My point is you actually own something of value, an physical object that has value.
Bitcoin is just a series of 01s and 00s on a computer.
.Much like those jpeg “art” that was the “latest hot item”
Until it wasn’t.
Bitcoin is just a series of 01s and 00s on a computer.
The dollar used to be backed by the “full faith and credit of the United states.”
Well that appears to be worthless now.
Bit coins claims to be backed up by various things which I view just as worthless.
Full faith and credit is an unsecured method of backing debt based on trust and reputation.
UNSECURED METHOD OF BACKING DEBT! BASED ON TRUST AND REPUTATION.!
https://www.investopedia.com/terms/f/full-faith-credit.asp
KEY TAKEAWAYS
Full faith and credit is an unsecured method of backing debt based on trust and reputation.
Governments offer issue bonds backed only by their ability to collect taxes and other revenues in the future.
Because governments theoretically have the unlimited and lawful capacity to collect revenue, these bonds are often considered low-risk, and thus carry lower yields.
The Government National Mortgage Association (Ginnie Mae) is one example of a government agency that is backed by the full faith and credit of the U.S. government.