Coingape - 4/14/2019 8:14:39 PM - GMT (+0 )
Altcoins have been growing in numbers and use cases since the time of their launch but the respect of Bitcoin hasn’t changed the bit even with the founders of most altcoins. The same was noted when Brendan Blumer, CEO of Block.one, tweeted that Bitcoin was the better store of value than anything that has existed before.
Bitcoin has been viewed from various perspectives by various people. Some believe it’s a payment system while others believe its digital money and a medium of exchange. But the most common perspective that people have for Bitcoin is it’s the best store of value. There has been a lot of debate on this perspective thanks to Bitcoins volatility but still, a lot of people, especially from the crypto industry, believe it to be the best store of value and also foresee it replacing the gold in years to come. The same was reaffirmed once again when the CEO of Block.one, the company behind EOS, Brenden Blumer In response to a Twitter user’s remark, tweeted,
“Bitcoin is a better store of value than anything that has existed before, and is on course to replace Gold as it outcompetes on economics and digital functionality.” “Uncensorable P2P digital cash’ is a quality that defends its sovereignty, not a consumer need,”
#Bitcoin is a better store of value than anything that has existed before, and is on course to replace Gold as it outcompetes on economics and digital functionality. "Uncensorable P2P digital cash" is a quality that defends its sovereignty, not a consumer need.
— Brendan Blumer (@BrendanBlumer) April 14, 2019
While the debate of Bitcoin being better than Gold is always interesting one clearly see that Bitcoin does have some advantages over Gold.
- Bitcoin is scarce and this limited supply of Bitcoins really becomes a reliable tool against depreciation of the digital money.
- Bitcoin is more secure as operates under a unique cryptographically protected protocol that is almost impossible to undermine.
- Bitcoin is divisible and that’s what makes it a great investment. From the objective point of view, gold bullion, real estate, stocks or futures can’t simply be divided into tiny units, whereas Bitcoin can.
- Bitcoin is highly mobile and could be transferred to anyone half the world away in a matter of minutes
A similar statement came from crypto VC Lou Kerner who too believes that if bitcoin “becomes a strong second,” it can go a long way as it’s just a “better way” for people to store their value. He was quoted by Bloomberg saying
“Gold has emerged as the global store of value and it has held that position for literally a couple thousand years — that’s an awesome run. So we now we have something (Bitcoin) that we think may be functionally much much better (than gold). So we expect that over time — not in a day, not in a week, not even in 5 years, — for some of the people using gold as a store of value to switch to Bitcoin.”
As bitcoin sits with some clear advantages over gold, the belief of a lot of people of it replacing gold could be a reality soon. How sooner would that be is a question and only time can answer that
Will Bitcoin actually replace gold one day as the best store of value? Do let us know your views on the same.