So we all know about BTC but with what is his value backed up ?

[redhondaxrm125]

Hi all , well late night thoughts we all know basic about economics and that money is backed by gold or platinum in some countries , and i wanna know youre opinion by what is BTC backed up ?

Nothing. Yes, bitcoins are backed up by nothing but my trust and the trust of all the people in the crypto world that believe in its great potential. This is why a bunch of people calls bitcoin a pyramiding scam and uses that to bash on bitcoin. Sad thing is, they are intelligently too dumb to realize that bitcoins are much more valuable than what its price today is. And probably much more valuable than the highest peak it will reach someday. Why do I say this you may ask? I said what I've said because I see that the change that the bitcoin technology has to offer to this world is something that is priceless. It has gave us, the people, a chance to break loose from the outdated and obviously not working system that we have long been locked in since GOD knows when. And i think that alone was enough reason for that irrational guy to sell everything he and his family has just to invest into Bitcoins.

That is my opinion.

[HackS]

Hi all , well late night thoughts we all know basic about economics and that money is backed by gold or platinum in some countries , and i wanna know youre opinion by what is BTC backed up ?

It's backed by nothing tangible, really. Unless you count the blockchain and the hashing power which supports it as something that backs Bitcoin, you basically out of luck. The value mostly comes from the security and anonymity, both of which are relatively intangible and are beneficial on a completely case-to-case basis. If you wanted to go and exchange your Bitcoin for anything, well, there isn't anything you can directly exchange it to that doesn't depend on supply and demand. If there was something that Bitcoin was actually backed by, would it make it more valuable or less valuable?

Basicly what you want to say is , that BTC is backed up by how much people invest in it and their equipment for farm nowdays correct me if im wrong, and yea its circulation (buy sell rate)?

[HackS]

Hi all , well late night thoughts we all know basic about economics and that money is backed by gold or platinum in some countries , and i wanna know youre opinion by what is BTC backed up ?

It's backed by nothing tangible, really. Unless you count the blockchain and the hashing power which supports it as something that backs Bitcoin, you basically out of luck. The value mostly comes from the security and anonymity, both of which are relatively intangible and are beneficial on a completely case-to-case basis. If you wanted to go and exchange your Bitcoin for anything, well, there isn't anything you can directly exchange it to that doesn't depend on supply and demand. If there was something that Bitcoin was actually backed by, would it make it more valuable or less valuable?

Because of the system on which BTC works (which is pretty good if you ask me) his value would be same because it started on different system unlike money (or in worst case it would lower its value because gold and silver have less value then it much less ) .