RT @dieguito: Stable assets (fiat, commodities or anything you can imagine) backed by bitcoin protected by a smart contract on @RSKsmart are coming! A transparent, p2p and global Fort Knox is being born! https://t.co/dTPP7uEYfG
People say bitcoin is not backed by anything. I disagree.
Apparently the bitcoin network represents the largest amount of computing power ever made by mankind. When people say that it has "no value" and "is not backed by anything", they are forgetting something very important. When you buy bitcoin, you are not purchasing currency, you are purchasing a share of computing power. Millions of dollars (and other currencies) have been invested here. You are not buying currency, you are buying a share in a network that is much more useful than currency. Therefore, this "currency" is MOST CERTAINLY backed by something. It is backed by an enormous amount of computing power that is growing every day. Sure, this could all crash and the people who have invested millions in their equipment, along with those who bought into the "Ponzi" scheme would all be big losers, but do you really think that could happen at this point? I think that Pandoras box has been opened and there is no way back. (This is my first post here, so go easy on me!)
blockchain.Edu: Where Does Bitcoin Get Its Value? Is It Backed By Anything? Are bitcoin and other cryptocurrencies really "money"? Where do they get their value? Why is that value always changing? Is bitcoin backed by anything? In this weeks article, we're going to cover all these questions and more as we dive into where bitcoin and other cryptocurrencies get their value, and if that value is "intrinsic" or not. Remember, although cryptocurrencies may seem like a worthwhile investment, it's always important to understand and research how these cryptocurrencies ascertain any sort of value before you invest your hard earned money! Enroll Today! https://blockchainedu.io/
Overhearing conversations in the workplace about bitcoin when the "smartest" guy says "bitcoin isn't even backed by anything"...... not sure what he is comparing it to... obviously not the USD /r/Bitcoin
09-13 17:44 - 'Literally everyone on localbitcoin is a scammer. There's no mechanism preventing some scammer to run off with your money and not give you anything back.' by /u/xsnyder1171x removed from /r/Bitcoin within 6-16min
Bitcoin doesn't need to be backed by anything tangible to be valuable; like fiat currencies, much of its value derives from consumer confidence. By Daniel Phillips and Scott Chipolina. 5 min read. Sep 14, 2020 Sep 14, 2020. Bitcoin. In brief. Despite the common misconception that Bitcoin has no value, its market capitalization of around $190 billion suggests otherwise. Like the US dollar and ... But if Bitcoin is not backed by anything, what it is backed by? Before we answer that question, there is an elephant in the room we must address first. The myth of fiat currency. If you ask anyone ... Ultimately, bitcoin is backed by something, and it’s the only thing that backs any money: the credibility of its monetary properties. Next week: Bitcoin is Not a Pyramid Scheme. Views presented are expressly my own and not those of Unchained Capital or my colleagues. Thanks to Phil Geiger, Adam Tzagournis and Will Cole for reviewing and for ... Think of it this way: Bitcoin is an asset class of its own. It’s not pegged to another currency, it’s value is not derived from other commodities, and while you can exchange your bitcoins for fiat currency, the value of that fiat currency isn’t go... Like most modern currencies bitcoin is not backed by gold or other precious commodities. In a sense, bitcoin’s value is derived from our common belief that bitcoin has value. The same is true of the American dollar, the British pound, and the European Union’s euro, as well as nearly every other modern currency. Historically speaking, up until August 15 th 1971 most currencies were backed ...
Bitcoin is backed by a computer network, encryption, people who have or support bitcoins, time, energy, notoriety, the demand for a sound digital currency, the free market, etc.. Is there anything... Why I Dumped All My Bitcoin For This Gold Backed Crypto Currency! In this video I show you why i decided to change my Bitcoin into the Karatgold coin (KBC) and show you how you can obtain this ... Gold is not backed by anything davincij15. Loading... Unsubscribe from davincij15? ... Bitcoin - Duration: 12:18. Peter Schiff 20,026 views. 12:18. Irving Finkel The Ark Before Noah: A Great ... Bitcoin. this is the number one problem with bitcoin. bitcoin, is not backed by anything. it has no intrinsic value. i get on facebook, what do i see litecoin. another variation of bitcoin. the ... What is bitcoins intrinsic value? Is bitcoin backed by anything? This video is unavailable.