Comment by KetoManx64
4 days ago
Better than gold in what aspect? Good luck trying to move to a different country and bringing all your gold with you without filling out a hell of a lot of forms and risking confidcation for "money laundering". Bitcoin doesn't have this problem
The supply of gold is always inflating. One day we will have asteroid mining of gold and it will be inflated even more. Bitcoin doesn't have this problem.
Nobody will accept your gold for a cup of coffee in day to day life, but restraints and coffee shops will increasingly take your bitcoin over lightning.
Have you tried? Gold is tax free for import and export practically everywhere. At most you need to declare it, and that's it. Customs look at your declaration for one second and waves you by. Same with large amounts of fiat money.
And even if you want to "smuggle" gold, it's not hard either. Nothing is easier.
> One day we will have asteroid mining of gold
Rejoice, that will be the best day in the history of humanity!
Doesn't bitcoin have a big potential problem of someone breaking asymmetric cryptography.
Every single financial system that currently exists has a big potential problem if someone breaks asymmetric encryption. Every single government power also has a very big problem as well.
Almost every entity in the world has an incentive to find the solution to this problem, and when it is found Bitcoin will just do a soft fork and include it into itself.
Bitcoin is a protocol which has evolved over time to meet the needs of its users. In the next decade or so, Bitcoin will have a soft fork to deal with the problem of quantum computers.
Even if a state actor manages to break the asymmetric cryptography before then (literally impossible to get enough compute power to do this currently), the users can just fork the blockchain before that happens, fix the bug, and continue on.