I mean a currency is backed by something if the issuer offers it to trade to back the currency
The dollar used to be backed by gold because the US issuing it would trade gold for it
I mean a currency is backed by something if the issuer offers it to trade to back the currency
The dollar used to be backed by gold because the US issuing it would trade gold for it
okay now i get your point
the the dollar is also not backed by anything at this point in time
i only made the point because the FUDers would tell that bitcoin isnt backed by anything BUT they dont tell you that other currencies are also not backed by something. they would leave the taste that only bitcoin is bad and other currencies are not...
the dollar is even worse because the closest thing it has to a backing now is gasoline... which we burn lol