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A tiny amount of gold costs a shitload of money. 1kg of gold costs around 60k eur. More than most people have in savings. No problems to transport something lik
by zirgs 4y ago
A tiny amount of gold costs a shitload of money. 1kg of gold costs around 60k eur. More than most people have in savings. No problems to transport something like that if you don't brag that you own it.
But the same applies to BTC. Telling others that you own a large amount of it is not a good idea. It can be stolen in various ways too. Like by an exchange that's owned by a trustworthy and altruistic billionaire.
It's been 14 years and BTC is not even close to mass adoption.
Even my mom knows what it is but has no need or interest to use it.
What would make "normies" switch to BTC if they haven't already?
- kavalg 4y agoI don't think it is so simple. There is already a EUR 10k limit on the amount of cash that you can carry across EU border without declaring it. In case of violations the money may be confiscated. I would assume that the same would apply for gold above some reasonable value (e.g. a really big gold necklace :) ).
- Symbiote 4y agoSo the use case is evading tax, money laundering etc. Glad we got to the point eventually.
- aaronwalker 4y ago> evading tax, money laundering etc. And evading oppressive governments. Disobeying the law is not always a "bad" thing.
- int_19h 4y agoYes, absolutely. Also evading sanctions, buying prohibited goods etc. To remind, most people in the world live in countries with oppressive governments.
- zirgs 4y agoOK and why would you choose not to declare it? I think you meant external borders, because there are no border checks between Schengen area countries.
- aaronwalker 4y ago> * I would assume that the same would apply for gold above some reasonable value (e.g. a really big gold necklace :) ).* Whereas with Bitcoin, it is much more difficult to confiscate it because it's purely information. You might be trusting the manufacturer of a hard wallet to protect the privacy of your seed phrase, but once you memorize it no one can forcibly take it from you.
- int_19h 4y agoThat is exactly the practical case for BTC, yes. But note that this is about moving money from point A to point B, not storing it.