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Author Topic: What is bitcoin backed by? My favorite answers  (Read 10019 times)
Zorrocoin
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July 09, 2015, 04:15:16 PM
 #101

1) A lack of faith in central banks and their long-term control over government currencies

2) A desire to hold currency that has positive expected value when more efficient means of production are discovered.

That is all.

-bgc


That is a really good answer indeed. Bitcoin is also backed by loads of people. I've read a lot of other good answers in this thread and it has made me understand a lot about bitcoin  that I really couldn't explain to some one who was unfamiliar with this.
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July 11, 2015, 07:36:57 AM
 #102

Bitcoin is backed time  Cry

minor-transgression
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July 11, 2015, 09:02:05 PM
 #103

If you understood what money is you would not ask that question.
Do You ask what is gold backed by?

The banker JP Morgan famously answered that gold is money and nothing else.
Today bitcoin is added to the list of things that are money

Do not allow yourself to be defrauded by present day bankers. They wish to
present the credits and debits they find in their T-accounts as money.
They talk about "the money supply" when they mean "the debt supply"
Some ninety-seven percent of the "money" in circulation is no more than
an obligation on someone to extinguish a debt to someone else. The
remaining three percent is money - gold, silver, bitcoin. Everything else is no
more relevant than the position of beads on an abacus.

Unfortunately, perception matters. To understand this look at this image: 

http://dragon.uml.edu/psych/woman.html

Think of money as the young woman, and debt as the old woman.
They look the same but you cannot see money and debt at the same time.
When you hold money, you hold a scarce resource. When you hold debt
you are enslaved.
Zorrocoin
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July 12, 2015, 10:50:30 AM
 #104

Me.

Good answer  haha. It is backed by all of us. All people investing in it.  Smiley And we are backed by bitcoin back. It  is the reason why I don't have trust issues anymore lol. Just saying. Bitcoin is also backed by

Not being deceived by the untrustworthy banks and government.
Kprawn
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July 12, 2015, 11:46:16 AM
 #105

It's back by a technology that would make sure the human element is cancelled to a degree that it keeps us and governments honest enough to give it value.

It's also backed by the believe that the alternatives are failing and not changing with the needs of the majority of the people using it.

When people focus on this, they would find the unique value of using this alternative.  Wink

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greBit
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July 12, 2015, 02:38:45 PM
 #106

Me.

Good answer  haha. It is backed by all of us. All people investing in it.  Smiley And we are backed by bitcoin back. It  is the reason why I don't have trust issues anymore lol. Just saying. Bitcoin is also backed by Not being deceived by the untrustworthy banks and government.

Backception. The only thing bitcoin, gold or anything else is backed by or comprised to have value of, is belief of the amount of people. In other words, more acceptance or adoption of a certain currency or any mode of acceptance, would be the most superior. Gold has been around for a long time and people have had a log belief in it, that's why it seems to be superior. Time for change.
BillyBones
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July 12, 2015, 05:57:05 PM
 #107

To the common people at this current situation, Bitcoin backed by it high value against the fiat currency, period. To the economists and business people regardless to any sectors it is a massive breakthrough for anonymity.
n2004al
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September 30, 2015, 05:47:45 AM
 #108

Bitcoin in backed primarily by its quality (what derives from the quality which have the technology from which it was invented) and is the peer to peer. In other words bitcoin is an currency which is the materialization of one concept which allow to exclude one third part in one communication between two sources. This is an extraordinary achievement. Then is backed by the passion, interest, curiosity and faith as a new kind of currency by the people.
brandken
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September 30, 2015, 11:08:33 AM
 #109

Bitcoin is backed by POW. Yes, if you contribute to the netwrok you will get some bitcoins. Unlike banks and government bitcoin is not minted meaninglessly.
Miss Fortune
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September 30, 2015, 12:38:35 PM
 #110

1) A lack of faith in central banks and their long-term control over government currencies

2) A desire to hold currency that has positive expected value when more efficient means of production are discovered.

That is all.

-bgc

A lot actually, there many other merchants and investors that really believe in btc and with that
they support it to endless limits.
mordekaiser
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September 30, 2015, 01:41:05 PM
 #111

1) A lack of faith in central banks and their long-term control over government currencies

2) A desire to hold currency that has positive expected value when more efficient means of production are discovered.

That is all.

-bgc


A lot of people have been very supportive about bitcoin and as time goes by it it becoming more popular.
neonshium
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September 30, 2015, 03:02:49 PM
 #112

Bitcoin is backed by POW. Yes, if you contribute to the netwrok you will get some bitcoins. Unlike banks and government bitcoin is not minted meaninglessly.

Yes. I agree. New Bitcoins are created for a meaningful reason on a regular interval towards a fixed cap. No other currecy is minted like that. Bitcoin has many reasons backed for it.
Ceizer54
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September 30, 2015, 04:27:49 PM
 #113

1.Bitcoin is backed by people like us who believe in Cryptography and trust computers more then governments.
2.Bitcoin is backed by people who wants to pay less fees compared to what they pay with real money.
3.and finally by those who want to have complete control of their money and not to be controlled by the government
4.and finally thus bitcoin is backed by people...as long as people uses and invest in bitcoin,bitcoin has the value it deserves Wink
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