When faced with the charge that cryptocurrencies have no inherent value, believers often counter that paper money doesn't either. Such a defense is intuitive, but it's wrong. Fiat currencies, as they're known, are "backed" by the government that issues them. That means, in practice, that you need them to pay your taxes. As long as a country is functioning-that is, as long as it's collecting taxes and spending the proceeds on such things as police, schools, and highways-its money has value.
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