it is backed entirely by faith. it doesn't exist anywhere and it's not tangible. bitcoin seems to be servicing three primary interests: a hedge currency with

it is backed entirely by faith. it doesn't exist anywhere and it's not tangible. bitcoin seems to be servicing three primary interests: a hedge currency with slightly more utility than gold, remittances (specifically in the B2B space but also some personal), and shopping online without having to enter personal information such as credit cards. by far the most commonly reported on use case is investment. so if you like a roller coaster and a chance at a big upside, bitcoin or other digital assets are portfolio worthy. the privacy/anonymous thing is relatively dead at this point.