The gold sits in a vault in Switzerland. You can request delivery of the gold whenever you wish if you want to convert it to "in your hands". It's not a perfect system, but overall it's working well (it's not just an idea, it's real and an option anyone could choose to do but it's amazing how many people prefer "dollars").
Crypto currency isn't "in your hands" either. With Crypto you have to trust the "system" and be connected to the Internet.
I think crypto is pretty "in your hands" because you could have a cold storage wallet and trade keys with someone (even if the power went out). But, yes, you would need the system to continue to work for anyone to want to take the crypto that way.
Hmm... you are out of my knowledge for crypto here. I'm not aware of any method of exchanging / transferring crypto with someone else using ONLY cold storage wallets.
The whole concept of trusting a "blockchain" is that it's recorded and replicated around the world.
If I have made a paper wallet, I can send crypto to that paper wallet. Then I can hand that piece of paper to another person. The other person would have to trust me not to keep a copy of the private keys. That's why you likely can't see that being an example. But it is possible if we're talking about people who trust each other.
Excellent example! I'm not aware of the details of paper wallets. That sounds like a potential work around for in person purchases.
It seems to me there still is a hurdle of assigning "value" to "bitcoins" (or other crypto currencies). Anyone can create a crypto currency, but it requires mutual agreement to give them any actual value. And there have been examples of people making "garbage" crypto explicitly to not have value and yet people will still invest and give it some temporary value!
The truckers in Canada may not have thought Bitcoin had much value, until they found their money locked up and donations came in that form. Yes, society needs to see value in it, and that will be proportion to how useful it ends up being. If people continually get "canceled" and lose access to their government fiat, then the value in cryptocurrency can go up. If all of a sudden our governments were trustworthy, stopped printing money, and perhaps burned some of it, we might see cryptocurrencies lose value.
Yes, and the way I see it even if our governments suddenly started to be sane, stopped printing money and adopted sound financial policies. Gold would still have the same value (yes the exchange rate fluctuates but gold has an incredibly long history of maintaining value).
If "cancelling" becomes worse, people will definitely be driven to alternative currencies whether that is crypto or gold or something else.
The idea of a gold-backed card is interesting, but it seems like the gold would not be in your hands (or "wallet") if that's the case, right?
The gold sits in a vault in Switzerland. You can request delivery of the gold whenever you wish if you want to convert it to "in your hands". It's not a perfect system, but overall it's working well (it's not just an idea, it's real and an option anyone could choose to do but it's amazing how many people prefer "dollars").
Crypto currency isn't "in your hands" either. With Crypto you have to trust the "system" and be connected to the Internet.
I think crypto is pretty "in your hands" because you could have a cold storage wallet and trade keys with someone (even if the power went out). But, yes, you would need the system to continue to work for anyone to want to take the crypto that way.
Hmm... you are out of my knowledge for crypto here. I'm not aware of any method of exchanging / transferring crypto with someone else using ONLY cold storage wallets.
The whole concept of trusting a "blockchain" is that it's recorded and replicated around the world.
If I have made a paper wallet, I can send crypto to that paper wallet. Then I can hand that piece of paper to another person. The other person would have to trust me not to keep a copy of the private keys. That's why you likely can't see that being an example. But it is possible if we're talking about people who trust each other.
Excellent example! I'm not aware of the details of paper wallets. That sounds like a potential work around for in person purchases.
It seems to me there still is a hurdle of assigning "value" to "bitcoins" (or other crypto currencies). Anyone can create a crypto currency, but it requires mutual agreement to give them any actual value. And there have been examples of people making "garbage" crypto explicitly to not have value and yet people will still invest and give it some temporary value!
The truckers in Canada may not have thought Bitcoin had much value, until they found their money locked up and donations came in that form. Yes, society needs to see value in it, and that will be proportion to how useful it ends up being. If people continually get "canceled" and lose access to their government fiat, then the value in cryptocurrency can go up. If all of a sudden our governments were trustworthy, stopped printing money, and perhaps burned some of it, we might see cryptocurrencies lose value.
Yes, and the way I see it even if our governments suddenly started to be sane, stopped printing money and adopted sound financial policies. Gold would still have the same value (yes the exchange rate fluctuates but gold has an incredibly long history of maintaining value).
If "cancelling" becomes worse, people will definitely be driven to alternative currencies whether that is crypto or gold or something else.