Bitcoin BTC Upgraded

Bitcoin (BTC) Is Gold Upgraded Will It Be The Same With Several BTC Clones and Altcoins

October 15, 2020 Off By James

Buy Bitcoin and hold and never sell is the key to BTC investment.  BTC is finite and nothing physical approximates it. According to some, Bitcoin is gold upgraded.

Gold gets most of its value because of the utility, not scarcity. Bitcoin doesn’t “shine” like a Gold jewelry.

There are many things that are shinier and more colorful at a fraction of the cost. People wear gold to show they are wealthy, not because it is shiny. Also, gold’s practical utility is a fraction of its value. Tons of gold sits in vaults, used by nations as a reserve asset.

Theoretical, not literal, we know now that gold has these physical drawbacks that no one considered up till now. It’s just a huge paradigm shift, from assumed physical scarcity to actual provable scarcity.

Someone from Europe stated, for me as a Northern European, Gold has proven its value status on multiple occasions. Bitcoin has yet to prove it can be a store of value at all. That may be different in other regions of the world.

Sydney Ifergan, the crypto expert tweeted:  “Bitcoin (BTC) might not last in its present state for 5000 years; however, it has kick started a principle of monetary transaction and financial independence which will last for several years.”

Someone who seemed to value the value of everything stated, Bitcoin and gold bugs are on the same side. Buy both. One is proven to work as a monetary collapse hedge. Bitcoin is a new store of digital value, and will outperform gold. A true inflation hedged portfolio will have an allocation of both.

Someone who is neither the fan of Gold nor BTC opined, at least gold has a long track record of trust, which is the key to getting people to trade real assets for it.

Bitcoin (BTC) For the Unbanked

A statement reads that, Bitcoin is not an approximation to Gold, in fact Gold is an approximation to Bitcoin. Gold gets its store of value based on historical scarcity (but only due to technological limitation) while Bitcoin is a mathematical game-theoretic implementation of a perfect scarcity.

There are those who put Bitcoin down by stating, Bitcoin is not so valuable or scarce any longer after many BTC clones and other Altcoins. Gold is unique, BTC is no longer unique. The whole army of clones, plus other Alts outperform it tech wise. When there is a realization, the BTC funds will gradually reallocate into alts.

Yet another interesting reasoning goes like, 69% of the world is unbanked, meaning a similar number either cannot or refuse access to the ‘technological’ structure of cryptocurrencies. However if we were to survey those 4.5 billion people how many would recognize the value of gold? Gold: If it is not broken, don’t fix it.

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