Backed by is a receipt for getting scammed since you can't trust anyone to manage your wealth for free. The currency must be backed by itself. Like literally gold or silver, or crypto which is the only known digital solution for self backed store of value that's proven to work.
Are your account on this site real? are this site real? are the server this site is hosted on real? Are digital photos you snap with your camera real? Are money in your bank account real?
See how this works, I'd say that data is real. We live in a digital world and most of our lives are stored digitally, that's inevitable.
So what about cryptocurrency then? well, it's stored on a blockchain, which is a distributed database synced across at least 11 000 nodes spread across the world and verified by the miners. It's literally data with +11 000 backup copies.
That's as real as it can get in digital terms, and the chance of all those nodes collapsing at the same time is less than you losing your gold in some way, maybe by a fire or a boating accident. Your gold only exist in one place a the time, crypto is everywhere. Remember that.
Us over here in the sane corner would rather it be backed by something with intrinsic value like gold but okay.
Backed by is a receipt for getting scammed since you can't trust anyone to manage your wealth for free. The currency must be backed by itself. Like literally gold or silver, or crypto which is the only known digital solution for self backed store of value that's proven to work.
You realize that gold and silver have intrinsic value, right?
Define intrinsic then...
Are your account on this site real? are this site real? are the server this site is hosted on real? Are digital photos you snap with your camera real? Are money in your bank account real?
See how this works, I'd say that data is real. We live in a digital world and most of our lives are stored digitally, that's inevitable.
So what about cryptocurrency then? well, it's stored on a blockchain, which is a distributed database synced across at least 11 000 nodes spread across the world and verified by the miners. It's literally data with +11 000 backup copies.
That's as real as it can get in digital terms, and the chance of all those nodes collapsing at the same time is less than you losing your gold in some way, maybe by a fire or a boating accident. Your gold only exist in one place a the time, crypto is everywhere. Remember that.