Businessman called Bitcoin “gold of fools”. But he’s wrong

CEO of Euro Pacific Capital and Chairman of SchiffGold Peter Schiff once again criticized Bitcoin. The self-proclaimed “Golden beetle” did not miss the opportunity to speak at the next significant correction. And he not only takes the piss out of the supporters of the first cryptocurrency, but also advertises your favorite gold.

But Schiff, as always, is so carried away by criticism that they forgot about the minor age of Bitcoin. In particular, he ridiculed those who believe Bitcoin is the new gold.

Bitcoin have nothing to do with gold. It is fool’s gold. Bitcoin in any situation, it is impossible to use it as a substitute for gold. And gold will never fall in price by 25 percent in less than a day!

Partly Schiff advocates of gold because of its industrial applications. It is more interested in technological production and jewelry. However, it is hardly correct to adhere to this position. Central banks around the world keep gold in the vaults, making him mobile phones and wedding rings.

If you compare these two asset potential services, including the conservation of value, then Bitcoin comes out the clear winner. It lacks only one characteristic — a long history of existence.

What are the advantages of Bitcoin in comparison to gold?

Like gold, Bitcoin can be used to transfer vast sums from one person or organization to another. But bitcoin is much cheaper and easier to maintain in complete safety — no safes, guards and surveillance systems. It is much easier to share and transmit, because you don’t even need a collector armored car. And this is not to mention the meager fees for the transfer of a huge amount of funds around the world.

Source: Medium

As already noted, until the Bitcoin is losing gold only on the part of the story. The gold so many years that most people today are unlikely to be able to explain or tell how and when the metal began to perceive as a form of money and why he is worth so much. Although it is not excluded that in the period of adoption of gold with his pricing policy was even more unpredictable than Bitcoin.

In our cryptodata of hontarov there are a lot of other useful information.

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