What is Bitcoin Backed By? (Bonus Video)

What is Bitcoin Backed By? (Bonus Video)

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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 else that bitcoin could be backed by?

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Comments

Derek Meeks says:

Their doing a lot of more work than that just for the purpose of having to do a lot more work.

Bob Is The Builder says:

So in other words just like any other commodity metals, stocks, real property, it’s still backed by currency and therefore worthless. What you are affirming is the US dollar is still everyone’s best bet for trade.
Humans run computers so yea your Bitcoin can be stolen or devalued at will.

AB Crane says:

to demystify "what backs up currency of ANY kind?" Here is what I personally believe ALL currency (credit cards, cash, crypto) is backed up by. The Twelve Essentials of Effective Economy : (6 interchangeable pairs) 1. labor and incentive (paychecks/small biz profits) 2. energy and resources (fuel/raw materials) 3. vision and discipline (new inventions/innovations/improvements) 4. time and space (work hours, real estate) 5. clientele and capital (customers, profits) 6. knowledge and know-how (operations essentials). Although gold has jewelry/industrial real-value, these 12 essentials are the real backers of any and all historical and present economic mediums of exchange.

theory from my book http://www.projectintegrity.biz"

I find it critical to always remember that, despite the ability to "make money off of money," in the end of the day we need food, clothing, housing, vehicles, etc. to survive and to respect all persons and professions in the supply of basic survival needs of all 8 billion of us. My book is a vision that truly covers all bases on this point, I am attracted to bitcoin as a revolutionary humanitarian thinker/innovator/writer. if I can make some money on trading Bitcoin, profits will be rolled into bringing my own innovation Project Integrity International into fruition. please remember always the bigger picture, the bigger vision, the bigger goal of planetary and civil restoration. the true "currency" is a representative of the fruit we eat and the air we breath. peace out.

my comment originally appeared at: From What is Bitcoin Backed By? https://99bitcoins.com/what-is-bitcoin-backed-by/

Samiullah k says:

Wrong, dollar was backed by Gold, now backed by nothing is a fiat currency, same with bitcoins, it's good only until people have faith in it like the dollar. All currencies and Risk assets which are not backed by its intrinsic value, which can be encashed or exchanged for other commodities, are trash. Bye bye.

Art TV says:

BULL$HIT COIN is backed by teeny weeny little electrons zipping in and out of computer memory addresses on networks all over hell's half acre. Now you see it – now you don't. Here today – gone tomorrow. Redeemable for real goods – as long as enough suckers believe the big fat pyramid scheme will grow & grow and go on for ever. WHEN BULL$HIT COIN HITS THE FAN – EVERYONE LOOK UP – BECAUSE THERE ARE GOING TO BE A LOT OF PEOPLE JUMPING OUT OF WINDOWS.

Dinesh Bhatija says:

The video begins at 0:48 .Some unnecessary bull shit before that .

Maria Alvarado says:

Bitcoin users hunting me down? Haha

Kevin Ussually says:

Bitcoin backed by nothing. Scam.

TrichsRUs says:

Bitcoin is what they eventually want.  Replacing paper currency with digital currency will allow easier control over tan individuals money supply.  In essence we would be at the complete mercy of the digital currency system.  You don't think that they plan to eventually take control over the digital currency??  At that point, they have ALL the power, but not as long as tangible and sound money is in our possession. 

Cloxxki says:

Backed by you needing it to buy any of the othe4 150 or so crypto currencies. Just like you need dollars to buy gold in real qty.

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