![]() 2 And as a result of the lack of a bank, users need to store Bitcoin themselves, which can get complicated. Rather than being backed by gold, it’s supported by a code called blockchain. It’s a decentralized currency powered by cryptography and the network of the individuals who use it. 1īitcoin is the first form of cryptocurrency, often abbreviated to BTC or XBT. In fact, it doesn’t even require a bank and may or may not take a physical form. Bitcoin, however, takes it a step further, neither backed up by any physical materials or by the government. ![]() Today, however, the U.S relies on fiat currency, dollar bills, and coins not backed up by gold or any other materials. dollars used to be backed up by physical gold? That’s where the phrase “the gold standard” comes from. ![]() ![]() By Research | Updated: August, 2021ĭid you know that U.S. ![]()
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