Topic: "Backing" - what does this actually MEAN? - page 11. (Read 8576 times)
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I'd say we, the people, are backing it.
The perennial accusation against Bitcoin is that it's 'not backed by anything'. Fiat money is backed by the government, and I would say that Bitcoin is backed by cryptography. But that's only because I've formed an 'implicit definition' of that word - I hear how other people use it.
But is there an explicit definition, and if so what is it? If I think that X is a good thing because "X is backed by Y", what am I actually saying?
If this is the sort of question that's easily answered in Econ 101, please provide a link - I've never learned any economics formally.
But is there an explicit definition, and if so what is it? If I think that X is a good thing because "X is backed by Y", what am I actually saying?
If this is the sort of question that's easily answered in Econ 101, please provide a link - I've never learned any economics formally.
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