The ancient medium of exchange, Shell money proves that shell does not need to be pegged or backed by anything to have value. If you are finding a backbone for medium of exchange value, it is human mind.
Shell, gold, silver, fiat or bitcoin are mediums of exchange. People decide the value of shell, gold and bitcoin. Electricity, electricity price does not decide the price of bitcoin. Do you think price of bitcoin is cheaper in locations where power cost is cheaper than others?
Topic: Crypto and btc Don't need Fiat for one Reason (Read 128 times)
Bitcoin is having no relation with fiat other than convertion ratio. Electricity I think is a broad thing to relate with crypto while distinguishing its independence towards fiat. I guess it would be suitable to say that Bitcoin is DIFFERENT from fiat because it is decentralized. Many things, or maybe most of the things will be affected by the means of electricity including media, and other things in this world. Most of the thing works because of this innovation called electricity. It is not only digital currencies which will be affected but almost everything nowadays, I repeat.
Crypto and btc Don't need fiat for one reason :
Becouse to create crypto or btc you need electricity.
If the crypto or btc can be new currency it need something to back it.
And electricity is best becouse Everybody need electricity electricity is the most valueble thing in the world.
Fiat is based on debt so based on nothing just promese.
After electricity the good ones wich can back are
Salt and sugar.
But nothing cant beat the electricity.
Becouse to create crypto or btc you need electricity.
If the crypto or btc can be new currency it need something to back it.
And electricity is best becouse Everybody need electricity electricity is the most valueble thing in the world.
Fiat is based on debt so based on nothing just promese.
After electricity the good ones wich can back are
Salt and sugar.
But nothing cant beat the electricity.
You know bitcoin and other cryptocurrency needs electricity and internet connection/data to use it or to make transaction but it is not Backed by electricity. Also at this moment not all countries are accepting or allowing to use Bitcoin and the adoption of bitcoin is not yet enough to say that it doesn't need fiat. In my country even we are able to use digital currency freely, we still need to convert our digital currency like bitcoin into our fiat currency before we can use it to buy anytime, anywhere. Using Bitcoin and other digital currency as mode payments is still limited.
Becouse to create crypto or btc you need electricity.
Just to correct you:
To create NEW bitcoin blocks you need electricity and there is already around 18.6 million of BTC in circulation while there is only 2.4 more million to be mined before we hit a hard cap of 21 million.
There doesn't have to be anything backing the BTC. It's fundamentals are enough; the way it works is already better than anything else we previously had as currency.
Also, I am not sure you understand how traditional currency (fiat) is made, what is it based on and backed by either.
As this is in Bitcoin part of forum. I won't comment about PoW and PoS difference and other altcoins which you also mentioned and referred to as "crypto".
Your mind is limited by the traditional corrupt centralized currency that existed so far so you think in that term thinking you need to force something into any currency system to "back it" but that's not true. A currency doesn't need to be backed by anything, there are other characteristics that make something a medium of exchange. Do some research!
Bitcoin is not "backed by" electricity.
Crypto and btc Don't need fiat for one reason :
Becouse to create crypto or btc you need electricity.
If the crypto or btc can be new currency it need something to back it.
And electricity is best becouse Everybody need electricity electricity is the most valueble thing in the world.
Fiat is based on debt so based on nothing just promese.
After electricity the good ones wich can back are
Salt and sugar.
But nothing cant beat the electricity.
Becouse to create crypto or btc you need electricity.
If the crypto or btc can be new currency it need something to back it.
And electricity is best becouse Everybody need electricity electricity is the most valueble thing in the world.
Fiat is based on debt so based on nothing just promese.
After electricity the good ones wich can back are
Salt and sugar.
But nothing cant beat the electricity.
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