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by keymone
3122 days ago
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Bitcoin is better than gold because in virtually all aspects - it’s scarce by design, not by our belief in inability to find more of it on this planet or some asteroid - it’s mobile, transporting gold is pain in the ass - it’s secure, securing a little piece of paper is easier than deposit of gold - it’s divisible, sividing gold into nanograms is not practical - it has transaction platform built in As for practical application of gold - it’s not where gold’s value is derived from. And what if an asteroid hits the earth and we are all dead? |
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> it’s scarce by design, not by our belief in inability to find more of it on this planet or some asteroid
Scarcity is ironically one of the reasons gold is treasured. It's a natural scarcity not a man made scarcity.
> it’s mobile, transporting gold is pain in the ass.
Most gold exchanges don't require you to physically take gold home with you. It's stored in a vault and traded like any other security.
> it’s secure, securing a little piece of paper is easier than deposit of gold
BTC is not a piece of paper, and requires that only one person not be smart enough to break the BTC encryption model.
Gold can be stolen, but not all of it at once. But apparently BTC can be stolen too.
> it’s divisible, dividing gold into nanograms is not practical
Today's cost of gold to grams is $40.17. Practically speaking, we don't need nanograms to get to penny scale. A centigram of gold is good enough.
> it has a transaction model built in.
I hand you an ounce of gold. You give me $1000 dollars or something else in value that I want. That transaction method has been trusted for eons now.