Is bitcoin backed by money

Who is coin

Still, over time, oversold markets system agree it is valuable.

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Cryptocurrencies - The future of money? - DW Documentary
Government backing can improve faith in the value of a currency among consumers, and it provides a big spender and collector of the currency. (Try paying. Similar to Fiat currency, Bitcoin (or most of the cryptocurrencies) is also not backed by any gold or silver hence does not have any intrinsic value. The value. Bitcoin devotees will tell you that, like gold, its value comes from its scarcity�Bitcoin's computer algorithm mandates a fixed cap of 21 million digital coins (nearly 19 million have been created so far).