The fact that USD is "backed by the full faith and credit of the US government" is not the reason for its value. There is nothing the US government can do if e

The fact that USD is "backed by the full faith and credit of the US government" is not the reason for its value. There is nothing the US government can do if everyone decides GBP or milk is worth 10,000 more relative to 1 USD. Things like USD and Bitcoin both have no intrinsic value and their market value comes from the collective fictions of society. The collective belief in the value of intrinsically useless mediums with certain properties is one of the major technological breakthroughs of humanity. Currency is the bubble that seemingly never pops. Bitcoin and its future incarnations aim to improve it. Proof of work has nothing to do with giving Bitcoin value. PoW is the cost the distributed network pays for trustless consensus, nothing more. To understand your fundamental misconceptions, I would start by reading the seemingly unrelated but actually very relevant book Sapiens by Noah Yuval Harari. Finally, Monero solves the privacy problem of Bitcoin if that's the kind of transaction you want to make, but this is another topic.