[RexetBlell]

A long time ago, when Aluminium was more precious than gold, people made what was considered good looking jewelry out of it: http://www.todayifoundout.com/index.php/2014/05/aluminium-co... "Its shininess combined with its almost ghostly lightness compared to other metals made it an ideal metal for jewellery and it wasn’t long until the French elite were wearing broaches and buttons made of the aluminium." Aluminium also doesn't get rusty and can be kept for centuries, but nobody makes jewelry out of it any more. Reason: It's not scarce (any more).

The only real thing that makes gold valuable is it's scarcity. If it stopped being scarce because an asteroid containing a lot of gold was brought back to Earth, people would stop valuing gold and stop making jewelry out of it.

Bitcoin has the same important property of scarcity as gold.

[sytelus]

Yes, but scarcity of bitcoin is not time tested. Most people seem to downplay this requirement for being "time tested" along with "scarce". However this is the requirement that drives your decision about how much % of your assets would be in certain form over long run. Would bitcoin still be scarce 20 years down the line? Not sure. Gold? Almost certainly. Also bitcoin is at mercy of technology. Few people knows how system works and where are the security gaps. One doesn't have to be even literate, let alone own a computer, to store and transact in gold.

[RexetBlell]

That's not true at all. If someone gives you a gold bar right now, would you be able to tell if it's real or not? What if, for example, it's steel on the inside coated with a thin layer of gold. Or the gold has a low purity, etc. This is why there are specialists (who are very expensive) who can use special tests to check if it's real (and even then it's not 100%).

It's easy to tell if the Bitcoin that you just received is real or not. (Definitely much easier and cheaper than with gold).