Hi guys, I read a tweet yesterday from one of these gold fanatics, it was an attempt to throw a shade at Bitcoin, but it was a failed one in my opinion. The man said why don’t we give athletes competing at Olympic Bitcoin instead of gold medals, then he and his cohorts all ki ki ki’d under the tweet.
Ofcourse the first thing anyone will think is that you can’t wear Bitcoin around your neck. This is very far from the truth. Bitcoin is not a physical commodity which makes it even more physically extensible. Bitcoin can be presented on any physical material and linked with a barcode that links to a wallet that only the designated owner of the wallet has access to.
So you want to award an Olympian a Bitcoin medal or any other material, present the medal and inscribe a barcode that links to a Bitcoin wallet that only the Olympian will have access to. Problem solved.
In terms of safety, this is even safer than a gold medal, a gold medal can be stolen and the gold would be immediately sold, but with Bitcoin, the thief has to have access to both barcode and the private keys to the wallet, it even gets better if it’s multisig, so the thief must have access to all the keys to gain access to the wallet.
Another common bone of contention is that Bitcoin is volatile compared to gold. Is this even a bone to really contend with? 1Bitcoin will always be 1Bitcoin, a verifiable deflationary asset that is programmed to appreciate in value over time, unlike gold. Were I an athlete presented with the option to choose, I will certainly go for Bitcoin over an Olympic gold medal.
98.8% of gold medals are made of silver, how long before gold medals become 99% silver? Solid gold medals have not been awarded to Olympic athletes since 1912 Stockholm games, whereas 1Bitcoin will always be 1Bitcoin, not 98%Bitcoin with a little bit of Ethereum. What about instant liquidity? In terms of liquidity, Bitcoin takes the lead, can be transferred instantly and traded instantly on exchanges.
Sentiments like have been stated above only shows how early we are into this space, a couple of NFL and Basketball players have started to request that they be paid in Bitcoin, this is how it starts in bits then all at once. The sentiment was an attempt to throw a shade at Bitcoin, but it was a failed one, it only showed their level of ignorance and lack of critical thinking in my own opinion.
Thanks for reading...
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Al true, but the athletes don´t want to get gold because of the physical value of the medal. It is all about the prestige and fame. So if gold or BTC is a bit of an purely academic question. When the time is ripe, it will change, but currently the mass adoption is not yet there. Who knows if in 3 years it will be different already.
As you’ve said when the time is ripe. It is more a matter of how soon it will happen
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Yes, we see more and more athletes wishing to be paid in crypto. It will probably always stay a symbolic gold medal but they should at least not be so cheap as to make them in silver... In fact, on top of the symbolic full gold medal, they should get awarded crypto, BTC or another. Nice article.
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