Who backs cryptocurrency? Other fiat money is backed by the countries

>>61922984
>Who backs cryptocurrency?
money laundering

>>61922984
>Is it just a large number of rich people that say "yeah i'll give you USD/EUR for this cryptocurrency"?
yes

>>61922984
Faith. A belief that bitcoin will appreciate in value. It's basically a religion.

>>61923016
the same with any fiat currency but the people that use other types have their faith in the group (i.e. a country) that produces the currency

with crypto it seems like it's faith in only that one day the stuff itself will be worth something

>>61922984
Utility
>wow I can send $50,000 to my nigga in Switzerland with little to no cost to me, in 45 five minutes, without an arbiter
Add to the fact there's only 21 million of these TOTAL, EVER.

>>61923007
The funny thing about using bitcoin to launder money is that it could be stopped pretty much overnight. Banks and payment processors need to just stop fucking around. An update to FATF recommendations could pretty much destroy bitcoin in a matter of days.

Thing is, nobody gives a fuck. It's not big enough to bother.

The other funny thing about crypto and money laundering is that none of the bitcoin exchanges fully comply with AML regulations. Regulators could shut them down overnight just because of that. The entire "industry" is a complete joke.

Thing is, again, nobody gives much of a fuck.

>>61922984
>>>/biz/

>>61923016
If I offered you 0.01 BTC, would you accept it?