Bitcoin Gold: How Did Bitcoin Become Digital Gold?
Gold
Gold is a precious metal and one of the world’s most valuable elements. 1 Troy Ounce is worth over $1,000.
Gold is in finite quantities which makes the precious metal even more valuable. The gold industry is worth trillions.
Due to the value of Gold it is used as a store of value.
Bitcoin
Bitcoin is credited as being the world’s first decentralized crypto-currency. Bitcoin has a limited supply of only 21m. As of January 2017, the current price of 1 Bitcoin is over $800.
Bitcoin and the blockchain technology it brought has created an industry worth several billion dollars.
Bit Gold
What is Bit Gold? In this report, the term Bit Gold is used as a metaphor to symbolize the similarities of Gold and Bitcoins. If Bitcoin is the digital gold, then we might as well refer to Bitcoins as: Bit Gold.
As of April 2017, Bitcoins reached Gold parity more than once, making it the first currency in history to surpass the value of Gold - the oldest money on earth. The [coins] in Bit[coins] are golden after all.
I thought you were going to talk about the Bitcoin Gold fork coming up this November. You got me!
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