Post
Topic
Board Economics
Re: Bitcoin can only be a gold 2.0, nothing more
by
HabBear
on 13/02/2017, 20:36:06 UTC
I hope this post gets shot down and I am 'proved' wrong. I have been a supporter of Bitcoin for a few years but....

It is becoming apparent that Bitcoin will only ever fulfill the role as gold 2.0, and that is... a Currency of Last Resort.

By definition referring to Bitcoin as "gold 2.0" implies you believe it'll be an upgrade, better than gold.

As for your currency of last resort comment, that may be its reality on the currency front. I think Bitcoin's real use is in store of value, it's a new asset class and it'll be better than gold. And Bitcoin is a lot more scarce that gold.

The existing gold in the world equals 5,820,203,717 ounces (the standard amount for a single gold coin, and IMO the right measure of comparison for Bitcoin). SOURCE: http://www.numbersleuth.org/worlds-gold/

And we all know there will be at some point close to 21,000,000 bitcoins.

Where do you see Bitcoin's competition? Other alt cryptos? Litecoin hasn't been able to take it over...do think ETH will?