What is Bitcoin? ...using a commodity analogy

in gold •  7 years ago 

Cryptos as Commodities

As I learn more about bitcoin and cryptocurrencies, I have struggled to easily answer the question, "What are they?"

Consider these definitions

Gold is used as a store of value. We buy gold and hold it to secure wealth.
Silver is more commonly used for lower value transactions.
Potash has nothing to do with currency and is used as an input for building something or running something

Many cryptocurrencies fall into these same defintions.

Gold Cryptocurrencies- used as a store of value and hold it to secure wealth.

Silver Cryptocurrencies- used for lower value transactions. Speed, efficiency and low cost are important.

Potash Cryptocurrencies - used as an input for building something or running something

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