Re: Bitcoin is a reliable store of value - whats a reliable store of value for you?
In many aspects, Bitcoin is better than gold.
1. Gold is scarce, Bitcoin has a fixed amount.
2. Gold is hard to store, Bitcoin is stored in the blockchain, like in thin air.
3. It is hard to cross international borders carrying gold. With Bitcoin, nobody knows you've got some.
4. Gold could easily be seized. With Bitcoin, it could die with you.
5. With gold, there is the possibility that miners could go out of space and harvest all they want. With Bitcoin, there will only be 21 million even after a thousand years.
You are very right here, Bitcoin is technically advanced compared to Gold because Gold is just naturally existing. 1. Gold is scarce, Bitcoin has a fixed amount.
2. Gold is hard to store, Bitcoin is stored in the blockchain, like in thin air.
3. It is hard to cross international borders carrying gold. With Bitcoin, nobody knows you've got some.
4. Gold could easily be seized. With Bitcoin, it could die with you.
5. With gold, there is the possibility that miners could go out of space and harvest all they want. With Bitcoin, there will only be 21 million even after a thousand years.
But Bitcoin was customized by Satoshi, so he could look at Gold and improve Bitcoin's properties.
He looked at Gold and made Bitcoin more scarce,
He made Bitcoin more fungible and easier to send
He created an robust network of PoW
Bitcoin is advanced Gold, one could say.
