What is bitcoin backed by?

[mrtryonebiggums]

If you mean backed in the sense you could redeem Bitcoin for something else at any given moment then no it is not backed by anything.

If however you meant backing in regards to the faith people have in the currency, then look no further than the 9k price line today for Bitcoin. That is enough proof that enough people believe in it and back it.

[nara1892]

Yes, you're right. It's like the question 'why the gold so worth?' because the people appreciate to gold, as well with the bitcoin.

[spartak-sbk]

In fact, it seems to me that bitcoin is supported by people, by the energy of confident people, by the time of many people and by the fact of decentralization.

[BaraxLo]

In fact, it seems to me that bitcoin is supported by people, by the energy of confident people, by the time of many people and by the fact of decentralization.

Bitcoin has backed by people and people have backed by Bitcoin. It is the only single currency which is for the care and benefit of people. Similarly Bitcoin is also applicable for governments if they do so and use the Bitcoin in order to build their economies for future values and solve all the problems of countries. Due to this positive achievement Bitcoin is backed by many CEO’s of companies and world trading centers and many more.

[nambunamba]

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. 

I believe Bitcoin is backed by USD. People are buying bitcoin using usd and by the time the number of people that believe bitcoin could be use in future increasing the price is just rapidly increasing too. Many people are think that investing in bitcoin is dumb cause its dangerous and its bubble. I think they just afraid of change and they dont open their mind for something new. I do believe somehow blockchain technology will be use in many aspect of our live so thats why i believe bitcoin and other cryptocurrency could have a future.

[really01]

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

Agreed that the value of btc was built by the community. And as the community grows, using it for good causes btc will really become a powerful economic tool.

[Geleve]

The best feature of Bitcoin is it is totally decentralized. There is no one or no group backup Bitcoin. All the community supports and it grows.

[kangbasir]

The cryptocurrency bitcoin exchange form that is supported by blockchain and Bitcoin is not centered means that no person or organization has or controls Bitcoin. Everyone can see every transaction that has been done on the Bitcoin network.

[omonuyak]

The greatest need of humanity is trust our society have had a very hard time to create trust on a ssystem by bring third party into human transactions and that makes batter system more help to humanity than the current system we have. Bitcoin been a decentralized and p2p system is back-up by our trust. We all believe on this systems and that is the trust we need.

[timerland]

Lots of people make the argument that bitcoin isn't backed by anything, therefore it's worthless. That is simply not true. Assuming if that is true, then it would essentially mean that gold should be worthless, as gold itself doesn't have a lot of industrial usages, definitely not enough for it to be this valuable, and therefore, should be worthless. Simply not true, completely false.

Bitcoin isn't representative money. It doesn't represent a promise to pay a certain amount of commodities. Only representative currency is backed by something.

That doesn't mean that BTC is not intrinsically valuable. It is, being the first crypto with the most amount of adopters. And the fact that it is decentralized mean that people know it's going to hold its value in the long run, and the fact that it is the most trusted cryptocurrency with the properties that it has in scarcity, trustlessness, and decentralization, are what makes it valuable instrinsically.

[squog]

It is still backed by fiat money actualy. It's price is greatly determined by the supply in the market among other things. People out value in it. If one sells it at a higher price, then everyone will do the same and vice versa. It really depends on how much people are willin to pay to have it.

[Abiky]

Lots of people make the argument that bitcoin isn't backed by anything, therefore it's worthless. That is simply not true. Assuming if that is true, then it would essentially mean that gold should be worthless, as gold itself doesn't have a lot of industrial usages, definitely not enough for it to be this valuable, and therefore, should be worthless. Simply not true, completely false.

Bitcoin isn't representative money. It doesn't represent a promise to pay a certain amount of commodities. Only representative currency is backed by something.

That doesn't mean that BTC is not intrinsically valuable. It is, being the first crypto with the most amount of adopters. And the fact that it is decentralized mean that people know it's going to hold its value in the long run, and the fact that it is the most trusted cryptocurrency with the properties that it has in scarcity, trustlessness, and decentralization, are what makes it valuable instrinsically.

Exactly. The fact that Bitcoin is decentralized, and it's the most resilient cryptocurrency available today, means that it will always be a valuable currency/asset for others to enjoy. What really gives Bitcoin its value is not a central bank or institution, but rather the people supporting it. Since Bitcoin has a rare or limited supply of 21 million coins in existence, it's somewhat compared to Gold. On the other hand, Gold is also extremely valuable because it's a rare asset/commodity and people back it. Of course, at any moment, Bitcoin's value could drop to zero when people stop using it. But, I believe that would never be the case as Bitcoin is extremely useful, especially when it's considered as the reserve currency of many altcoins we know and love today.

Therefore, Bitcoin is backed by the blockchain and the people that support it. The verifiable source of truth (which is the public ledger underpinning Bitcoin) prevents fraud, and double spending, allowing the pioneer cryptocurrency to retain its value for years to come. Just my opinion

[Kambala07]

I'm sure Bitcoin is backed by USD. People buy bitcoin using usd and by that time the number of people who believe bitcoin can be used in the future increases the price also increases rapidly. Many people think that investing in bitcoin is stupid because it is dangerous and bubbles. I think they are just afraid of change and they do not open their mind to something new. I believe somehow blockchain technology will be used in many aspects of our lives so that's why I believe bitcoins and other cryptocurrencies could have a future.

[Abiky]

I'm sure Bitcoin is backed by USD. People buy bitcoin using usd and by that time the number of people who believe bitcoin can be used in the future increases the price also increases rapidly. Many people think that investing in bitcoin is stupid because it is dangerous and bubbles. I think they are just afraid of change and they do not open their mind to something new. I believe somehow blockchain technology will be used in many aspects of our lives so that's why I believe bitcoins and other cryptocurrencies could have a future.

That's certainly true, mate. Bitcoin is backed not only by the USD, but also the EUR, RUB, and CNY. The people who use the cryptocurrency are the ones responsible for giving value to it (in contrast to a central authority like the US Federal Reserve). Because Bitcoin is decentralized, and is mostly a speculative cryptocurrency, it is extremely volatile causing abnormal price changes in a blink of an eye. Individuals who're new to Bitcoin would frustrate themselves the moment they see a massive decline in price.

However, they're unware of the future of Bitcoin and other cryptocurrencies as primary payment systems in the mainstream world. Given that there's a huge interest in blockchain technology among banks, governments, and even companies worldwide, Bitcoin's value will certainly increase over the long term. Therefore, it all depends on the value the people want to give to Bitcoin as a currency. Just my thoughts

[speem28]

Well for me, I consider bitcoin is backed by the blockchain because if there is no blockchain, then transactions will not go through the intended user or receiver. The idea behind cryptocurrencies would be pointless if the transactions will go through banks or any third party entities like the government where they can track each one of them.

[mackenzied]

In fact, it seems to me that bitcoin is supported by people, by the energy of confident people, by the time of many people and by the fact of decentralization.

The value of bitcoin can be a good example of human trust. Unlike the miracles in films, but here, trust constitutes the great value of bitcoin throughout its development.

[PrudnikovLS]

Yes it is. Bitcoin is a crypto currency created for the people, therefore people support the bitcoin course, thus being its asset. Bitcoin will exist as long as there is humanity.

[kisscoin]

Yes! Let's make history and deprive that little bunch of people that represents the world domination of the right to it! Cryptocurrencies can change the financial situation of ordinary people with you! You only need to believe! 

[magneto]

What is gold backed by?

It's not something that can be used in industry that much at all. Industrial demand for gold is pretty much nonexistent when you compare it to people using it for investment and storing value. Yet, people perceive gold as value itself sometimes.

If bitcoin or gold were controlled by a central bank, it would not be valuable at all intrinsically. Bitcoin is valuable because it's not manipulated by any central organisation or entity, including a central bank.

The fact that bitcoin is the agreed protocol on which people transact and store value, and that it can't just be depreciated by printing more of it, means that it's valuable. It doesn't need to be backed by anything, just like gold.

[merrillolive]

Yes it is. Bitcoin is a crypto currency created for the people, therefore people support the bitcoin course, thus being its asset. Bitcoin will exist as long as there is humanity.

Supporting BTC may be one of the ways you say that they are now being taught and taught by so many people, so BTC may be born to serve humanity and they will grow stronger in the future. hybrid.