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It's less like gold than money because it isn't associated with a history of sustained value and cannot be easily exchanged for currency on any grand scale. It
by ameister14 9y ago
It's less like gold than money because it isn't associated with a history of sustained value and cannot be easily exchanged for currency on any grand scale.
It's also unlike gold in virtually every other way - it has infinite and infinitely available substitutes, it doesn't have physical characteristics and it's very easy to steal.
- teekert 9y agoThere is quite some recent history of sustained value and perhaps the gold price also fluctuated wildly in the beginning until it settled. I can convert BTC to Euros from my lazy chair, try doing that with gold. Gold also has substitutes, almost any element of chemical substance has value but they differ in their practical use. Gold is shiny and chemically stable and not to abundant but Iridium can just as well function in the same way. As can oil, etc. I'll argue that gold you keep at home is easier to steal than my BTC, which are also at home but you need to break in and get my computer or you have to be a pretty good hacker.