Fiat To Gold Yes, BTC To Gold Not So Easy
Bitstamp, one of the biggest bitcoin exchanges, adds gold withdrawal option for their customers in the EU. Gold price is quoted only in US dollars and one must also have an available balance in USD. Moro & Kunst, a Slovenian precious metals dealer, provides delivery of physical gold produced by well known brands Argor Heraeus in Switzerland and Münze Österreich in Austria. Fully insured shipment should be delivered to a customer’s address within two to five business days after ordering. Although a gold withdrawal option is not such a ground-breaking innovative step in the bitcoin industry,....
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Bitcoin is known as the digital gold. In the recent days, many online bullion platforms have started accepting bitcoin payments to purchase gold. Bitcoin is dubbed as the digital gold. Bitcoin is a decentralized open source digital currency which operates independently without the interference of banking or financial institutions. Unlike traditional fiat currency, Bitcoin doesn’t need a trusted party to facilitate transactions as the members of the network themselves act like one. Bitcoin and Gold have many similarities. They both hold a unique position of being an alternative investment....
The "Gold Standard" was so far applicable only to fiat currencies. It means, that the currency in circulation in a country is backed by its equivalent worth in gold. Gold was chosen as a standard because it is universally accepted as a standard, and it still continues to be so. Recent days have seen the world gradually deviating from fiat currency to digital currency. Bitcoin and other altcoins are on the rise. Bitcoin is not backed by gold, and its value is decided by demand, supply and the number of transactions happening over the network. Thus making it more volatile compared to the....
The debate between Bitcoin and gold is often waged by two opposing sides: those who believe that Bitcoin is the future currency of the world, and those who think gold is the only alternative to fiat. However, there is a third-party in this discussion — although they are a minority in the cryptocurrency community. Disclosure: this author is a paid blogger....
The bitcoin-fiat exchange market has exploded over the last year, but it isn’t alone. In 2015, amid currency swings in the Russian ruble and the Euro among others, an increasing number of traders are looking to gold as a natural fit for their bitcoin holdings. The debate surrounding the relative merits of bitcoin and gold as a store of value has been passively continuing since the first trading options appeared several years ago. On paper, the similarities between the two assets are easy to see: a finite amount, almost infinite divisibility into smaller amounts, a mining process to make....
Bitcoin is not a gold standard as it is independent, without the intervention of any central bank or government agency. There has been a lot of comparison between bitcoin and gold in the recent times. Bitcoin has been compared to gold in many aspects. In fact, bitcoin is also called digital gold for a reason due to various similarities it shares with the yellow material. However, referring to bitcoin as a gold standard may not be relevant. The gold standard is a reference to the monetary system that was based on the value of gold. While most countries stopped following the gold standard....