Cryptocurrency Q&A
Who backs up Bitcoin?
Who backs up Bitcoin?
emma_carter_doctor
Mon Dec 23 2024
|
5 answers
888
I am curious to know who or what entity is responsible for backing up Bitcoin. Is it a central authority, a group of individuals, or does it rely on a decentralized network for support?
5 answers
HanjiArtistry
Wed Dec 25 2024
Currency backing is a process employed by the issuer of a currency to guarantee its value.
Was this helpful?
343
88
CryptoChieftain
Wed Dec 25 2024
This mechanism serves as a form of assurance to holders and users of the currency.
Was this helpful?
76
77
SoulStorm
Wed Dec 25 2024
Bitcoin, unlike traditional currencies, does not have any asset backing it.
Was this helpful?
125
78
mia_rose_lawyer
Tue Dec 24 2024
Similarly, gold, often seen as a store of value, is not backed by any other asset.
Was this helpful?
178
33
Lorenzo
Tue Dec 24 2024
Fiat currencies, which are legal tender in most countries, are also not backed by any physical asset.
Was this helpful?
166
88
