Cryptographically mined currency is backed by the carbon effort consumed in producing it.
The value is secured across multiple computers, constantly updating and verifying the Ledger, this is called "blockchain".
Bitcoin has a finite supply that cannot be artificially increased, which is why its value (compared to fiat) has only increased since its inception, if you zoom out.
It is humanity's primary weapon against the central bank system, and any individual 's lack of understanding of it doesn't affect its significance
The value of 1 whole coin goes up. This in turn means you need fewer amounts of a coin to purchase things. Just like gold, the price goes up when supply is short. When new supply is added (mined), the value goes down slightly. As time goes on, there is less and less available to mine until eventually all of it is mined. At that point, 1 ounce of gold could be worth $100k, which means buying a house would take 2 ouncesof gold. It's not as if the gold is useless when all of it is mined right?
Can someone explain to me how Crypto of any sort is not a digital currency? What is it tangibly backed by?
Cryptographically mined currency is backed by the carbon effort consumed in producing it.
The value is secured across multiple computers, constantly updating and verifying the Ledger, this is called "blockchain".
Bitcoin has a finite supply that cannot be artificially increased, which is why its value (compared to fiat) has only increased since its inception, if you zoom out.
It is humanity's primary weapon against the central bank system, and any individual 's lack of understanding of it doesn't affect its significance
If it's finite, what happens when it runs out?
The value of 1 whole coin goes up. This in turn means you need fewer amounts of a coin to purchase things. Just like gold, the price goes up when supply is short. When new supply is added (mined), the value goes down slightly. As time goes on, there is less and less available to mine until eventually all of it is mined. At that point, 1 ounce of gold could be worth $100k, which means buying a house would take 2 ouncesof gold. It's not as if the gold is useless when all of it is mined right?
What happens when the central banks use their artificial money to purchase majority of these artificial coins?
Soros, Rothschilds, etc already have infinite money. There's a reason they can't just purchase majority of major coins