[Prolixus]

Bitcoins, like gold coins, are rare and it currently takes an immense amount of effort to create new coins. Unlike gold coins, bitcoins cannot be held in your hands but they can be used for electronic transactions.

Because of this, statists hate bitcoins. They cannot easily control the supply as does the Federal Reserve with the U.S. dollar (enriching their friends and impoverishing their enemies). Expect to read lots of FUD articles about Bitcoins until the statists implement a way to control Bitcoins.

FUD = fear, uncertainty, and doubt.

[mnehring]

So what asset backs bitcoins?

[dblshot]

the dollar for what it is worth (literally) is backed by the full faith and crdith of the U. S. A., article IV section 1 US Constitution. What is a Bitbite backed by?