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.
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