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RE: Is Bitcoin the new Gold?

in #bitcoin7 years ago (edited)

First off fantastic post, it's very appealing to look at and well laid out! 2nd Bitcoin and cryptos I believe are the future of currency..whether they're govt backed or not I don't know? I doubt the major players will let the power out of their hands. I always hear ppl question whether or not Bitcoin will replace gold but the fact is no it never will. Gold has utility, Bitcoin just doesn't. Turn the power off BTC disappears and for that reason govts won't put their nations security in it. Gold is a store of value and its been that way since the dawn of man, because cryptos have been skyrocketing for a very short time that doesn't mean everyone should put all their eggs in that basket and especially not nations. Getting back to the utility part of gold, it has functionality so even if it's not backing the currency or used as a direct exchange of monetary value its still valued and technology demands its use. If an emp blast, hacking or major storm cripples the power grid gold doesn't disappear and this is why cryptos will never replace gold. Also the gains cryptos have enjoyed could very well come crashing down, there is volitility there but noone wants to discus that. Even tho I believe in them I also believe gold not only still protects against the lousy dollar it's also so manipulated were going to see major runs one day in the near future that could make cryptos gains seem like child's play. This is just all my opinion but u can't argue with golds place in history and the future of tech. Obviously on a platform set up on blockchain and paying in a crypto my views are not as well shared and everyone will tell u yes cryptos are going to defeat gold. Point is they don't have to compete with eachother and gold isn't going anywhere. Thx for taking the time to read my comment

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I could have known, no.. SHOULD have known that I would get a lengthy reply from you @goldenarms. I kinda agree with you with the tech part being Bitcoin's achilles heel. But although it is possible it would take some major effort to shut down the entire blockchain due to its decentralized nature. I also don't think that BTC will replace gold but just act like it's digital counterpart. In the end when the zombie apocalypse finally hits, I agree with you...it wil be better to have some silver 'n gold in your possession :).

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