The Currency Analytics
By Maheen Hernandez
Bitcoin (BTC) and Scarcity
The comparison between Bitcoin and Gold never ends. BTC is man-made; however, gold is formed naturally. And, practically it does not make sense to compare them both.
When talking about scarcity and utility, there are many scarce things, which are practically worthless and there are several abundant things, which are quite valuable.
When discussion the scarcity of Bitcoin, someone stated that it is not particularly scarce, people make more Bitcoin every 10 minutes.
Also, they have to state that there is a widespread belief being created that when someone is a fully paid up member of the Bitcoin cult, it’s now a role model for God created…
Also, it is important to note that there is an unsustainable increase in mining difficulty and harm to the environment.
Some of the users are tired and feel that it is not worth working with BTC until it stops moving lock step with the stock market.
Sydney Ifergan, the crypto expert tweeted: “Gold supporters feel that in crisis always gold has helped investors and traders while Bitcoin (BTC) is struggling to move and that…
Someone gave a justification by stating, there are 210 thousand tons of gold and 21 million bitcoin mined. Eventually, this comes to a ratio of 1 bitcoin = 10 kg in Gold.
There are others who state that when the last Bitcoin is mined, it will be the year 2154 roughly. Until then, the first gold asteroids will be space mined eventually.
A couple of community members were discussing about the total estimation of total BTC in circulation minus the long term HODL stash approximately.
They also are discussing about what if the historical scarcity as actually being the most decisive factor for now.