A Quick Comparison Between Crypto Currency, Gold, and Bitcoin
In some areas, 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 way to hold our savings.
This allows us to shop and perform other daily transactions. For the average consumer, Bitcoin and other crypto-currencies seem to provide a suitable alternative. Perhaps this is a good time to make a comparison between gold and Bitcoin and Ethereum (another crypto-currency)..
People have been using gold as a form of money since millennia ago; while Bitcoin has only been around for over a decade. Although the concept has gone through some maturation process, gold has a widespread influence on the market. Bitcoin promises continuous improvement in convenience, security and functionality. Experts compare the current state of Bitcoin to the Internet in the early and mid-1990s. Bitcoin proponents argue that almost all developments related to gold have already occurred as seen by the general public. of any physical gold bullion products since a millennium ago. In fact, some of the company’s acquisitions are conducted using gold as currency. They just don’t trust that the government will not go to hyper inflation.
The idea of gold versus Bitcoin is an important argument worth keeping. Instead of choosing one of them; many of us like to use a combination of these to take advantage of the better qualities of each. In fact, we see a co-existence between Bitcoin and gold, in the form of “Coins of Casascius. This is the first time that Bitcoin and gold have come together and it will not be the last.
Ethereum another crypto currency is at $1,549.00. It is usually best mined with Raedon graphics card x 5 or 6 placed in racks for better organization. Lan cables allow it to mine at high speed to save power usage.
Paper money is our solution to improve circulation and gold is our ancestors’ solution to preserve the value of money. Metal is less affected by inflation, because it is more expensive than paper or other cheap metals. And, crypto currency is the new technological tool 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 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 will find that Bitcoin delivers a better store of value than any serially-printed flat currencies.
The Bitcoin protocol places a limit on the number of bitcoins that can be used at one time. There are always 21 million bitcoins and the system seems to be more honest than the US dollar sometimes. With Bitcoin and other crypto-currencies, consumers can gain more financial privacy; although there are concerns that the government will quietly tap into the system with constant financial monitoring.