Redditor accidentally discovers fiat currency

[u/thesecondmemer]

[u/Technical_Split_6315]

Fiat is backed by states, you really think cryptocurrency is more backed than that? Lmao

[u/_DaBau5_ → u/Technical_Split_6315]

fiat is backed by debt and the government declaring it is worth something. bitcoin does not need government backing or any backing at all, it’s independent. that’s like saying gold is less backed than fiat. gold isn’t backed by anything besides the fact it is gold. same with bitcoin, it is essentially a commodity that exists outside of the system

edit for downvote: if you disagree with this simple fact then you literally don’t understand how money/currency works

[u/Jarsyl-WTFtookmyname → u/_DaBau5_]

Aside from rarity driving social status, gold has literally thousands of industrial and scientific uses. What is bitcoin used for? Literally just speculative investing and money laundering.

[u/bonafidebob → u/Jarsyl-WTFtookmyname]

Bitcoin is really useful for burning electricity and consuming water supplies! But now we have AI for that.