5 ms·
I know you’re not being precise, but the term “backed” is not valid. For a currency to be “backed” or more accurately commodity backed currency, you must be abl
by nathantotten 7y ago
I know you’re not being precise, but the term “backed” is not valid. For a currency to be “backed” or more accurately commodity backed currency, you must be able to exchange that currency for that other thing. I.e. money for gold. You can’t get the electricity back in exchange for your bitcoin. :)
- Finnucane 7y agoCan you pay your electric bills in bitcoin? Even though dollars are not 'backed' by gold, you can still exchange dollars for gold. Just not from the government at a government-fixed price.
- nathantotten 7y agoWell, that is a completely different thing. That’s just a market exchange of goods/services.
- Finnucane 7y agoSure, one way is government price control, the other isn’t.