A Quick But Thorough Comparison Between Gold And BitCoin
A Quick Comparison Between Crypto Currency, Gold, and Bitcoin
In some places, gold seems to have a more important place in the financial world. On the other hand, some people have begun to see Bitcoin as a valid method to hold our savings.
This allows us to shop and perform other daily transactions. For average consumers, Bitcoin & other crypto-currency seem to provide a relevant alternative. It is probably a good time to make a comparison between gold and Bitcoin and Ethereum (other crypto-currency).
People have been using gold as a type of currency since millennia ago; while Bitcoin has been around only just over a decade. Although the concept has undergone some maturing process, gold still has a pervasive influence on the market. Bitcoin promises continuous improvements in convenience, security, and functionality. Experts have compared the current state of Bitcoin with the Internet in the early and mid-1990s.
Proponents of Bitcoin argue that nearly all advancements related to gold have already happened as seen by the mass acceptance of any physical gold bullion products a millennia ago. Some company acquisitions have been performed using gold as currency. They just don’t trust that the government won’t go into hyperinflation.
The idea of gold versus Bitcoin is an important argument worth shelving. Rather than choosing one of them; many of us would prefer to use a combination of them to take advantage of the better qualities of each. We have seen a co-existence between Bitcoin and gold, in the form of “Casascius coins. This is the first instance of Bitcoin and gold coming together and it won’t be the last.
Ethereum another crypto currency is at $1,549.00. It’s usually best mined with Raedon graphics cards x 5 or 6 put up on racks for optimal organization. Lan cables allow it to mine at high speeds for a profit over power usage.
Paper money is our solution to improve circulation and gold is our ancestor’s solution to preserve the value of the currency. The metal is less affected by inflation because it is much more expensive than paper or other cheap metals. And, crypto currency is the new technological gear to provide reliability during transactions, with the timelessness and precision of a Swiss watch.
Regardless of the criticism, Bitcoin and other crypto currencies will continue to appeal to many people due to their distinct advantages, especially when compared to conventional currencies such as paper money which gets inflated and is often lost, spent, or stolen.
It is based on instantaneous, direct P2P (peer-to-peer) transactions to completely avoid cumbersome and expensive electronic payment systems. Over time, investors would find that Bitcoin delivers an improved store of value than any serially-printed flat currencies.
The Bitcoin protocol puts a limit on the number of bitcoins available at one time. There will always be 21 million bitcoins and the system seems more honest than even the US dollar. With Bitcoin and other crypto-currencies, consumers could get increased financial privacy; although there are concerns that the government will silently tap into the system with constant financial monitoring.
