244,000 metric tons of gold has been discovered to date, 55,000 tons of gold are left.
But there is still a lot of gold left in the universe. There is gold on asteroids for example. One day these will be minable. So the gold supply is not as limited as some may think.
However, gold is hard to move around, weighs a lot, it's hard to sell or buy, it's not practicable.
With BTC it's another story. We all know there are only 21,000,000 coins and 3-4 millions are already lost forever.
There is no Bitcoin in the whole Universe, except on Planet Earth.
BTC is scarcer than gold. I think one day 1 BTC will enter the $xxx,xxx zone then the $x,xxx,xxx HODL BTC
1. "244,000 metric tons of gold has been discovered to date, 55,000 tons of gold are left. " most of the gold is under the earths mantle, we will find ways to extract it, way before we're "mining asteroids"
2. Gold is used for alot of devices, billions of phones, pcs, gaming consoles etc, the cpu's, and gpu's used to mine bitcoin, there would be no bitcoin without gold.
3.All of these altcoins are just an improved version of bitcoin, pros of some of these alternatives are, faster transactions, more private transactions, cheaper transactions, not PoW, more features, etc.
The reason people are using bitcoin is, kinda like facebook, alot of people hate it, and pref the other social media platforms, but they never leave because those others don't have every person on the planet already using it. so they stick with the crappy version.
Basically bitcoin is like a visa card lets just say visa has higher fees, and the online transactions are always pending, And some altcoin that's better than bitcoin is a discover card, it has lower fees, and instant online transactions. but like everyone else
you don't apply for the discover card because no stores accept it.
4. Most importantly. Theres a reason the creator of bitcoin created bitcoin with 8 decimal places, that's 2,100,000,000,000,000 satoshi's , so it's really not scarce is it?
5. (BTC is scarcer than gold. I think one day 1 BTC will enter the $xxx,xxx zone then the $x,xxx,xxx HODL BTC) Theres countless reasons someone could speculate the price of bitcoin skyrocketing,
but this is the dumbest, The supply cap is what you think gives bitcoin it's value? really?
6. (There is no Bitcoin in the whole Universe, except on Planet Earth.) Why would you even say something so ridiculous? You think no one knows that? or do you think aliens are going to come buy it up and make it scarcer? is that whats going to contribute to the million dollar value? lol
7. Global warming is getting worse, it's more environmentally friendly to chop down trees, and print paper money lol, most regions it's not even profitable to mine bitcoin, most people who are doing it, are using government subsidies to turn a profit.
that's like using 100$ in electricity, and getting 90$ back. Hurting the planet, and screwing tax payers. Bitcoins blockchain doesn't work without miners pushing through the transactions. And the difficulty is only rising. It says the last bitcoin will be mined in 2140
do you think it's sustainable?
But bitcoin could be worth a million each, that doesn't mean everyone who uses it will have a million dollars to pay $10+ fees, difficulty rises, so does the cost to mine blocks.
But more likely this is what will happen. bitcoin just crashed to the price it was 2years ago, sooner or later it's going to crash so low, that miners will be losing insane amounts trying to mine blocks, the network will get so congested people wait days on their transactions,
And this will cause all kinds of panic sells, the price will spiral down to the point bitcoin won't recover. And this is when everyone will universally agree on an altcoin that will replace bitcoin as the standard crypto currency. unless the price gets high, and stays high before this happens.
