What is bitcoin backed by? - page 2.

checkmatesir

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$CYBERCASH METAVERSE

Quote from: websoftwareengineer on July 31, 2018, 10:28:35 AM

Quote from: Virtual miner on July 30, 2018, 06:12:44 AM

Quote from: Ciremik on February 12, 2018, 08:14:06 PM

People believe bitcoin is backed by nothing. I think that is not the truth. I believe bitcoin is actually backed by people themselves. It is backed by none other than just you. We all witnessed the price has been fluctuating by all those FUDs and bad news. The price changes by emotion and non logical facts. I believe you hold bitcoin no matter what happened and would happen, and believe it is backed by all of us, it would make a history. Cool

Yes, I agree with you. Bitcoin is backed by the people investing in it. The price of any cryptocurrency is highly influenced by the people holding it known as its community. This is truer in the case of Bitcoin. There are many cryptocurrencies being launched every day but Bitcoin is still ruling the cryptocurrency market. This is mainly because Bitcoin enjoys great support from its community.

No matter how many times bitcoins will be announced as dead, bitcoins will still grow because the market prices are volatile so you can always assure that you will be earning profit depending on the season.

That is very normal and we are observing sch activities from people for a long long time, but I am also sure that such false news will not bring any effect on bitcoin. In fact people are giving a very good support to bitcoin which is making bitcoin more and stronger.

dobladonadouble

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Basically, bitcoin is backed by blockchain technology. But if you will see thru it, mainly, we all backed bitcoin. Bitcoin technology actually depends on the people, instead of some specific organisation, country or an economy. It centers and circulates with us, the users of bitcoin.

Elexsis

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Quote from: anntlevel on August 03, 2018, 03:16:51 AM

Quote from: onufrii on July 31, 2018, 08:00:13 AM

If you are getting so surprised with current prices, what you will do when prices go to a million or above per bitcoin.

For that time, keep your patience under controlled? Are you saying this seriously? I think this isn’t right thing to do. You should keep yourself updated with almost recent information. And this information explains us to become stable and patience for a specified time. You can’t become patient for so long time that leads you to hold your coins for five or six years.

If you have a decent job you can actually hold until when you are going to sell your coin and it doesn't matter if it takes years because it is his/her own decisions to do if something happens. It is important to be updated on the market for you to know if the prices are changes to what exactly it will become after you brought the coin that time

anntlevel

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Activity: 286

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Quote from: onufrii on July 31, 2018, 08:00:13 AM

If you are getting so surprised with current prices, what you will do when prices go to a million or above per bitcoin.

For that time, keep your patience under controlled? Are you saying this seriously? I think this isn’t right thing to do. You should keep yourself updated with almost recent information. And this information explains us to become stable and patience for a specified time. You can’t become patient for so long time that leads you to hold your coins for five or six years.

frankiemalton

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Here is what I personally believe ALL currency (credit cards, cash, crypto) is backed up by.

anushkasachith888

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Bitcoin is backed by people and the awesome blockchain technology. a small number of people who rules the world with an unfair system only don't like bitcoin and blockchain technology. because they won't be able to exploit people like with this new decentralized ecosystem.

websoftwareengineer

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Activity: 364

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Blockchain with VTOS energy

Quote from: Virtual miner on July 30, 2018, 06:12:44 AM

Quote from: Ciremik on February 12, 2018, 08:14:06 PM

People believe bitcoin is backed by nothing. I think that is not the truth. I believe bitcoin is actually backed by people themselves. It is backed by none other than just you. We all witnessed the price has been fluctuating by all those FUDs and bad news. The price changes by emotion and non logical facts. I believe you hold bitcoin no matter what happened and would happen, and believe it is backed by all of us, it would make a history. Cool

Yes, I agree with you. Bitcoin is backed by the people investing in it. The price of any cryptocurrency is highly influenced by the people holding it known as its community. This is truer in the case of Bitcoin. There are many cryptocurrencies being launched every day but Bitcoin is still ruling the cryptocurrency market. This is mainly because Bitcoin enjoys great support from its community.

No matter how many times bitcoins will be announced as dead, bitcoins will still grow because the market prices are volatile so you can always assure that you will be earning profit depending on the season.

icoprofits

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Bitcoin is backed by algorithm and mathematical coding as well already know we have limited supply 21 million dollars

stepanova

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So much is evolving in terms of how people pay online these days, I see crypto as best option today. The demand will increase with time.

donalfonso

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Most currencies world wide are backed by the authority responsible for issuing and not necessarily commodities etc. These are the central banks or national banks of a state. In the case of bitcoin its backed by a combination of the people and technology behind it, that is the blockchain and the miners without which the crypto currency will loose the confidence reposed in it and collapse

jane05

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Quote from: onufrii on July 31, 2018, 08:00:13 AM

If you are getting so surprised with current prices, what you will do when prices go to a million or above per bitcoin.

I would like to withdraw some and save my profit and invest again. I hope that bitcoin price will going to rise up more until million.

onufrii

newbie

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If you are getting so surprised with current prices, what you will do when prices go to a million or above per bitcoin.

sysoe

jr. member

Activity: 78

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For any commodity the price depends on supply and demand. With events like halving coming up, I expect to see prices rising only.

martynovro

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Crypto has got real life use a payment medium. The price is backed by uses and demand among people worldwide.

kulagina

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It is one of the most popular payment medium these days. Any people do not want to disclose their details while making payment and thus use crypto.

Osakrita

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Here is where bitcoin difffers from fiats, it derives its power and usefulness from the people who trusts and use it.That is why it becomes stronger as a currency as more and more persons begin to use it

leeheidrick

newbie

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maybe bitcoin is supported because with blockchain technology that helps make transactions anonymous,
useful for secure transactions and the manufacture of bitcoin wallets does not require personal data.
this is useful to save energy and time.,
so people support bitcoin because bitcoin is useful.

fomiche

newbie

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It has got real value in terms of being used as a currency. Much more valuable than gold in my opinion.

diodorako

newbie

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It is backed by the belief of people. This applies to all investment options like gold.

hdueuieo123

newbie

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Quote from: Ciremik on February 12, 2018, 08:14:06 PM

People believe bitcoin is backed by nothing. I think that is not the truth. I believe bitcoin is actually backed by people themselves. It is backed by none other than just you. We all witnessed the price has been fluctuating by all those FUDs and bad news. The price changes by emotion and non logical facts. I believe you hold bitcoin no matter what happened and would happen, and believe it is backed by all of us, it would make a history. Cool

If the e-money market is in crisis. Do you dare to keep the BTC or sell it? I want to know that.

Topic: What is bitcoin backed by? - page 2. (Read 1937 times)