Senator Mike Rounds

@SenatorRounds ↗

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Last Checked April 3, 2023

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Thu May 27 19:10:33 +0000 2021

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Senator Mike Rounds @SenatorRounds

CCs exist only in digital ledgers and wallets rather than as physical objects like dollar bills. Like all fiat currencies, they have value only because people agree they do, but CCs in general lack the backing of a government or central bank. — PolitiTweet.org

Posted May 27, 2021

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Senator Mike Rounds @SenatorRounds

Some people decided that, if the commodity backing a currency doesn’t matter, then why should money need to be a physical object and why should you need a government (or bank) to back money? From there, some programmers started developing cryptocurrencies (CCs). — PolitiTweet.org

Posted May 27, 2021

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Senator Mike Rounds @SenatorRounds

The software used to make new CCs exists and is publicly available, which means that developing a new CC can be done in as little as a few hours. Honestly, it looks like a return to the days when each bank printed their own notes. — PolitiTweet.org

Posted May 27, 2021