What is bitcoin backed by?

[automaticmoney]

Bitcoin is backed by technology mathematical formula and open source technology more importantly the backbone of bitcoin is blockchain

[aeternus]

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. 

No currency is backed by anything, even if a currency was backed by gold you need to ask what backs that gold? And the answer to that is simple, nothing backs gold except the trust people have put in it for thousands of years, bitcoin is the same, we trust in it because it is an incredible concept which has been accurately described as digital gold with the huge advantages that brings.

[lehuong]

Bitcoins are supported by blockchai technology and the creators created this coin. It is always researched and marketed so many people know the bitcoin world.

[speedy963]

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. 

No currency is backed by anything, even if a currency was backed by gold you need to ask what backs that gold? And the answer to that is simple, nothing backs gold except the trust people have put in it for thousands of years, bitcoin is the same, we trust in it because it is an incredible concept which has been accurately described as digital gold with the huge advantages that brings.

Well certainly i agree. It is like tracing the ancient history of something that nobody could really tell where it came from exactly. One of the most foundation of currencies is trust, without it, people wont acknowledge it, and even they wouldn't use it as well. Because of earning our trust, it made it out publicly and even spread it widely because there are also testimonies by users itself.

[EnricoGomez]

Yeah, I agree that the most important part of the existence of bitcoin is the people using it primarily and obviously.
Bitcoin would literally have no value if no one uses it, there will be no concept of demand/supply of it basically. So we can say that popularity of it is a very critical as it would increase its value, they go hand-in-hand as increasing value also attracts investors.

[anntlevel]

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.

Well I think bitcoin is dealt in dollars just for the reason that dollars are now being used over the world. There is no currency working concurrently in different countries rather than dollars. So that is solely reason for this favor from dollars to bitcoin. And for later years, if some other country would become super power, that currency would be dealt and backed by bitcoin.

[talenah kotang]

Bitcoin is supported by demand, where such demand can raise bitcoin prices .. the technology given bitcoin is very popular in today's digital age.

[Abiky]

Yeah, I agree that the most important part of the existence of bitcoin is the people using it primarily and obviously.
Bitcoin would literally have no value if no one uses it, there will be no concept of demand/supply of it basically. So we can say that popularity of it is a very critical as it would increase its value, they go hand-in-hand as increasing value also attracts investors.

Exactly. Bitcoin's value is only determined by its usage and adoption in the real world. It's just a mere combination of ones-and-zeros with absolutely no value at all, since it's not backed by anything real. However, given that Bitcoin's blockchain is the most secure to date, its transactions are immutable, and its supply is finite, it's no wonder why it has value. The creator of Bitcoin designed it as such, to be a deflationary currency, unlike many real-world currencies we know and love today. Because of this, the future value of Bitcoin is in people's hands. No central authority means there's no single entity that's responsible of giving value to the cryptocurrency. As such, Bitcoin is a cryptocurrency by the people, for the people in this world full of corruption and fraud.

Only time will tell what Bitcoin's value will be in a few years from now. Just my opinion

[sublime5447]

Bitcoin is not supported directly (offline) by the people in this world, unlike fuel if the price goes up a demo will be held to lower its price.
Bitcoin is supported online and with the trust of every people in this world who believe in bitcoin. Because bitcoin holders believe that this digital currency can help the economy in the future.
And I also support bitcoin with my belief in bitcoin although my support only has very little effect, but if many people are same as me then the small things would be a big influence for bitcoin.

[Cynooza]

Bitcoin is backed by its technology which implies fixed supply and impregnability and unchangability of the code. Also, mass trust backs bitcoin as well.

[XinXan]

Supply and demand. At the end of the day is anything really backed by anything? Money started existing because people needed that concept to trade. So again, supply and demand is in everything. You could argue that bitcoin is backed by miners as they are the ones who maintain the blockchain.

[SearchingforS]

By it's technological uniqueness, by it's fame, by all crypto-believers all around the world. ISn't that enough?

[charlzyeby]

Bitcoin is backed by safety, empowerment, transparency, speed, authority and so on. Because of these features people have come to trust bitcoin, especially the holders of bitcoin and the pioneer investors whose investments have seen amazing rise.

[richardsNY]

By it's technological uniqueness, by it's fame, by all crypto-believers all around the world. ISn't that enough?

There is no technological uniqueness anymore, the more than 5000 altcoins are the prime example of the copy and paste greed that we have gone through. I honestly even think that people are heavily distracted, where they don't seem to be able to appreciate Bitcoin for what it is. The main focus of people has been that they jump from one coin to the other based on where the market is offering the best possible potential profit opportunities. If people had a slight clue about how shitty the altcoin market is, they wouldn't mess around with them, and they would have the patience to let their wealth in Bitcoin grow in a slower but more sustainable manner....

[elwiswoodie]

bitcoin is backed by whales, and these whales are very influential to the existence of the existence of bitcoin
indeed this is already a public secret, every time the price rises or falls, it can not be separated from the act of the whales who have a lot of money,
they are actual price controllers

[Yakamoto]

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. 

No currency is backed by anything, even if a currency was backed by gold you need to ask what backs that gold? And the answer to that is simple, nothing backs gold except the trust people have put in it for thousands of years, bitcoin is the same, we trust in it because it is an incredible concept which has been accurately described as digital gold with the huge advantages that brings.

You know that there are uses for gold, right? There's a bunch of industrial, medicinal and aesthetic uses for gold, something that Bitcoin can't really boast. It's not just misplaced interest and trust in something that has no value. There's a ton of significant uses and it is a relatively finite resource that can be used in weapons and all kinds of other fun uses which will burn through the supply we do have. Bitcoin can't really say the same for any sort of uses.

[XinXan]

By it's technological uniqueness, by it's fame, by all crypto-believers all around the world. ISn't that enough?

There is no technological uniqueness anymore, the more than 5000 altcoins are the prime example of the copy and paste greed that we have gone through. I honestly even think that people are heavily distracted, where they don't seem to be able to appreciate Bitcoin for what it is. The main focus of people has been that they jump from one coin to the other based on where the market is offering the best possible potential profit opportunities. If people had a slight clue about how shitty the altcoin market is, they wouldn't mess around with them, and they would have the patience to let their wealth in Bitcoin grow in a slower but more sustainable manner....

For sure, 90% of alt coins don't even have a product or prototype and still make it to top 100. Bitcoin has a lot of developers working together and they can always fork bitcoin if needed. You can fork bitcoin a couple times and boom, bitcoin is back on top of the technology race

[Kray]

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 supported
1) money idealists who believe that bitcoin will be able to defeat the banking system and become a new world currency.
2) money traders who have brought their money to the stock exchange in an effort to earn and buy bitcoins from miners and other traders. (This includes except for single traders and financial funds)
3) companies producing asiki, since if something happens with bitcoin, they will actually go bankrupt because ASIC can only consider Bitcoin hashes.
4) companies that act as merchants. That is, they allow shops to sell goods for bitcoins, while the store will receive payment in rubles / dollars / euros ...
5) illegal operations with money laundering / drug sales and other. Silkroad and analogues.

In general, some ecosystem has bitcoin If I did not name any spheres, then maybe someone else will add.

I want to add electricity to your list. First of all, the cost of cryptocurrency supports the cost of electricity needed for its production and maintenance. The bankers and the government spread many different rumors to create a negative image of cryptocurrency.

And I think the government is having difficulty to control cryptocurrency in the country, so there are some countries that have ban cryptocurrency so it will be difficult to access even though their electricity is able to access it.

[Stavri]

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 is baacked by the crypto community. Everyone trading in crypto market, everyone making posts here, everyone discussing about blockchain technology or crypto market anywhere are supporting bitcoin.

[batang_bitcoin]

bitcoin is baacked by the crypto community. Everyone trading in crypto market, everyone making posts here, everyone discussing about blockchain technology or crypto market anywhere are supporting bitcoin.

Just ignore those claims that bitcoin came from nothing, came from thin air and is being backed up by nothing.

Those people that claims bitcoin that way are just jealous about the bitcoin ecosystem and they never bought during it's early days. They only see it as an expensive nothing but if you're going to give them one then they will glad to take it, they are hypocrites.