Is Bitcoin The Gold Of The Modern Era?
With the continuous value surge of Bitcoin, many people are asking how long will this new trend in financial technology is going to last.
Financial advisers, bank owners, and economics have mixed predictions about the cryptocurrency.
Jamie Dimon of JPMorgan Chase, for example, stood firm with his accusation that Bitcoin is a fraud and an economic bubble that is yet to burst.
But why are there people who think otherwise?
Bitcoin is just one of the many cryptocurrencies that are held by users electronically or digitally. It was created and designed by Satoshi Nakamoto, an unknown individual. Unlike the current fiat that circulates within the economy, they are either owned by the government nor by any bank. Therefore, they are not subject to government influence.
Aside from buying and trading Bitcoin, users may also mine coins or cash.
What they need to do is to verify the transactions and they will get rewards. There is a ledger called the blockchain that records all the transaction globally. Anyone who has the mining software can access this record for all the transactions are logged publicly.
Gold has been a successful asset that people have been appreciating for thousands of years. Like Bitcoin, gold is difficult to find and needs to be mined. It also has a high value, but one thing that makes Bitcoin better than gold is that it can be sent to a different part of the world in minutes. And with so many people demanding for faster technology, there is no doubt why Bitcoin has a growing number of supporters who don’t want to be left out.
The status of Bitcoin today is similar to a gold rush. For this reason, many argue that this cryptocurrency is the gold of the 21st century’s digital age.
More people across the world are exchanging goods and services using Bitcoin.
There are even online merchants that accept this electronic money for online payments. Different countries are also opening their doors for Bitcoins, allowing Bitcoin ATMs.
While those examples are strong proofs, there is a better evidence of Bitcoin’s dominance. Recent reports said that Bitcoin’s price is currently around $18,000-level which was far higher than the $880 value in January of this year.