Topic: What is bitcoin backed by? - page 3. (Read 1969 times)
It is backed by mining costs. This is why it does not go below the average mining costs.
I feel sorry for people who could not understand the value of crypto. It is a clear lack of understanding of changing times.
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. 
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. 
Bitcoin is backed by fiat currencies
This is absurd. Just because you can sell something in exchange of money, doesn't mean that it's backed by fiat currency. I can sell my computer in exchange of fiat currency, is it backed by fiat? Not really. If so, then everything is backed by fiat by default. If anything, bitcoin is backed by the belief of people that this actually has value (and thus they pay money for it), same as fiat money.every day new users are entering the bitcoin community the demand for bitcoins keeps on increasing which causes for the rise in the price of bitcoins
When you joined the bitcoin community, were you prompted to buy bitcoins? I don't think all of the users are buying bitcoins and even if they do, there are people selling bitcoins on the other hand. The increase of users doesn't necessarily increase the demand for bitcoin until they start buying bitcoins. There can literally be millions of people that are new in the bitcoin community but the demand for bitcoin will still be the same if none of them buys bitcoin.... but the price of bitcoins keeps on increasing making it the most expensive thing on the planet.
Uh? I can think of hundreds of things that are more expensive than bitcoin even when priced as its peak price. Here's a quick link to the most expensive things in this world. 
Bitcoin is backed by fiat currencies and the users as every day new users are entering the bitcoin community the demand for bitcoins keeps on increasing which causes for the rise in the price of bitcoins and there is only limited number of 21 million bitcoins available in the crypto currency market almost 17 million is already mined and it will take another century to complete the mining of bitcoins as every time the level of difficulty of mining increases it will take years to finish mining but the price of bitcoins keeps on increasing making it the most expensive thing on the planet.
What backed up bitcoin is the value of fiat currency that each users used to buy it. It could be dollars or any form of currency from which country users came to invest. This is the nature of bitcoin causes it to become volatile when no usage or utility is really being done each time. So if it drops in value this means that the users have already withdrawn part of the backed up money. So this is more about peoples usage of it that creates its value.
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.
It's not backed by anything unlike the traditional currencies that are generally supported by gold reserves. Since cryptocurrencies are a different kind of currency, it's rise and fall are affected by other factors. That's why when we hear negative news, banning of cryptocurrency activities in some countries, and dipping in value of some coins, especially Bitcoin, it somehow affects the market trends that, in turn, affects other coins in the market. That's actually one of the things that an investor or trader must work with to be able to be successful in this market.
Well, it costs electricity to run the operations of bitcoin and it takes money to buy it. I guess thats enough to understand that from where it gains its value and with what it is backed up really. The bitcoin may be virtual one but it is not really coming out of the thin air but with use of real energy. People forget to add these factors into consideration. Everything gets its value from the process of its making or creating. In bitcoin case its mining, investing and much more ways to gain it. So its pretty straight that it is backed up with the billion dollars market cap that was raised through above mentioned processes.
So really the price for bitcoin is set by us people. But as the majority of bitcoins have written here, they are concentrated in business whales and they can easily speculate on the price of it.
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.
Bitcoin is not supported by anything, that's why it is so unstable and it causes people's distrust.
Fiat money like US dollar backup by government trust. Like dollar, bitcoin backup by community trust and thats why bitcoin is peer to peer transaction. If peoples dont trust on their government, their currency value must be drop and its apply on bitcoin too
I would definitely keep bitcoin, if I had it) However, I believe in it and it is clearly supported by the people themselves and if you do not lose faith and do not panic on the little things, selling your coins at every negative opinion, then the world of cryptocurrency will soar to unimaginable heights! And the sooner people realize it, the sooner it will happen! 
I think bitcoin backed by nothing, bitcoin stand-alone bitcoin is only accompanied by a technology called blockchain which is tasked to provide records for all existing transactions that use bitcoin.
BTC support is a good application for those who trust BTC and blockchain technology in the future!
As long as someone believes in BTC, Btc has value!
right, the blockchain system provides a decentralized and transparent system, so we can transfer directly to friends. so make faster proccess and transparent, so this is the development for alternative currencies later As long as someone believes in BTC, Btc has value!
BTC support is a good application for those who trust BTC and blockchain technology in the future!
As long as someone believes in BTC, Btc has value!
As long as someone believes in BTC, Btc has value!
Actually bitcoin is backed by peoples trust on this coin, as an example usdt isn't backed by enything it's the trust people have on it. If people think it's useless and stop using then it has no value, so is the bitcoin.
We do not know actually that when will it come to a stable price because the market after 9 long years of survival is still unstable. All the signs are at the demand rate, when it gains its strong support from people then the price may get stable. Promotions are contributing to its growth which is the main solution to increase the demand rate which will in turn increase the value.
That's certainly true, mate. Bitcoin has always been a highly volatile or unstable cryptocurrency ever since its inception in 2009. However, I believe that time will come when Bitcoin and most cryptocurrencies on the market will become stable in price, as regulations from government become enforced over time. With this in effect, there will be no more price manipulations from whales, and Bitcoin would be much more stable than what it is right now. On the other hand, the more demand it gets from people around the world, the better as its value will rise in a flash.
As such, I believe that Bitcoin being backed by the people is actually more of a good thing than a bad thing. This is because, there's no central authority which is responsible of giving it a standard value to it, as well as being able to control its supply, making Bitcoin an open cryptocurrency for the masses. Therefore, Bitcoin may perform well in the next couple of years if people keep supporting it every step of the way. Just my opinion
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.
The only one to invest in cryptocurrency that they are respectable with cryptocurrency. Cause I support that you can do on your savings and the market will continue. Cause we have been a good job of cryptocurrency. I believe in that bitcoin is a start, and technology. It has use. It has an extremely powerful network securing your transactions and wealth. Yes, the speculative nature is leading, but that's something we can't do anything about -- we just have to go through the initial hype to have it pay off later on. Bitcoin is new, people explore it, abuse it, speculate, it will at some point decrease significantly where the use will turn out to be the leading aspect. Bitcoin is money for me. If I have something for sale I gladly pick Bitcoin over anything else. If I can pay with Bitcoin I gladly do so. I am slowly shifting away from all this speculation nonsense....
Agree. Bitcoin has real uses in the mainstream world, and it's one of the most resilient assets to date. Given that it has top-notch security, and transparency, I'd say that Bitcoin is somewhat better than Gold. Also, it's extremely portable (unlike Gold) and it's backed by the people. That's what really gives value to Bitcoin, and most cryptocurrencies in existence despite what many say in the mainstream media. Of course, Bitcoin is a volatile asset, but it may soon become stable as the market becomes regulated over time.
Best of all, Bitcoin is not only money, but also a store of value, giving you the option to hold onto your balances securely and cash out at a higher price in the future due to its limited supply. And once it becomes useful for micropayments with the Lightning Network, then it'll be much better than fiat currencies. Therefore, Bitcoin will remain backed by the people if it maintains its decentralized nature. Just my thoughts
Basically, it is backed by the code (which is mostly impregnable), people's trust in it and the fact of decentralization.
Bitcoin is Virtual currency or crypto digital currency, it backed by Capital Investment put in by Investors in the crypto trading market, after the entry of crypto currency in 2009 Bitcoin been attack by a lot of issues, like issues on Banned, Scammer, Hacking, and the never ending issue on Regulation by the government financial institution whom critical on the acceptance of Digital Transaction using Bitcoin, But the good news are, people had increase the desire to participate and invested a lot on Bitcoin.
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