Gold and the blockchain are two very different entities. One ancient and used for centuries and trusted by the entire world was the most widely used medium of currency. However paper currencies have revolutionized the way we trade but could Bitcoin and the blockchain be the next step up?
The increase in foreign exchange controls in many countries has meant paper currencies are hugely affected by governmental regulation. The blockchain has become the future of currency transfer as envisioned by some controls. While the potential of Bitcoin has become hard to ignore for many countries the popularity of gold is raising considerable in developing countries primarily. The withdrawal of many large denominations of currency and the relative performance of other precious metals such as platinum or silver has encouraged the use of gold.
A lot of people are going to find it somehow easier to buy into the idea of gold as a store of value than Bitcoin, given that gold has been around rather longer.
Global Advisors owner, Rus Newton, reporting to EuroMoney
However there have been many problems associated with the use of gold as a medium for savings and investments alike. Storage and authenticity are two of the biggest problems due to the widespread nature of the factors.
To conclude gold will always be a timeless form of wealth. Symbolising power, the precious metal has lost much of its function in the investment and trading realm as prices rarely swing much. This is let it be compared to Bitcoin on many occasions as Bitcoin too remains extremely valuable, and prices do not frequently swing much in either direction. You too can experience Bitcoins potential via the NairaEX exchange. The NairaEX exchange is Nigeria’s premium exchange allowing you to purchase Bitcoin at premium prices and delivery is within hours!