How Bitcoin differs from gold | The Guardian Nigeria News


(FILES) In this file photo taken on September 24, 2020 shows a physical imitation of a Bitcoin at a cryptocurrency “Bitcoin Change” shop, near Grand Bazaar, in Istanbul. – (Photo by Ozan KOSE / AFP)

Gold’s market capitalization is around 11 trillion USD. That means it’s the most precious metal globally. No asset has also challenged its position within the global economy. Initially, people used gold to back other currencies. Today, critics argue that early investors poorly did gold’s adoption to the current economic system. But, this is a testament to the undying and strength of this asset.

However, the emergence and increasing popularity of the pioneer cryptocurrency, Bitcoin, has sparked a debate about the possibility of a gold replacement. Some people argue that Bitcoin could replace gold in its position within the global economy. That’s because Bitcoin had outperformed gold several times since its inception back in 2009. But how does this cryptocurrency differ…

Source: Guardian Newspaper