It’s a common claim: “Cryptocurrencies like Bitcoin are worthless because they’re not backed by anything.” At first glance, this might seem reasonable – after all, you can’t hold a Bitcoin in your hand, and there’s no vault of gold behind it. But what about traditional money – the euro, the US dollar, the Swiss franc? Upon closer inspection, we find that today’s money isn’t backed by physical assets either. In fact, both fiat currencies and cryptocurrencies operate on the same foundation: trust.
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