The world of cryptocurrency has been getting a great deal of attention lately, mainly due to the increase in currencies, like Bitcoin. It is sometimes referred to as “digital gold”, however, there are some misconceptions about this new form of currency. Here are some of the differences between Bitcoin and Gold Coin.
Digital vs Physical
The most obvious difference is that Bitcoin isn’t backed by any physical currency. It is purely digital which is highly divisible, there are businesses that will accept it as currency. While gold coins are physical objects that you can touch, feel and secure. Some people feel that precious metals like gold are much safer than having money stored somewhere insecure.
The fears of getting hacked have come to light after reports of people and companies missing millions of dollars of Bitcoin and other cryptocurrencies.
There isn’t a third party involved, so it can be hard to trace and prove what took place in these transactions.
Volatile vs Steady
The massive growth of Bitcoin has sparked a lot of attention, some fear missing out. While this space can be volatile and change each day. This massive surge has created many millionaires. It is clear that there is money to be made once a person learns more about it.
Gold, on the other hand, is an investment that is considered stable. Some investments will see ups and downs, gold doesn’t have as many swings each day. Gold coins, especially rare ones are valuable and appreciate over time.
It really just depends on how much of a risk taker an individual is and if they are willing to stick their neck out to get in on this new digital currency. There is money to be made in this market.
New Age vs Ancient
Gold has been valuable as long as history dates back. It is used in jewelry and currency. Precious metals have always been a symbol of wealth. Many times, gold is associated with royalty and those that are really wealthy. Gold is a long-term investment.
Bitcoin is a new phenomenon and it is hard to know exactly what will happen. It will take time for the crypto market to mature and then years of data can be evaluated. There are experts who feel that in 2019, Bitcoin will reach a new peak. It is becoming a little more mainstream. To get more info, try this article.