Nothing more than it’s widely accepted and that it’s backed by yet another widely accepted from of currency (usually; gold). Some systems don’t back it up, IIRC.
Because it’s widely accepted, there’s a degree of stability built into it. People generally agree on its value.
This is all gross-oversimplification, I realize, and I don’t particularly want to get into the weeds on this topic, because it’s only of passing interest to me. Regardless, my points around ‘real’ money being more stable and accepted are valid.
Well, what’s wrong with Bitcoiners trying to make their currency widely accepted too?
that it’s backed by yet another widely accepted from of currency
So it’s turtles all the way down, is what you’re saying?
(usually; gold)
Not the USD, which is the worlds most widely accepted currency.
This is all gross-oversimplification, I realize, and I don’t particularly want to get into the weeds on this topic, because it’s only of passing interest to me.
Yes, I agree that this is gross-oversimplification. But if you don’t want to get into the weeds, why make a claim about something you don’t understand and don’t have interest in?
But what’s wrong with using real money to buy imaginary money? /S
What is this “real” money you speak of? What makes it real?
Don’t be an ass
Nothing more than it’s widely accepted and that it’s backed by yet another widely accepted from of currency (usually; gold). Some systems don’t back it up, IIRC.
Because it’s widely accepted, there’s a degree of stability built into it. People generally agree on its value.
This is all gross-oversimplification, I realize, and I don’t particularly want to get into the weeds on this topic, because it’s only of passing interest to me. Regardless, my points around ‘real’ money being more stable and accepted are valid.
deleted by creator
Well, what’s wrong with Bitcoiners trying to make their currency widely accepted too?
So it’s turtles all the way down, is what you’re saying?
Not the USD, which is the worlds most widely accepted currency.
Yes, I agree that this is gross-oversimplification. But if you don’t want to get into the weeds, why make a claim about something you don’t understand and don’t have interest in?