this post was submitted on 21 Nov 2024
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Sure, it has no real backing beyond that though, it's just paper and maybe plastic or other fabric and numbers on a screen/in a database at the end of the day.
That's my only point really, that if not for the backing by the state or people's belief in it, it would hold no value.
You can pay US taxes with it.
¯\(ツ)/¯
It's backed by the full faith and credit of the US government. And personally, I do not have very much faith in the US government and have not had much faith in it for a very long time. The other thing that backs it is the barrel of a gun, which they will point at you if you do not wish to use it.
See, I have quite a lot of faith that their guns work.
True, but at least in the United States, we have the Second Amendment for a reason, and they know that.
Yeah, but that's the crucial difference that fully explains why people use dollars and don't use crypto widely (and likely never will).