Any good article or short video on answering "Bitcoin is not backed by anything"?
Discussion
https://youtube.com/@aantonop it's somewhere here knock yourself out with this content
Not short by any means, but it goes into why USD is not backed by anything. I think it’s a point where most ppl need to start before they understand that btc is a better option.
Thank you!
This particular person I have in mind with this question does know fiat is not backed by anything. But I do think the in depth understanding of how money works is absolutely necessary.
bitcoin is backed by math
bitcoin is backed by logic
it is backed by the protocol which limits mining to 21m
bitcoin is backed by nation states like el salvador and bhutan which use it as legal tender
bitcoin is backed by 17.000+ nodes and miners which make it secure
fiat money is backed by hot air
A good that is sound money doesn't need to be backed by anything. When something is backed by something, it means that some central authority has deemed it so.
When the dollar was backed by gold, that was because the government said it was. But the gold itself is not backed by anything. It has value because it represents an amount of work.
So yeah, Bitcoin isn't backed by anything because it doesn't need to be. The way that it is designed makes it a really good way to store and transact value.
The Bitcoin Standard is a good book for this topic. it's not short, nor a video though.
Thank you for your response.
Yea I do believe people need to study Bitcoin themselves and it will take time. Short answers are for pointing people into the right direction.