Is Bitcoin Better than Gold? Part One: Transaction Costs and Centralization

Is Bitcoin Better than Gold? Part One: Transaction Costs and Centralization

In many ways, gold and Bitcoin are similar. They are both scarce; gold is scarce by nature and Bitcoin has scarcity coded into its protocol. Gold and Bitcoin are divisible; gold can be melted into small coins or even shaved into tiny flecks. Each bitcoin is divisible by eight decimal places. They are both fungible; each ounce of gold is interchangeable with the next, and all bitcoins are interchangeable with one another. Gold and Bitcoin are also very different in many respects. Gold is physical, Bitcoin is digital. Gold relies on banks for safekeeping and payments, Bitcoin is stored on a....


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