It’s good to bitcoin (BTC) in the box in the ‘digital gold’, to stop, according to Cameron Winklevoss, co-founder of the investment fund, Winklevoss Capital, and a Twin room. The features of this digital asset are going to be in the eyes a lot more than just digital gold.
In a tweet, say one-half of the Winklevoss twins:
Because Bitcoin is open-source software, and its possibilities are boundless. I often talk about the gold-as-a-target-market-cap, but that’s really just the beginning…it’s digital gold, the source of truth, etc.
— Cameron Winklevoss (@winklevoss) as of October 23, 2019
Contents
Bitcoin: the ‘truth’ as a ‘killerapp’
Winklevoss tries to shout the usual analogy of bitcoin as a digital gold, to achieve a breakthrough.
Both of the assets you have in stocks are finite, although there is still gold to be found, and to serve as a oppotmiddel in economically uncertain times. The bitcoin is a much smaller $140 million in market cap, compared to a $7,000 billion worth of gold (approximately 45 times greater).
But bitcoin is, of course, is digital, portable and in short supply. Winklevoss, to appoint, also, the open-source nature of the bitcoin network, which is 10,000 nodes, in the transactions of the network and validate it.
Miners every ten minutes a new block. For example, a block can be seen as a brick. The nodes check if the brick is real and the pan, and then use it in the house. Of the house, we know that each and every brick is real and it is checked.
Bitcoin is a decentralized, digital ledger, in which all nodes have a copy to keep. They love in fact is a shared version of the truth’ on. The transactions in the network are irreversible, secure and pseudo-anonymous.
By its own node, if you have a private accountant and a banker. If you don’t own the node, you are relying on the “truth” of the other nodes in the network. This is “trustless” aspect of this growing network, is in the eye of the Winklevoss, the “killerapp” of bitcoin.
‘Raspberry Pi’
This week we’ve got news about a batch of some 1000 fake gold bars with a total value of up to $50 million. These bars proved to be fake, but they are on the market is rotating with an official stamp of approval.
It was a relatively small amount for annual production of between 2 and 2.5 million members. An example of a fraud with bitcoin absolutely can’t do it. As twitterer ‘Abuse’ out notes: a simple Raspberry Pi, you can verify whether a bitcoin is genuine, it is.
Would you accept gold as payment from someone you didn’t trust without verifying the weight and purity of the gold before shipment of your products to them? Think of a Bitcoin full node as a fake Bitcoin-detector” – an all-you-need-to-verify “purity” of your Bitcoin, it is a Raspberry Pi pic.twitter.com/8GXQ5DZ4Ym
— ﾠ (@abuse) August 28, 2019 at the latest
“Countries are buying gold and not bitcoin’
It is, however, not equal to say that is, professional investors, or all of the states are now massive bitcoin buy. There is a reluctance to enter into this asset to get in. States have to follow, it is not yet the example of Venezuela, which is going to bitcoin and ethereum as a backup plan.
According to the goudanalist Chris Mancini’s steps, more and more states have it in gold and not bitcoin. So, buying from the central banks of China, Russia, Germany, and Turkey, to buy, to an increasing extent, gold, in.
That said, the analyst with the Gabelli Gold Fund, in an interview with Kitco News. In this text he says, inter alia:
“Both the Chinese and Russian central banks have the gold to buy it. They are selling their dollars, and state documents, and will buy this gold.
According to Mancini, are the reasons behind China and Russia are very clear.
“It’s a very difficult scenario to have to imagine the Russian or Chinese authorities wish to borrow from the united states. Why are they buying gold, but also to have the key to get rid of the Us dollar
Bitcoin price drops
It is, therefore, subject to prosecution. At the time of this writing, the price of bitcoin is $7.458 (-7%), after a sudden duikeling of the race Wednesday afternoon. The price dropped $ 500 in just a few minutes of your time.
source: Cryptocompare
Source: Cointelegraph / NewsBTC
Thank you for signing up!