Does Bitcoin had a back up by real money?

[ClaraFowler44]

While Bitcoin's long-term potential has yet to be established, it must be said that e-money is predicted to go far when it comes to revolutionizing the way we conduct online transactions. While at this time, the main market that Bitcoin has integrated is Bitcoin's gambling and online casinos, this is by no means all that it should be limited to. Compared to fiat currencies, Bitcoin allows individuals to regain strength from banks and institutions as it is not regulated and able to rebuild free markets. Just like this, Bitcoin is not affected by inflation, much faster to move and harder to lose than fiat currencies. All of these factors make some believe that electronic money will soon take over from fiat-based currencies and completely transform how we view and use our money.

[beverly788113]

While Bitcoin's long-term potential has yet to be established, it must be said that e-money is predicted to go far when it comes to revolutionizing the way we conduct online transactions. While at this time, the main market that Bitcoin has integrated is Bitcoin's gambling and online casinos, this is by no means all that it should be limited to. Compared to fiat currencies, Bitcoin allows individuals to regain strength from banks and institutions as it is not regulated and able to rebuild free markets. Just like this, Bitcoin is not affected by inflation, much faster to move and harder to lose than fiat currencies. All of these factors make some believe that electronic money will soon take over from fiat-based currencies and completely transform how we view and use our money.

I believe that this is not possible, so to be able to back it up like real money, the bitcoin must be very large and of stable value, you can see that the bitcoin price is fluctuating continuously and in The amplitude is very large, the number of bitcoins is limited and very few. Therefore, it is impossible to monetize a bitcoin.

[Zct2002]

Actually I asked that before, and what if all of us sell our bitcoin?  But the price of bitcoin is more than the real money how we can get that? Well I don't think bitcoin has backed up by real money because bitcoin is a digital currency that can change in fiat.

The price would definitely dropped if all of us are going to sell our bitcoin but i don't think that it would happen. We could not control the minds of everybody who are into bitcoin and what to do with it. Bitcoin is not backed by fiat but everybody agreed that bitcoin is valuable so be it.

[cahbagus555]

I just wonder how bitcoin really works on local exchange around the world because if you will going to need a real money and you have bitcoin definitely you can sell your bitcoin and exchange it with real money in your local to be used. Well if all people around the world would exchange their bitcoin holdings is it possible because bitcoin is being back up by real money?

Bitcoin on exchanger is like commodities. Peoples buy and sell or keep it on their own wallet for long term. Exchange dont hold bitcoin, exchange is just third party. We can use dex exchange if we want to peer to peer transaction

[Robert_Austin]

I'm not sure if I would say that it is necessarily "backed" by money but it is most certainly relative to money. If it were backed, then it's value would be determined by one unit of something (say, the dollar), and it would be subject to being used in the event that the bitcoin wouldn't be there. The US dollar was backed by gold until several decades ago, but then they removed that in order to have better control over it. So now the Federal reserve can print as much as it wants to determine how much value it holds in the country.

Bitcoin is exchangeable for other money but is more independent.

[Andrew S]

Everyone says that bitcoin can displace real money, but this will never happen if it is backed up by paper money.

[kryptqnick]

Well if all people around the world would exchange their bitcoin holdings is it possible because bitcoin is being back up by real money?

Not really. People who possess gold can sell it one day and buy, say, furniture. Yet it will not mean that furniture backs up gold or vice versa. Bitcoin is a financial asset and we are likely to live till the time when we don't even need to exchange bitcoin for fiat anymore, because we can simply pay for goods in btc. An example of (supposedly) backed up coin is tether. Its creators claim they have one real US dollar  for every coin out there on the market. Oh, and the coin is not supposed to be as volatile as btc is if it is backed up.

[btcluisdiki]

In my views,  I think  btc is backed up with real currency money that by anytime people will sell their Btc"s, j i i instantly it  can immediately transact fiat to the person doing the transaction. Moreover, I believe that btc has a huge reserved amount of fiat money which is equivalent to the current  marketcap.

[Nisharawal]

Of course, bitcoins are having a good backup by a real money otherwise it will not be possible for them to hold their coins even in a panic situation and also they won't be able to sell their coins when there is heavy greed inside the market. Bitcoin is really backed up by the real money and the money is from heavy and big investors who are adding up value to the bitcoin and manipulating the market.

[Popov_popov]

I just wonder how bitcoin really works on local exchange around the world because if you will going to need a real money and you have bitcoin definitely you can sell your bitcoin and exchange it with real money in your local to be used. Well if all people around the world would exchange their bitcoin holdings is it possible because bitcoin is being back up by real money?

We simply use paper money in life, that's why we need them.

[cabalism13]

Bitcoin is a digital currency like we use on some other online games, it can be bought and trade into something but the that it is just a digital money so real money doesn't back it up.
It's just that many people now are fond of using it thats why the value of Bitcoins continue to rise. Just think of it as a product that has a high number of demands, if its popular in the market then the price will be higher as long as the people grabs it.

[ClaraFowler44]

While Bitcoin's long-term potential has yet to be established, it must be said that e-money is predicted to go far when it comes to revolutionizing the way we conduct online transactions. While at this time, the main market that Bitcoin has integrated is Bitcoin's gambling and online casinos, this is by no means all that it should be limited to. Compared to fiat currencies, Bitcoin allows individuals to regain strength from banks and institutions as it is not regulated and able to rebuild free markets. Just like this, Bitcoin is not affected by inflation, much faster to move and harder to lose than fiat currencies. All of these factors make some believe that electronic money will soon take over from fiat-based currencies and completely transform how we view and use our money.

I believe that this is not possible, so to be able to back it up like real money, the bitcoin must be very large and of stable value, you can see that the bitcoin price is fluctuating continuously and in The amplitude is very large, the number of bitcoins is limited and very few. Therefore, it is impossible to monetize a bitcoin.

I'm just a newbie, so the knowledge may be limited. But in my opinion, the constant price fluctuations and the large amplitude are really what investors really need, who have too much experience in seeing those constant price fluctuations. So it is not necessary to back up as real money, just those fluctuations that bring usability and profitability.

[0t3p0t]

I just wonder how bitcoin really works on local exchange around the world because if you will going to need a real money and you have bitcoin definitely you can sell your bitcoin and exchange it with real money in your local to be used. Well if all people around the world would exchange their bitcoin holdings is it possible because bitcoin is being back up by real money?

Bitcoin is not backed up by fiat money it is because Bitcoin is created as a digital currency that is pretty independent I mean we can even use it without real money. The only thing that makes it like it was backed up by fiat is that central banks regulated local Bitcoin exchanges for a specific purpose which is to exchnage Bitcoin into fiat. It possible to exchange Bitcoin holdings anywhere in the world depending on every country's view and rules towards Bitcoin or cryptocurrency as a whole.

[fiulpro]

No

Bitcoins isn't backed up by anything , gold or any other real money and this is the reason that it's a breakthrough new technology which is unlike anything else in the market.
Well if you think in another way you can even say that Bitcoins is backed up by investors just like you and me, we are the ones deciding it's value, not the government not the dollar not the gold, but real people who are in this business.

[Eros1on]

Most of the crypto investors buy BTC with money. I don't know what you mean by real money. Investing is risky. It's all about taking money.

[Willie_Linder]

Very good question. It seems obvious but actually, it is very important to understand this. Even real money that we use every day is not totally backed up. Countries can have their own money if they have a certain quantity of gold. Money is backed up by gold. Unfortunately, even the dollar is not strong enough when it comes to real money. Remember the subprime crisis? It has everything to do with virtual money and real money. Nowadays, recognition of bitcoin is hard. With time, more and more companies will use virtual money and maybe then we will not need any real money to back it up. It can work on it own.

[bajingluncat]

I think it's not right to say btc is supported by flat money, but for now it is very difficult to use btc directly as a transaction tool because of the lack of facilities, the current fund btc and flat money still go hand in hand and I think they are complementary, in the future if btc is widely accepted and facilities are starting to be adequate then we do not have to bother to redeem btc on flat money every transaction
 

[jayyen]

Bitcoin value is as a result of the money people invested in it.The price either high or low at a particular time is as a result of demand and supply.So to ask largely if btc is backed by real money is emphatic yes.The amount of money in bitcoin can be seen on coin market cap where you can also see the amount of bitcoin that is in the system.

[Robert_Austin]

Very good question. It seems obvious but actually, it is very important to understand this. Even real money that we use every day is not totally backed up. Countries can have their own money if they have a certain quantity of gold. Money is backed up by gold. Unfortunately, even the dollar is not strong enough when it comes to real money. Remember the subprime crisis? It has everything to do with virtual money and real money. Nowadays, recognition of bitcoin is hard. With time, more and more companies will use virtual money and maybe then we will not need any real money to back it up. It can work on it own.

Well, money was backed by gold until Nixon removed the gold standard in 1971, which meant that it no longer backed the dollar and they could be directly converted. That then enabled them to go into full force manipulation as they started printing as much as they wanted. Which, as you said, is a reason for the subprime crisis (along with a lack of accountability of banking executives as they got away with selling rotten meat for AAA prices).

As said above, investors back bitcoin. Also, blockchain backs bitcoin. These are the only two things that can stand confidently behind it and hold its value. But it doesn't have any kind of instant convertibility like the gold standard had on the USD.

[wuvdoll]

I just wonder how bitcoin really works on local exchange around the world because if you will going to need a real money and you have bitcoin definitely you can sell your bitcoin and exchange it with real money in your local to be used. Well if all people around the world would exchange their bitcoin holdings is it possible because bitcoin is being back up by real money?

"Real money" lol. What is real money ?
I mean you think the money in your bank account seems more real than the bitcoin you have ?
You can cash out your money in your bank account into cash and you can cash out your bitcoins into cash from a bitcoin ATM as well. How real is the money in your bank account ? Whats different than bitcoin ?

You can have a debit card and go spend that bank money anywhere? Well you can join somewhere like xapo or coinsbank and get a debit card and spend your debit card anywhere you want as well. Bitcoin IS REAL MONEY.