My Thoughts on Bitcoin vs Gold

A reply on a current Peter Schiff fb post once again blasting bitcoin.

Electricity and internet are two items that would effect bitcoin. There's no doubt there. But what are the chances that both of those are out world wide? And there is incentive to keep both of those things abundant world wide. As for confidence due to banning in China or any other country, you can ban it, but you cannot destroy it, unless you kill all access to power and internet. Take bit torrent for example, the MPAA and governments around the world would like to rid the internet of torrenting. It's impossible. It's decentralized, distributed, software. File sharing copyrighted material is illegal and they cannot stop that despite their efforts. What chance do they have at stopping any decentralized, distributed software like bitcoin, when there is financial incentive built into the software? That is the value of bitcoin, the network itself, that can transfer value anywhere in the world, for cheap or free, with censorship resistance.

I support gold and precious metals, they truly are money. Bitcoin truly is digital money. It can provide some service in a way that gold cannot.

The same way bitcoin can never truly be traded physically like gold, gold can never truly be traded digitally.

Gold is the best physical money on Earth. Bitcoin is the best digital currency on Earth.

Both have properties native to themselves. They exist in separate realms and serve separate purposes.

The same way you can never physically trade bitcoin safely without power and internet to verify its value, you can never trade gold online without a trusted third party to verify its value.

That is truly the nature of both currencies.