Actually it is backed by the same thing that backs US $
Posted on: July 11, 2019 at 23:15:57 CT
DHighlander NWMSU
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Trust
As long as I trust the backers of the currency then it has value.
If I believe that I have $100 worth of bitcoin and I find someone else who shares that belief I should be able to trade my bitcoin to him for $100 worth of goods and services.