Today Bitcoin Reached Parity with Gold!
For many of us who started our path in the world of investing by buying Gold and Silver this milestone is historic. This means that one Bitcoin has the same intrinsic value of 1 Troy Ounce of Gold. It was funny seeing some of the comments from some of my fellow Gold and Silver bugs today.
- "Bitcoin is an imaginary investment, all smoke and mirrors."
- "Bitcoin is like playing make believe."
- "Gold can be held that is why it has value, Bitcoin is just digits on the internet."
- "Bitcoin is a way to control the masses, Gold is freedom."
Ok, Enough Already Haters.
My argument has always been that Gold, Fiat Currency and Bitcoin only have value because we as humans decide that they do. Silver is a different story since it has so many uses. Gold has always been a human fascination. We love how it looks, feels and the value other people put on it. I have found that Gold and Silver fans are the easiest to convert to Bitcoin and Crypto Currencies.
Me Playing with $700K of Pure Tanzanian Gold Straight from the Mines. The Gold is Melted Down Into Dore Bars.
My Analysis of Gold Vs. Bitcoin Using the 7 Aspects of Money.
- Durable
- Divisible
- Convenient
- Consistent
- Possess Value
- Limited Quantity
- Long History
Within a Few Short Years I Believe Bitcoin Will Surpass Gold as a Store of Value.
Bitcoin is becoming more and more convenient every day. When I first made this chart a year ago I had to still call a buddy to buy Bitcoin or use Local Bitcoins. Now I can go to a Bitcoin ATM, buy some on sites like Changelly in a pinch or just continue writing on Steemit. I also leverage the Bitcoin I have and trade it on Bitmex. All of these options work. I never connect anything to a bank account. Once you make the move to Bitcoin it is best to keep it separate.
For Those Who Need Convenience You can Order a Wirex Bitcoin Debit Mastercard.
If You are still not convinced that Bitcoin is quickly becoming just as important as Gold in the world of finance then I can't help. My job is to enlighten, not convince skeptics. Keep stacking precious metals and hoard your Crytpo Currencies.
It makes me glad I bought some of these five years ago:
#likegold
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Freaking gorgeous!!
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In the future, something will emerge; I call it super-bitcoin.
And it will have functionality which will be like tablets and smart-phones, sure you can live without it, but why?
Things like smart contracts.
Another thing will be the choice of complete anonymity or complete publication and exchange tracing.
And, the currency will be able to exist in both physical and electronic forms.
Something like solid state LCDs which are bitcoin presence aware. So, the coin/token actually knows if it has bitcoin in it or not, and can be seen without any external power source. Probably like a super-bitcoin hardware wallet that has become so cheap and ubiquitous that they are used everywhere.
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Very helpful again. Don't you have to originally link up a bank account to make initial purchases of BTC though? Been loving what I'm learning about Dash...Amanda B. Johnson is crushing it and explaining things so amazingly well...I vote her to be CryptoAmbassador to the Masses!!!
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Nope, you can buy from anyone or use a bitcoin atm.
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Thanks, still learning.
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btc is digital gold!
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That is how I think of it as well. I tell the trolls is it, "Magic Internet Money".
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I don't remember what the name of it is, but there is a psychological phenomenon that we all suffer, or potentially suffer, from that can prevent us from "jumping on a bandwagon" of something that has become popular and that we weren't on board with from the beginning.
Like for an instance a television show:
A new television show debuts, but you miss the initial hype and don't join the hysteria. Later on, the show continues being popular, but due to the fact that you weren't on board from the beginning, you feel resentment towards the entire spectacle of it all.
I see lots of this with the movement against Bitcoin.
Though there are legitimate criticisms, or skepticism, in there, too.
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I have done the same, really odd that people do it in almost every aspect of life.
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There's a logical explanation for it, but I don't remember what it is.
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You need another cupboard Randy ;)
It takes forever for the prices of gold to go up, will stick to BTC for now.
Will you use fiat savings to buy any of those??
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I have my savings of gold and silver already. It is a pain to store so I won't by any more. BTC ad crypto currencies all the way.
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Fab!
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It is still early days for Bitcoin. Crypto is still in the land of early uptakers. That's us ... hooray!
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You go that right, we will be considered the pioneers some day.
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Great info. Thank you!
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You are welcome Michael!
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Tweeted on @RandyHilarski
https://twitter.com/RandyHilarski/status/816804294569639936
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Disclaimer: I am just a bot trying to be helpful.
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outrageous post my m8 ! i had a smiliar taught on my mind as well.
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Thank you, I wrote about this about a year ago but the price parity made me revisit it.
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Great
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pragmatic as always
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I appreciate it!
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It did reach parity?? Wow - I thought today was a near miss!
In a weird but definite way, haters are a good sign. Bull markets, as the old saw goes, climb a wall of worry (and skepticism.) If there were no haters - if everyone loved Bitcoin like everyone loved the Internet a/o 1999 - then I'd worry. I'd worry a lot.
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On my exchange it did it. We reached $1158 for a short while. Now back to $1130 but we will be back up there soon.
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Yeah...
Dayum, Monero's closing in on twenty bucks. Once again, I have cause to regret not buying & holding any :)
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Wow, this needs to be shared!
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Thank you !!
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@hilarski someone famous wrote a newsletter saying BTC value may go up 1M USD - it's either the dollar is going to hyper-inflate or BTC is going to really make us ultra rich. I'd like to think it's the latter :)
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I do believe we are heading very high in the coming years. Even with todays $200 drop we are still in the upward trend.
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@hilarski i'm crossing my fingers on that :)
yes, I think it's a normal drop when it comes to crypto- currency, if this happens in the stock market it'll probably cause panic :)
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Bitcoin has it's uses, but it will never be as important as gold because it doesn't have intrinsic value. Bitcoin is just a digital fiat currency. It is more advantageous in some ways when compared to other fiat currencies like the US dollar as there is a limited amount of bitcoin that can be mined, while the US dollar can be printed indefinitely. However, gold does have intrinsic value, it has applications in things such as electronics and medicine.
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Solid article. Same mindset here. The cryptospace definitely feels a bit inflated. However we also said that about the S&P 500 40 years ago I found this great website: https://www.coincheckup.com I'm really happy with this site that gives complete coin analysis for every single crypto. See: https://www.coincheckup.com/coins/Bitcoin#analysis To see the: Bitcoin Detailed analysis.
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