Ultimately, fiat currency is backed by the fact that the people with guns who expect taxes to be paid to them expect said taxes to be paid in fiat currency. Th

Ultimately, fiat currency is backed by the fact that the people with guns who expect taxes to be paid to them expect said taxes to be paid in fiat currency. The goldbugs believe that is insufficient as a basis and we should all go back to gold standard where it was backed by a promise of a government to give you an amount of gold (or further back, was just made out of that gold). The crypto people believe even that is more basis than needed, and as long as people can agree it has value, and they all agree with each other that bitcoin has value, then it can be a currency.