What are altcoins backed by?

[fosco333]

To explain more, for e.g., we hear that the USD was backed by the convertibility of this currency to precious metals until 1971. Now, what are altcoins backed by such as Ethereum or Litecoin? Are mathematical calculations performed by ASIC miners any useful in the real world?

I don't think altcoins are backed with something concrete physically, unlike real USD and other fiat currencies.
Although it is not backed by anything like precious metal, it has a high value because it is functioning like a normal currency, you can use it like money.

[moonblocks]

Alternatives aren't normally backed by another digital asset they are typically shares in a startup or a form of utility for a product or service, however, stable coins are backed by collateral and are becoming more popular now due to evolving use cases but make sure you research them thoroughly

[ashmodeus]

To explain more, for e.g., we hear that the USD was backed by the convertibility of this currency to precious metals until 1971. Now, what are altcoins backed by such as Ethereum or Litecoin? Are mathematical calculations performed by ASIC miners any useful in the real world?

of course , backed by nothing, if some altcoins backed by something or some people or legal big corporation, the prices must be stable,like usd coin.that why price soo fluctuactive and always 24/7.
the logic reason, why some people want to backing some project if the shares of that project is not controlled.
that why bank try to avoid all of crypto.

[encycrypto]

To explain more, for e.g., we hear that the USD was backed by the convertibility of this currency to precious metals until 1971. Now, what are altcoins backed by such as Ethereum or Litecoin? Are mathematical calculations performed by ASIC miners any useful in the real world?

I don't think altcoins are backed with something concrete physically, unlike real USD and other fiat currencies.
Although it is not backed by anything like precious metal, it has a high value because it is functioning like a normal currency, you can use it like money.

Real USD? It's backed by nothing - except for Mr. Donald J Trump's promises! Altcoins are backed by the promises of developers, and USD is backed by the promises of US president.

[beeelzebub]

Mostly, by greedy teams just want more money and stuff.

So that ends with %99 value loss for that altcoins mostly newer ones..

[dizzy1996]

The course of any Altcoin depends directly on the project itself. If the project really releases a suitable product and is ready to compete in the market, its price will be high, some tokens are tied to fiat currencies.