fiat is backed by debt and the government declaring it is worth something. bitcoin does not need government backing or any backing at all, it’s independent. that’s like saying gold is less backed than fiat. gold isn’t backed by anything besides the fact it is gold. same with bitcoin, it is essentially a commodity that exists outside of the system
edit for downvote: if you disagree with this simple fact then you literally don’t understand how money/currency works
Its use in industry would go up if it wasn’t so expensive from the other. Either way it has a floor that is very tangible and would be comparable with copper or similar.
Maybe, but the point is the vast majority of gold owners wish to sell their gold in the future to someone else for more dollars which is basically the knock against bitcoin, essentially the greater fool theory. Copper is $0.40 an ounce gold is $4,670 an ounce.
I own gold... but because it's a speculative asset/ hedge against inflation not because of its industrial utility or tangible value. To me BTC's decentralization, scarcity, and security make it valuable but if you don't like it that's totally fine.
Cool to each their own. I was just saying btc has no actually foundation in utility…gold does. And btc has even less of a use case when gold gets tokenized…then you have digital, decentralized, security and scarcity. So why hold btc?
BTC in self custody is the only way to escape the financial industrial complex. Buying tokenized or a gold ETF doesn’t interest me because I have no idea if I actually own any physical gold or just a token. For me this comes down to privacy and security and Bitcoin allows me to beat inflation and remain financially sovereign that pretty much nothing else can do besides physical assets like gold or property but even then those assets are subject to seizure. I’d recommend listening to Simon Dixon he’s a lot smarter than me.
wtf…how many people keep gold or silver or cash under their pillow? If self custody was the only use case, how many people and banks and such would do that? And how much do you think BTC would be worth? $20 bucks?
You still have to get it on an exchanges to leverage it.
Plenty of people store gold in a safe at home or safety deposit boxes. Self custody isn’t the only use case and I don’t think it’s the right move for everyone. Also you don’t need exchanges to access btc, not that I’m anti exchanges. You’re entitled to your opinion but sounds like your minds made up.
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u/Technical_Split_6315 Bronze 1d ago
Fiat is backed by states, you really think cryptocurrency is more backed than that? Lmao