> The same cannot be said of paper money as from the moment of its inception and for many long years thereafter it was redeemable in gold But since the dollars

> The same cannot be said of paper money as from the moment of its inception and for many long years thereafter it was redeemable in gold But since the dollars themselves had no inherent value, its value was derived simply from the cumulative belief that they could be redeemable by gold. I could even say that when the dollar was first created, the rest of the world was wary of it since it was so new. I don't see how bitcoin is much different, except for the fact that a large organization (e.g. government) didn't state that it had value when it was first created, which is actually one of the strong points of bitcoin (a currency by the people for the people.)