Nothing................
Utter insanity.
Having studied its real rarity and its value as an off-grid currency I was going to buy some Bitcoin.
But then the Senate endorsed it.
Would you freely buy something backed by the U.S. Senate?
National currencies are backed by the full faith of the government (laughing in the background). Bitcoins are imaginary money. Only good as long as someone will accept them. The government doesn’t like competition and will soon find a way to shut this down, after demanding taxes on the capital gains increase in the value of the bitcoins.
“it’s created from an algorithm”
We still don’t know what IT is. Algorithms don’t create anything. They are the process or procedure that a program follows to solve a problem. Programs don’t create anything. They move electrons around. People interpret the movement as creating something.
The dollar is fiat currency, but this is even less real. IT is really a person’s hope that IT can be converted into dollars at some later date and used to buy bread or milk.
Don’t give me any for Christmas.
Well, now I know how we can make our own currency sound again. We can call it the bitcoin standard, with all our dollars backed by bitcoins, at, say, $1000 dollars per bitcoin.
That should work well, until a giant solar storm knocks out all the electronics in the world.