Topic: What is bitcoin backed by? - page 8. (Read 1965 times)
The cryptocurrency bitcoin exchange form that is supported by blockchain and Bitcoin is not centered means that no person or organization has or controls Bitcoin. Everyone can see every transaction that has been done on the Bitcoin network.
The best feature of Bitcoin is it is totally decentralized. There is no one or no group backup Bitcoin. All the community supports and it grows.
bitcoin is supported by people who like bitcoin, if bitcoin does not support it maybe bitcoin will die and not worth it, investor support, shareholder is so necessary that bitcoin will not die forever
Agreed that the value of btc was built by the community. And as the community grows, using it for good causes btc will really become a powerful economic tool. 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. 
I believe Bitcoin is backed by USD. People are buying bitcoin using usd and by the time the number of people that believe bitcoin could be use in future increasing the price is just rapidly increasing too. Many people are think that investing in bitcoin is dumb cause its dangerous and its bubble. I think they just afraid of change and they dont open their mind for something new. I do believe somehow blockchain technology will be use in many aspect of our live so thats why i believe bitcoin and other cryptocurrency could have a future. 
In fact, it seems to me that bitcoin is supported by people, by the energy of confident people, by the time of many people and by the fact of decentralization.
Bitcoin has backed by people and people have backed by Bitcoin. It is the only single currency which is for the care and benefit of people. Similarly Bitcoin is also applicable for governments if they do so and use the Bitcoin in order to build their economies for future values and solve all the problems of countries. Due to this positive achievement Bitcoin is backed by many CEO’s of companies and world trading centers and many more.
In fact, it seems to me that bitcoin is supported by people, by the energy of confident people, by the time of many people and by the fact of decentralization.
Yes, you're right. It's like the question 'why the gold so worth?' because the people appreciate to gold, as well with the bitcoin.
If you mean backed in the sense you could redeem Bitcoin for something else at any given moment then no it is not backed by anything.
If however you meant backing in regards to the faith people have in the currency, then look no further than the 9k price line today for Bitcoin. That is enough proof that enough people believe in it and back it.
If however you meant backing in regards to the faith people have in the currency, then look no further than the 9k price line today for Bitcoin. That is enough proof that enough people believe in it and back it.
Bitcoin is not backed by gold or any other asset as the other currencies does.But USD also is not backed by gold.Bitcoin price is driven by the community support.The main difference which it has is that we could claim that the bitcoin we are holding is ours unlike other currencies whose ownership could not be proved.I think that it might also be a strong reason for it to get trust among the normal people.
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.
Fiat money like dollars backed by trust on government and bitcoin backed by trust from community. The value bitcoin depending on market and market drive by community. Bitcoin and community are mutual benefits each other
It's all about the trust. In the fiat currency, you trust the government (basically, a small group of people who says that 1$ bill is worth $1), on the other hand when you trust Bitcoin, you trust each and every user out there who is willing to pay the current market price for your Bitcoin. There are some other benefits too but this is the one of the biggest benefits in blockchain based decentralized currencies.
Afterall,
Afterall,
Bitcoin backed by nobody or nothing at all. Actually bitcoin exist because of it's value that derived or came from people who believed that bitcoin has its own value and wealth. According to research this currency was already written in the history because before the paper money invented most currencies were coins fashioned from precious metals even here in our country. Actually before the current system understood it was started by the old system which continuously operating up until now. Basically, this currency considered as a fiat currency which considered as a free floating currency that is not backed by any sort of commodity. Bitcoin for me honestly about money which has value because we believe that it has value and important like trading our money to food and nowadays trading money for credits. In fact, when bitcoin evaluated it showed good impact and consider as best indicators of a currency's value in where we can have a adoption rates, the ability to buy goods and services, established history, and etc.
Trader, investor, hunters and all of us are the factor of having a change in price. We are tge ine who uses crypto currency. The volume, the price ,the pump, the dump, The green, the red market is all because of us. So we are thr one who will back and the factor btc back to its natural pump. Stronger community will make crypto healthy flow
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's value is determined by the adoption or usage of the people. The higher the number of people that uses or adopts to bitcoin then the higher its value. Given the fact that mining difficulty of bitcoin will increase every after 4 years, sooner or later it will reach its limit and the law of supply and demand will take place. Scarcity will make bitcoin more valuable than any other coin and if this moment will come bitcoin will be the best store of value.
I think bitcoin does not support anything because bitcoin is just an electronic currency, unlike the common currency that believes in publishers but is a distributed database. 
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’s value comes from several sources:
1) Miners spend money and resources to make and verify transactions
2) Users of Bitcoin pay fees to the miners
3) Developers spent time to create Bitcoin and maintain it.
4) Users/investors see value in Bitcoin and are willing to pay for it.
There may be other reasons as well, but I think that last one is the main reason for 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.
What do you think that the money you use is backed by ? People live in false hopes that government will compensate is the value of currency degrades. If this was reality, you would not have see currencies becoming useless in some countries.
There's nothing that it is backed by in the vein of things you seem to be searching for, but belief backs it, and a key part of that belief is that it doesn't need any backing except the value placed on it by other users and speculators.
Every people has a different choices and some people needs to be convince first before they try to put their money on one thing or to invest on it , thats why they check if that thing is backed by something because the term backed or backing to them can make thing more trusted and credible .
although in most people , backing is not really important because they only matter on whether that thing is profitable or not.
Anyways , i think bitcoin is backed by hodlers , bounty hunters , merchants/companies ,etc. Bitcoin does has a wide array support from the public.
There's nothing that it is backed by in the vein of things you seem to be searching for, but belief backs it, and a key part of that belief is that it doesn't need any backing except the value placed on it by other users and speculators.
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.
Your right , bitcoin make a history specially to all the people who has no hope for their lives .Maybe, because they are poor and has no money to get a capital for their want business. And for the people who tortured by others because they are poor.
Well , Bitcoin is a new hope for the poor that has no capital .It has no need a capital needed. Just do your task.
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