“Bitcoin is backed by nothing”

In a democratic world with a free market, “money” is whatever the public decides it to be.Money was adopted for the simple reason, back in the days when people were producing and trading each other’s goods, trading was way more difficult as Person B might not want Person A potatoes, while Person A wanted Person B milk, so a trade couldn’t be established. To solve this problem people started using rare precious metals and other things that considered rare and later failed, to have a medium of exchange so people would be able to trade which are not direct trades.Later on they understood that gold wasn’t easy to move, and banks came into place with an offer to centralize the gold and give receipts in return that confirms that you own X gold in their reserves, so you can use those receipts to trade without having to carry kilograms of gold for big trades.Later on bankers made their way to politics, and instead of being in the role of “money keeper”, they now became the money keeper and the money lender. But how can you lend of you have to hold gold reserves for each receipt you print? Good question. Let’s just low the reserve rate for banks, so we can inflate the currency on the back of others, no one really cares about it nor knows / interested in how economic rules work, so people wouldn’t notice.Later one in 1971 they completely untie this paper bill that supposed to be receipt for gold reserves to ease peoples trade, they untie the asset that was used for 5000 between people, and impose their paper bills that can be inflated without us even knowing, for us to use.It’s 1 week prior to elections in my country, I hear people arguing regarding the elections 4-5 times a day at least for the past 2 weeks, and no one seemed to be happy with what’s going on in our country.So people are seeking for change and being unhappy with the current systems, but from the other side neglecting and trying to demolish the thing that gives them their power and rights back?“To understand bitcoin you must understand money” via /r/Bitcoin http://bit.ly/2SJSuft