The reason money being “backed” by something mattered is because it prevented it from being artificially inflated i.e. there was only so much gold. Bitcoin for example is a limited quanity of 21,000,000 coins that can be divided into 100,000,000 units for each coin. There will never be any more than that. And we know exactly when the last Bitcoin will be mined (2140). So itself being limited solves the having to be backed by something else.
Something doesnt have to be tangible to be valuable. And just because something is tangible doesnt make it valuable. Something has value for one reason: a large amount of people agree that it is. Sometimes it is agreed that something is valuable because it is useful, like say oil or natural gas is useful. Sometimes its because it just as always been something everyone wants even if it has very few practical uses like gold. Crypto offers both. There are many crypto networks that offer innovative solutions for the future of transactions, smart contracts, audio, gaming, etc etc.
The reason money being “backed” by something mattered is because it prevented it from being artificially inflated i.e. there was only so much gold. Bitcoin for example is a limited quanity of 21,000,000 coins that can be divided into 100,000,000 units for each coin. There will never be any more than that. And we know exactly when the last Bitcoin will be mined (2140). So itself being limited solves the having to be backed by something else.
Something doesnt have to be tangible to be valuable. And just because something is tangible doesnt make it valuable. Something has value for one reason: a large amount of people agree that it is. Sometimes it is agreed that something is valuable because it is useful, like say oil or natural gas is useful. Sometimes its because it just as always been something everyone wants even if it has very few practical uses like gold. Crypto offers both. There are many crypto networks that offer innovative solutions for the future of transactions, smart contracts, audio, gaming, etc etc.