A gold backed digital currency would be awesome for exchange purposes. I too am an old man (well middle aged anyways) and lean toward physical over digital but I see the merrits of both.
16lbs of gold is a lot to carry on hand sure but not much in regards to the ability to possess securely.
My problem for digital currency being "the fiture" is just that if you base your wealth on something you can only see on a computer screen is what happens if the lights go out? What happens if something is hacked? What happens if someone else doesn't want your digital monies for purchase or trade? The two working together would be a great failsafe.
I used to think the same thing but the Bitcoin network is incredibly secure. It's decentralized as well so even if all electricity goes down in the US your Bitcoin is still secured on the Blockchain. They would literally have to EMP the entire world to take down Bitcoin and even then I know some bitcoin miners would still run since they're underground and shielded, many miners are actually using old coal mines to run their equipment in since it stays so cold down there.
if you base your wealth on something you can only see on a computer screen is what happens if the lights go out?
Are you talking about BTC, or the supposed money in your bank account, which is nothing more than data on their server, that you can only see on a computer screen?
I'm old enough to remember when credit cards began, and people doubted them because of the inconvenience, and "not every place accepts them."
Times change with technology, it's called progress. None of us can predict the future; we're all on this ride together, and I guess we'll all know, eventually, how things turn out as we move forward.
You theories of a death of Bitcoin, you can say the exact same with our funny money of today and even precious metals. System down- how do you get your 1's & 0's on a screen into your hand. Hacked- what about someone robbing your physicals. Someone does not want your digital- you gotta have trust that your physicals are real or weigh correctly. Bitcoin is trustless & fungible 1 Bitcoin is 1 bitcoin
A gold backed digital currency would be awesome for exchange purposes. I too am an old man (well middle aged anyways) and lean toward physical over digital but I see the merrits of both.
16lbs of gold is a lot to carry on hand sure but not much in regards to the ability to possess securely.
My problem for digital currency being "the fiture" is just that if you base your wealth on something you can only see on a computer screen is what happens if the lights go out? What happens if something is hacked? What happens if someone else doesn't want your digital monies for purchase or trade? The two working together would be a great failsafe.
I used to think the same thing but the Bitcoin network is incredibly secure. It's decentralized as well so even if all electricity goes down in the US your Bitcoin is still secured on the Blockchain. They would literally have to EMP the entire world to take down Bitcoin and even then I know some bitcoin miners would still run since they're underground and shielded, many miners are actually using old coal mines to run their equipment in since it stays so cold down there.
Are you talking about BTC, or the supposed money in your bank account, which is nothing more than data on their server, that you can only see on a computer screen?
Exactly, that's why I prefer tangible assets and value over a number on a screen. I hold no debts and have as little in the bank as possible.
Right. So I go to the bank to withdraw cash to spend in person. Not every place I shop accepts Bitcoin.
I'm old enough to remember when credit cards began, and people doubted them because of the inconvenience, and "not every place accepts them."
Times change with technology, it's called progress. None of us can predict the future; we're all on this ride together, and I guess we'll all know, eventually, how things turn out as we move forward.
You theories of a death of Bitcoin, you can say the exact same with our funny money of today and even precious metals. System down- how do you get your 1's & 0's on a screen into your hand. Hacked- what about someone robbing your physicals. Someone does not want your digital- you gotta have trust that your physicals are real or weigh correctly. Bitcoin is trustless & fungible 1 Bitcoin is 1 bitcoin