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Correction: BTC is an attempt to make digital stuff that behaves as much as possible like physical gold. Cash is a fiat currency and reproducible infinitely by
by fixermark 8y ago
Correction: BTC is an attempt to make digital stuff that behaves as much as possible like physical gold.
Cash is a fiat currency and reproducible infinitely by the controlling government. The point of gold (as a money medium) is that it self-regulates the amount in circulation by being a tangible material in finite supply with cost associated in seeking more. This model has significant benefits and drawbacks (and, it's probably worth noting, its drawbacks are what led to the fiat model most countries use today).
- mikeash 8y agoI don’t think “cash” necessarily implies fiat. Bitcoin’s model of creating new currency is different from both fiat and gold, although it’s certainly a lot closer to gold.
- 908087 8y agoRemember the last time 20 different entities forked gold, and battles erupted over which one was "the one true gold"? Neither do I.