Why don't we all use bitcoin?

[A HERETIC I AM]

20. I've had people ask me what the dollar is based on....

Since we did away with the Gold Standard in Nixon's era.

So now, what exactly is the dollar based on?

The best explanation I ever heard went like this;

The US Dollar is backed by the "Full Faith and Credit of the United States Government".

But in practical terms, what does that mean exactly?

It means that the American people have for decades, been reliably getting out of bed in the morning, going to work and willingly paying taxes on their wages, and those payments are made before the worker gets his paycheck.

And we don't (Or at least historically haven't) protest wildly or storm the capital (again, until only recently) every 4 years. And Congress is seen, rightly so, to have unlimited taxing power over the people (which they do), and as such, we have never defaulted on any debt incurred by said government.

In short, the US Dollar is backed by the people and their willingness to go to work every day, 5 days a week, at least (for most) 50 weeks a year.

Now....
Can anything REMOTELY similar be said about any type of crypto currency?

I think not.

I don't speculate on the Euro or the Yen or the Swiss Franc or the Renmimbi or Wheat or Pork Bellies.

I sure as fuck aren't going to be using or speculating on something dreamed up by a guy with a computer and too much time on his hands.