everybody knows about the gold standard. You take your paper money to the bank they give
you gold back in an amount. The two are 1:1 the value doesn’t change. You can always expect
the same amount of gold. There’s only so much gold on the planet or in the reserves of the bank,
however the bank must have the gold on hand to give to the customer.
bitcoin is much closer to gold than to a currency. The biggest problem to bitcoin are
the vastly complicated transaction times. You simply can’t buy a cup of coffee
in less than 10 minutes. The entire system has to check the transaction, which
also has a chance to produce a new bitcoin. However we already have a great system
in place to make transactions money. And money can be backed by gold. Gold
is just like bitcoin although not physical. A bank cannot be physically robbed of bitcoin.
You wouldn’t need to store gold. This solves all the issues of gold. Also measuring
out and purity of gold is out too. just give people bitcoin.
Bitcoin and gold should back our money. With bitcoin being faster to acquire. And gold
being a longer process with higher fees.