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I'm not expert, but this is a good read. However, I disagree with his bullet point stating that "Bitcoins are less convenient than paper currency". For buying

• kiba 15y ago
  A bitcoiner argued comparison to the gold standard is dumb: http://www.bitcoinbulletin.com/2011/05/09/the-bitcoin-payment-system-isnt-like-the-gold-standard/ http://www.bitcoinbulletin.com/2011/05/09/the-bitcoin-paymen...
  • cube13 15y ago
    >What was the Gold Standard? It was a system in which one currency was tied directly to a finite resource. There was no choice in how one could pay, payments were made in a vacuum. All transactions had to be made in a currency backed by gold. That meant that any abuse of the Standard could affect the economy negatively and runs on banks were almost inevitable. This completely misunderstands the point about the gold standard comparisons. The gold standard is based on the fact that the currency issuer has a certain amount of gold, and each unit of that currency can be redeemed for gold. Bitcoin is based on the fact that there are 21 million bitcoins, period. The currency IS backed up by itself, by the fact that there are only a finite number available to you. That is exactly how the Gold Standard works. Every USD was backed up by gold, the same way each BTC is unique. As for choice... there isn't any choice when vendors only accept one currency. If they accept multiple currencies, then there is a choice. However, Bitcoin itself does not provide that choice, because you don't have the option to pay a BTC transaction directly in USD.