Bitcoin: the new gold standard? Part One

In the video at the bottom of the article you will find out what Bitcoin is and why it is so unique. Casares thinks that most people who take an interest in Bitcoin concentrate mainly on individual areas of technology that they themselves find interesting and can relate to, and these people do not see the overall picture of the diverse possibilities and usage that technology may provide.

He draws parallels with TCP/IP and Bitcoin - Bitcoin comparable to TCP / IP in1992, when the Internet was in its infancy and there were no browsers or other particularly significant technology that exploited the potential that layed open. During that time you had to have a very vivid imagination to have an idea how the Internet could change the world and what it would bring in the future.

The story about money and key characteristics

To understand Bitcoin one must understand the history of money. It provides a simplified and understandable explanation of how the concept of money / value occurred and how we as a civilization have used various devices such as currency in terms of trade and loans.

Gold and Bitcoin has all the important characteristics that the definition of money require, however Bitcoin surpasses gold on almost all aspects.

Limited

It will never exist more than 21 million Bitcoin. This is mathematically determined and defined in the protocol. When it comes to gold – you don't have an idea how large are future resources of gold. Another topic here – sooner or later it will be possible to reproduce gold artificially. The science is in its constant progress, so it is not something related to science fiction only.

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