"usd is backed by military, shouldn't it be more trusted?"
"usd is backed by military, shouldn't it be more trusted?"
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bitcoin is backed by hash power, ie. energy expenditure which mathematically guarantees security
bitcoin's value proposition is that it is a free, non-state money, meaning it is not managed by a central bank, it is a bet that CBs are/will mismanaging their currencies, so far this bet is paying off
Is it actually free? Transaction fees seem extremely high and CBs are backed by the strength of their countries economy + military. All currencies are powered by belief but if push comes to shove, what backs bitcoin? So some things should be trusted more than others? no?
sorry for confusion. free = not under control of the state... as for the fees they are actually much cheaper than the competitor: gold, or even wires
bitcoin is not the cash in your pocket... it is final settlement money. money is hierarchical. gold used to sit at the top because it has no counter party, it is not anyone's liability, but now bitcoin aims to replace it
gotcha
a little technical but just to give a little insight