Backers of the new currency bilur believe that it will challenge bitcoin because bilur is back by oil. The new virtual currency is the first of its kind.
The currency comes from R Fintech and uses bitcoin technology to pose a threat to bitcoin. “This is the first crypto-currency with a real value,” R Fintech’s CEO, Ignacio M Ozcariz, said.
But Ozcariz is probably wrong about this. So long as central banking is not part of the equation, currencies can be anything they want to be. A totally unregulated currency with no physical backing – bitcoin comes to mind – may be just as profitable as a backed currency, if not moreso.
It is the monopoly that makes the difference, not the backing. Some say a gold backed currency is the best idea, but a gold backed currency that is essentially a monopoly is not necessarily a good idea either.
Free currencies are best no matter what they are “backed” by.
blockcitynews.com