What is bitcoin value backed by
Currently, the value of all the bitcoin in the world is $154 billion, and bitcoin is only the most well-known cryptocurrency in the global economy. If we combine the value of bitcoin with other cryptocurrencies with a market cap of at least $1 billion, such as ethereum, litecoin and ripple, the total value comes to approximately $210 billion. What gives bitcoins value? A simple explanation please ... Neither fiat currencies nor Bitcoin is backed by anything tangible - you cannot through any mechanism expect to be able to exchange them for a fixed quantity of any other good or combination of goods. Neither is there any agreement associated with fiat or Bitcoin to value anything by the amount of labour it took to produce it.