What is bitcoin backed by?

[no0dlepunk]

Think about it as it is being backed up by fiat all across the globe. The value of bitcoin represents the amount of all the money being placed to it.

[Catstevens19]

As we know USD is backed by the value of the gold, but Bitcoin does not have anything that is backed by, but the value is setten based on the supply and demand, as much demand that much the value increases.

[odolvlobo]

As we know USD is backed by the value of the gold, but Bitcoin does not have anything that is backed by, but the value is setten based on the supply and demand, as much demand that much the value increases.

USD is not backed by gold. It is backed by nothing -- just like Bitcoin.

[salamonKK]

This is the main difference between bitcoin and all other currencies. In any other currency, the value of your money is determined by someone else but not by you. In bitcoin, people themselves determine its value.

[Abiky]

It has use. It has an extremely powerful network securing your transactions and wealth. Yes, the speculative nature is leading, but that's something we can't do anything about -- we just have to go through the initial hype to have it pay off later on. Bitcoin is new, people explore it, abuse it, speculate, it will at some point decrease significantly where the use will turn out to be the leading aspect. Bitcoin is money for me. If I have something for sale I gladly pick Bitcoin over anything else. If I can pay with Bitcoin I gladly do so. I am slowly shifting away from all this speculation nonsense....

Agree. Bitcoin has real uses in the mainstream world, and it's one of the most resilient assets to date. Given that it has top-notch security, and transparency, I'd say that Bitcoin is somewhat better than Gold. Also, it's extremely portable (unlike Gold) and it's backed by the people. That's what really gives value to Bitcoin, and most cryptocurrencies in existence despite what many say in the mainstream media. Of course, Bitcoin is a volatile asset, but it may soon become stable as the market becomes regulated over time.

Best of all, Bitcoin is not only money, but also a store of value, giving you the option to hold onto your balances securely and cash out at a higher price in the future due to its limited supply. And once it becomes useful for micropayments with the Lightning Network, then it'll be much better than fiat currencies. Therefore, Bitcoin will remain backed by the people if it maintains its decentralized nature. Just my thoughts

[Babyhouse]

I think bitcoin is backed by an influential people or billionaire.

[Brookie]

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 bitcoin seems to be backed up by develepor who has paid expert people.

[Rambogae]

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

I think We all witnessed that prices have fluctuated by all FUD and bad news. Price changes based on illogical emotions and facts. I believe you hold bitcoin no matter what happens and it will happen, and believe it is supported by all of us, it will make history.
People believe that bitcoin is not supported by anything. I think that's not the truth. I'm sure bitcoin is actually supported by the people themselves. It's supported by none other than just you.

[compak_comunity]

Indeed in making investments optimistic attitude is in need to open big opportunities with the main goal get a profit because to the tidal price of traders should be able to maximize the opportunities that exist to make it all a reality.

[SirLancelot]

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. 

When we talk about something being backed up, we mean those that are behind and sponsoring that particular project, investing funds in it to make sure that it continues.

Currencies can’t be back by a particular organization or whatever it is they think, rather it is being backed by individuals. And for Bitcoin, we are the ones that are backing it up. So Bitcoin is fully backed up, and by us. Anyone telling you that Bitcoin is not backed up is a pretty good liar.

[lenini]

Bitcoin is likely to undergo gradual deflation over time, given its limited emissions of 21 million coins. As a result, under the laws of supply and demand, most likely, the value of coins will constantly grow.

[odolvlobo]

Bitcoin is likely to undergo gradual deflation over time, given its limited emissions of 21 million coins. As a result, under the laws of supply and demand, most likely, the value of coins will constantly grow.

Only if you assume that demand grows.

[westlake4]

As we know USD is backed by the value of the gold, but Bitcoin does not have anything that is backed by, but the value is setten based on the supply and demand, as much demand that much the value increases.

USD is not backed by gold. It is backed by nothing -- just like Bitcoin.

Oh no bro, USD is backed by USA government

[nightways]

I don't think that there is something that backing up by bitcoin like a government or an organization and the only thing that i think that puts value on bitcoin is how the people believe that it has value and i think that is the reason for bitcoin to get some value but even though there is no backing up for bitcoin, it is still worth the risk because it could be the future for our technology to run on blockchain.

I think bitcoin is backed by nothing but by itself. In the case of technology, bitcoin is ahead of all the currencies and is still the best of all digital currencies. We can't say much about bitcoin because the whole system of bitcoin is unknown, we can't see that how it can be backed but if talked about trust, security and privacy, then bitcoin is on the top in these

[BitcoinCommodor]

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. 

When we talk about something being backed up, we mean those that are behind and sponsoring that particular project, investing funds in it to make sure that it continues.

Currencies can’t be back by a particular organization or whatever it is they think, rather it is being backed by individuals. And for Bitcoin, we are the ones that are backing it up. So Bitcoin is fully backed up, and by us. Anyone telling you that Bitcoin is not backed up is a pretty good liar.

That makes sense. This isn’t any business or product that is backed up by anyone. Rather this is currency and this can’t be just happened in this way. Pepe are making rumors and they are pertaining this bitcoin to different organizations and countries that they are backing it. But all of this is nothing but rubbish. They are decentralized and no one can make anything better in it.

[Abiky]

When we talk about something being backed up, we mean those that are behind and sponsoring that particular project, investing funds in it to make sure that it continues.

Currencies can’t be back by a particular organization or whatever it is they think, rather it is being backed by individuals. And for Bitcoin, we are the ones that are backing it up. So Bitcoin is fully backed up, and by us. Anyone telling you that Bitcoin is not backed up is a pretty good liar.

Agree. Whereas fiat currencies are backed by people and the government, Bitcoin is backed only by its people. The best thing about Bitcoin, IMO, is that people are the ones responsible for giving it value. This is totally different from fiat currencies, since the central bank is responsible of determining the value of the currency. In this aspect, Bitcoin can be worth anything people want it to be, limited only by their imagination. What really gives value to Bitcoin or any other cryptocurrency in existence, is their technology and development team.

Depending on how active the development team is, and the number of innovations provided to the project are, would be the value the cryptocurrency’s going to get in the long term. Since Bitcoin has been tried and tested over the years, and it's the most secure blockchain to date, it's no wonder why it's a valuable cryptocurrency today. Therefore, even if there's no central authority responsible for giving value to Bitcoin (since no one controls it), the people as users of the cryptocurrency are the ones responsible for its value and survival in the mainstream world as times passes by. Just my opinion

[btccrusher]

The way you explained, things are not really like that. Nothing can be backed by people. If your statement were true, then a large group of people would create more things like bitcoin. Do you believe any other coins are like BTC?

[Bakemat]

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. 

If you are pertaining to the market price that will be going to pump up again one of this days then yes, the price of bitcoins is actually depending on the people if they will be investing even more due to the market's supply and demand.

[Naij]

The way you explained, things are not really like that. Nothing can be backed by people. If your statement were true, then a large group of people would create more things like bitcoin. Do you believe any other coins are like BTC?

And what backect BTC instead in your opinion?

No regulations, just people buying and selling their bits or buying and selling altcoins by using BTC in the process.

Only the reliability make this cryptocurrency strong because without that, this is nothing.

[Portia12]

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. 

The market is volatile so it only means that no matter how hard bitcoins or other cryptocurrency will be going to drop its price, it will still manage to grow up again by the end of the day so try to invest right now while you have time.