DigitalDukedom
Thu Sep 05 2024
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6 answers
1084
Is Bitcoin backed by fiat?
Excuse me, could you please clarify for me if Bitcoin is actually backed by any form of fiat currency? I understand that Bitcoin is a decentralized digital currency, but I'm wondering if there's any underlying asset or financial instrument that supports its value, similar to how traditional currencies are often backed by gold or a nation's treasury. Is there any official government or central bank involvement in the valuation or regulation of Bitcoin, or is it purely based on market demand and supply? Thank you for your time and consideration.
