As a person with financial savy, I am often asked if Bitcoin is a good as Gold. This question has many nuances and it is not something that can be answered with a simple yes or no. For one, gold is money and has been money for thousands of years and Bitcoin's time on the market is a small blip on the radar comparatively speaking. I think the right answer to this question is that Bitcoin, and all alt-currencies for that matter, do not have to be as good as gold because they are not gold and they can serve a different, but equally important function.
For starters, have you ever tried to cross a border with $500,000.00 in gold? If you have, a congratulations is in order as you are both strong and wealthy. You see, gold is, and has always been, an excellent store of value as long as you plan on staying put. How about spending, have you ever tried to buy something online and paid with gold? This is where Bitcoin has it's place as a compliment to gold. Bitcoin is, perhaps, the finest store of transportable wealth on the planet. With a KeepKey in hand or a paper wallet you are able to move exponential amounts of capital wherever you travel and when you get there it is easy to spend. With gold - not so much. So the real question here shouldn't be if alt-currencies are as good as gold, but what functions can digital currency like Bitcoin perform that gold simply can not. I think the answer is clear. Bitcoin is not gold and some of it's qualities make it an excellent addition to any portfolio - just like gold.
this is a great post and demonstrates the need for society to re-examine what we view as stores of value versus tools (cash) that we use to facilitate trade. that's all money was ever supposed to be...
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