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Power of Digital Gold

Bitcoin is often referred to as “digital gold” by its
backers.
The term refers to the idea that bitcoin can provide
a store of value similar to gold one that’s
uncorrelated with other financial markets, like
stocks.
Bitcoins have become an increasingly important
form of digital currency.
They are often referred to as digital gold, a term first
used in 2008 by Mike Hearn.
While most cryptocurrencies use a blockchain to
process transactions, Bitcoin introduced the use of
a blockchain with a novel design: The blockchain is
a public ledger of all transactions that have ever
occurred.
The ledger is shared by all users and maintained by
Bitcoin miners.
Cryptocurrencies such as Bitcoin are called
cryptocurrencies because they use cryptography
to secure transactions and verify the transactions’
integrity.
The digital gold behind these cryptocurrencies is a
cryptographic currency, which makes it all the more
valuable.
Without the need for an intermediary, like a bank or
company, a cryptocurrency is not controlled by a
single entity, but by its users.
The world is moving from a traditional system of
money, where governments control the supply of
money and use their monopoly to extract value from
the economy, to a digital system of money, where
the supply of money is decentralized and no single
entity controls the supply of money.
This has the potential to bring greater inclusivity and
empowerment, but also raises questions about who
controls the new digital money, and whether
governments can prevent their own currencies
from losing value.
Digital gold is a new form of digital fiat that is better
at providing the basic functions of money than
traditional fiat, without the limitations of legacy
systems.
It is a way for physical objects to transact digitally
without needing a traditional cryptocurrency wallet.
Digital gold is a term often used to describe a form
of digital fiat that is used as a store of value, similar
to traditional gold.
Digital gold is a representation of ownership in
physical assets.
It can be used to purchase goods and services in
the physical world.
It can be used to pay the rent, buy a car, or retire on.
Digital gold has been a catalyst for the internet
revolution.
The internet economy is growing quickly, and it is
transforming society in ways we can barely imagine.
Just like gold, bitcoin is scarce and durable.
In addition, bitcoin exhibits high portability, is easily
transactable and programmable.
Institutional investors appear to be returning to
bitcoin, perhaps seeing it as a better inflation hedge
than gold.
What are your thoughts on the power of digital gold?
Like, Share & Write in the comments below.
#blockchain #technology #innovation

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