Similarities and differences between Bitcoin and Gold

In recent times, the complicated digital currency widely referred to as bitcoins have witnessed an extremely significant increase in its price since when the concept was first conceived. However, it is a sort of controversial topic with several people not sure of how reliable bitcoins are. Bitcoin was the first cryptocurrency that was ever released. Furthermore, it is as a result of the popularity and surge in the worth of bitcoin that motivated the creation of other cryptocurrencies. Considering that bitcoin now worth more than gold, this article will try to highlight the similarities and differences between bitcoin and gold.

What is Gold and What is Bitcoin?

The definition of Gold and bitcoin are different.

Gold is the 79th chemical element, and thus, has atomic number 70. Gold has a very rich history of value, worth, prestige, careful usage and is found only among the wealthy. It is highly sought for and its major uses include jewelry and currency among others. It has also been used to coat or make objects, and would instantly increase the worth of that object to become several times its normal price. Bitcoin, on the other hand, is a virtual peer-to-peer currency that is stored in digital wallets. These digital wallets are mostly on the computer of a user or in the cloud.

First usage

The first usage of bitcoin and gold in terms of time is different. The first time gold was ever used is not dated because it has always been used by … Read More