Bitcoin is like fiat money. It’s backed by faith. The difference is that “real” fiat money is backed by the guns and bullets of the country that supports it.
i.e. Fiat money is bad. Bitcoin is worse. But like any ponzie scheme, if you get in at the right time and sell at the right time you can do well.
Bitcoin is like fiat money. It’s backed by faith. The difference is that “real” fiat money is backed by the guns and bullets of the country that supports it.
i.e. Fiat money is bad. Bitcoin is worse. But like any ponzie scheme, if you get in at the right time and sell at the right time you can do well.
I respectfully disagree my Freeper friend.
It really isn’t backed by faith. It is backed by the value people have in it which requires no faith, and it is international, and the blockchain is very secure. More faith is required in a fiat currency that can be printed into oblivion, and consequently worthless. Bitcoin cannot.
And the guns and armies and bullets of any country can go away when their fiat currency, like the dollar will some day, collapses when we print money into oblivion to pay for socialistic fantasies that nobody can afford.
Bitcoin, and crypto in general is in the early adoption phase, which is by it’s nature volatile. I admire the concept of critical thinking, so absolutely be critical . But watch this technology, because it, or it’s successor, has the possibility to do to the financial markets what the internet did for information access. If it is a success, and I think it has a good chance, then there will be plenty of upside in the future to jump in.