Is Bitcoin is better than Gold?
For 5000 years Gold has been the standard by which many consider to judge their wealth by. Largely because Gold has been considered rare and hard to obtain.
Many consider this the best place to place their wealth, into a finite supply of a rare object? In 1913 the Federal reserve of the United States was created and it should be noted it is not Federal and there are no Reserves, they changed all of this as they wanted to get people to no longer hold Gold or Silver.
Therefore these individuals, set out a long term plan to move everybody away from a Gold/Silver backed dollar to one that is NOT backed by anything, and has an unlimited supply (where we are at today).
Now that we live in a Digital world and want everything instantly, our money hasn’t evolved to keep up (even though almost all of it is digital and is processed digitally).
Many of the Gold bugs say nothing will replace their Gold, if we could just get our monetary system back on the Gold standard once again.
Bitcoin may be changing all of that, as just a few years ago a lot of the Gold Bugs stated that Bitcoin would never pass the price of an ounce of Gold. Today, as of this writing Gold is trading for $1700.00 an ounce and a Bitcoin is $58,000.00 a Bitcoin!
So today Bitcoin is worth nearly 30 times what an ounce of Gold is worth.
That may not be the only area where Bitcoin is now superior to Gold.
In 1933 Franklin D. Roosevelt band, the ownership of Gold to keep people from hoarding it. It wasn’t until 1974 that US Citizens could legally own Gold, again.
Recently the US Government has starting printing massive amounts of monies (in the Trillions) in which the US Government states there will be no adverse consequences.
As inflation creeps into our society, Bitcoin seems to recognize this, as it has moved up massively while Gold seems to be stuck in the $1700 to $2000 range for its prices.
It is our opinion that these moves may just be the start of a massive move upwards:
As for the first time in worlds history the “Reserve currency” of the planet is in dire trouble, never before has the “worlds reserve currency” been in such poor shape and used by all over the world It is is estimate that over 50% of the world uses the US Dollar as their currency. If one day “they” should decide to get out of the US dollar this could have disastrous consequences for the dollar as many my flee to Gold/Silver or Bitcoin.
Since Gold and Silver basically have a fixed supply, and we would run out of Gold/Silver very quickly, many may have to op for the finite supply of Bitcoin. This event alone could drive the Bitcoin price through the roof.
Bitcoin can easily be carried in a wallet, phone, piece of paper, or even memorized in your head. You cannot say that about Gold, It’s heavy, it’s hard and slow to move, plus it often requires security to move.
Bitcoin can be transmitted anywhere in the world in a matter of minutes, through many different communications channels. Bitcoin is secured by the most powerful computing network in the world.
Bitcoins Supply is Fixed?
No not really, many theories are speculating that there is an immense amount of Gold on the planet we may or may not be aware of. Plus if a huge discovery were to be found on the planet it could challenge the narrative that Gold is rare and scarce.
Could you be imprisoned for having Gold?
Trying to cross an international border and carrying Gold can cause you huge issues and imprisonment if not declared properly, plus it can lead to confiscation of that same gold. With Bitcoin you can store it on your phone, maybe a piece of paper or memorize it in your head and cross that same border*.
Bitcoin gets “Assayed” each time a transaction goes through
Unlike Gold, Bitcoin gets assayed every time a transaction goes through to prove it is actual Bitcoins and not fake Bitcoins. This is all done by the mining community that secures the Bitcoins and ensures all the Bitcoins transactions are legitimate and none are counterfeit all at a very low cost.
Gold on the other hand it is extremely expensive to assay and ensure it is real gold and not a fake Gold coin or bar. In order to assay Gold one must melt it down to validate the authenticity of the gold, its time consuming and expensive but really the only sure way to ensure it is the real thing.
Decompiled and easily reassembled
Bitcoins can be easily fractionalized into smaller parts, up to 8 decimal places; these fractions of a Bitcoin are called Satoshi’s. Recently a business by the name of Micro Strategy wanted to purchase a lot of Bitcoins by buying a few Satoshi’s every day when it met his “buy” parameters. In order to not drive the price upwards on Bitcoin, he used a computer algorithm to complete this and upon these Bitcoins entering Micro Strategies Bitcoin wallet these fractions of Bitcoins once again made up into complete Bitcoins.
Hard to control the price
Unlike Gold/Silver where paper contracts control the price on the comex exchange. This is much harder to control on Bitcoin, while there are paper contracts on Bitcoin, there are many decentralized exchanges where anybody anywhere in the world can sell/exchange/buy Bitcoins without anybodies permission. Plus people can just exchange them in person or over their phones. Paper contracts on Bitcoin do not do a very good job at controlling Bitcoins price, to effectively control the price of Bitcoin as one must surrender the Bitcoins in order to suppress the price.
Easy to trade
Everyday more and more businesses are accepting Bitcoins, just a few days ago VISA credit cards announce they would start using Bitcoin in their transactions and as a reward. Nearly at the same time it was announced the big banking firm Morgan Stanley will start offering Bitcoins to their wealthy clients.
Best Asset Ever?
More and more businesses around the world are starting to transact in Bitcoin because they can get paid in minutes, unlike the current banking (swift) system which often takes days to complete large financial transactions. Bitcoin transactions often take less than 10 minutes to complete, no matter how much wealth one transfers.
*Some countries are now requiring you to disclose your Bitcoin when crossing an international border.