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RE: Bitcoin is better than gold and this is why...

in #bitcoin6 years ago

I have no use for gold. And before people say "if electricity goes out you lose all your Bitcoins" this is far less likely of a scenario than government confiscation scenarios, and even if that did happen it would only allow for even easier confiscation of your gold as well because banks can be robbed easier than the Bitcoin blockchain.

So where exactly do you want to hide your gold? In a bank right? So when it's confiscated from the bank then what? People put money in banks around the world and this doesn't stop a dictatorship from confiscating from the banks.

  1. https://www.cnn.com/2019/01/26/uk/venezuela-maduro-bank-of-england-gold-withdrawal-gbr-intl/index.html
  2. https://www.forbes.com/sites/greatspeculations/2012/12/10/yes-governments-do-steal-gold/#30f470a83086
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But if a powerful government wanted to destroy Bitcoin (or perhaps steal it), that could be done as well. Maybe in the future it will be impossible but it really isn't today.