Ninjastic
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Board Bitcoin Discussion
Re: Preparing for a recession... Gold or Bitcoin?
by
Yatsan
on 26/12/2019, 10:13:14 UTC
Quote from: South Park on December 25, 2019, 05:01:44 PM
Quote from: Linkkoin on December 20, 2019, 11:59:40 AM
Quote from: kotajikikox on December 20, 2019, 11:15:25 AM

i have been buying Gold since college(same as silver) and i found a lower chance of profit from this investing compared to what i have got in crypto back then in 2017 so for me?recession will never hinder me from buying Bitcoin again and again and Gold will be remain as my accessories than investments.
so in this case?and with the response of community?still bitcoin is the choice of many.

Another thing is that in most countries you cannot just go and buy a gold bar to store it safely. Just golden jewelry, coins or papers proving the ownership of some gold stored somewhere. With BTC, you can store it with yourself. You can make a cold wallet and hide it from anyone, including authorities.
As well, in case of crisis, robber can steal your physical gold. Yet (unless they are well informed by someone) they will not steal your cold wallet (or will not get access to your hardware wallet), because they will not be aware of what is it.


That is definitely a huge problem for gold, when it comes to bitcoin you do not even need to have a paper wallet which a smart thief could steal from you, if you can memorize your seed words then you always have your bitcoin with you but there is no evidence at all in any piece of paper or electronic device that you are in fact holding bitcoin, and that is something that gold will never be able to do and it is a great advantage in the case of an economic crisis.
Bitcoin as new economic class is a great escape from economic crisis however Gold out-scale bitcoin on this aspect. Why? because gold's value is not dependent on demand and supply but on its metal properties found in it which is not common in any other metal, moreover gold is beneficial than fiat currency which can be easily devalue when crisis comes because it has no intrinsic value but only mandated value and belief on what it is going to have equivalent with. Bitcoin on the other hand contains too much volatility and even if people chooses it there is no guarantee that it will save them from crisis.