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What You Need To Know About Bitcoin And Precious Metals

By Justin O'Connell on February 13, 2013

For those long time purchasers of precious metals, understanding what is fundamentally money and the difference between it and currency,  is easy.

Precious metals have been money throughout history.

Their luster is desirable to all peoples throughout the world regardless of culture, education, or any other demographic that one can find.

Precious metals are of course “precious” meaning that they are limited in their availability and the enormous time and resources required  in order for one to be able to attain these metals.

Bitcoin too is money because it contains all the aspects of money that precious metals do.

The only thing that Bitcoin does not share with precious metals as far as being fundamentally money is history.

Bitcoin carries no risk to venders or buyers of obtaining a counterfeit coin, the mathematics behind it make counterfeiting impossible.

“Credit cards were never designed for use on the internet” says Anthony Gallippi, CEO of BitPay.

People, as they become familiar with what Bitcoin is, choose to accept it more and more as an alternative to fiat currency.

Published in Bitcoin, Gold and Silver

Justin O'Connell

Founder of GoldSilverBitcoin

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