Although Bitcoin market cap is only 1% of total market cap of Gold; however, the price of one Bitcoin is more than three ounces of Gold. The value of all Gold in the world is $7.79 trillion while Bitcoin is $66.32 Billion as of the current price today (August 19, 2017).
These two assets have many similiarities that is why many people compare them often. Like for given is;
Scarcity
Gold and Bitcoin are quite scarce. The number of Bitcoins is limited to 21,000,000 units. Nearly 17,000,000 Bitcoins have already been created. Gold is especially scarce. Though traces of gold are found in many places on the earth, it is difficult to find a considerable amounts of the precious metal.Recognizability
Both Bitcoin and gold are quite recognizable. Bitcoins have signature characteristics and cannot be fake. Gold is also quite recognizable. However, it is tested for purity to ensure the buyer is not purchasing foolโs gold.
- Price
Gold and Bitcoin is not the same as the bank issued paper money. Time after time this two commodity is become expensive because of its scarcity and demand, the inflation wouldn't eat this up.
For Bitcoin reached the same marketcap of Gold; literally, it would take up for one Bitcoin to reach to nearly $424,000. Which wouldn't be impossible like what I heard from Jeremy Liew the first investor on Snapchat.
We know all bitcoins will be mined by 2140, a date originally determined by many years ago. It is certainly possible people will still mine millions of dollars worth of gold by that time, adding to a finite supply with no known upper limit. Until we know how much gold is left to mine on the entire planet, it is impossible to call the bullion supply finite by definition. Bitcoin, on the other hand, will not see more than 21 million coins, even though not all developers may necessarily agree with that number.
How about you? What are your thoughts? If given out a chance you have $300,000 to invest to only one of this two commodity, what would it be?
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I tried mining some gold in my backyard but I didn't find as much as I'd hoped.
Okay that's a hilarious comment xD Better get mining then! I can recommend Genesis Mining!
This post received a 3% upvote from @randowhale thanks to @ericwoelk! For more information, click here!
Lol hahaha, great try buddy nice try!
great info you shared here @hiroyamagishi
the issue here is on my own opnion, the speed of which btc is rising is tremendous nd its acceptability in the world even in 3rd world countries is encouraging for btc investors but gold is one commodity that has outlived the ages as number one even before the invention of conventional money or currency... so i think there is no comparison between gold and btc... thanks for the info shared... you did great...
What I don't get is why people believe so much in bitcoin. Everyone, literally everyone who uses it will experience how terribly SLOW it is. How can anyone expect it to go global? How can pay for your coffee in bitcoin, if it takes half an hour for the transaction to come through WITH a $3 fee, or half a day with a minor fee? Your coffee has gone cold bigtime. Only a matter of time before Dash will be the new king, with a standard speed of 7 seconds or an instant-send speed of 1 second, and 4000 Masternodes to back that up.
This post received a 5% upvote from @randowhale thanks to @ericwoelk! For more information, click here!
good point.. do you mean dat or dash? need more info please...
Have a look at dash.org and check out their road map and Evolution. Then youtube and follow Amanda B Johnson, their frontwoman. :D
This post received a 3.5% upvote from @randowhale thanks to @ericwoelk! For more information, click here!
ok dear...thanks ...
do find time to check my blog posts and join me in changing the world through making your bed;)
more and more people will know how Bitcoin works at its entirety...thanks commenting my friend followed you
thanks for the support... lets keep steeming hot!
I believe in both and therefore hold a considerable amount of silver and gold for three reasons:
hmmm you made your point of view... it has it owns advantages and disadvantages
Thanks for sharing @hiroyamagishi
That is more important some give some fight to Paypal because is not working supporting around the world but Bitccoin is every where Good post thank you.
Bitcoin is rising tremendously.
Thanks for sharing
Great post, upvoted and followed. Cryptocurrencies are becoming more recognized and hopefully there will be more adopters soon.
Very informative post, thanks @hiroyamagishi ... I've been following you.
Very nice article. Yeah, Bitcoin has become Gold 2.0 in the Information Age and in the Internet of Things. And one of the reasons why it's increasingly becoming even more desirable than gold is because people's confidence in gold and even silver started disappearing ever since counterfeiters in China started creating fake coins and mixed them in together in the international market
http://www.nbcnews.com/business/business-news/glitters-not-gold-fake-gold-silver-coins-flooding-market-n591201
Fake Morgan Silver Dollars in a Chinese Counterfeiting ring
http://www.silverdoctors.com/silver/silver-news/a-look-inside-a-chinese-silver-coin-counterfeiting-ring/
This is great things to know as well reading your links you provided
The answer for me would be obvious, Bitcoin and cryptocurrencies. Even Warren Buffet said in an interview that holding gold is kind of useless. Gold is the past, Bitcoin is the future!
Written nice article. For believers, it means bitcoin is really becoming a โrespectable assetโ. Clearly, bitcoin is no longer a penny stock. It's playing in the big leagues - a share being worth more than a share of Google or Apple, and even more then an ounce of gold.
Follow you for you future posts, keep posting like this bro.
In the end it's a bubble. Not because it's not valuable, but simply because people will soon find out that there are MUCH faster cryptocurrencies with a much lower supply of coins and their own PR team for starters. Dash is the future, and it will surpass btc value in some years! Dash is cheap, even at $230 now.
This post received a 2% upvote from @randowhale thanks to @ericwoelk! For more information, click here!
this is a game-changer... Bitcoin is now the same market cap of Paypal now