Wednesday, 2 June 2021

What Is Behind The Value Of Bitcoin - Comparison of How Bitcoin and Fiat Are Backed

Similar to fiat currencies, Bitcoin’s value is not backed by a single commodity. Instead the cryptocurrency functions off of a supply and demand system. Two of the biggest factors behind Bitcoin’s value is its complicated mathematical construction and its a limited supply: What Is Behind The Value Of Bitcoin?

Bitcoin was the first currency to operate outside of the control of a single organisation with no reserves backing it. The currency has built an entirely new monetary system through community-run networks as opposed to a single entity driving it.

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source https://www.reddit.com/r/btc/comments/nqf01b/what_is_behind_the_value_of_bitcoin_comparison_of/

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