"but money is backed by gold and bitcoin not" how would you answer to this?

[jonathan6655321]

i'm speaking about bitcoin & cryptocurrency a lot with friends/family and for few things ive heard this "but money is backed by gold and bitcoin not" how would you answer to this?

[1715326880]

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[BIG Tyrese]

i'm speaking about bitcoin & cryptocurrency a lot with friends/family and for few things ive heard this "but money is backed by gold and bitcoin not" how would you answer to this?

Why doe4s it have to be backed by anything? Bitcoin is backed by it's following and the nodes which are being run.

[NovaTerra]

most currencies at the moment already exceeded their numbers to ensure their resources. So what is bitcoin worse than others?

[gentlemand]

Money is not backed by anything other than government promises. Gold was abandoned decades ago. There's no point in talking anything with people who are too dim to realise that.

[kondor1030]

Money was backed by gold. Not anymore. The gold standard is long gone. Both Bitcoin and USD are not backed by anything.

[Digital Mutant]

Try to buy something with a gold bar, no one will accept it as medium of change.

Bitcoing is accepted online and offline and in the next months it is epected to be added on many Wordpress e-commerce plugins and there are rumors that in the near future Amazon is going to permit paying with Bitcoins.

Gold belongs to fiat era, digital is coming, and is coming now, stop being too much insecure and accept the new bitcoin industry, which market cap is not only the billions of Bitcoin capitalization, but also thousands of crypto based projects and million of people ingaged into Crypto Eco System



Be positive and strat understanding what all of us are facing during next years!

Cheers

[VitKoyn]

i'm speaking about bitcoin & cryptocurrency a lot with friends/family and for few things ive heard this "but money is backed by gold and bitcoin not" how would you answer to this?

Currency is not backed by gold anymore since 1973 if I'm not mistaken and currency value is determined by supply, demand, inflation and whatever the central bank says the value for it. That is why we can say that US dollar, Euro, Pound value is determined by beliefs that it has a value. Bitcoin is not backed by any precious commodity like gold and silver but that doesn't mean it has no value, Bitcoin value is determined also by demand and supply just like other currency in the world.

[Xavofat]

1.  Almost no fiat money is still backed by gold.  The US abandoned the gold standard in 1933 and all ties between fiat money and gold were severed in 1971, so at least major currencies like the US dollar and Euro are not backed by gold.

2.  Even though gold does have some value in being used for products such as jewelry, that intrinsic value is not even close to the value it has been given.  Gold isn't the only thing that could ever be used as a reserve, it's just something that people have chosen in the past.

3.  The digital money in your bank account is not backed by cash, and that cash is not backed by gold, so pretty much nothing of yours is backed by anything and even the different types of fiat money you have are not equal.

If your family still believe otherwise, you can just tell them that they are wrong.  If they still think they're right, then they're idiots and there's not much point arguing.

[Carlton Banks]

If gold was what gives fiat money it's value (it isn't), then what gives gold it's value?


Don't say electric or chemical properties. The price of gold is far, far too high to be used industrially, save for some very niche applications where the extreme expense of gold can be absorbed.


So, why then is gold so valuable, if it never gets used for the (physical) tasks it can perform so well?

[Carrody]

Your gold can be stolen, bitcoin - no! how would you answer to this?

[FJNuñez]

You would say that FIAT, not money, is not backed by gold it's back by nothing right now that's a fact. The dollar used to be backed by gold, but that implies gold has some sort of intrinsic value, but it doesn't beyond being a great universal ledger which is a way to keep track of debt.

[xianbits]

As far as I know, yes, money is backed up by gold but most of the people here say it is not anymore. Am I being left with this update?
When I was in high school, this is what being taught and until, I still believe that way. Fiat should be backed up with something valuable, if not, then the fiat we have will onoy mean just a paper or a piece of object.
About how bitcoin being backed up, I think the support from the community is the greatest back up it can have.

[dothebeats]

i'm speaking about bitcoin & cryptocurrency a lot with friends/family and for few things ive heard this "but money is backed by gold and bitcoin not" how would you answer to this?

Why doe4s it have to be backed by anything? Bitcoin is backed by it's following and the nodes which are being run.

That doesn't mean jack shit to people who have a close mind about accepting new tech and its benefits to the new generation. Nodes and hashing power aren't sufficient to be of any value to most people who are accustomed to fiat and gold, that's why it's hard for them to accept that bitcoin really carries value like its precious metal counterpart.

Most people would approve any single thing that is backed by gold and the government. If it doesn't satisfy any of the two, they would distance themselves from it until some other lad takes his lucky break from it and shows to everyone that something can be gained from it. It's kind of a fucked-up logic by the masses. No wonder most people are poor because they only tend to be a part of the flock and not go on their own way and discover new things.

[bob123]

This statement is kinda meaningless.
First money is not backed by gold. That was a long time ago. And second, bitcoin is backed by work (proof-of-work & electricity).
But the more interesting question is why everything has to be backed. The value is determined by supply and demand.
With a market cap of 96+ billion $ and the acceptance bitcoin already has, it does not have to be backed by more than hashing work.

[Lasvista]

There is no need backed backed more. Because bitcoins are backed by us if we do not have the bitcoins. And it is powered by a computer without a computer without bitcoins. And you do not need to explain to those people about bitcoins if you see that they have no interest in it. You can see what you earn on bitcoins when it comes time and definitely the backed ones they think they will not even think about if you ever see them getting up in life.

[Squidoogeek]

Link them to reputable websites that show that "money" is not backed by gold and hasn't been for decades. (It isn't in the U.S., anyway.) It's just backed by government promises, which won't mean anything if the government collapses or is overrun.