Topic: Whats "backing" bitcoin? - page 2. (Read 3363 times)
People's trust is backing it...people believe in it and trust in it.
This question has been around for years.
Nothing is backed.
The world only exist because you observe it. Everything is an illusion.
Nothing is backed.
The world only exist because you observe it. Everything is an illusion.
+1. I'm glad the btc community isn't stupid.. its seems like we are the outsiders at the moment but just give it a year
People take the material world too seriously and try to explain it with rules and laws.
All rules and laws come to an end.
Dollar is coming to its end.
The world as we know is changing to fast for people to understand it and make good decisions.
It is backed by demand. Currently there is demand because of increasing value, a self forfilling prophesy. Bitcoin is almost as useless in gold at the moment, can't go to the store with it. Big difference is you can make a band of gold and impress a girl with it.
It is all one big nothing, as is the dollar if we all decide at the same moment it is worthless.
It is all one big nothing, as is the dollar if we all decide at the same moment it is worthless.
This question has been around for years.
Nothing is backed.
The world only exist because you observe it. Everything is an illusion.
Nothing is backed.
The world only exist because you observe it. Everything is an illusion.
+1. I'm glad the btc community isn't stupid.. its seems like we are the outsiders at the moment but just give it a year
"Whats "backing" bitcoin?" We, the people who use and accept it.
Exactly! So theoretically speaking we the people that use and accept USD, Gold, silver are the ones backing it.. I try to argue this to people and they just get defensive and try to say how bitcoin is stupid, etc...
Mathematics and best in breed cryptography
This question has been around for years.
Nothing is backed.
The world only exist because you observe it. Everything is an illusion.
Nothing is backed.
The world only exist because you observe it. Everything is an illusion.
Utility is backing bitcoin.
Usefulness.
It does things that Gold could never do.
It does things that US Dollar could never do.
Bitcoins ability to send money, anywhere in the world, free of charge, and almost instantly, makes it a savings of literally Trillions of dollars to the consumers of the world.
Thats Trillions of dollars of intrinsic value right there.
Add to that the elimination of 3-5% (to sometimes up to 10% if its an international rewards card) merchant fees that merchants pay, and Bitcoin is backed by Trillions more of savings to Merchants.
Amazon.com would save hundreds of thousands of dollars in merchant fees every month just by switching to Bitcoin.
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Bitcoin is something new. It isn't "backed" by traditional things (useless things like "Its pretty" or "Govt can print more").
That is only 2 things Bitcoin can do. And it can do more ....
Bitcoin is backed by its capabilities. it does something nothing else has been capable of doing before.
At least this is the answer I give people.
Usefulness.
It does things that Gold could never do.
It does things that US Dollar could never do.
Bitcoins ability to send money, anywhere in the world, free of charge, and almost instantly, makes it a savings of literally Trillions of dollars to the consumers of the world.
Thats Trillions of dollars of intrinsic value right there.
Add to that the elimination of 3-5% (to sometimes up to 10% if its an international rewards card) merchant fees that merchants pay, and Bitcoin is backed by Trillions more of savings to Merchants.
Amazon.com would save hundreds of thousands of dollars in merchant fees every month just by switching to Bitcoin.
-----------------
Bitcoin is something new. It isn't "backed" by traditional things (useless things like "Its pretty" or "Govt can print more").
That is only 2 things Bitcoin can do. And it can do more ....
Bitcoin is backed by its capabilities. it does something nothing else has been capable of doing before.
At least this is the answer I give people.
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"Whats "backing" bitcoin?" We, the people who use and accept it.
Peter schifer says that there's intrinsic value in gold, on some levels hes right. But, if the demand of gold-buyers shot down, it would be then worth pennies. So in a sense peter schifer is saying that if bitcoin dies will have nothing, if gold crashes investors will have pennies, and for some reason that makes it better? 
I would rather give up the extra pennies in the event that either market vanishes. But I also wouldn't recommend spending more than 10-20% of your total investment fund on bitcoins, but I believe it will make a return far greater than the rest of your portfolio combined.
BTC won't level im predicting for at least the next 5 years, there will be huge gains, but also a few crashes as well (which will cause some people to lose their money because they won't hold out till it rises again)
I would rather give up the extra pennies in the event that either market vanishes. But I also wouldn't recommend spending more than 10-20% of your total investment fund on bitcoins, but I believe it will make a return far greater than the rest of your portfolio combined.
BTC won't level im predicting for at least the next 5 years, there will be huge gains, but also a few crashes as well (which will cause some people to lose their money because they won't hold out till it rises again)
I get this question almost everyday... But in reality, what is backing the US dollar? Whats backing Gold? Whats backing Silver?? Everything I listed is backed by the people... Nobody would invest in Gold if it didn't have value, nobody would buy diamonds if they didn't have value, nobody would buy silver coins if they didnt have value. We give everything value. As long as the people continue to believe in BTC (why would you not?! 
) it will remain a booming currency. I would like to see btc level out at a price b/c this would allow people to have more trust in the currency when putting money into it. But I have a few questions. What do you think about btc future? What would be an ideal level price for btc? And is anything really backing USD, Gold, Silver? or is it just the believe that we instill in it?
) it will remain a booming currency. I would like to see btc level out at a price b/c this would allow people to have more trust in the currency when putting money into it. But I have a few questions. What do you think about btc future? What would be an ideal level price for btc? And is anything really backing USD, Gold, Silver? or is it just the believe that we instill in it? Jump to: