Great writeup!
Unlike gold, bitcoins are:
- Easy to transfer
- Easy to secure
- Easy to verify
- Easy to granulate
And a brand new feature: Their possession can be divided with multi-sig!
It is not correct to say that Bitcoin is "backed by" processing power.
While I get your point, it
is correct to say that it's backed by processing power. Backed by, besides pegged to, means that it's supported from. And Bitcoin is supported from computational power.
But, yeah, avoid saying that it's backed by it, 'cause it brings confusion.
Bitcoin will only enable tax evaders which will lead to the eventual downfall of civilization
Even if it did, I honestly prefer having a decent percentage of people evading taxes than be forced to use a currency of a system that is designed to corrupt at some point in the future. I mean, who's going to protect me from the mess coming? Just stick to Bitcoin, which is a better type of sound money, and sleep easy.