Posted on 05/22/2017 12:09:28 PM PDT by Enlightened1
1 Bitcoin equals 2251.00 U.S. dollars, and 1 ounce of Gold is 1.260.85 U.S. dollars.
https://www.google.com/search?client=opera&q=bitcoin+price&sourceid=opera&ie=UTF-8&oe=UTF-8
and
http://goldprice.org/live-gold-price.html
How is that bit coin is more valuable than gold?
(Excerpt) Read more at google.com ...
How does Bitcoin have any value at all?? Isn’t it all based on supply and demand, and in turn, based on desire of people to conduct financial transactions outside the banking system?
And since Bitcoin is not backed by any assets, is not a national currency backed by full faith and credit of anyone, isn’t it really all a matter that, since the participants in the Bitcoin market believe it has value, and buy and sell it as a commodity, that this is why it has value???
Your gold price depends on what kind of gold you have. Nuggets, coins and bullion have quite different prices.
Gold has value because people believe it has value.
This has always been the case. Gold is so traditional, that we think nothing of it. “Gold has value” — everybody knows that.
But bitcoin is not substantially different — although the current opinion of the value of bitcoin may not last thousands of years. So Gold probably has an advantage there.
So, the 4 BC I acquired at $450 are worthless? Let ‘em ride!
Which makes it a little tough to buy a pack of smokes with.
It has value because people are willing to pay for it. In the hope that someone down the line will pay more for it.
There is no intrinsic value, like silver or gold or wheat, and bitcoin is not backed by a promise to pay, like the US dollar.
no that means you have over $9000
What is Gold but a shiny rock.
Same way anything has value. People want it. People are the source of all value, even the very money we spend to get things only has the value the people give it. The “full faith and credit” backing of currency has no meaning. It’s the willingness of the recipient to take it that matters.
I think most people overestimate the value of their gold jewelry. To be pure gold, it would be 24caret, which isn’t going to happen. Class rings? Forget it. Mine were only 10 caret. That’s about 42% purity, and most rings don’t weigh that much.14 caret gold? 58%. Besides that, it’s important to have a buyer who won’t rip you off. It’s important that people are aware of the actual value of what they’re purchasing, or they’ll be ripped off both buying and selling.
My BC are locked up in a “wallet” online. I’ve been outta-the-loop for the past few years recovering from a spinal cord injury. Time to figure out how to cash in, probably; before they go the way of tulips. The system underlying BC is what is so fascinating.
The prices of items that can be bought with bitcoin are never full multiples of BTC. A bitcoin can be split into 100 million parts (or satoshis) for purchasing cheaper items like cigarettes or first class tickets to Hawaii.
It actually is closer to GOLD than the US Dollar is. The only thing keeping the US Dollar from collapsing is the idea that the US cannot collapse.
Bitcoin is limited by scarcity in that once the last bitcoin is mined...that is it...there is no more.
Add to that it is THE cryptocurrency...the brand name, and there will always be a demand for that.
Now where it settles as a fair price is anyone’s guess....but I certainly wish I had bought it at $30.00 a bitcoin a few years ago as I had thought about. But I talked myself out of it.
Somebody almost made it clear to me how bitcoins were invented out ofnumerical sequences from computer transactions. Bitcoin is closer to those Enron stocks were when that collapsed. Poof....nothing there. Not even a pretty flower.
At least that’s the theory. In practice I have yet to see a 7-11 that took bitcoin.
I agree, and the concept of a currency outside of government fascinates. But bitcoin could be tulips.
Good luck with your recovery.
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