federal reserve notes

Bitcoins Too Good To Be True Or The BEST Alternative Currency Ever

What is the bitcoin backed by? As in gold itself is backed by itself and works GREAT but once again doesn't happen instantly like digital transactions and those wanting them need/want.I guess since most who would be interested in bitcoins are also aware of the current economy, where our government ( and others ) are trying to take us AND if they succeed I don't see the point in a digital currency but rather something that can be locally traded like shire silver or other "physical" goods.

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