Well, if you absolutely need it to be backed by something physical, I would say the electricity that is produced and used for mining bitcoin is quite physical. Other than that, people have traded their fiat (which is supposedly backed by gold) in for bitcoin
Bitcoin is backed by the mining equipments - ASICs, the cost to set up and do maintenance for mining farms, power cost. They are real inputs to mine Bitcoin so the value of Bitcoin is real and backed by several real things physically.
Bitcoin is backed by the blockchain technology and its network is actually decentralized that makes it better than many other crypto blockchains.
That is exactly right! It's backed by physical things like mining equipment, electricity, fiat money, maintenance, and much more! I just don't understand when people claim that there is nothing backing Bitcoin.
Don't people understand the value of things, even if they aren't things you can touch with your own hands and see with your own eyes?
Once you put a value into something, like Bitcoin, the Bitcoin itselfs gains value...