A Quick Comparison Between Crypto Currency, Gold, and Bitcoin
In some places, gold seems to have a bigger place in the financial world. On the other hand, some people are beginning to see Bitcoin as a valid method to save our savings.
This allows us to shop and perform other day-to-day transactions. For average consumers, Bitcoin and other cryptocurrencies seem to offer a relevant alternative. It is probably a good time to make a comparison between gold and Bitcoin and Ethereum (another cryptocurrency).
People have been using gold as a type of currency for millennia; while Bitcoin has been around for just over a decade. Although the concept has gone through a maturing process, gold still has widespread influence in 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 nearly all gold-related advancements have already occurred, as evidenced by the mass acceptance of any physical gold bullion product going back millennia. In fact, some company acquisitions have been made using gold as currency. They just don’t trust that the government will not go into hyperinflation.
The idea of gold versus Bitcoin is an important argument worth putting aside. Instead of choosing one of them; many of us would prefer to use a combination of them to take advantage of the best qualities of each one. In fact, we have seen a coexistence between Bitcoin and gold, in the form of “Casascius coins”. This is the first time Bitcoin and gold have come together and it won’t be the last.
Ethereum, another crypto currency, is at $1,549.00. Generally draws best with Raedon x 5 or 6 graphics cards placed in racks for optimal organization. Lan cables allow you to mine at high speeds for a profit on power usage.
Paper money is our solution to improve circulation and gold is our ancestors’ solution to preserving the value of currency. Metal is less affected by inflation, because it is much more expensive than paper or other cheap metals. And it is that cryptocurrency is the new technological gear to provide reliability in transactions, with the timelessness and precision of a Swiss watch.
Regardless of the criticism, Bitcoin and other cryptocurrencies will continue to appeal to many people due to their distinct advantages, especially compared to conventional currencies such as paper money, which balloon and are often lost, spent, or stolen.
It is based on instant and direct P2P (peer-to-peer) transactions to completely avoid cumbersome and expensive electronic payment systems. Over time, investors will discover that Bitcoin offers a better store of value than any flat, mass-printed coin.
The Bitcoin protocol places a limit on the number of bitcoins available at one time. There will always be 21 million bitcoins and sometimes the system seems more honest even than the US dollar. With Bitcoin and other cryptocurrencies, consumers could gain greater financial privacy; although there are concerns that the government will quietly intervene in the system with constant financial control.