Gold an alternative to fiat money?

Venezuelan 🇻🇪#socialist #president, Nicolas Maduro, requested $1.2B worth of Venezuelan #gold ⚜️be removed from Bank of England🇬🇧 and returned to Venezuela. ⠀⠀⠀⠀⠀⠀⠀⠀⠀

The Bank of England 🏴󠁧󠁢󠁥󠁮󠁧󠁿 denied #Maduro and refused to return the gold ⚜️to #Venezuela .⠀⠀⠀⠀⠀⠀

Why does this matter❓

Because this highlights a major advantage that #bitcoin🥇and #cryptocurrencies have over gold⚜️. ⠀⠀⠀⠀⠀⠀⠀⠀⠀

Many smart people want a sound economic system that prevents the endless printing of money🖨, such as a gold⚜️ backed currency like the #US used to have. This prevents #hyperinflation because the supply of money is capped by the amount of gold⚜️ a country has. ⠀⠀⠀⠀⠀⠀⠀⠀⠀

The problem with using gold⚜️ as a currency is that the gold backing the currency still has to be stored somewhere by some entity that you #trust.

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But what happens when that entity is not trust worthy❓

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You can say good bye to that gold⚜️ you thought you had. 🤦🏻‍♂️

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Cryptocurrencies allow you to become your own #bank 🏦 where you don’t rely on any other entity. You have full control over your #money .

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Trust #math and computer science💻, not people👨‍👩‍👧‍👦. ⠀⠀⠀⠀⠀⠀⠀⠀⠀

#crypto #cryptocurrency #cryptocurrencies #economics #money #wealth #learn #bitcoin #blockchain #economicfreedom #prosper #cryptonomics #economy #business #finance #motivation #smart #think #future