Gold and Bitcoin have many things in common, but also major differences
The similarities of gold and bitcoin are both of an ideal value. Although the gold price is very stable, gold has no use in the strict sense, as we can neither eat gold nor it warm or protect us.
You must trust that one receives the same equivalent value with the sale of gold you has paid for the gold itself.
If humanity decides that gold has no value, you can not do anything with the gold anymore. If necessary, I can eat a fresh apple myself, whether it's worth another 50 cents or 0 cents.
Bitcoin and gold need to be mined by using energy, and both are counterfeit-proof.
There is even more in common, but in this article I would like to point out the crucial differences.
Nobody knows how much gold or other precious metals there really is in the world, and space travel could push us to huge gold deposits that can surpass many times our current global gold holdings. Also, no one knows how much gold is really in circulation and whether no more gold is traded than is really available.
For precious stones, stones are purposely held back to create an artificial scarcity.
Bitcoin is limited to 20 million coins, and everyone knows that around 17 million bitcoins are currently in circulation and which wallets they hold.
On top of that, you can not enslave or exploit people to mine / generate bitcoins. Every individual is able to participate in the mining of Bitcoins from home, without any control, coercion and compulsory levies.
If you remember his private key then Bitcoin is still absolutely safe from theft.
I hope you could understand what I am about. Please leave me your opinion or criticism in a comment.
