But it’s backed by real money. At least, it is backed by a government. That matters. It has to get pretty bad before the government’s backing is useless.
I am wondering more along the lines of how a wire transfer actually works. What happens if there is a discrepency? Can the data be hacked? What is there that you can point at and say, “Yes, here is the money”?
It is backed by just the confidence in the government. That alone. Hopefully, it will hold.