Different people generally mean different things when they write "backed by". You need to be careful to explain what you mean when you use the words "backed by".
For example, the words "backed by" mean something different in each of these:
For example, the words "backed by" mean something different in each of these:
- The dollar is no longer backed by gold and Bitcoin is backed by nothing.
- The dollar is backed by the full faith and credit of the U.S. government.
- The dollar is backed by the U.S. military.
- The dollar is backed by banks.
- Bitcoin is backed by math.
- Bitcoin is backed by the processing power of the network.
- Bitcoin is backed by electricity.
