralized nature. Just my thoughts ;D

I think bitcoin is backed by an influential people or billionaire.

I agree that the most important part of the existence of bitcoin is the people using it primarily and obviously. Bitcoin would literally have no value if no one uses it, there will be no concept of demand/supply of it basically. So bitcoin seems to be backed up by develepor who has paid expert people.

I think We all witnessed that prices have fluctuated by all FUD and bad news. Price changes based on illogical emotions and facts. I believe you hold bitcoin no matter what happens and it will happen, and believe it is supported by all of us, it will make history.
People believe that bitcoin is not supported by anything. I think that's not the truth. I'm sure bitcoin is actually supported by the people themselves. It's supported by none other than just you.

Indeed in making investments optimistic attitude is in need to open big opportunities with the main goal get a profit because to the tidal price of traders should be able to maximize the opportunities that exist to make it all a reality.

When we talk about something being backed up, we mean those that are behind and sponsoring that particular project, investing funds in it to make sure that it continues.

Currencies can’t be back by a particular organization or whatever it is they think, rather it is being backed by individuals. And for Bitcoin, we are the ones that are backing it up. So Bitcoin is fully backed up, and by us. Anyone telling you that Bitcoin is not backed up is a pretty good liar.

Bitcoin is likely to undergo gradual deflation over time, given its limited emissions of 21 million coins. As a result, under the laws of supply and demand, most likely, the value of coins will constantly grow.

Only if you assume that demand grows.

Oh no bro, USD is backed by USA government

I think bitcoin is backed by nothing but by itself. In the case of technology, bitcoin is ahead of all the currencies and is still the best of all digital currencies. We can't say much about bitcoin because the whole system of bitcoin is unknown, we can't see that how it can be backed but if talked about trust, security and privacy, then bitcoin is on the top in these

That makes sense. This isn’t any business or product that is backed up by anyone. Rather this is currency and this can’t be just happened in this way. Pepe are making rumors and they are pertaining this bitcoin to different organizations and countries that they are backing it. But all of this is nothing but rubbish. They are decentralized and no one can make anything better in it.

Agree. Whereas fiat currencies are backed by people and the government, Bitcoin is backed only by its people. The best thing about Bitcoin, IMO, is that people are the ones responsible for giving it value. This is totally different from fiat currencies, since the central bank is responsible of determining the value of the currency. In this aspect, Bitcoin can be worth anything people want it to be, limited only by their imagination. What really gives value to Bitcoin or any other cryptocurrency in existence, is their technology and development team.

Depending on how active the development team is, and the number of innovations provided to the project are, would be the value the cryptocurrency’s going to get in the long term. Since Bitcoin has been tried and tested over the years, and it's the most secure blockchain to date, it's no wonder why it's a valuable cryptocurrency today. Therefore, even if there's no central authority responsible for giving value to Bitcoin (since no one controls it), the people as users of the cryptocurrency are the ones responsible for its value and survival in the mainstream world as times passes by. Just my opinion :)

The way you explained, things are not really like that. Nothing can be backed by people. If your statement were true, then a large group of people would create more things like bitcoin. Do you believe any other coins are like BTC?

If you are pertaining to the market price that will be going to pump up again one of this days then yes, the price of bitcoins is actually depending on the people if they will be investing even more due to the market's supply and demand.

And what backect BTC instead in your opinion?

No regulations, just people buying and selling their bits or buying and selling altcoins by using BTC in the process.

Only the reliability make this cryptocurrency strong because without that, this is nothing.

The market is volatile so it only means that no matter how hard bitcoins or other cryptocurrency will be going to drop its price, it will still manage to grow up again by the end of the day so try to invest right now while you have time.

The problem with this question is that nobody agrees on what "backed by" means.

To me, if a currency is "backed by" something, it means that the currency is guaranteed to always maintain a certain tangible value. For example, a gold-backed currency is guaranteed to always be worth a certain amount of gold.

By that definition, fiat currencies are backed by nothing and Bitcoin is backed by nothing. On the other hand, USTD is backed by dollars (as long as Tether remains honest and solvent).

Currencies that are "backed by the full faith and credit of the government", "backed by the military", or "backed by its users" are not really backed by anything.

Thats the point. Its backed by people. My usual retort is what is the USD backed by? They say the government and my response is "what is the governemnt backed by? The obvious answer is people. So in reality bitcoin and world currencies really are the same. If USD was still backed by the gold standard then all the haters would have a valid point. But that was always cryptos point, I can invent a currency and pay you in it, if you take it, it has value. The simple act of me paying you in that currency that was invented by a random person means that all currencies derive their value from people and therefore the entire system of monetary value is just one big joke.

That is also true, a currency is nothing without it's investors and users but bitcoin price is actually backed up by miners those who mines bitcoin using peer to peer network and they are rewarded in every block that they solve and also they process transactions that is taking place in the blockchain in exchange for transaction fee and the result it makes btc price stronger or even higher.

Most Bitcoin naysayers I know are obsessed with the fact that it's not "backed" by anything, and the fact that it does not have the blessing of the United States government. I'll usually let them know that most currencies, including US dollars, also have no inherent value other than what we perceive them to have based on what the government says they are worth. They are essentially "faith-based".

I like the fact that bitcoins alone are worthless. The thing that gives them value is the payment network they live in. So bitcoins are backed by the worlds first global permissionless trustless payment network (the bitcoin network).

Bitcoins are backed by the only global blockchain payment network that has become so successful it is having trouble scaling fast enough.

Scaling issues are a great problem to have. If we didn't have scaling issues bitcoins wouldn't be worth as much as they are today, simply because the demand wouldn't exist to create a scaling problem.

In that respect, not scaling bitcoin will limit the price growth. But once scaling has been implemented the price can continue to grow with demand for using the network.

On a side note. Ether is backed by the ethereum network. It could then also be posited that dollars are backed by the united states financial system, haha I know which system I'm betting on lasting through the next decade.

They were backed by the network which is operational with the blockchain technology. It doesn't have any backing similar to the gold or the other investments available around the globe. The algorithms and the open sourced flawless codings were the real backing asset for bitcoin.

obviously if people who invest in bitcoin are the ones that support bitcoin. indirectly they make demands with increased bitcoin and keep supply decreasing. market cap increases and makes the possibility of bitcoin rising to become larger.

The other way for the price of bitcoin to keep growing even if the demand does not grow is that bitcoins keep being lost that way the supply of the equation gets lower and the price goes up, even if in the short term this is not going to have a great effect over a long period of time the number of coins available will go down because people will lose their private keys or seed words.

Bitcoin is Virtual currency or crypto digital currency, it backed by Capital Investment put in by Investors in the crypto trading market, after the entry of crypto currency in 2009 Bitcoin been attack by a lot of issues, like issues on Banned, Scammer, Hacking, and the never ending issue on Regulation by the government financial institution whom critical on the acceptance of Digital Transaction using Bitcoin, But the good news are, people had increase the desire to participate and invested a lot on Bitcoin.

We do not know actually that when will it come to a stable price because the market after 9 long years of survival is still unstable. All the signs are at the demand rate, when it gains its strong support from people then the price may get stable. Promotions are contributing to its growth which is the main solution to increase the demand rate which will in turn increase the value.

The only one to invest in cryptocurrency that they are respectable with cryptocurrency. Cause I support that you can do on your savings and the market will continue. Cause we have been a good job of cryptocurrency. I believe in that bitcoin is a start, and technology.

That's certainly true, mate. Bitcoin has always been a highly volatile or unstable cryptocurrency ever since its inception in 2009. However, I believe that time will come when Bitcoin and most cryptocurrencies on the market will become stable in price, as regulations from government become enforced over time. With this in effect, there will be no more price manipulations from whales, and Bitcoin would be much more stable than what it is right now. On the other hand, the more demand it gets from people around the world, the better as its value will rise in a flash.

As such, I believe that Bitcoin being backed by the people is actually more of a good thing than a bad thing. This is because, there's no central authority which is responsible of giving it a standard value to it, as well as being able to control its supply, making Bitcoin an open cryptocurrency for the masses. Therefore, Bitcoin may perform well in the next couple of years if people keep supporting it every step of the way. Just my opinion :)

Actually bitcoin is backed by peoples trust on this coin, as an example usdt isn't backed by enything it's the trust people have on it. If people think it's useless and stop using then it has no value, so is the bitcoin.

BTC support is a good application for those who trust BTC and blockchain technology in the future!
As long as someone believes in BTC, Btc has value!

right, the blockchain system provides a decentralized and transparent system, so we can transfer directly to friends. so make faster proccess and transparent, so this is the development for alternative currencies later

I think bitcoin backed by nothing, bitcoin stand-alone bitcoin is only accompanied by a technology called blockchain which is tasked to provide records for all existing transactions that use bitcoin.

I would definitely keep bitcoin, if I had it) However, I believe in it and it is clearly supported by the people themselves and if you do not lose faith and do not panic on the little things, selling your coins at every negative opinion, then the world of cryptocurrency will soar to unimaginable heights! And the sooner people realize it, the sooner it will happen!  ::)

Fiat money like US dollar backup by government trust. Like dollar, bitcoin backup by community trust and thats why bitcoin is peer to peer transaction. If peoples dont trust on their government, their currency value must be drop and its apply on bitcoin too

Bitcoin is not supported by anything, that's why it is so unstable and it causes people's distrust.

So really the price for bitcoin is set by us people. But as the majority of bitcoins have written here, they are concentrated in business whales and they can easily speculate on the price of it.

Well, it costs electricity to run the operations of bitcoin and it takes money to buy it. I guess thats enough to understand that from where it gains its value and with what it is backed up really. The bitcoin may be virtual one but it is not really coming out of the thin air but with use of real energy. People forget to add these factors into consideration. Everything gets its value from the process of its making or creating. In bitcoin case its mining, investing and much more ways to gain it. So its pretty straight that it is backed up with the billion dollars market cap that was raised through above mentioned processes.

It's not backed by anything unlike the traditional currencies that are generally supported by gold reserves. Since cryptocurrencies are a different kind of currency, it's rise and fall are affected by other factors. That's why when we hear negative news, banning of cryptocurrency activities in some countries, and dipping in value of some coins, especially Bitcoin, it somehow affects the market trends that, in turn, affects other coins in the market. That's actually one of the things that an investor or trader must work with to be able to be successful in this market.

What backed up bitcoin is the value of fiat currency that each users used to buy it. It could be dollars or any form of currency from which country users came to invest. This is the nature of bitcoin causes it to become volatile when no usage or utility is really being done each time. So if it drops in value this means that the users have already withdrawn part of the backed up money. So this is more about peoples usage of it that creates its value.

Bitcoin is backed by fiat currencies and the users as every day new users are entering the bitcoin community the demand for bitcoins keeps on increasing which causes for the rise in the price of bitcoins and there is only limited number of 21 million bitcoins available in the crypto currency market almost 17 million is already mined and it will take another century to complete the mining of bitcoins as every time the level of difficulty of mining increases it will take years to  finish mining but the price of bitcoins keeps on increasing making it the most expensive thing on the planet.

This is absurd. Just because you can sell something in exchange of money, doesn't mean that it's backed by fiat currency. I can sell my computer in exchange of fiat currency, is it backed by fiat? Not really. If so, then everything is backed by fiat by default. If anything, bitcoin is backed by the belief of people that this actually has value (and thus they pay money for it), same as fiat money.

When you joined the bitcoin community, were you prompted to buy bitcoins? I don't think all of the users are buying bitcoins and even if they do, there are people selling bitcoins on the other hand. The increase of users doesn't necessarily increase the demand for bitcoin until they start buying bitcoins. There can literally be millions of people that are new in the bitcoin community but the demand for bitcoin will still be the same if none of them buys bitcoin.

Uh? I can think of hundreds of things that are more expensive than bitcoin even when priced as its peak price. Here's a quick link (https://www.scoopwhoop.com/inothernews/17-most-expensive-things/) to the most expensive things in this world.

Yes, I agree with you. Bitcoin is backed by the people investing in it. The price of any cryptocurrency is highly influenced by the people holding it known as its community. This is truer in the case of Bitcoin. There are many cryptocurrencies being launched every day but Bitcoin is still ruling the cryptocurrency market. This is mainly because Bitcoin enjoys great support from its community.

I feel sorry for people who could not understand the value of crypto. It is a clear lack of understanding of changing times.

It is backed by mining costs. This is why it does not go below the average mining costs.

If the e-money market is in crisis. Do you dare to keep the BTC or sell it? I want to know that.

It is backed by the belief of people. This applies to all investment options like gold.

It has got real value in terms of being used as a currency. Much more valuable than gold in my opinion.

maybe bitcoin is supported because with blockchain technology that helps make transactions anonymous,
useful for secure transactions and the manufacture of bitcoin wallets does not require personal data.
this is useful to save energy and time.,
so people support bitcoin because bitcoin is useful.

Here is where bitcoin difffers from fiats, it derives its power and usefulness from the people who trusts and use it.That is why it becomes stronger as a currency as more and more persons begin to use it

It is one of the most popular payment medium these days. Any people do not want to disclose their details while making payment and thus use crypto.

Crypto has got real life use a payment medium. The price is backed by uses and demand among people worldwide.

For any commodity the price depends on supply and demand. With events like halving coming up, I expect to see prices rising only.

If you are getting so surprised with current prices, what you will do when prices go to a million or above per bitcoin.

I would like to withdraw some and save my profit and invest again. I hope that bitcoin price will going to rise up more until million.

Most currencies world wide are backed by the authority responsible for issuing and not necessarily commodities etc. These are the central banks or national banks of a state. In the case of bitcoin its backed by a combination of the people and technology behind it, that is the blockchain and the miners without  which the crypto currency will loose the confidence reposed in it and collapse

So much is evolving in terms of how people pay online these days, I see crypto as best option today. The demand will increase with time.

Bitcoin is backed by algorithm  and mathematical coding as well already know we have limited supply 21 million dollars

No matter how many times bitcoins will be announced as dead, bitcoins will still grow because the market prices are volatile so you can always assure that you will be earning profit depending on the season.

Bitcoin is backed by people and the awesome blockchain technology. a small number of people who rules the world with an unfair system only don't like bitcoin and blockchain technology. because they won't be able to exploit people like with this new decentralized ecosystem.

Here is what I personally believe ALL currency (credit cards, cash, crypto) is backed up by.

For that time, keep your patience under controlled? Are you saying this seriously? I think this isn’t right thing to do. You should keep yourself updated with almost recent information. And this information explains us to become stable and patience for a specified time. You can’t become patient for so long time that leads you to hold your coins for five or six years.

If you have a decent job you can actually hold until when you are going to sell your coin and it doesn't matter if it takes years because it is his/her own decisions to do if something happens. It is important to be updated on the market for you to know if the prices are changes to what exactly it will become after you brought the coin that time

Basically, bitcoin is backed by blockchain technology. But if you will see thru it, mainly, we all backed bitcoin. Bitcoin technology actually depends on the people, instead of some specific organisation, country or an economy. It centers and circulates with us, the users of bitcoin.

That is very normal and we are observing sch activities from people for a long long time, but I am also sure that such false news will not bring any effect on bitcoin. In fact people are giving a very good support to bitcoin which is making bitcoin more and stronger.

Yes you are right, the only reason for bitcoins to die is that no one will be interested on investing on it and that is the only way for bitcoins to dump in the market.

Bitcoin is supported by people who believe in it and plus a lot of HYIP around this topic, and this whole situation is moving to a logical outcome.

I agree with you who say bitcoin has an effect on ourselves. whether it is up and down is the impact of various issues and the information we capture as emotions and can cause prices to rise and fall fluctuatively

Bitcoin is backed by people - miners who invested in their computers, people who buy Bitcoin beveling it will be a key asset in the future. It is not a group of geeks anymore, it is a huge business.

of course bitcoin is supported by many people, if it is not supported maybe bitcoin will not deliver the highest prices like last year. and I'm also sure those who hold bitcoin have confidence that next year bitcoin will reach a high price even more than the previous year. so we only need time to be patient until the time comes, don't be tempted by uncertain news. because that will only cause panic

Bitcoin is nothing if no one support it. Many people are enage in bitcoin and  believe that it will help them in different way. Investors  are the one who support bitcoin because they can get a good profit on it. Do not rely those news that against bitcoin it will not help you to success instead it will fall you down.

Bitcoin is backed by technology, its name and by the fact that people are ready to buy it for todays price, that's enough in my opinion.

It is backed by Immutable data, backed by Truth, Censorship resistance, Transparency, Miners, and most importantly the Community. To be honest, these values are worth more than shiny gold, silver or diamond... and far more than fiat.

Most important thing is that Bitcoin cannot be printed out of thin air like government controlled currencies. That to me, is one of the most important value.

with  trust and electricity bill

if you already have a steady income other than crypto, of course you have no problem holding a few years of the coins you have, besides that bitcoin is not backed up by anyone, including the government, is it worthed to put a lot of money in crypto and then leave it for a few years?

Will every people or investor have a different opinion about what happen of bitcoin in the future and everyone of us are entittled to express our own opinion,otherwise  i believe that bitcoin would not going back for nothings or turn back to zero,because of this only a small chaos thats we encounter now,i know thats there some expert in cryptocurrency woulds estabilize this bloodish market now,and turning back those prosperity moment of digital currency,because i believe the legacy of cryptocurrency is still continue to moving forwards to create a  world cashless society.

Technically, it is backed by blockchain technology.
Again, blockchain is a decentralized system and worked on the matter of trust from all players involved in. So basically it is backed by every one of us. Everyone that is being involved such as miners (mostly) and then holders.

Bitcoin back up by secure network and unhackable data transaction. We know that many fake paper money because the security on paper money very weak. Different with bitcoin, bitcoin network very secure and almost unhacked, people can not change data transaction on network

Bitcoin is backed up by internet!.. hehe kidding aside.. really it was backed up by people who patronize, accept bitcoin, investor, developer and advertizer and bounty campaign without these people I guess bitcoin will not survive the fact that it still here is because of these people. and the success and failure of it is still these..

The simplest way of economics is competently no longer returns in between any of these things. Each one has a price pointed to by the strengths of a supply and demand market. The price of Bitcoin really goes up and sometimes down as people are also saddened by bitcoin value changes, they are faithful to everything in the world.

For me honestly it's still not clear. I mean pricing a product or service depends on how much it is to produce a product or conduct a service plus an overhead. With crypto currency, i think it is backed up by how much people are willing to pay for it and how much is available in the market.

i agree with you, I think bitcoin is backed by someone. Maybe he is the biggest investor in this market

It is backed by the people, US! We back it up, we say how much it worths and we decide what the price will be. There is no "thing" or a "place" that decides what the price will be or even what the features will be. Even the core developers can create segwit all they want but if the people do not use the chain with segwit and go for the old one, segwit would have died. Basically the importance here is to keep our voices heard and create a decentralized democratic system of economy that would equalize us and treats us no different. Blockchain and bitcoin is backed by the resistance.

Hmm it is backed by technology - blockchain, plus it is backed by users who hold a lot of bitcoins. SO it is like a small bank :)