What’s a good counter argument to “its not backed by anything”?

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Most Bitcoin naysayers I know are obsessed with the fact that it's not "backed" by anything, and the fact that it does not have the blessing of the United States government. I'll usually let them know that most currencies, including US dollars, also have no inherent value other than what we perceive them to have based on what the government says they are worth. They are essentially "faith-based".

Just curious how you guys typically respond to such arguments about Bitcoin.

submitted by /u/jetsetter883
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1 CRYPTO

Crypto News & ICO Reviews

1 News - 247 News - 247 Bitcoin - 1 Search

BTC - BCH - ETH - LITE - XRP

Buy Sell Trade Crypto Here

 

Ticker

1 BTC = $57666.06 USD  (via Coinbase)
1 ETH = $4446.34 USD  (via Coinbase)
1 LTC = $204.80 USD  (via Coinbase)
Quotes delayed up to 2 minutes.

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