Another way to ask what backs a currency is "Why would I want to acquire this currency, even if I had alternative methods for procuring the goods and services I

Another way to ask what backs a currency is "Why would I want to acquire this currency, even if I had alternative methods for procuring the goods and services I want?" For a national currency, the answer is that the government puts a gun to your head if you don't pay your taxes in it. A national currency is a very agreeable way for a government to express its power through taxing and spending. The answer for bitcoin appears to be that currently you can use it for low-friction transactions.