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What is crypto currency backed by?

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It's backed by the economy that uses it.

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Who regulates it the users?

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Math.

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You have a decentralized currency which is essentially kept up by its users what could go wrong?

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Things can (and do) go wrong with any currency.

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Also this is all online so who else accepts this currency?

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Dish Network, Microsoft, Intuit...

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Can you go and get it in the form of notes?

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There are and have been various bitcoin notes, but why would you want that?

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Who regulates all of this to ensure no fraud is happening?

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Math. Bad things can and do happen, just like with other currencies. But all things considered, do you have more faith in government or in math?

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This is a scam and it is going to blow up just watch.

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It's not a scam, because the way it works is not a secret.