Must See Infographic: Gold vs. Bitcoins
Fear has motivated hundreds-of-thousands of people to invest in gold bullion in the past decade amidst a slew of unfortunate economic events.
People are now convinced that gold is the one true real currency; a safe-haven from the ever-looming adverse affects of deflation. Those people want protection from a potential collapse of the dollar in an otherwise unprofitable economic environment.
But recently, a new currency has stolen some of gold's spotlight. It has captured the hearts of many Internet-savvy consumers...
The bitcoin is a virtual, digital currency created in 2008 by pseudonymous developer Satoshi Nakamoto. This year, the bitcoin became a global phenomenon and hit an all-time high, topping $200, on April 9, 2013. In intraday trading, it soared all the way to $240.11.
People are smitten by bitcoins because they are free from the control of central banks and represent the ideology of a true “free-market.”
Some have gone as far to call bitcoins “digital gold.”
Meanwhile many are skeptical of the bitcoin's volatility and wonder if bitcoins can be fairly compared to gold at all.
Esteemed politician and renowned gold-bull Ron Paul had this to say on the matter:
“To tell you the truth, it’s little bit too complicated. If I can’t put it in my pocket, I have some reservations about that. But it has been designed in the free market. If it is a means of exchange, it would not ever be illegal. You shouldn’t regulate it in the free market, but I do not think it fits the definition of money, which has been around for 6000 years. People want to see something they can know what it is, they can define it, touch it and put in their pocket. If you do not have a computer and someone running the computer and calculations, you don’t have it. I am not a big supporter of that, but I am not opposed to it. I admit, I do not fully understand what is going on with it.”
GoldMadeSimple has genereated an interesting infographic (below), outlining the battle between gold and bitcoins. Take a look:
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