esa2782
Newbie
 Offline
Activity: 101
Merit: 0
|
 |
April 23, 2018, 02:09:44 PM |
|
bitcoin is an antithesis of a banking system, it does not come suddenly in one day, after technology is available and people begin to question the reality of our economic system with the banking system as a core, so it is correct to say that bitcoin backed by people, but i think it is more of Hegelian than just a technology, it is just a chain reaction, thesis synthesis and antithesis, or like we call it, blockchain.
|
|
|
|
|
|
|
|
|
Advertised sites are not endorsed by the Bitcoin Forum. They may be unsafe, untrustworthy, or illegal in your jurisdiction.
|
|
13abyknight
|
|
April 23, 2018, 02:36:51 PM |
|
Bitcoin is mainly backed by masterful technology called the 'blockchain' which is completely foolproof by code. Being the brainchild of an extraordinary visionary in Satoshi Nakamoto, it resembles the flagship of current technology. This is mighty enough to sustain Bitcoin usage for many decades to come without any sort of lapses in security.
|
|
|
|
|
Zapto25
Newbie
Offline
Activity: 146
Merit: 0
|
|
April 23, 2018, 03:04:15 PM |
|
bitcoin is supported by people who like bitcoin, if bitcoin does not support it maybe bitcoin will die and not worth it, investor support, shareholder is so necessary that bitcoin will not die forever
yes public trust including bitcoin supporters is one of the causes of bitcoin persistence in the market. how can bitcoin survive if there is no support ..  |
|
|
|
|
squatz1
Legendary
Offline
Activity: 1666
Merit: 1285
Flying Hellfish is a Commie
|
|
April 23, 2018, 04:44:44 PM |
|
While there is a lot of FUD surrounding bitcoin, the big thing that it is backed by is the blockchain and the code. Bitcoins code has been unable to be cracked yet, you can't crack into bitcoin based on no one being able to do it yet. That's not to say it's impossible, but as of right now we haven't hit the point where anyone has.
The blockchain confirms all transactions and the miners confirm all the transactions by confirming that all of the transcations are real and are not frauds.
|
|
|
|
|
krishnaverma
|
|
April 23, 2018, 06:25:47 PM |
|
bitcoin is supported by people who like bitcoin, if bitcoin does not support it maybe bitcoin will die and not worth it, investor support, shareholder is so necessary that bitcoin will not die forever
yes public trust including bitcoin supporters is one of the causes of bitcoin persistence in the market. how can bitcoin survive if there is no support .. That public support is possible only when the product or service has got some merits. I mean one can create some hype and get initial promotion with money but this cannot be faked for long. Bitcoin is going strong for last 8 years and this is possible only because of its continuous rising prices that benefited a lot of people. |
|
|
|
|
rafaelyarulin
Member
Offline
Activity: 545
Merit: 10
|
|
April 24, 2018, 05:25:48 AM |
|
Of course real money. People enter their dollars/rubles/EURO and buy Bitcoins on them, there is a reinforcement of coins directly with money, which in turn is backed by the real sector, where they are earned for goods and services. The growing turnover of "living money" inevitably supports and increases the value of Bitcoin.
|
|
|
|
|
rizkyhiw
Legendary
Offline
Activity: 1484
Merit: 1004
|
|
April 24, 2018, 06:42:32 AM |
|
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.  There are a number of factors that influence the price of Bitcoin over time: - Demand and Supply on the market. Actually physical market and digital market always influenced by the basic law of Supply and Demand (Supply and Demand). If the offer is more than the demand, then the price will fall. Vice versa. - Total Bitcoin and Holder. The total maximum amount of Bitcoin is 21 million, although it is in production gradually. Currently, there are about 16 million BTC and more than 14 million people have wallets with BTC. Because the amount of Bitcoin remains, but people who want to have more and more, then the price will continue to increase. - News Lots of news that could affect the human factor (market sentiment) in the cryptocurrency market. For example, the news about the capture of Ross Ulbricht, the operator of Silk Road site that uses Bitcoin a lot, makes the price of Bitcoin down. etc. |
|
|
|
|
Abiky
Legendary
Offline
Activity: 3192
Merit: 1361
www.Crypto.Games: Multiple coins, multiple games
|
|
April 25, 2018, 10:15:56 PM |
|
While there is a lot of FUD surrounding bitcoin, the big thing that it is backed by is the blockchain and the code. Bitcoins code has been unable to be cracked yet, you can't crack into bitcoin based on no one being able to do it yet. That's not to say it's impossible, but as of right now we haven't hit the point where anyone has.
The blockchain confirms all transactions and the miners confirm all the transactions by confirming that all of the transcations are real and are not frauds.
Completely agree with you, mate. Bitcoin is backed by blockchain technology and the people that support it. Since it's a purely speculative asset, people determine what its value would be in the long term. With blockchain technology, fraud and double spending problems are no longer a real threat when compared against traditional fiat currencies. As such, Bitcoin's strongest point is the public ledger which is transparent and anyone can verify, allowing for greater security and reliability. Many say that Bitcoin is not backed by anything, but it is all the contrary as real-world resources become spent to help preserve it for years to come. Every day, lots of individuals, businesses, and corporations join Bitcoin to help it become a mainstream digital asset. Therefore, Bitcoin is and will always be backed by people, and its underlying revolutionary technology which is highly safe and efficient (when compared against traditional centralized monetary systems). Just my thoughts.  |
|
|
|
qwirtiii
Newbie
Offline
Activity: 210
Merit: 0
|
|
April 26, 2018, 08:36:31 AM |
|
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. Your right , bitcoin make a history specially to all the people who has no hope for their lives .Maybe, because they are poor and has no money to get a capital for their want business. And for the people who tortured by others because they are poor. Well , Bitcoin is a new hope for the poor that has no capital .It has no need a capital needed. Just do your task. |
|
|
|
|
SPQR_Legionnaire
Jr. Member
Offline
Activity: 34
Merit: 2
|
|
April 26, 2018, 10:27:31 AM |
|
There's nothing that it is backed by in the vein of things you seem to be searching for, but belief backs it, and a key part of that belief is that it doesn't need any backing except the value placed on it by other users and speculators.
|
|
|
|
|
|
jakezyrus
|
|
April 26, 2018, 10:33:49 AM |
|
There's nothing that it is backed by in the vein of things you seem to be searching for, but belief backs it, and a key part of that belief is that it doesn't need any backing except the value placed on it by other users and speculators.
Every people has a different choices and some people needs to be convince first before they try to put their money on one thing or to invest on it , thats why they check if that thing is backed by something because the term backed or backing to them can make thing more trusted and credible . although in most people , backing is not really important because they only matter on whether that thing is profitable or not. Anyways , i think bitcoin is backed by hodlers , bounty hunters , merchants/companies ,etc. Bitcoin does has a wide array support from the public. |
|
|
|
|
evdoksi
Member
Offline
Activity: 100
Merit: 24
GPTCash Weekly Airdrop: https://discord.gg/DPgHv6X
|
|
April 26, 2018, 10:47:33 AM |
|
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. What do you think that the money you use is backed by ? People live in false hopes that government will compensate is the value of currency degrades. If this was reality, you would not have see currencies becoming useless in some countries. |
|
|
|
|
|
aardvark15
|
|
April 26, 2018, 10:49:40 AM |
|
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’s value comes from several sources: 1) Miners spend money and resources to make and verify transactions 2) Users of Bitcoin pay fees to the miners 3) Developers spent time to create Bitcoin and maintain it. 4) Users/investors see value in Bitcoin and are willing to pay for it. There may be other reasons as well, but I think that last one is the main reason for its value. |
|
|
|
|
Salatri
Newbie
Offline
Activity: 15
Merit: 0
|
|
April 26, 2018, 12:37:17 PM |
|
I think bitcoin does not support anything because bitcoin is just an electronic currency, unlike the common currency that believes in publishers but is a distributed database.  |
|
|
|
|
PsylockReborn
Member
Offline
Activity: 420
Merit: 24
|
|
April 26, 2018, 12:47:33 PM |
|
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's value is determined by the adoption or usage of the people. The higher the number of people that uses or adopts to bitcoin then the higher its value. Given the fact that mining difficulty of bitcoin will increase every after 4 years, sooner or later it will reach its limit and the law of supply and demand will take place. Scarcity will make bitcoin more valuable than any other coin and if this moment will come bitcoin will be the best store of value. |
|
|
|
|
Bagani
Member
Offline
Activity: 375
Merit: 18
send & receive money instantly,w/out hidden costs
|
|
April 26, 2018, 12:55:22 PM |
|
Trader, investor, hunters and all of us are the factor of having a change in price. We are tge ine who uses crypto currency. The volume, the price ,the pump, the dump, The green, the red market is all because of us. So we are thr one who will back and the factor btc back to its natural pump. Stronger community will make crypto healthy flow
|
|
|
|
kauban2018
Member
Offline
Activity: 271
Merit: 10
|
|
April 26, 2018, 01:32:02 PM |
|
Bitcoin backed by nobody or nothing at all. Actually bitcoin exist because of it's value that derived or came from people who believed that bitcoin has its own value and wealth. According to research this currency was already written in the history because before the paper money invented most currencies were coins fashioned from precious metals even here in our country. Actually before the current system understood it was started by the old system which continuously operating up until now. Basically, this currency considered as a fiat currency which considered as a free floating currency that is not backed by any sort of commodity. Bitcoin for me honestly about money which has value because we believe that it has value and important like trading our money to food and nowadays trading money for credits. In fact, when bitcoin evaluated it showed good impact and consider as best indicators of a currency's value in where we can have a adoption rates, the ability to buy goods and services, established history, and etc.
|
|
|
|
|
|
Dudeperfect
|
|
April 28, 2018, 11:17:37 AM |
|
It's all about the trust. In the fiat currency, you trust the government (basically, a small group of people who says that 1$ bill is worth $1), on the other hand when you trust Bitcoin, you trust each and every user out there who is willing to pay the current market price for your Bitcoin. There are some other benefits too but this is the one of the biggest benefits in blockchain based decentralized currencies. Afterall, |
|
|
|
|
TheClownSong
Sr. Member
Offline
Activity: 1428
Merit: 251
solidtradebank.com | 5%-15% Welcome Bonus
|
|
April 28, 2018, 11:51:42 AM |
|
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. Fiat money like dollars backed by trust on government and bitcoin backed by trust from community. The value bitcoin depending on market and market drive by community. Bitcoin and community are mutual benefits each other |
|
|
|
|
fanbeila
|
|
April 28, 2018, 02:01:17 PM |
|
Bitcoin is not backed by gold or any other asset as the other currencies does.But USD also is not backed by gold.Bitcoin price is driven by the community support.The main difference which it has is that we could claim that the bitcoin we are holding is ours unlike other currencies whose ownership could not be proved.I think that it might also be a strong reason for it to get trust among the normal people.
|
|
|
|
|
