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Once you have BTC you can choose to store it outside of a bank as a non-inflationary asset. No one can remove it from your wallet.
by willnz 5y ago
Once you have BTC you can choose to store it outside of a bank as a non-inflationary asset. No one can remove it from your wallet.
- ben_w 5y agoI can do that with gold. Gold is less volatile, and the value of the volume of a €2 coin in gold is 9 months of El Salvador nominal GDP per capita. Or the gold could be stored elsewhere and accessed via an app, with exactly the sort of database every bank already uses. Either way, BTC adds nothing. Apps might, depending on the banking infrastructure, but BTC itself? Nada.
- el-salvador 5y agoThis is a new unit of measure! Now I need to know my monthly salary in eurocent volume of gold.
- ben_w 5y ago€0.01 coins have a volume of ~0.346ml, gold has a density of 19.3g/ml and a current price of 60.89 USD/g, so a eurocent-sized gold coin would be worth 407.02 USD :)
- el-salvador 5y agoThank you :) I'll look at those coins differently now.
- koheripbal 5y agoSo the modern version of keeping gold under my mattress?
- gjulianm 5y agoYeah, but you're still having to pass through Coinbase or any other exchange, and they can remove it from you there. That's the point, if Bitcoin needs an exchange to be functional you're losing all the differential features that Bitcoin has.
- willnz 5y agoYes, but you can still protect your wealth once it’s out of the exchange. I guess the answer to the exchange problem is to have a decentralised exchange.