Cryptocurrency Q&A
Who is Bitcoin backed by?
Who is Bitcoin backed by?
Elena
Fri Nov 29 2024
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7 answers
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I'm curious about the support or endorsement behind Bitcoin. Who or what entity stands behind this cryptocurrency, giving it value and stability in the market?
7 answers
Daniela
Sat Nov 30 2024
Bitcoin is one such currency. Despite having no backing, it has gained significant value in the market.
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EthereumElite
Sat Nov 30 2024
Gold is another example of an asset that is not backed by anything but still holds value.
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Chiara
Sat Nov 30 2024
The process of backing a currency involves the issuer of the currency taking measures to ensure its value.
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Valeria
Sat Nov 30 2024
This is a common practice in the financial world, as it provides stability and trust in the currency.
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mia_rose_painter
Sat Nov 30 2024
Fiat currencies, such as the US dollar, are also not backed by any physical asset but are widely accepted as a medium of exchange.
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