So, the dollar is based on oil nowadays, and if you could pay your electric bill with btc it would mean that btc would be based on electricity. This shows that the fed is vulnerable in a way that btc isn’t, this could kill the fed. Btc is backed by energy just like the dollar.
Btc is not backed by electricity. There is no system set up where you can trade Btc for electricity in universal and unchanging way. For example, the original dollar was a silver certificate. You could trade one silver certificate for an equal amount of silver. That amount never changed and was universally accepted across the entire U.S. That is a currency that is "backed" by a real tangible asset. Btc does not have that at all. Btc is not backed by anything.
I will agree that crytocurrencies are better than our current oil dollar in many ways, but it is still a very, very poor means of intermediate exchange in trade (currency).
So, the dollar is based on oil nowadays, and if you could pay your electric bill with btc it would mean that btc would be based on electricity. This shows that the fed is vulnerable in a way that btc isn’t, this could kill the fed. Btc is backed by energy just like the dollar.
Btc is not backed by electricity. There is no system set up where you can trade Btc for electricity in universal and unchanging way. For example, the original dollar was a silver certificate. You could trade one silver certificate for an equal amount of silver. That amount never changed and was universally accepted across the entire U.S. That is a currency that is "backed" by a real tangible asset. Btc does not have that at all. Btc is not backed by anything.
I will agree that crytocurrencies are better than our current oil dollar in many ways, but it is still a very, very poor means of intermediate exchange in trade (currency).