Currencies without government backing. So what is the backing? I don't understand the entire cryptocurrency idea. I mean, government-issued currency is enough of a mirage, but cryptocurrency?!
I don’t understand it either.
It’s 1’s and 0’s stored in a Cloud in Beijing or Kabukistan somewhere...........🤔🤷♂️
What "backs" the US dollar?
yes, the power of Fed.gov via the power of DOJ and the US Army, to force you, and the world, to accept them.
“So what is the backing?”
There is no backing.
It’s what should be termed ‘wild cat fiat currency.’
Because that is all it is.
However, the ‘wild cat’ banks of the old west actually created a decent currency system....far better than central banking.
He who controls Internet access controls cryptocurrencies.
No doubt, the central banks will create a digital currency. When they do, all others will be designated as couterfeit.