Im afraid your wrong. Bitcoin its 010101's only its worth nothing.
If you call bitcoin worthless for being 010101's, saying
USD its paper only its worth nothing.is completely justified. Niether currency has anything backing it up.
IF you ever play an RPG game is the same thing.
Ask any person how much World of Warcraft Gold was worth 5 years ago and what is worth now.
People WANT these currencies nonetheless. It has value because people spend it on having some fun.
Bitcoin and Playing WoW is pretty much the same concept except that to find gold in WoW you had to sit their for a while to find it. Eventually they came out with WoW Bots that did the job for you ... same as Bitcoin a bot decoding encrypted files/blocks...
Bitcoin was meant to be mined with bots. These are called miners. WoW bots made the gold more available; Since bitcoin has always been mined by high-efficiency machines, and not once by hand, the same downfall could not be applied.
Dollar or any currency is 100% backed by Gold or valuable Minerals. When a country does an currency exchange they exchange by gold.
USD has NOTHING backing it up. Only people's belief that it has value is what gives it value. It is a
fiat currency.
Banks and countries are perfectly well with trading via gold. Everyone loves it. USD is no longer backed by it.
Lets say that Mexico Government has 1bLn US dollar they will send it back to the US Government and the US will send 1billion dollars worth of gold or a some mineral they asked for.
That's called the Mexican Government buying gold from the US Government.
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