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By entering your email address and clicking the “Submit” button, you agree to the Terms of Use and Privacy Policy to receive electronic communications from, which may include marketing promotions, news and updates. A currency can also be backed by another currency. This is known as a pegged currency. By backing a currency, you guarantee that it will always be worth at least as much as it can be traded in for. However, backed currencies can easily lose their credibility if citizens lose faith in the government’s ability to maintain the fixed exchange rate. In this case, black markets for currency exchanges arise, allowing the real exchange rate to emerge. In bitcoin and other cryptocurrencies, that public ledger is called the blockchain: an open record mbtc converter to usd of bitcoin ownership and transactions information proofed across millions of computers around the world through the internet.