5 ms·
Bitcoin is backed by the same thing that backs any currency: public's trust in it, expressed via a price achieved via a market consensus.
by Andrew_nenakhov 5y ago
Bitcoin is backed by the same thing that backs any currency: public's trust in it, expressed via a price achieved via a market consensus.
- fay59 5y agoYou must pay your taxes in national currency. That alone gives it value beyond trust.
- Andrew_nenakhov 5y agoYou think zimbabwe tax service cared much about taxes when they had 6 digits inflation per year? why bother collecting if you can just print money? (also, such cases is precisely the reason people may believe that they have more trust in bitcoin, as flimsy as it may be, than to their national government issued fiat)