For real, it’s not. And I feel like I need to point out some important distinctions as to why, because for some time people have been making the comparison all over the inter webs, and frankly, I’m sick of it.
I am a avid supporter of bitcoin, and crypto currency (obviously, I am here), however some of these reasons may make it seem like I’m bashing crypto, in specific bitcoin, at times. This is not the case, now on to the reasons.
1. Gold is not like bitcoin firstly and foremost because of the hard cap, 21mil is very low, and in my PERSONAL opinion will not be enough to sustain the economy as satoshi had intended. Simple put, fees alone WILL NOT be enough to drive the network forward IF it is mass adopted, and starts being utilized by every single person on the planet. In a world where no one ever loses bitcoins forever because of priv key losses, MAYBE it would work, however this also assumes that no one ever just drops dead without at least allowing a trusted party access to their priv key in some way...
let’s be honest for a second, that won’t happen, and at SOME POINT if bitcoin IS to be a new “digital gold” it needs to have its cap increased. This brings me to my second reason bitcoin IS NOT like gold.
2. Gold would be here with or without people. It’s a naturally occurring element in the solar system and through out the universe (presumably) bitcoin was created by man, much like fiat currencies. It may be better than fiat in many regards, and it’s compared counter part, gold, when it comes to transactional spending and security, but that doesn’t change the fact it is artificial and can be altered and changed if proper BIP’s (Bitcoin Improvement Protocols) push through in a updated bitcoin version.
3. Gold has intrinsic, and esthetic value, as well as one tied to fiat. Let’s be honest, as much as all of us crypto fans would love for bitcoin to be useful, it can never and will never be able to do some of the things gold can do, like, conduct electricity along circuitry, or reflect the light off a loved ones finger. It’s more than a investment, it has practical applications in the real world that not only drive the fiat price tied to the element, but also make daily life possible as well as looking awesome as FUCK. Sadly, wearing a trezor wallet on your neck, wrist or finger(?) would never/(probably) will never make you appear “bawlin”. And you can not use trezor wallets for nearly as many chemical interactions as you could bitcoin’s natural, elemental, counter part.
these are just a few examples of how bitcoin IS NOT ****ING gold, and therefore, the comparison should stop being used. It creates a false idea (almost promise) to people that hear it, and then hold that thought dear. It’s a crutch crypto (especially bitcoin) doesn’t need to stand on to succeed and should really just try to let go of at this time. It’s better than this “bitcoin is digital gold” propaganda piece that isn’t even close to reality going around...
Anyway, that’s just my two satoshi on it, and I hope even if you don’t agree, you could enjoy the read. :)
as always, tip, subscribe and hodl!