Bitcoin is Not Backed by Anything (And That’s OK!) Whenever you hear, “That currency is not backed by anything!,” it’s almost always meant as criticism. Hard-money enthusiasts are quick to point out the horrible track record of fiat currency. Nearly without fail, currencies “backed by nothing” get heavily devalued through inflation, and they often collapse within decades.
The best solution, so far, has been to tie currency to a commodity whose supply can not be […]