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Money Is Only Backed By Faith

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scottcbusiness
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last monthSteemit2 min read


In the past 100 or so years, the US dollar has gone down about 95%. Bitcoin has gone up over 7000% in less than 10 years.

Yet, people continue to bash Bitcoin and question what really backs Bitcoin? There's nothing backing US dollars aside from faith. The thing is you have faith and know that it will decline and continue to inflate. With Bitcoin and cryptocurrency, our faith is that it may go up or down, but with US dollars, it's only going down.

It has gone down so much so that if you put money in the bank today, in 10 years with the best interest rate possible, you will have more dollars in the bank and more numbers on the screen, but you won't be considering that the money you've gained and stored has all gone down in value. It won't be entirely obvious aside from everything around you has become more expensive except consumer goods.

Consumer goods are always getting a little cheaper which make them so enticing to spend on, what you really need to do is invest to ensure you don't lose the value or your money to inflation. One of the easiest ways to do this is in gold. An even easier way today is via cryptocurrency, though it can be a gamble all the same. One thing is for sure, I'd rather bet on potentially gaining wealth rather than betting on slowly losing wealth indefinitely.

What do you think about this? Let me know in the comments below


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