Bitcoin better than gold — talk about the facts?
With the increasingly frequent comparisons Bitcoin with gold as value, means of payment, as forms of payment, traditional investors are now weighing the advantages of the most popular cryptocurrency in the world. Is bitcoin better than gold for use as currency?
Gold is probably the first decentralized currency that is defined as a thing that has value, but not under the centralized control of any state Agency. It was a sign of wealth and one of the most popular currency for thousands of years. Physical gold has its value because it can only slowly produce over time, not print fast as Fiat money.
Ease of transfer and safety
Although gold is recognized around the world as currency, it is difficult to use for international trade, but for large amounts it will be very hard. To send 1 billion to another country, you will need 52 000 pounds (approximately 0.25 tons) of gold. This will require a huge effort and cost of customs, shipping and security. In addition, you will need a lot of time to gold has crossed an international border with a huge risk.
For example , Bitcoin, where you can transfer 1 billion dollars. USA in digital form anywhere in the world instantly for a small fee, without any additional cost. This digital transaction is not subjected to compliance with the rules of any jurisdiction, and they cannot be intercepted or captured. In addition, bitcoin is protected by cryptography and has not yet been hacked, despite years of trying. The cryptographic security of the Bitcoin cannot be compromised, even the most powerful supercomputer. Bitcoin transactions can be performed instantly and leave no trace, while “gold” transaction is very noticeable, as it needs to be moved people, and when you move is monitored all the cash.
Bitcoin can be easily converted into local currency using peer-to-peer exchanges. For example, Localbitcoins lists traders wishing to buy or sell the Bitcoin online at any time more than 248 countries. It would be much harder to exchange gold, as it would be easier to find a buyer for Bitcoins than precious metal.
Ultimately, if Fitna currency collapses, it becomes clear that Bitcoin is in a much better position to become the best world currency because of the favorable characteristics of Bitcoin. This makes bitcoin much more attractive for international trade and Finance than gold.