1) #Bitcoin is anti-fiat-system. Alternative money, alternative system. When fiat system crashes, alternative system becomes haven.
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Gold has industrial value in addition to being used as coined pieces issued by governments. Additionally, even today you’d need to convert it to fiat to make it truly useable for everyday purchases.
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1) Gold was valued before governments were a thing. 2) For centuries gold was medium of exchange directly without having to convert it to another form of money. 3) An object doesn’t need use value to be money. Fiat doesn’t have any either!
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1. Gold was most valuable when governments used and accepted it for trade(Egypt, South American dynasties, European monarchies). 2. Gold was used AS currency minted by nation states, monarchies, etc. 3. Unfair to compare gold then to fiat now as our systems are complex
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Gold was used for monetary properties (Store of Value, Media of Exchange, Media of Wealth Transfer) long before governments were a thing. Money gets chosen by the market, not the state. The former has 10,000 years of history. The latter only 46. https://nakamotoinstitute.org/shelling-out/
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