One Leg Of Fury.
- Apr 29, 2011
So we are back to the age of bartering with animal pelts -- albeit electronic ones.Correct, bitcoin is not tied to the dollar. You can sell/trade it for anything someone is willing to trade you for it. Most commonly, traders trade bitcoin with the US Dollar on an exchange. Price movements on exchanges can have a $2k more swing within 24 hours. Markets never close, because bitcoin is not on a "market". It's a free and independent "token" currently valued at around $27k.
Think of it like your house. Is your property tied to the dollar? Of course not, however when you go to sell it you're probably going to want dollars in exchange for it, while someone else may want bitcoin in exchange. Bitcoin is considered "property" and is treated as such in the US.
We are trading in skins of Tamagotchi...