An ounce of Gold or an ounce of Bitcoin?! (Contest Inside!)
Ok ok, Bitcoin isn't actually measured in ounces, or any other form of weight for that matter.
However, for those of you that are into this sort of thing...
Bitcoin is now almost 3x the current price of the yellow metal as it is setting new highs today over $3400 per coin.
Why is that significant?
Well it isn't really, other than the fact that Bitcoin is often referred to as the digital gold. With hopes to be the new store of wealth that gold has been for so many centuries.
Just 6 months ago, Bitcoin and gold traded at parity around $1200, meaning they were both trading for roughly the same amount.
In less than 6 months, Bitcoin has tripled and gold has...
(crickets chirping)
...well gold has stayed roughly the same, currently tipping the scales at $1258.
Can you see why investors are starting to flock to cryptocurrencies?
The chart below shows the price of gold over the last 2 decades:
Other than this symbolism there really aren't many similarities between gold and Bitcoin.
For instance:
One is physical, while the other is digital.
One has a finite supply, while the supply of the other one fluctuates with it's price.
Plus there really is no similarity in their market movements basically since Bitcoin was created.
Either way, I still like the label of Bitcoin being "digital gold", it has a nice ring to it and I would sure love for Bitcoin to copy that chart of gold above over the next couple decades! :)
Back to the title of this post...
I have a riddle for my readers out there, and the first person to correctly answer this riddle gets 1 SBD.
The riddle is likely one that you have heard before, but think a little more critically about it this time.
The riddle is as follows:
"What weighs more, a pound of feathers or a pound of gold?"
The first person to correctly answer this and to tell me why in the comments section wins 1 SBD!
Good luck and stay informed my friends!
Sources:
https://www.coindesk.com/bitcoin-is-now-worth-nearly-3-times-as-much-as-gold/
Image Sources:
https://www.thingiverse.com/thing:1663098
https://www.moneymetals.com/precious-metals-charts/gold-price
Follow me: @jrcornel
A pound of feathers weighs more then a pound of gold as gold is measured using the Troy system where 12 ounces equal a pound (as opposed to 16 ounces equal a pound for feathers).
By the way i think bitcoin should be called liquid platinum. or maybe we use that for other, better cryptos!
Well done. I honestly thought they were the same...
Ding Ding Ding! We have a winner! Nice job. 1 SBD will be transferred to your account shortly.
How about liquid platinum we keep reserved for Steem when the time comes ;)
haha i think we can all agree on that!
thank you for your valuable comment. i am new here .i am follow you . i am waiting for your next post
cool. well welcome and enjoy!
Nicely done! 🎉🎊
Nice post on bitcoin and gold, I like the comparison. If I had to choose between gold and bitcoin of the same amount, I'd choose bitcoin any day. I see you got your answer about the pound of gold and feathers. I didn't know about the troy system before, I guess you learn something new each day :) Thank you for sharing :)
btc should equal a kilo of gold soon :D
Two things @jcronel. First, my answer:
A pound of feathers must weigh more being gold has traditionally been looked at by the troy ounce and that is only 12 ounces to a pound.
Second: To me bitcoin is the digital gold because similar to gold it is looked at as more a store of value than a transactional currency, at least that is how I look at it.
You are correct but just a little too late... someone else just beat you to the punch!
Ah, yup that comment wasn't there when I started mine but was when I finished. So close! ;-)
I gave you half a SBD (ish) with my vote for coming in a close second ;)
Ah, it's all good buddy, appreciate it.
Riddle answer- neither, they are both a pound, unless a pound is not a unit of measurement and in fact a currency unit, then the feathers.
You are on the right track... but not quite what I am looking for... :)
@jrcornel...they should weigh the same since they both weigh a pound.
Bitcoin Cash needs to have its logo changed to become the silver of crypto to Bitcoin's gold.
One pound is one pound no matter what material.
In most cases yes. However, think very critically about this one...
They both weigh the same. A key difference between gold and BTC is BTC isn't being manipulated by naked shorts and paper contracts. If everyone with a paper claim tried to get their physical share in gold, there would be a short squeeze and the price of gold would explode.
Now that derivatives markets are opening up to Bitcoin, I am not sure how much longer the same won't be said for Bitcoin. Regarding your answer... incorrect :)
Bitcoin is the new gold...