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What is Bitcoin Backed By??
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 moneyIf 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 nothing01:00 – What “backed by” really means03:00 – How gold and fiat money were backed07:30 – What backs Bitcoin (and why it works)12:00 – Why Bitcoin beats other stores of valueValue 4 Value: If you enjoyed this content feel free to zap me some sats via the lightning network: MFTAB@coinos.io or https://coinos.io/mftabNYKNYC. Buy Bitcoin and withdraw to self custody with Bitcoin Well. Use my referral link for a chance to win free sats: https://bitcoinwell.com/referral/mftabFollow MFTAB: @MFTAB https://x.com/thesatdaddyprimal.net/mftabhttps://www.tiktok.com/@thesatdaddyhttps://open.spotify.com/show/4b58uoQo9Xl7RsbsbbAqAhhttps://podcasts.apple.com/us/podcast/my-favorite-thing-about-bitcoin/id1788973938http://fountain.fm/show/YqXJoHuG6qYRBmDW1k37
Published on 1 month, 2 weeks ago