How does bitcoin weigh up against the heavyweight champion gold?
Gold has long been ranked number one, used throughout the ages as a solid store of value. Even the oldest of gold coins hold their value in today's market. And why not? Just a small gold bar weighing a kilogram is easy enough to slip in your pocket, and worth a cool $40,000.
However,
This weight that gold posses in both senses provides its own issues in today digital age.
Being a solid state of value, it is difficult to use your gold to pay for micro or small transactions. Want to buy a coffee or a sandwich? 'sorry no change.' The smallest amounts of gold are worth around $120 (tenth-ounce – about 3.1 gram). I for one don't want to pay $120 for everything that currently costs less.
The other issue with gold is, it just doesn't have the transfer ability that is required in this age. Sure we can post gold as payment, but that costs far too much, and takes far too long. It could also be lost or stolen. Beware of pirates and outlaws that seek your bounty.
Of course bitcoin doesn't hold a physical weight. The weight of bitcoin is 'virtually nothing'.
Although gravity doesn't pull bitcoin down, it is in the uses of Bitcoin where Bitcoin is gaining its weight. Bitcoin wins where gold falls short.
Bitcoin is subdivided easily to small units (satoshi), making it perfect for small transactions. Buying that coffee or sandwich is not a problem, you won't need to worry about change when you can pay the exact amount.
Bitcoin is also highly portable at a low cost.
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Unlike Gold, Bitcoin can be sent across the world in just a matter of minuets, well more like ten minutes. This is still a lot faster than getting gold from one country to another. Bitcoin has become a popular method for expats and immigrants to send money back to their home countries. With reduced fees, high level of security and hyper mobility its clear to see that bitcoin will find it uses and gain weight over traditional methods.
Mr. Jay Jay
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Gold Or Bitcoin? Gold And Bitcoin
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