Bitcoin or gold?

[deisik]

And if you have only one such device and it breaks, could you buy a new device and use it to restore the keys? If this is not possible, then we are basically back to square one, i.e. having the wallet irreparably broken effectively means that you lose your coins

I think you didn't really understood what I meant when I said that it's adviced to have 2 Trezor devices. In case of one device getting corrupted (breaks), then you will have to other (clean) Trezor device, which you can use to restore the keys from the corrupted device so you won't lose anything. That's the purpose of the recovery seed. If you just have one device, you must buy yourself a new one in case your device corrupts. If you just have the recovery seed, but no device, then there is no way you can recover your keys, and thus you have nothing. Having a second device as backup is recommended for that reason

I was just asking for clarity

Though I still don't understand why you should keep a master key which, as you say, you still can't use to restore the private key directly and thus should use a second hardware wallet (which adds risks if these are no longer available) if you can just encrypt your real key from this wallet and keep it in absolutely the same way as your master key. In this case, you wouldn't need a second device at all with risks being even lower at that (if someone steals the master key he could restore the private key using his own wallet). Basically, with these hardware wallets you are making your life unnecessary complicated, especially in the case when things go awry

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[dirokkl]

I do not know how you can become bogvtym investing in gold. It will be necessary to wait 40 years - 50 to get arrive from such investments. But why should I in 70 years will need this wealth. That is why I invest in Bitcoin. His price is rising very quickly and it is possible to multiply your capital in a few years

[1Referee]

Though I still don't understand why you should keep a master key which, as you say, you still can't use to restore the private key directly and thus should use a second hardware wallet (which adds risks if these are no longer available) if you can just encrypt your real key from this wallet and keep it in absolutely the same way as your master key. In this case, you wouldn't need a second device at all with risks being even lower at that (if someone steals the master key he could restore the private key using his own wallet). Basically, with these hardware wallets you are making your life unnecessary complicated, especially in the case when things go awry

I'll admit that it's indeed odd that you always need a Trezor device in order to recover your keys (which means that Trezor indirectly is still somewhat of a central authority here), but people prefer this hardware wallet for numerous reasons. Best thing is that when you transact with people, it basically doesn't matter whether or not you run everything from a clean cumputer as there is no way malware could affect anything. I think this is what gives people an ultimate form of condince.

[deisik]

Though I still don't understand why you should keep a master key which, as you say, you still can't use to restore the private key directly and thus should use a second hardware wallet (which adds risks if these are no longer available) if you can just encrypt your real key from this wallet and keep it in absolutely the same way as your master key. In this case, you wouldn't need a second device at all with risks being even lower at that (if someone steals the master key he could restore the private key using his own wallet). Basically, with these hardware wallets you are making your life unnecessary complicated, especially in the case when things go awry

I'll admit that it's indeed odd that you always need a Trezor device in order to recover your keys (which means that Trezor indirectly is still somewhat of a central authority here), but people prefer this hardware wallet for numerous reasons. Best thing is that when you transact with people, it basically doesn't matter whether or not you run everything from a clean cumputer as there is no way malware could affect anything. I think this is what gives people an ultimate form of condince

If there is a will, there is a way

As I understand it, a hardware wallet still runs some piece of software since otherwise how can it be used? But all software is bug prone no matter how hard you or they may test it (I wouldn't trust it anyway unless it is open-sourced). Modems, routers, and whatever network equipment exists out there get hacked every other day. So if a hardware wallet gets connected to Internet, you are not 100% safe from it being hacked by some malicious code. After all, Iranian centrifuges for separating nuclear materials got incapacitated due to the attack of Stuxnet virus which specifically targeted programmable controllers (which a hardware wallet basically is)

[cramcram21]

Rather than choosing between the two why don't we just get them both,
I mean yeah Bitcoin has only been aroun for 5 year's and the user and it's price keeps on getting high,
So let's just assume that after 10 more years bitcoins price would be double or maybe triple by its current price.

[Sithara007]

I do not know how you can become bogvtym investing in gold. It will be necessary to wait 40 years - 50 to get arrive from such investments. But why should I in 70 years will need this wealth. That is why I invest in Bitcoin. His price is rising very quickly and it is possible to multiply your capital in a few years

What a load of BS? I agree that gold is more suitable for long term investment. But at the same time, you don't need to wait for 50 years to get good returns from gold. Even three years is more than enough.

[rizkyhiw]

Rather than choosing between the two why don't we just get them both,
I mean yeah Bitcoin has only been aroun for 5 year's and the user and it's price keeps on getting high,
So let's just assume that after 10 more years bitcoins price would be double or maybe triple by its current price.

When you faced on an option like this you cannot really choose for both
There must be an advantages/disadvantages among them , and then back to you to choose which one
Gold have a stagnant price but also have a strong backups
While bitcoin is volatile and still building ecosystem, the backup not as strong as gold which has been eastablished.

[wh04m1]

Gold! Bitcoin is safe when the world is safe. World is heading towards WW3. We can experience power outages. No power - no bitcoin acces.

Alternative energy sources are being explored. Today, electricity generation is not a problem. There are many different methods for electricity generation. If electrical systems can not be used at all, you can not produce it. You need electricity to extract gold or any other underground wealth.
Underground and above ground working machines have electrical impulses. The digital systems used need electricity.
So if there is no electricity, nothing will happen.

[Nimbulan]

Gold! Bitcoin is safe when the world is safe. World is heading towards WW3. We can experience power outages. No power - no bitcoin acces.

i think it is not good to think about ww3. because it can be the last war. i think every thing is ok now and we can expect that the minor issues that are between the countries will be solve very soon.

Well it is how it is, it is better to think about it right now than to be surprised that it happened, in my opinion if the ww3 happens, bitcoin will save quite some countries and lives because of a free transfer of money between countries.

[Oggy1987]

And if you have only one such device and it breaks, could you buy a new device and use it to restore the keys? If this is not possible, then we are basically back to square one, i.e. having the wallet irreparably broken effectively means that you lose your coins

I think you didn't really understood what I meant when I said that it's adviced to have 2 Trezor devices. In case of one device getting corrupted (breaks), then you will have to other (clean) Trezor device, which you can use to restore the keys from the corrupted device so you won't lose anything. That's the purpose of the recovery seed. If you just have one device, you must buy yourself a new one in case your device corrupts. If you just have the recovery seed, but no device, then there is no way you can recover your keys, and thus you have nothing. Having a second device as backup is recommended for that reason.

Not sure for Trezor, but you can recover your Ledger wallet without second device. So lets say you lose your hardware, and still have recovery sheet. You can recover it with software wallet, there is couple of them that are compatible, like Mycelium.

[voltesbit777]

If you had to convert all your wealth to either Bitcoin or gold and keep it there for 10 years, which would you choose? Keep in mind the fact that Bitcoin has only been around for 5 years, and could be fundamentally different in any number of ways in 10 years.

Bitcoin and Gold are both have value in the community. But the difference was in terms of technology Bitcoin surpassed the gold and bitcoin is very open source to any citizens all around the world, unlike gold only can afford type of people can have a chance to have it.

[8Habits]

If you had to convert all your wealth to either Bitcoin or gold and keep it there for 10 years, which would you choose? Keep in mind the fact that Bitcoin has only been around for 5 years, and could be fundamentally different in any number of ways in 10 years.

Bitcoin and Gold are both have value in the community. But the difference was in terms of technology Bitcoin surpassed the gold and bitcoin is very open source to any citizens all around the world, unlike gold only can afford type of people can have a chance to have it.

There is no denying that indeed bitcoin is the new gold for today because people just love the way it is working - very convenient in terms of online commercial transaction. It is a really a fortune to some individual now who ere just very simple and now got lots of money already.

[Zisove28]

If you had to convert all your wealth to either Bitcoin or gold and keep it there for 10 years, which would you choose? Keep in mind the fact that Bitcoin has only been around for 5 years, and could be fundamentally different in any number of ways in 10 years.

Bitcoin and Gold are both have value in the community. But the difference was in terms of technology Bitcoin surpassed the gold and bitcoin is very open source to any citizens all around the world, unlike gold only can afford type of people can have a chance to have it.

There is no denying that indeed bitcoin is the new gold for today because people just love the way it is working - very convenient in terms of online commercial transaction. It is a really a fortune to some individual now who ere just very simple and now got lots of money already.

Nobody argues yato Bitcoin - it is very convenient. But Bitcoin is not as reliable as gold. The price of Bitcoin is constantly changing, which makes it not very stable

[lister storm]

If you had to convert all your wealth to either Bitcoin or gold and keep it there for 10 years, which would you choose? Keep in mind the fact that Bitcoin has only been around for 5 years, and could be fundamentally different in any number of ways in 10 years.

Bitcoin and Gold are both have value in the community. But the difference was in terms of technology Bitcoin surpassed the gold and bitcoin is very open source to any citizens all around the world, unlike gold only can afford type of people can have a chance to have it.

There is no denying that indeed bitcoin is the new gold for today because people just love the way it is working - very convenient in terms of online commercial transaction. It is a really a fortune to some individual now who ere just very simple and now got lots of money already.

Nobody argues yato Bitcoin - it is very convenient. But Bitcoin is not as reliable as gold. The price of Bitcoin is constantly changing, which makes it not very stable

well bitcoin is reliable because the price is going higher or lower with the overall trend up, gold price is also fluctuating just not that wildly, doesn't that mean that bitcoin is not reliable as well?

[JL421]

Rather than choosing between the two why don't we just get them both,
I mean yeah Bitcoin has only been aroun for 5 year's and the user and it's price keeps on getting high,
So let's just assume that after 10 more years bitcoins price would be double or maybe triple by its current price.

Yeah you are right bitcoin price can easily double or triple within 10 years but what is the guarantee that same is going to happen with gold because if you see after 10 years no one can get bitcoins unless someone is selling them while gold has unlimited supply if you compare it with bitcoin. So the best option to go with is bitcoin right now.

[Gastotade]

Rather than choosing between the two why don't we just get them both,
I mean yeah Bitcoin has only been aroun for 5 year's and the user and it's price keeps on getting high,
So let's just assume that after 10 more years bitcoins price would be double or maybe triple by its current price.

Yeah you are right bitcoin price can easily double or triple within 10 years but what is the guarantee that same is going to happen with gold because if you see after 10 years no one can get bitcoins unless someone is selling them while gold has unlimited supply if you compare it with bitcoin. So the best option to go with is bitcoin right now.

That is right. But you can buy the bitcoin at a higher price.

[Sithara007]

Rather than choosing between the two why don't we just get them both,
I mean yeah Bitcoin has only been aroun for 5 year's and the user and it's price keeps on getting high,
So let's just assume that after 10 more years bitcoins price would be double or maybe triple by its current price.

Yeah you are right bitcoin price can easily double or triple within 10 years but what is the guarantee that same is going to happen with gold because if you see after 10 years no one can get bitcoins unless someone is selling them while gold has unlimited supply if you compare it with bitcoin. So the best option to go with is bitcoin right now.

Gold doesn't have "unlimited" supply. As a matter of fact, the supply of gold is declining, as the richest deposits are all exhausted. The cost of production has been increasing steeply for the past several years.

[Erza]

If you had to convert all your wealth to either Bitcoin or gold and keep it there for 10 years, which would you choose? Keep in mind the fact that Bitcoin has only been around for 5 years, and could be fundamentally different in any number of ways in 10 years.

Bitcoin and Gold are both have value in the community. But the difference was in terms of technology Bitcoin surpassed the gold and bitcoin is very open source to any citizens all around the world, unlike gold only can afford type of people can have a chance to have it.

There is no denying that indeed bitcoin is the new gold for today because people just love the way it is working - very convenient in terms of online commercial transaction. It is a really a fortune to some individual now who ere just very simple and now got lots of money already.

Yes I agree on it, because of its price bitcoin is far surpass gold but still gold have more stable value and keep on increasing meanwhile bitcoin have mo solid based which is no one control it so the price is keep on being volatile. That is why it is being traded and many people can get huge profit from bitcoin. But still I prefer gold more than bitcoin, and I am save both of them

[buharikx31]

Gold, the price is always goes up every year, but it is more stable then if you invest for a long period of time I guess gold is the best but if you want to earn in a long period ,bitcoin is good too because the volatile price we can earn fastly and we can earn more that we can imagine so both of them is good

[Sithara007]

Gold, the price is always goes up every year, but it is more stable then if you invest for a long period of time I guess gold is the best but if you want to earn in a long period ,bitcoin is good too because the volatile price we can earn fastly and we can earn more that we can imagine so both of them is good

The advantage with gold is that it is very stable, and it has given more returns than any other major investment type (such as bank savings, mutual funds, real estate, and antiques) since the last 100 years.