Bitcoin is a non-physical valuable asset. Compared to assets like gold, silver, etc that, though valuable, require physical storage, bitcoin is valuable and doesn’t require physical storage. This means it can be easily transferred or shared. Bitcoin can be sent be sent from one end of the world to the other end, in minutes.
The scarcity of it and the ease of transfer makes bitcoin a valuable currency. Bitcoin is volatile and the supply is limited. There’s a limit to the total number of bitcoins that can be in existence and we’re nearing that limit.
Bitcoin is fast becoming what gold was to humanity. For years, gold was the major means of exchange and the value of other materials are determined by the worth of gold. Up to date, there are millions of dollars’ worth of gold beneath the sea and under rocks. London for example, hosts more than 200 million worth of gold in the gold bullion.
So, what’s the difference between gold and bitcoin? Well, the first obvious difference is that gold is physical, can be felt or touched, while bitcoin is digital, it can only be accessed electronically. Another thing is that the value of gold is centralized and controlled by institutions that may take a swipe at you anytime. Whereas, your bitcoin is yours alone. Now, do you think Bitcoin can ever replace Gold?