Bitcoins provide an interesting technology platform around which to build a currency, but trying to use them directly as currency is only slightly different than using Monopoly money, and the differences aren't relevant.
The differences are relevant. Monopoly money makes a perfectly acceptable currency for the game of monopoly. It would make for a currency between neighboring households as well except for the fact that it is easy to copy and therefore impossible to trust.
In this way you can say bitcoin is backed by the mathematical certainty that hashing functions are hard to reverse.
The differences are relevant. Monopoly money makes a perfectly acceptable currency for the game of monopoly. It would make for a currency between neighboring households as well except for the fact that it is easy to copy and therefore impossible to trust.
In this way you can say bitcoin is backed by the mathematical certainty that hashing functions are hard to reverse.