Bitcoin zealots suddenly admit it will never work as a universal payment system… now touting “digital gold” myth to try to keep people buying in

bitcoin cyberspace hacking - Bitcoin zealots suddenly admit it will never work as a universal payment system… now touting “digital gold” myth to try to keep people buying in
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(General News) The toils and troubles of Bitcoin continue but for some reason, the cryptocurrency’s cultists continue trying to reinvent — or, at a minimum reclassify — a fake monetary system whose value has no ties to anything tangible.

bitcoin cyberspace hacking - Bitcoin zealots suddenly admit it will never work as a universal payment system… now touting “digital gold” myth to try to keep people buying in

Now, some want to rebrand Bitcoin as “digital gold” in another desperate attempt to keep it relevant.

As reported by Coin Telegraph, “while upgrades have been made to Bitcoin along the way, it looks like Bitcoin is becoming less of a payment network and is instead evolving into ‘digital gold,’” even after the failure of SegWit2x, which sought to decrease the costs of Bitcoin transactions and improve the speed of confirmation.

The failure came for a number of reasons, the site claimed. “Some of them were good, and some were mere straw men. But at the end of the day, one thing is clear: There is clearly no rush to increase Bitcoin’s capacity,” the report said.

“So, if Bitcoin has taken big strides towards being digital gold, while also leaving its payment system roots behind, what does this spell for the so-called ‘future of money’? There are still chances for digital gold to work as a payment method though,” Coin Telegraph claimed optimistically.

Not so fast, says Mike Adams, the Health Ranger, founder of NaturalNews.com and Bitraped.news. In a story earlier this month, in which he noted just one user in a popular digital wallet service accidentally destroyed $300 million worth of Bitcoins, Adams said that the current “Bitcoin bubble delusion” has convinced so many people they now believe that the cryptocurrency is the ‘new gold’ or even ‘better than gold.’ (Related: Bitcoin mining rigs now LOSING money daily as the Bitcoin Ponzi scheme continues to unravel.)

“Bitcoin,” he wrote, “like every other cryptocurrency, is nothing more than a virtual shared spreadsheet (ledger) that’s subject to all the failings of software, cyber warfare and even power grid failures.”

The fact remains, says Adams, that only gold can be gold, and to assume otherwise is pure folly.

“Despite the fact that gold is a fundamental element of the cosmos and can’t be destroyed with a software error, there are really people running around the internet claiming Bitcoin is ‘better than gold,’” he writes.

There are some benefits to Bitcoin, he notes, such as the fact that it is very portable and easily transferable to other parties without having to physically carry gold in the form of bars or coins. But those attributes can also be attributed to a checking account, he added.

There is also a myth surrounding Bitcoin transactions — that they’re allegedly anonymous. They’re not, Adams says, “given that the entire history of every Bitcoin transaction is replicated in the public blockchain, meaning that every Bitcoin transaction is easily tracked” [he recommends Zcash, which is a vastly superior cryptocurrency if you’re looking for real anonymity].

Adams then ticks off a list of additional reasons why gold is superior to Bitcoin as a store of wealth. They include:

— Gold has been around for over 13 billion years and is a fundamental element of the cosmos. Bitcoin has existed fewer than 13 years and hasn’t even come close to standing the test of time.

— Unlike Bitcoin, gold cannot be created or destroyed by human beings.

— If the power grid goes down or financial infrastructure is hacked and destroyed, gold will still be gold, while Bitcoins will be…gone. Remember the $300 million example from earlier in this article? “You’ll come to discover that Bitcoin’s value is exactly zero when there’s no electricity,” Adams wrote.

— Physical gold cannot be stolen through the Internet. “Bitcoin has been repeatedly stolen through online wallets, computer hacks and the theft of wallets,” he adds.

Read the rest of his reasons here.

J.D. Heyes is also editor-in-chief of The National Sentinel.

Sources include:

NaturalNews.com

CoinTelegraph.com

About lijimae2012

My grandmother was a herbalist. She taught me how to mix herbs to cure ailments. I grew up with her from the age of 15 years old. I was going to school  and at the same time returned to her shop of herbs learning different kinds of mixture of herbs and also their names. I have been involved in herbal mixture and I also used it to cure a lot of people who orthodox medicine could not cure even though a lot of people have abused herbal medicine. Selling herbal mixture, popularly called agbo, has also been a great source of income to me and my family. Why I Started This Home Remedies Blog As an educated herbalist , i have been into these work for some years now which  I have help so many peoples. One good-day  i thought about people who are not benefit from these like those outside the Nigeria or peoples who are shame  to seek for a herbalist. Then i decides to create a website so as they can contact me and i would gladly help them. I began this blog in 2017 out of a desire to share my passion for herbs and natural living with others. Above all, am a Muslim and am thankful for the daily love and grace Allah bestows me. I’m glad you’ve visited me here at my home on the web and hope you will join me as I continue down the road to healthier living and my mission to help peoples across the nation! Let’s Connect I would love to connect with you!  Feel free to subscribe to receive free regular post updates in your inbox!  Also, you can find me on facebook, twitter,

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