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Counterpoint: it is difficult and expensive to buy or sell gold, and it can't easily be used as a currency (at least not in the modern world). However, it has h
by umanwizard 9y ago
Counterpoint: it is difficult and expensive to buy or sell gold, and it can't easily be used as a currency (at least not in the modern world). However, it has held its value remarkably well.
- jerkstate 9y agoYou usually pay a 3-5% premium over spot to a reputable coin dealer to buy gold coins, and you are paid spot when you sell them. With Bitcoin, you usually pay 2-4% transaction fees to get your fiat into an exchange, 0.25% fees per trade, and 2-4% transaction fees to get your fiat out of an exchange. I'm actually a little surprised that local coin shops haven't gotten into the cryptocurrency market.
- alehul 9y agoTrue, and the illiquidity of gold is part of what makes it a great store of value. Bitcoin will certainly survive, at least, as a niche alternative for short-term storage (easy transactions) and/or those in physical danger (decentralized and without a physical existence).
- searine 9y agoCounter counterpoint : When the panic comes and everyone runs for the door, crypto hits a bottleneck of conversion to fiat. Gold is easily exchanged for any kind of goods, service or fiat money (WE BUY GOLD!).