Bitcoin is the gold of the cryptocurrency industry. The Bitcoin (BTC) is often referred to as the digital gold of the virtual world. During a conference in New York City, the co-founder of cryptocurrency exchange, Gemini, backed the Bitcoin Gold theory saying that Bitcoin is better being gold than the solid gold.
Bitcoin (BTC) Price Today / USD
Bitcoin and gold have some similarities as well as differences. Both assets are scarce, divisible, and fungible. However, in Tyler’s opinion, Bitcoin is better than gold at being gold and the fact that it isn’t tangible makes it more portable.
Bitcoin Gold, Digital Oil, and Silver
In Tyler’s opinion, as Bitcoin is the gold of the digital world, Ether is the oil that fuels the Ethereum blockchain. Developers can build decentralized apps on the Ethereum blockchain with the Ether tokens. Litecoin, on the other hand, is the silver to Bitcoin’s gold. According to Tyler, Litecoin is more like a testnet. A testnet is a simulated form of a prospective blockchain that developers run without any risk. For this reason, Litecoin is just like Bitcoin Gold. The only difference is the size of the market.
Currently, Gemini only allows BTC and ETH transactions. During the conference, a member of the audience asked Tyler if the exchange will accept Bitcoin Cash (BCH). Tyler didn’t give any straight answer but his response gave the audience the opinion that it’s unlikely for the exchange to add Bitcoin Cash anytime soon.
ICOs and the Winklevosses
Tyler and Cameron Winklevoss were keynote speakers in an event in the Museum of American Finance. Ethereum’s co-founder, Joe Lubin was also in attendance. There were some disagreements during the discussion regarding the regulatory stance of initial coin offerings. While Joe Lubin supported ICOs as the best way to raise capital, he believed that a self regulatory model should be put in place to help minimize the risks. Tyler, did not agree with the idea that initial coin offerings are compliant with the current security laws in the country.
Do you agree with Tyler? Is Bitcoin gold better than gold itself?