It’s long been presented as an alternative to fake fiat currencies like the Federal Reserve Note (often referred to as the “dollar”) because there’s a limited amount of it and it’s completely decentralized with no involvement from central banks. But the popular online “cryptocurrency” known as Bitcoin may just be another form of fiat currency that’s taken a digital form, says Mike Adams, the Health Ranger, warning that like the dollar, Bitcoin isn’t technically backed by anything, either.
Unlike the greenbacks of old, Federal Reserve Notes today are backed by nothing but the public’s trust in them. As long as people believe that currency issued by the private Federal Reserve and loaned to the United States government on interest holds inherent value, then it will hold that value (or some ever-dwindling percentage of that value as inflation creeps on up). Federal Reserve Notes hold no real value whatsoever, of course (other than the ink and paper they’re printed on), but as long as people think they do, then all continues as normal.by