Bitcoin versus Gold
One of the most frequently asked questions is; "I cannot see, touch or feel a Bitcoin. Just what is it?"
In this section we provide an insight into what Bitcoin is as a high value, non-tangible rapidly growing and easily transactable global financial instrument, compared to gold, a high value tangible precious metal.
When Bitcoin was created by its developers in 2009, their core requirements were sustainability, value, growth, scarcity, rarity, ease of use for fast, efficient and accurate global transacting, ease of access and security. It was decided to use gold as a reference, which they did. [See the Bitcoin vs Gold comparision table below].
Are you a member of an airline, banking or retail chain rewards program or similar, such as the British Airways Club Program, the First National Bank (South Africa) E-Bucks Reward Program, or the South African Airways Voyager Program or similar?
If your answer is yes, have you ever seen, touched or felt an airline, bank or retail reward program coin? The answer is no. You cannot see, touch or feel them, because they do not physically exist. Bitcoin is no different.
Yet, all have one common characteristic. There is a value attached to a line of computer script, which you can see on a computer screen or printed on paper when you need to look at or review your balances.
The "currency" of all such rewards programs exists electronically. It is transacted electronically, just as is done with Bitcoin.
Bitcoin vs Gold Comparison
The table below was developed by BPM. It is provided to give you a tangible reference to Bitcoin using gold, just as the intitial creators of Bitcoin did when they designed and created Bitcoin. In addition to the table, see the video provided below the table, which BPM has found most informative and useful.
The following video is most informative. It provides useful information on the Blockchain and many aspects of Bitcoin. The producer and commentator is Chris Dunn, a Bitcoin expert, who is hereby acknowledged.