What is Bitcoin Backed By??

19 days ago
3

What is Bitcoin actually backed by? People say it’s magic internet money created out of nothing, backed by nothing, destined to crash to zero. In this video I break down why that’s wrong and what really gives Bitcoin its value.

We’ll cover:
• What “backed by” means when it comes to money
• Why gold was never “backed by” anything either
• How fiat money lost its gold backing and why that matters
• Why Bitcoin doesn’t need backing to be valuable — and why it’s actually superior money

If you’ve ever heard “Bitcoin is backed by nothing” and weren’t sure how to respond, this video is for you.

Timestamps:
00:00 – Why people say Bitcoin is backed by nothing
01:00 – What “backed by” really means
03:00 – How gold and fiat money were backed
07:30 – What backs Bitcoin (and why it works)
12:00 – Why Bitcoin beats other stores of value

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