Recently the euphoria triggered regarding the Bitcoin digital currency. The dollar price of Bitcoin grows and grows , from $ 200 in October to $ 1,100 at the end of November. At first it was very optimistic about the idea behind Bitcoin and it 's hard to imagine a future without some crypto -currency . But is Bitcoin the money we need ?
If we stop to analyze the properties of Bitcoin we could see it as an attempt to replicate the gold. Some have even called the "gold standard 2.0 " . First, the Bitcoins as gold to be extracted from a mine , but in this case digital . The extraction requires the use of real resources of energy. That is, there is a cost for extracting both gold Bitcoins , unlike fiat money creating central banks near zero cost , since the creation of money today is produced simply blow click computers central bank or commercial banks via fractional reserve system .
Another essential feature of sharing the money and gold bitcoins is that both are scarce. For bitcoin only 21 million bitcoins can be learned, and now they have produced about 11 million bitcoins . Like gold, like any other resource that is scarce. And the bitcoins as gold are severable. I mean, you can have a bitcoin and break it as many times as you want to facilitate market transactions , so does gold.
And not only that . Bitcoin has the characteristics that make gold an ideal money, but is that even some of her improvement . For example the bitcoins to exist only on the internet shipping is instantaneous, and there are no storage costs or security or transportation. With one click you can send your bitcoins across the planet instantly for free . Instead carries gold transport and storage costs infinitely superior to bitcoin .The valorPero something gold has and never will have the bitcoins , value. The intrinsic value of the gold itself is precisely the most important feature of all and that makes gold money par excellence. In exchange bitcoin has no value in itself , its use depends merely on the user confidence and becomes a speculative subject.
Gold never have been used as money if it was not before was a good, used and appreciated worldwide for its unique properties .
Who knows how much will be worth a bitcoin in the future? Perhaps 10,000, 1,000 , 200, 100 ? Or maybe not worth anything , either because a new more attractive to users or for any other reason arises digital coin . But instead gold has been valued by the market for thousands of years and will remain so.
This speculative nature of bitcoins because of their lack of intrinsic value causing serious problems in economic calculation. It is very difficult to plan the future if we have no idea how bitcoin will be worth in the future. The current high price of bitcoin reflect a speculative bubble. People are not buying Bitcoins for use in commercial, for profit but in view of the rapid increase in its price.
Someday people who bought cheap want to sell , there will be enough buyers and the price will plummet . Which will produce a disaster for those who have invested in bitcoin , while a few will gain much but that much money. In my opinion, a bubble in the making.If you want further information and to form their own judgment I recommend two videos on the subject. Look them up on YouTube and watch them until you finish.
One of them, called Bitcoin vs. Gold : The Future of Money is a debate between Peter Schiff with Stefan Molyneux, but the first two libertarians advocate of gold as money and the second very keen on Bitcoin . The second video is a series of 5 episodes produced by Mike Maloney called The hidden secrets of money, very interesting to better understand what money is and how it has evolved to our current system.
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