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Who Wins the Race?
Bitcoin Beats Gold?
Could good old gold be defeated by relatively young Bitcoin? Imagine that you decide to buy Bitcoin, while your best friend goes for gold. Let’s explore, who will encounter fewer obstacles and whose experience will be more user-friendly. Are there a lot of areas where Bitcoin wins the race over the precious metal?
To buy gold, your mate should go to authorised vendors only, while depositing a crypto wallet is as easy as sending an email. It will also be impossible for your friend to purchase a random small amount of the shiny metal. In this regard, Bitcoin is more convenient, as it can be bought and sold in smaller units (satoshis).
Portability and regulation
Gold is strictly regulated by the governments in most countries — for example, your friend couldn’t freely cross borders carrying gold bullion without declaring it, paying taxes, etc. With Bitcoin in your wallet, you can send funds across the world with a few taps.
The primary purpose of gold is to be a store of value. Your friend is unlikely to pay rent or make everyday purchases with a gold bar. Bitcoin can be both: an asset and a currency used for peer-to-peer transactions.
Safety and withdrawal
Your pal, possessing gold in a physical form, should take into account the expenses of ensuring its safety (safe deposit box, strongbox, etc.) and verifying its authenticity (in case you store it at home and decide to sell). Every scratch on a gold bar lowers its weight and its price as a result. Not to mention that the withdrawal of golden funds is a complicated and time-consuming procedure. Bitcoin doesn’t require special storage conditions, verification, or validation — and can be spent and exchanged in a matter of minutes.
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