OpenRuby.com

19 Jan '13, 10pm

What is bitcoin backed by? My favorite answers #bitcoin

Bitcoin isn't "backed" by anything, but what gives it value is the same thing that gives all forms of money their value...its utility for exchange. Paper currencies became popular and valuable because they were more convenient for exchange than physical gold and silver. Digital currencies (prior to Bitcoin and including digital forms of USD and other national currencies) became popular and valuable because they were more convenient than physical paper. Bitcoin is becoming popular and valuable because it too is more convenient, but it also enables a true two party exchange (other digital currencies all require a third party in an exchange), doesn't rely on a single, central issuer, and its supply can't be manipulated. To use any of these currencies for exchange, you obviously need to possess the currency. That is the source of demand and what gives all of these currencies v...

Full article: https://bitcointalk.org/index.php?topic=137430

Tweets

It's @Tom_Blount laundering some #bitcoin

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