What is backing #bitcoin ?
Nothing. Bitcoin is the ‘thing’ that is doing the backing just as gold is the thing.
Both are portable, durable, recognizable, divisible, fungible & scarce. Bitcoin is also transmissible.
In essence gold and BTC are money, not currency.
Actually, Bitcoin is backed by mathematical computing.
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Aha! Then gold must be backed by atoms.
Gold is back by gold it self. Paper money is back by air
