If Bitcoin were backed by something.

[Atdhe]

No, I really did not hear about competition in currency area and how it helps with innovation. Maybe you or some idiot wrote some nonsense, but I suggest to leave idiots aside.

What I read were just theories - and they were prooved - how one currency the strongest kills all other currencies in certain area. Since blokchain has no borders, there is no need for more currencies, because national states donot exist for cc or in other words the Optimum currency area is whole world.

Maybe there is some need for other cc to exist, like extend anonymity through better mixers, but only one cryptocurrency will become money.

It is truly stupid assumption to think that it is good for consumer to own many currencies, when the major one has to be deflationary_stable. Even more idiotic is to think that future highly competitive electronic market will reward merchants who will spend resources on exchange rate fees that are fancy, but do not bring anything good.

Money definitely tend to monopolisation when left to market powers.

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[devphp]

...only one cryptocurrency will become money.

If you say so, there are no other options but to comply

[Atdhe]

well it is possible that no cc will become money... maybe google currency will take over the human trust, who knows

but even in that scenario, where cc loses, there will be no more centralised currencies than one, there will not be Gcoin, FBcoin etc. as independent currencies... sooner or later they will peg together at fixed rate like now Bulgarian currency is pegged to Euro and before to Deutsche mark and that means that the two currencies are just one kind of money

[Fraxinus]

I don't think it's vital that bitcoin is backed by any sort of other commodity or financial instrument.Sure,good think is it may result in some sort of stability but even then this may hamper bitcoin's growth and potential as an independent currency.

[Atdhe]

How can be bitcoin backed by commodity? Will mighty God Satoshi come once again to computer and change bitcoin code and peg it to gold or barley?

Bitcoin is bitcoin, because is backed by trust to blokchain or to algo of the currency. Decentralised cryptocurrency can not be "backed" and for sure not by commodity. (Even normal currency that is told that is backed by something is not backed by anything else but trust, but let's leave it rather aside.)

[pawel7777]

How can be bitcoin backed by commodity? Will mighty God Satoshi come once again to computer and change bitcoin code and peg it to gold or barley?
...

1 - you don't need Satoshi to change the protocol
2- you don't need to change the protocol to get bitcoin backed with something

[Atdhe]

Of course that I do not need it and nobody needs it. Therefore it will not happen. Who would have to back bitcoin and why? How?

This is dadaistic. The main asset of cc, that makes trust in it, is the independence on outer factors. That is why Bitcoin is perspective and eGold is dead.

[odolvlobo]

How can be bitcoin backed by commodity? Will mighty God Satoshi come once again to computer and change bitcoin code and peg it to gold or barley?
...

1 - you don't need Satoshi to change the protocol
2- you don't need to change the protocol to get bitcoin backed with something

Yes. All that is needed to back Bitcoin is for someone to be willing to buy an unlimited number of bitcoins for a set amount of something. For example, if the Federal Reserve were wiling to buy all the bitcoins at a price of $1 each, then Bitcoin would be backed by the dollar.