Bitcoin Is NOT A Replacement For Gold And Is More Dangerous Than Cash

Bitcoin Is Just A Bit Player by David Smith, Originally Published on Money Metals Exchange

Over the last few years, so-called “crypto-currencies” – digital equivalents of a monetary exchange unit, have been all the rage. The most well-known in the category, Bitcoin, has had quite a run.

Starting out as a “virtual penny stock” it rose in 2014 to the elevated height of $1,150, before crashing back to earth. This “electronic currency” is created and stored in a computerized “wallet.” Purchases and sales are made via a “blockchain” which keeps a memory of every transaction conducted. Private keys (supposedly) provide assurance that a Bitcoin holder’s account is safe.

Bitcoin Bitcoin
Warning: Bitcoin is NOT a tangible asset; we’re only using this image because it’s pretty!

In less than three years, two seminal events have served to give bitcoin users financial heartburn. They give Inquiring Minds (readers of this column?) a serious reason to put

Read more ... source: TheBitcoinNews