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gold and silver are historical commodities that still have common uses even today. "Fiat" currency is usually backed by the gold standard until such a point as
by ChikkaChiChi 14y ago
gold and silver are historical commodities that still have common uses even today.
"Fiat" currency is usually backed by the gold standard until such a point as the reputation of the state has matured to the point where borrowers can trust the state.
Bitcoin has neither.
- dragonwriter 14y ago> "Fiat" currency is usually backed by the gold standard until such a point as the reputation of the state has matured to the point where borrowers can trust the state. That's not really true; even immature states with poor reputations rarely have gold-backed currency these days. Some of them have currency backed by (convertible at a fixed exchange rate to) more mature fiat currencies, though.