Is it right to compare gold and bitcoin - I became rich using this method and now I make over $10,000 monthly.
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Scott Evans
30.11. 2017 15:04  | 

There is a few similarity between these two above mentioned. For example amount of Bitcoins is limited, there is 21 million of Bitcoins, no single Bitcoin more, Gold is also limited, there is a fixed amount of gold. Gold was used as a payment method for goods and services in the past, we can be sure that Bitcoin would become official payment method in recent future. So, basically there are some similarity between Gold and Bitcoin but it is arguable to compare these two.

There were some difficulties with the Gold as a payment method. Here are some examples, as we said the amount of Gold is limited, that is the fact number one, fact number two refer to difficulties with the gold transactions, it is very hard to return change in the gold. These two facts was the reason why countries all over the world had stopped using Gold as a payment method and started to print money, with the gold background at first. What exactly gold background means? It is a situation in which every single currency in value had background in gold, so basically one country can print as many amount of currencies as many gold that country has gold. In the 1971. things has changed and countries has started to print money without gold background, so there is no more limited amount of currency in the flow. This is the reason why prices are going up every year.

To make a resume, we will be able to compare Gold and Bitcoin only if Bitcoin make the position of Gold as a universal payment method, until then we can only compare their characteristics. One of the reason for creating Bitcoin was the way to again have a currency that is not under control of any institution or government. But it is pretty hard to determine the future of Bitcoin, because there are others cryptocurrencies, Bitcoin is not the only one, so it is a question will Bitcoin replace the Gold?

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