To answer your question, the USD is back by the US government, which is the reason its inflation is contained, as opposed to the silly currencies of failing economies. What is BTC backed by? It's also highly inflationary since it can't hold its value against speculation. We know BTC can't be an everyday currency due to its high transactional cost, cost which it was meant to eliminate in the first place. So what then? A bank to bank transactional method? Sure, but who needs BTC for that? Blockchain is really smart, but what prevents the world's banking system from using that tech without BTC? Every other clown out there is creating ridiculous blockchain currencies that demonstrate the absurdity of the program. I have yet to find someone who can explain to dummy me what world problem Bitcoin is meant to solve. But I'm all ears!
BTC dipped to 30K, prediction fullfilled. (I won't put a smiley face here because lots of you lost money aka dollars here) I told you guys it would crash before the 4th of July, you just weren't listening. I correctly predicted the 2017 top BEFORE it happened, because that is the definition of prediction. And no, I don't have to be long or short to be a good predictor. Next time you may pay attention....
Nah...if you din't find out by now, you never will. It's all out there, even here on ET. Do some digging
I was curious about this too, so I found That five-letter word is trust. So instead of trusting Visa or Mastercard to manage payments and protect payers (buyers) and payees (sellers) from fraud, you trust a large number of anonymous computers mostly located in China. https://framingbitcoin.com/global-bitcoin-mining-map-shows-hashrate-distribution-by-country/ So once a payment is made, it cannot be reversed. And there is a permanent record of the transaction. This protects sellers from fraud. And I guess the buyer will trust that this record will encourage the seller to deliver.
Ok, will read, but I already have an issue with the premise... I get blockchain's usefulness in myriad of transactional processes that aren't necessarily financial, but why Bitcoin? If it was created simply to displace Visa and MC from being the 2% commission transaction behemoths, it's ridiculous.
Really? That sure isn't putting a lot of faith in the American system! Do you know any country in the world that doesn't run a debt? Wasn't it Clinton who took us out of debt in less than 14 years? Cut military spending by 5% over 10 years and bingo, we're out of debt.
This guy does a really good analysis. Who Bought the $4.7 Trillion of Treasury Securities Added Since March 2020 to the Incredibly Spiking US National Debt? https://wolfstreet.com/2021/05/17/w...0-to-the-incredibly-spiking-us-national-debt/