Bitcoin backed by nothing

Ray dalio on cryptocurrency

Unlike Bitcoin, Diem would be Bitcoin became cumbersome, slow, and.

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Paper money needs to be backed by some sort of authority because paper has no value. Bitcoin is of a different nature and obeys to different. Similar to Fiat currency, Bitcoin (or most of the cryptocurrencies) is also not backed by any gold or silver hence does not have any intrinsic value. The value. Bitcoin is not backed by nothing. It has a fixed supply and is finitely scarce. Only 21 million bitcoin will ever exist.

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calendar_month 03.10.2022

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calendar_month 04.10.2022

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calendar_month 09.10.2022

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Crypto harlem

Because mining is decentralized and because all miners are constantly competing with all other miners, it is not practical for miners to collude. This is why users controlling keys is such a significant ethos in bitcoin. All that changes is the relative preference of holding one currency versus another.