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To: GunRunner

All true, except for one thing: your first sentence. What backs it?


64 posted on 03/09/2024 12:50:39 PM PST by cuban leaf (2024 is going to be one for the history books, like 1939. And 2025 will be more so, like 1940-1945.)
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To: cuban leaf
What backs it?

Bitcoin is a scarce digital commodity. It is not a backed-token like Stablecoins or commodity-backed coins. Any cryptocurrency that is backed by a real world commodity or currency inserts counterparty risk into the network, since you need to rely on someone to store and facilitate the exchange of said commodity.

A token backed by a currency exposes the token to the risk of the issuing bank and the government or central bank behind it.

There is no bitcoin issuer, and one not need any government permission or other means other than the Bitcoin network itself to facilitate trading of BTC.

The security of the Bitcoin network is backed by the laws of mathematics.

If you need a central bank or kleptocratic government to back your assets, then Bitcoin is not for you. Not everyone wants true financial sovereignty.

65 posted on 03/09/2024 1:40:46 PM PST by GunRunner
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