What is bitcoin backed by?

[Onah]

Technically, it is backed by blockchain technology.
Again, blockchain is a decentralized system and worked on the matter of trust from all players involved in. So basically it is backed by every one of us. Everyone that is being involved such as miners (mostly) and then holders.

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[Lexurdania]

People believe bitcoin is backed by nothing. I think that is not the truth. I believe bitcoin is actually backed by people themselves. It is backed by none other than just you. We all witnessed the price has been fluctuating by all those FUDs and bad news. The price changes by emotion and non logical facts. I believe you hold bitcoin no matter what happened and would happen, and believe it is backed by all of us, it would make a history. 

Bitcoin back up by secure network and unhackable data transaction. We know that many fake paper money because the security on paper money very weak. Different with bitcoin, bitcoin network very secure and almost unhacked, people can not change data transaction on network

[dongyi17]

Bitcoin is backed up by internet!.. hehe kidding aside.. really it was backed up by people who patronize, accept bitcoin, investor, developer and advertizer and bounty campaign without these people I guess bitcoin will not survive the fact that it still here is because of these people. and the success and failure of it is still these..

[ronics]

The simplest way of economics is competently no longer returns in between any of these things. Each one has a price pointed to by the strengths of a supply and demand market. The price of Bitcoin really goes up and sometimes down as people are also saddened by bitcoin value changes, they are faithful to everything in the world.

[spongegar]

For me honestly it's still not clear. I mean pricing a product or service depends on how much it is to produce a product or conduct a service plus an overhead. With crypto currency, i think it is backed up by how much people are willing to pay for it and how much is available in the market.

[Saripondso]

i agree with you, I think bitcoin is backed by someone. Maybe he is the biggest investor in this market

[Hiltohen]

It is backed by the people, US! We back it up, we say how much it worths and we decide what the price will be. There is no "thing" or a "place" that decides what the price will be or even what the features will be. Even the core developers can create segwit all they want but if the people do not use the chain with segwit and go for the old one, segwit would have died. Basically the importance here is to keep our voices heard and create a decentralized democratic system of economy that would equalize us and treats us no different. Blockchain and bitcoin is backed by the resistance.

[AleSergio]

Hmm it is backed by technology - blockchain, plus it is backed by users who hold a lot of bitcoins. SO it is like a small bank