Bitcoin, arguably the leading cryptocurrency in the world today, is often referred to as ‘digital gold’. But how does it compare to the authentic precious metal?
Below are Top 7 advantages that Bitcoin has over gold:
#1: Bitcoin Cannot Be Forged.
Gold, on the other hand, faces widespread counterfeiting. An example would be lead cores that some counterfeiters place in the middle of gold bars.
#2: Bitcoin Is More Portable.
Carrying $100 million in gold is not only heavy but impossible to do without outside help. An unlimited amount of Bitcoin, on the other hand, could be carried across borders by memorizing the 20 words needed to restore a owners Bitcoin wallet.
#3 Bitcoin Can Be Used To Make Purchases
An ever-increasing number of stores are accepting Bitcoin. The latest of these are Samsung stores in Estonia and Lithuania. With gold, you really would be hard pressed to find anywhere that accepts the precious metal for everyday transactions.
#4: Bitcoin Is Convenient & Safe.
Many people choose to store their gold in safe deposit boxes. This means it’s not particularly accessible in a time of crisis. Indeed, if law and order broke down, then it is highly likely that gangs will hang around buildings with safe deposit boxes and ambush anyone that tries to withdraw their gold. Bitcoin has no such problem and appears a safer alternative.
#5: No Risk of Government Confiscation.
In 1933, the US government tried to confiscate all the gold owned by private citizens. This scenario is all but impossible with Bitcoin.
#6: Bitcoin is More Divisible.
Gold comes in a range for sizes. But have you ever tried to get change from a 1kg gold bar? Bitcoin is significantly more divisible, with a single bitcoin being made up of 100 million Satoshi’s.
#7: Bitcoin Is‘Digital Gold’
Bitcoin is not called digital gold without reason. In fact, many people have already come around to the idea that Bitcoin may be a better version of physical gold. This has resulted in many arguing that Bitcoin is actually chronically undervalued in comparison to the precious metal.
