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.
Quick, convert it to gold and silver before BTC crashes!
(And before IRS tracks the address and comes for tax)
You're talking about close to 16 lbs of gold if my math is correct. Bitcoin is the future, old man
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.