mmm....shiney! said:
willrocks said:
It's backed by technology.
Currently no internet at home, been that way for 24hours. This is why bitcoins will or rather should not be the single currency of the future. Technology breaks.
My internet has been up 24/7 for at least the past 12 months - without any noticeable interruption.
You're overlooking the fact that if the internet went down in a major way all electronic transactions would stop. That includes your supermarket, fuel, banking and just about everything else.
I doubt they'd take cash. The tellers wouldn't know how to give change. Besides cash will be eliminated soon enough.
That is why bitcoin is reliable.