What is bitcoin backed by? - page 5.

Rambogae

newbie

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Quote from: automaticmoney on June 11, 2018, 05:48:16 PM

Bitcoin is backed by technology mathematical formula and open source technology more importantly the backbone of bitcoin is blockchain

I think We all witnessed that prices have fluctuated by all FUD and bad news. Price changes based on illogical emotions and facts. I believe you hold bitcoin no matter what happens and it will happen, and believe it is supported by all of us, it will make history.
People believe that bitcoin is not supported by anything. I think that's not the truth. I'm sure bitcoin is actually supported by the people themselves. It's supported by none other than just you.

Brookie

newbie

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I agree that the most important part of the existence of bitcoin is the people using it primarily and obviously. Bitcoin would literally have no value if no one uses it, there will be no concept of demand/supply of it basically. So bitcoin seems to be backed up by develepor who has paid expert people.

Babyhouse

newbie

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I think bitcoin is backed by an influential people or billionaire.

Abiky

legendary

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www.Crypto.Games: Multiple coins, multiple games

Quote from: richardsNY on June 22, 2018, 04:25:09 PM

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 Grin

salamonKK

newbie

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This is the main difference between bitcoin and all other currencies. In any other currency, the value of your money is determined by someone else but not by you. In bitcoin, people themselves determine its value.

odolvlobo

legendary

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Quote from: Catstevens19 on June 25, 2018, 10:57:39 AM

As we know USD is backed by the value of the gold, but Bitcoin does not have anything that is backed by, but the value is setten based on the supply and demand, as much demand that much the value increases.

USD is not backed by gold. It is backed by nothing -- just like Bitcoin.

Catstevens19

newbie

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As we know USD is backed by the value of the gold, but Bitcoin does not have anything that is backed by, but the value is setten based on the supply and demand, as much demand that much the value increases.

no0dlepunk

sr. member

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Think about it as it is being backed up by fiat all across the globe. The value of bitcoin represents the amount of all the money being placed to it.

YesJP

newbie

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Backed by the trust that people put in, gold is not backed by anything, just the trsut that with gold you can buy and trade things

uozer

full member

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Merit: 100

PRiVCY

You have directly or indirectly hit the nail right on the top, that nothing is actually backing Bitcoin regulated or fixed in nature, other than than everybody's general belief of it s existence and co habitat workings as peer to peer form of transactoinary medium.
That abstract strong belief and mindset of all Bitcoin fans, Traders, Miners, Investors and forum members in all Bitcoin Ramification is nothing but just the backings which Bitcoin relied upon for it's existence and sustainability.

laimaro

jr. member

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It is backed up the huge demand among people as an investment medium. It also has value as payment option.

davinchi

legendary

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Quote from: BitcoinMarketer39 on June 20, 2018, 02:17:21 PM

Quote from: Ciremik on February 12, 2018, 07:14:06 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 you are saying that bitcoins price will rise again because of the people then yes it will be depending on the investors in the market, if people will be starting to invest on cryptocurrency again then the demand will continuously and within a few months, the price might go back to normal.

The market is not so good these days and this is due to the demand rate, demand rate controls the value o Bitcoin which is currently low. We expect a better price in future because some people have invested in high markets and now they are in loss so all they need this time is the jump of market or shifting of market from this position into favorable position. As the demand rate has to increase these days because the price is low and will becoming better in the upcoming days.

AlehandroTheGreat

sr. member

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Merit: 251

Bitcoin is baked only with its marketing, this is blockchain protocol which is the most useless with others... simply check it Lips sealed

yslyv

hero member

Activity: 1078

Merit: 537

bitcoin is based on a decentralized blockchain technology. it is not backed by individuals or some groups. it is backed by all the ecosystem including traders and miners. as soon as this ecosystem exist bitcoin is going to stay alive.

kisscoin

newbie

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Definitely bitcoin is a very stable currency and despite its fall, it will experience its positive growth! The government frightens the people of his instability only with the intention that people have ceased to invest and deal with cryptocurrency as a whole! Why does the country need a rich people? Something like that.. Roll Eyes

Wong owah

newbie

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until whenever I will support bitcoin, because my income is in the bitcoin market and I will develop bitcoin to my friends, so bitcoin will grow more advanced and will be glorious.

boyshx

sr. member

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Merit: 251

The backing for the bitcoin comes from the investors like you and me. After years of trading, buying, selling we have gotten to multi billion market that we see today which is the consultive proof of such backing that our investment is what gives them the real value. If there would have been no one to put any single penny into it then how do you see that coming to bitcoin? We say bitcoin is worth thousands of dollars today! Why? Because we created the market cap for it which in turn giving the price tag for it. Thats the biggest backing it has.

bitcoinerjawa

member

Activity: 364

Merit: 10

bitcoin is only supported by blockchain as a complement if you realize that the bitcoin stands alone does not interfere with some fiat and other media.

geopolisch

hero member

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Merit: 511

Quote from: Rath_ on June 20, 2018, 02:13:06 PM

Quote from: Abiky on June 20, 2018, 01:51:38 PM

However, Bitcoin doesn't come out of thin air since there's a lot of effort and cost involved in the mining process.

That's always mentioned during the debates whether or not Bitcoin is good. A lot of economists say that mining is a process which wastes a lot of energy. Printing bills and the distribution of them needs also a lot of energy. Not to mention the banking system which needs a huge backbone. Some people say that the solution is simple - change PoW algorithm to something like PoS which doesn't need as much electricity. However, every solution has its own disadvantages.

Bitcoin is decentralized and is not backed by technology that makes it safe and secure. Besides, it is not controlled by and authority. But the statistics shows that a huge portion of the population using Bitcoin belongs to America and this portion can actually act like a Whale in the Bitcoin market.

They can actually manipulate the prices of Bitcoin. Besides, the technology is transparent and the time when Google and Facebook banned the ads, the technology has eliminated the threat of fraud as well.

richardsNY

legendary

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Merit: 1091

Quote from: Sled on June 21, 2018, 02:04:59 AM

I don't think that there is something that backing up by bitcoin like a government or an organization and the only thing that i think that puts value on bitcoin is how the people believe that it has value and i think that is the reason for bitcoin to get some value but even though there is no backing up for bitcoin, it is still worth the risk because it could be the future for our technology to run on blockchain.

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....

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