Cryptocurrency Q&A
Who backs up Bitcoin?
Who backs up Bitcoin?
emma_carter_doctor
Mon Dec 23 2024
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answers
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I am curious to know who or what entity is responsible for backing up Bitcoin. Is it a central authority, a group of individuals, or does it rely on a decentralized network for support?
5 answers
HanjiArtistry
Wed Dec 25 2024
Currency backing is a process employed by the issuer of a currency to guarantee its value.
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CryptoChieftain
Wed Dec 25 2024
This mechanism serves as a form of assurance to holders and users of the currency.
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SoulStorm
Wed Dec 25 2024
Bitcoin, unlike traditional currencies, does not have any asset backing it.
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mia_rose_lawyer
Tue Dec 24 2024
Similarly, gold, often seen as a store of value, is not backed by any other asset.
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Lorenzo
Tue Dec 24 2024
Fiat currencies, which are legal tender in most countries, are also not backed by any physical asset.
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