Bitcoin 💰 Why is Bitcoin considered digital gold 💰
And who was the first to describe Bitcoin as digital gold👇👇
Satoshi Nakamoto, the creator of Bitcoin, is considered the first to envision Bitcoin as a digital competitor to traditional gold.
The Bitcoin system was designed so that the currency is always scarce like gold,
with a cap of only 21 million units issued,
and strong encryption that secures transactions and prevents counterfeiting.
Characteristics that make Bitcoin digital gold:
1 *Scarcity*
The amount of Bitcoin is limited, which enhances its value.
2 *Mining*
The process of extracting Bitcoin resembles gold mining as it requires significant computational effort.
3 *Store of Value*
Both are considered stores of value.
4 *Investment*
Both are invested in as valuable assets.
5 *Independence*
Bitcoin, like gold, is not controlled by a central authority.
Some writers, such as Nathaniel Popper, point out these similarities in his book:
Digital Gold: Bitcoin and the Inside Story of the
Misfits and Millionaires Trying to Reinvent Money
