A quick comparison between cryptocurrency, gold and bitcoin
In some places, gold seems to have a more important place in the financial world. On the other hand, some people are starting to see Bitcoin as a valid method of holding our savings.
This allows us to shop and do other everyday transactions. For average users, Bitcoin and other cryptocurrencies seem to provide a suitable alternative. It’s probably a good time to compare gold to Bitcoin and Ethereum (another cryptocurrency).
People have used gold as a form of currency since millennia; while Bitcoin has only been around for a little over a decade. Although the concept has gone through a certain maturation 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 to the Internet in the early to mid-1990s. Bitcoin proponents argue that almost all of the improvements associated with gold have already happened, as evidenced by the mass adoption of all kinds of physical gold bullion products from millennia ago. In fact, some company acquisitions are done using gold as currency. They simply do not believe that the government will not go into hyper inflation.
The idea of gold versus bitcoin is an important argument worth setting aside. Instead of choosing one of them; many of us would prefer to use a combination of them to take advantage of the better qualities of each. In fact, we saw a coexistence between Bitcoin and gold in the form of Casascius coins. This is the first case of Bitcoin and gold being collected and it won’t be the last.
Ethereum another crypto currency is at $1,549.00. It’s usually best mined with Raedon x 5 or 6 graphics cards, racked for optimal organization. Lan cables allow it to mine at high speeds to profit from power consumption.
Paper money is our solution to improve circulation, and gold is our ancestors’ solution to preserve the value of currency. Metal is less affected by inflation because it is much more expensive than paper or other cheap metals. And cryptocurrency is the new technological equipment to ensure reliability during transactions, with the timelessness and precision of a Swiss watch.
Despite the criticism, Bitcoin and other cryptocurrencies will continue to appeal to many people because of their distinct advantages, especially compared to conventional currencies such as paper money, which are inflated and often lost, spent or stolen.
It is based on instant, direct P2P (peer-to-peer) transactions to completely avoid cumbersome and expensive electronic payment systems. Over time, investors would find that Bitcoin provides an improved store of value compared to all serially printed flat currencies.
The Bitcoin protocol places a limit on the amount of Bitcoins available at one time. There will always be 21 million bitcoins and the system sometimes seems fairer than even the US dollar. With Bitcoin and other cryptocurrencies, users can gain greater financial privacy; although there are fears that the government will quietly enter the system with constant financial monitoring.