Really good pic that showcases Bitcoin's money features vs fiat and gold

[pereira4]

I saw this and I think it's worth making a thread about it:



This picture easily displays why Bitcoin is the best form of money we've ever seen. Even the biggest newbies and casuals in the world of economy could understand this simple comparative. Of course they would need to know what those adjectives mean but anyone with basic education should know what those mean. It also shows just how insanely undervalued Bitcoin is for what it is. Just compare the marketcaps of fiat and gold vs Bitcoin and realize the sky is the limit.

[saturn643]

Where did you find this? I've seen it somewhere but I don't remember.

I think there are a few issues with this image.
Bitcoin isn't necessarily fungible. Apparently people are willing to pay more for newly generated "clean" Bitcoin than they are for used and "dirty" Bitcoin.
Also Bitcoin isn't all that durable. Accidentally hit one button and you could lose all of your Bitcoin forever
I would say that gold is easily transactable. It is fairly easy to hand over a chunk of gold.
Also I would say that gold is not easy to counterfeit. How does one exactly counterfeit gold?

[Amph]

i was thinking what if more than one government work together to release a somehow decentralized currency

in this case we can have high value on the sovereign aspect also, without going at the expense of decentralization

[cellard]

i was thinking what if more than one government work together to release a somehow decentralized currency

in this case we can have high value on the sovereign aspect also, without going at the expense of decentralization

It will never happen. The main point of a goverment is that they can control monetary control. It's against government's interest to decentralize and "open-source-ize" currency so it's just not going to happen. Therefore, Bitcoin remains as the best alternative.

[owm123]

I dont agree with this that bitcoin as "easily traceable" as fiat? Its not clear that fiat here means cash or credit cards. If we talk about cash, than bitcoin is much more traceable than cash. If credit cards, opposite is true.

[NorrisK]

The one thing that is wrong with this image is that it is clearly made to make bitcoin look superior..

It only lists things that are positive for bitcoin, but not one negative thing is listed. Everything has flaws, and to make this pic better, a couple of negative stuff like hackability, complexity, etc should be added.

[saturn643]

I dont agree with this that bitcoin as "easily traceable" as fiat? Its not clear that fiat here means cash or credit cards. If we talk about cash, than bitcoin is much more traceable than cash. If credit cards, opposite is true.

Uh... It says "Easily Transactable" not traceable.

[Hellacopter]

Yes it's expressive picture showing the most powerful features of the Bitcoin's crypto currency comparing with fiat and gold , that's why many bitcoin's users believe that bitcoin will become soon the most used global currency

[owm123]

I dont agree with this that bitcoin as "easily traceable" as fiat? Its not clear that fiat here means cash or credit cards. If we talk about cash, than bitcoin is much more traceable than cash. If credit cards, opposite is true.

Uh... It says "Easily Transactable" not traceable.

Oh:-) than its ok.

[The Sceptical Chymist]

Where did you find this? I've seen it somewhere but I don't remember.

I think there are a few issues with this image.
Bitcoin isn't necessarily fungible. Apparently people are willing to pay more for newly generated "clean" Bitcoin than they are for used and "dirty" Bitcoin.
Also Bitcoin isn't all that durable. Accidentally hit one button and you could lose all of your Bitcoin forever
I would say that gold is easily transactable. It is fairly easy to hand over a chunk of gold.
Also I would say that gold is not easy to counterfeit. How does one exactly counterfeit gold?

And I think this is absolutely silly.  Speaking for myself, I could care less if my bitcoin was previously used to buy guns, drugs, or illegal porn.  I'm sure the cash in my pocket has been used for similar shady enterprises.  At least, I think that's what you're getting at.

As for the chart, I think it was created with an eye toward giving the advantage waaaaay toward bitcoin.  (Ya think?)  I've heard it said that bitcoin is a solution in need of a problem, and I kind of see it that way.  Bitcoin has some disadvantages that are not shown on this chart, like transaction times, irreversibility, etc.  But thanks for posting it.

[Gleb Gamow]

I saw this and I think it's worth making a thread about it:



This picture easily displays why Bitcoin is the best form of money we've ever seen. Even the biggest newbies and casuals in the world of economy could understand this simple comparative. Of course they would need to know what those adjectives mean but anyone with basic education should know what those mean. It also shows just how insanely undervalued Bitcoin is for what it is. Just compare the marketcaps of fiat and gold vs Bitcoin and realize the sky is the limit.

Why wasn't the one 'low' in the crypto column not colored mauvish?

[nakedbitcoins]

I really like this graphic. I'll have to add it somewhere for sure.

[jyakulis]

I remember something like this when there was talk of intrinsic value and currency.

[defaultking]

One thing though is gold will always have value even if the economy goes in the tank or there is a worldwide blackout. Only way to destroy the value of gold would be to permanently contaminate it forever.

[OROBTC]

...

Yeah, I have a few minor issues with the graphic as well.

-- Bitcoin is not easily transactable.  Outside of here and reddit, who does Bitcoin?  It's complicated, you all have just forgotten...
-- Gold is relatively decentralized.  If you want essentially unlimited amounts, it is available.  You just have to pay the right price.
-- Gold is scarce

"There is always someone around who will take your gold in trade."  <--- Not true (yet) for Bitcoin.

[saturn643]

The picture portraits gold as moderately secure, false gold is very common

Oh. I didn't know that.

And I think this is absolutely silly.  Speaking for myself, I could care less if my bitcoin was previously used to buy guns, drugs, or illegal porn.  I'm sure the cash in my pocket has been used for similar shady enterprises.  At least, I think that's what you're getting at.

I agree, I too think that is silly. Yet people still do it. People apparently will buy newly generated Bitcoin at a premium rather than buying Bitcoin that could have been used for whatever illegal stuff at normal price.

[Hellacopter]

And I think this is absolutely silly.  Speaking for myself, I could care less if my bitcoin was previously used to buy guns, drugs, or illegal porn.  I'm sure the cash in my pocket has been used for similar shady enterprises.  At least, I think that's what you're getting at.

I think it's not the crime of the Bitcoin's crypto currency if people use it to buy illegal things, it's simply their fault . People already use fiat and gold easily to buy this things before the Bitcoin's creating and still use this currencies to make illegal deals nowadays.

[franky1]

Why wasn't the one 'low' in the crypto column not colored mauvish?

because its part of the "grey area" so low is a good thing and high is a bad thing

[joe 90]

Where did you find this? I've seen it somewhere but I don't remember.

I saw it on this blog over a year ago. It's a good info-graphic that explains the gold/fiat/bitcoin comparison is as few words as possible. Dug Campbell's blog is worth reading for his Bitcoin 101, though the part about the Bit License is slightly out of date. There have been new developments since he made posts about it.

http://www.dugcampbell.com/money-comparison-gold-fiat-bitcoin/

[LFC_Bitcoin]

Nice thread pereira - I don't think it can be argued that bitcoin has huge potential. We just need to see bitcoin's potential realised. It's going to take a long time, who is willing to wait......