Cryptocurrency Q&A
Where is Bitcoin backed by?
Where is Bitcoin backed by?
Nicola
Mon Dec 23 2024
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5 answers
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I'm curious to know what backs the value of Bitcoin. Is it supported by any government or financial institution? Or does it rely on some other mechanism to maintain its worth in the market?
5 answers
Chloe_carter_model
Wed Dec 25 2024
Bitcoin operates differently from traditional fiat currencies.
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CryptoLegend
Wed Dec 25 2024
It lacks the support of physical commodities such as gold or silver.
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Valentino
Tue Dec 24 2024
Nor is it guaranteed by the promises made by governments or central banks.
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CryptoMercenary
Tue Dec 24 2024
Instead, Bitcoin's value is derived from a widespread trust in its various attributes.
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Elena
Tue Dec 24 2024
Users trust in Bitcoin's security, which ensures that transactions are SAFE and tamper-proof.
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