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this post was submitted on 02 Jul 2023
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You Should Know
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To add. USD hasn't been backed by a real asset in nearly a century. It was once backed by gold but now the only thing backing it is full faith in the USA. At the moment that means something, it might not always.
You need to educate yourself on this stuff because you sound like a moron.
The difference is that the entire world economy would need to collapse for the US dollar to be worthless. Crypto can become worthless because some 22-year-old video game addict steals everyone's deposit.
The USD, just like any other fiat currency, is backed by the trustworthiness of its central bank and the economic base of the currency area.
In other words: Euros are backed by the fact that if you're in Italy and have a Euro, you can exchange it for an espresso. You can trust the ECB that it will do its darnest to keep prices stable, and you can trust Italians to continue making espresso, which means that the Euro indeed is a hard currency.