the same of a second is important. After you also include the cost of currency conversion (after all, how many people will accept gold directly as payment in full all the friction may cost an additional 10. Fiat currencies are no longer backed by commodities and the US dollar has not been redeemable in gold since January 30, 1934. Additionally, as the dollar looses its value over time and gold remains scarce, gold is seen as having higher value relative to dollar. Confidence in its value remaining steady or expectations of ever raising price values also increases its acceptance. We cant predict what may happen to bitcoin in a few hundred years but for todays generation, so far so good. This effectively took the US off the Gold Standard that had been holding printed dollars to any kind of discipline.
The US strategic supply was dwindling. Durability, portability, divisibility, fungible, limited supply, acceptability. Related Posts, bitcoin Video Crash Course, join over 94,000 students and know all you need to know about Bitcoin.
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It now costs the US government just.2 cents to print a 10 note. There is no need for speculation forward contracts. The only thing that moves is the location of the private key required to unlock them for spending. You are at: Home coinbrief op-Ed »Bitcoin vs USD vs Gold Heres why Bitcoin wins. With no asset backing, and no intrinsic value of the paper on which it is printed, the dollar derives its intrinsic value from the confidence that the US government will honor its debts. Every ounce of gold ever mined is still around. Eventually the leaders figured the better value was opted to take the gold instead. It is getting even harder to find as the easy spots are thought to have been found. The fact that Bitcoin was developed by an anonymous developer, and that the protocol is de-centralised, does not undermine the intrinsic value of the underlying protocol. There are price differences depending on the country or mint that issued the coin. Gold bugs like Peter Schiff and Doug Casey might burst a vein in their head for you to say it, but their world of degrading bitcoin to prop up their business models will not last much longer as the tide turns.
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