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In a first, Bitcoin value tops that of Gold

Written by James Delahunty (Google+) @ 03 Mar 2017 13:34 User comments (6)

In a first, Bitcoin value tops that of Gold The value of a Bitcoin unit has surpassed the value of an ounce of gold for the first time since the cryptocurrency appeared in 2009.
At time of writing, Bitcoin is valued at roughly $1,270 (coindesk) whereas a gram of gold is valued at roughly $1,230. It marks an interesting milestone for Bitcoin, which has had a volatile existence in its young life.

After collapsing in value in 2014, Bitcoin has been surging again lately due to its popularity in China, where the authorities are trying to crack down on its use, claiming that the crytocurrency is used to move money out of the country illegally.

It has also been scrutinized in the Western world because it is the currency of choice for black market trade online.

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6 user comments

13.3.2017 14:10

Bitcoin is ghetto and nothing other than a means of circumventing traditional means of employing currency.

Bitcoin will not be long lasting. Neither will Facebook. I give both about 12 years before imploding and going the way of MySpace...virtually unused.

23.3.2017 20:32

The more banks & Governments attempt to wrestle control of cash money (including removing paper currency larger than 20,50 or 100 dollar notes) away from users & instead make everything electronic (it's already happening where cash is not accepted in some european countries) then bitcoin will be far from finished


34.3.2017 2:11

This article intermixes grams and ounces as if they were equivalent. They are not. A gram weighs only 0.035 oz approx. So a gram of gold has a very different value to an oz of gold.

The newsworthy item only works if you stick to ounces. A bitcoin outstripped a gram of gold a long time ago. Perhaps for ever.

44.3.2017 11:59

It's a typo as 1 gram of gold isn't $1270 US an ounce is.Seems watching the tv show gold rush is educational after all


55.3.2017 2:06

Crime does pay. :)



Originally posted by hearme0:

Bitcoin will not be long lasting. Neither will Facebook. I give both about 12 years before imploding and going the way of MySpace...virtually unused.
lol



Its a lot easier being righteous than right.

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66.3.2017 10:44

Originally posted by scorpNZ:
The more banks & Governments attempt to wrestle control of cash money (including removing paper currency larger than 20,50 or 100 dollar notes) away from users & instead make everything electronic (it's already happening where cash is not accepted in some european countries) then bitcoin will be far from finished
I agree that non-government currencies have a strong future if governments refuse to treat their own currencies with respect. However, I don't think bitcoin has a long future. It is sort of the standard at the moment and will probably continue to be for a while. However, it is slow and won't be getting much faster...in fact it will probably slow down. This is fine for mail-order but is less than ideal for buying a coffee or something. Right now there are a lot of alternative cryptocurrencies and it is hard to say who will eventually win out but it is at least reasonable to think that the eventual victor(s) will be one(s) that people are able to use on a day-to-day basis the same as a credit card or paper money.

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