I’m wondering what everyone thinks about this. The biggest criticism of bitcoin is that it isn’t backed by anything. But since the dollar was liberated from the gold standard, it also is not backed by anything. Is this really and apples to apples comparison?
It’s not an apples to apples to comparison.
The Dollar (the Euro, Franc, Yen, etc.) are:
- Backed by countries that have been around for a Long time and have hard assets.
- Are regulated by professional and transparent administrations
- Have insured bank accounts that are covered in case of a hack or theft (which almost never happens)
If I had more time I am sure I could add to this list.
sorry but blockchain is more transparent than any gov. agency anywhere
This is true for the world’s top fiat currencies. But what about the other 100 or so fiat currencies that aren’t necessarily as reliable?
Three Reasons Why Crypto Can’t Replace Fiat
Regulation, Adoption, and Scalability?
These barriers will be sorted out with time.