Topic: Cryptocurrency is unsupported: is it true or is it a myth? (Read 333 times)
Cryptocurrencies are unsupported in the way that there is not a big government behind it or there is not some kind of asset like gold stabilizing its price, so in that you are correct cryptocurrencies are unsupported, but we really do not need that because bitcoin is limited by design, there are only a very limited number of bitcoins that are going to exist and that means that is a scarce asset and as such it's valuable.
The difference in USD and Bitcoin or cryptocurrency generally is the "who is backing what?" Cryptocurrency is yet to go mainstream, by the time most blockchain-based projects deliver their products, we can get more support and stability because people can use it for micro transfers and so will support it to succeed.
There is not much of legal acceptance for bitcoin, but they haven't made any bans or opposed its usage understanding the need and the underlying technology. It is evident that blockchain technology is gonna get implemented on each and every form of innovation that makes the world function in an efficient manner.
It's plan of bull and bear
We just don't see all this shadow games
Shadow games indeed. Cryptocurrencies not supported is just a myth which some set of people just want some gullible set of people to believe until they miss out totally at the end.We just don't see all this shadow games
I believe there are a lot more great things upcoming for the cryptocurrency world and things will obviously turn out a lot different in the long run for the best and positively. For now, the market is still very new, filled up with a lot of FUD and speculations, but those who really are true believers do not care about the mythical theory being spread around.
It's plan of bull and bear
We just don't see all this shadow games
Shadow games indeed. Cryptocurrencies not supported is just a myth which some set of people just want some gullible set of people to believe until they miss out totally at the end.We just don't see all this shadow games
I believe there are a lot more great things upcoming for the cryptocurrency world and things will obviously turn out a lot different in the long run for the best and positively. For now, the market is still very new, filled up with a lot of FUD and speculations, but those who really are true believers do not care about the mythical theory being spread around.
In all countries, the national currency is supported by the central bank. He follows his course and, if necessary, withdraws some of the national money from circulation or adds them to turnover, and also buys a foreign exchange currency or sells it. This is supported by a fixed rate of national money. The dollar in us is very special in the world and therefore here the example with the dollar is shown unsuccessfully.
Decentralized crypto currency is not supported by anyone in order to stabilize its exchange rate and therefore as extremely unstable by its nature can not be used as the main currency of a particular state or group of states.
A central bank supporting their national currency is not really a great insurance, many currencies have crashed and disappear, many currencies have been losing value despite the fact that a central bank is supposed to control the emission rate of the currency, so a central bank is not really something that solid, and I will not trust any central bank over bitcoin. Decentralized crypto currency is not supported by anyone in order to stabilize its exchange rate and therefore as extremely unstable by its nature can not be used as the main currency of a particular state or group of states.
It's plan of bull and bear
We just don't see all this shadow games
We just don't see all this shadow games
mb i will repeat somebodies words, but the most popular money in the world-USD-is supported by nothing. It is a bubble, several crisises showed it very well.
You are wrong it Is not bubble. No doubt that US dollar is the most popular currency of the world but it is paper currency and the future is that of cryptocurrency and bitcoin is the future currency because the world is now turning towards digital things and digital currency as well. Cryptocurrency is supported by many countries and the proof is that many big countries have accepted bitcoin as their legal currency, 
Legally most of the countries are not supporting cryptocurrency.
You are right but it is the matter of time and you will see in the future the whole world will use cryptocurrency as their legal and regular currency. My country has also banned bitcoin but it is for the time being. When they complete their survey about the authentication of blockchain technology they will allow bitcoin. It will take some more time.
Cryptocurrency is supported by all that's for sure even some people are not getting it. Some countries up to now are using cryptocurrencies as a alternative currency in their countries and some of them use cryptocurrencies as assets and there's nothing wrong in it. Cryptocurrency is unsupported is just a myth i guess.
one thing that causes the crypto currency is not fully supported by some countries because until now the crypto currency can not be controlled by the government. and in addition the crypto currency does not necessarily require the Bank system as a financial center that can be taxed by the government. I think it is some of the things that cause the government to be less interested in the crypto currency system. it may be that the government will accept the existence of the crypto currency if they have created their own crypto currency which has the Bank as the center and of course all will be controlled by the government.
As of now the cryptocurrency is dependent in fiat currency as you have mentioned. Without it the value of many crypto is just but a null. There is also the volatility that is meet by the great supply and demand of investors, but it is this volatilty that made many people earn more than they previously have in their day jobs. The crypto industry in my opinion is still very young, yes their are many innovation that way made in the last few years however it is just less than a decade when we were introduced to cryptocurrency and its growth will just continue. As a member of this industry we just need to be diligent and keep learning how the market will grow because we will benefit in every innovation that will be made throughout the years to come.
Personally, I think that traditional currency (fiat) is very long lasting in most parts of the world. It’s considerably essential to people, and also it’s a basic unit to take transaction or exchange in daily life. Therefore, almost people are familiar with using fiat, and so supporting to use fiat. With bitcoin, to compare with fiat, it’s just a form of currency which have been appearing around six years but it takes a big influence to global economy as well. Cryptocurrency, moreover, is really popular but the amount of people who don’t know this digital currency, is much crowded than the ones know it. Most importantly, almost governments ban people from using it. Thus, crypto currency is pretty unsupported like fiat. 
First of all, the crypto-currencies are backed up by the US dollar, no matter how strange it may sound.
In traditional currencies, objectively speaking, no state guarantees that the national currency will be stable and will not fall in price.
The same in crypto-currencies. There are no guarantees and obligations from a certain central authority, but there is a collective interest and financial motivation regarding the viability of the currency.
If the dollar is based on the interest of the US state to make money, bitcoin is based on the interest of investors and miners to make money.
I don't think it is correct to say cryptos are backed up by usd. Of course, many people eventually trade btc and other coins for fiat, but it is rather that they hope cryptos are backed up, not that they really are. Dollar is also based not on the interest in making money, but on the interest of buying goods for that money eventually. The money itself is just useless numbers and papers. People care for what can be obtained by it. Bitcoin is also based on the interest of getting profits eventually. In traditional currencies, objectively speaking, no state guarantees that the national currency will be stable and will not fall in price.
The same in crypto-currencies. There are no guarantees and obligations from a certain central authority, but there is a collective interest and financial motivation regarding the viability of the currency.
If the dollar is based on the interest of the US state to make money, bitcoin is based on the interest of investors and miners to make money.
It is both true and a myth, as your own commentary describes. Fiat has the exceptional advantage of being supported by the states sponsoring them, but then you can look to recent examples in Greece to see just how much a state's promise to honour its currency is worth. You can go farther back in time to also see how much a bank's guarantee of your savings is worth, like when Barings collapsed after a rogue trader used depositors' funds to gamble and lose on the stock market.
Put in that context, there is little that separates Bitcoin and fiat in what's supporting them.
What fiat doesn't have though, is the backing of users and their communities. It doesn't have the security of cryptography... Virtually impervious to hacking and getting stronger every moment. That is some serious support in my view.
Put in that context, there is little that separates Bitcoin and fiat in what's supporting them.
What fiat doesn't have though, is the backing of users and their communities. It doesn't have the security of cryptography... Virtually impervious to hacking and getting stronger every moment. That is some serious support in my view.
Yes it is not supported yet, and hopefully one day it will be supported then. Its life depends on its stability and reputation in the market and everything relies on the supporters and its users as well. For now people starting to adopt cryptocurrency in in their lives but each government didn’t support it yet, therefore its own life (cryptocurrency) is also its own support system
The case is like, the national currency governed by the government indirectly as the user community inevitably they must have it because it is considered as a legitimate means of exchange, there is an attitude of compulsion directed by the government against the use of national money.
Whilst cryptocurrency, anyone who is a person who dares to take an advantage in the form of risk that must be experienced by yourself. There is no element of necessity that cryptocurrency should have for everyone who uses it. Even the community/users who come alone. The above differences show that everyone prefers cryptocurrency compared to national money. This case reinforces no reason cryptocurrency will disappear and even have no value.
Whilst cryptocurrency, anyone who is a person who dares to take an advantage in the form of risk that must be experienced by yourself. There is no element of necessity that cryptocurrency should have for everyone who uses it. Even the community/users who come alone. The above differences show that everyone prefers cryptocurrency compared to national money. This case reinforces no reason cryptocurrency will disappear and even have no value.
Crypto currency, after all, is not supported by anyone and its price depends entirely on demand and supply. This is the reason for its high volatility and is practically the source of all other problems for it. Decentralized crypto currency will, of course, exist and develop, however, it seems to me, along with it, centralized digital coins will also develop, as well as coins that will be digital substitutes for fiat, such as USDT.
Crypto currency is becoming supported one, because now we see bitcoin become one of the support coin from the some countries. Unsupported coins are other than bitcoin, but there values are kept increasing because based on the member increasing to support those but not the governments.
After ethreum smart contract token creation has launched since that we see many people coming to invest on crypto currency. Then number ICO for everyday basis also getting increase day by day.
If you look at the coin supported by government side. You can see the ripple which has more support by banks and government but this is shitcoin we cannot surely say that this will give profit to us.
Newbie account, long post. That looks like he copy pasted it.
But to answer if "cryptocurrencies is unsupported", yes it was true in the beginning in the case of BTC. Some were correct to say that it was a ponzi scheme. But not anymore today because theres economic activity behind it now.
Most of the altcoins still are considered ponzi schemes.
But to answer if "cryptocurrencies is unsupported", yes it was true in the beginning in the case of BTC. Some were correct to say that it was a ponzi scheme. But not anymore today because theres economic activity behind it now.
Most of the altcoins still are considered ponzi schemes.
Crypto currency is becoming supported one, because now we see bitcoin become one of the support coin from the some countries. Unsupported coins are other than bitcoin, but there values are kept increasing because based on the member increasing to support those but not the governments.
Jump to: