Why Cryptocurrency Fans Claim Bitcoin Is The New Gold | Smart change: personal finance


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In the white paper, the designers promised the strict limits on supply of Bitcoin would make it “ completely inflation free.” The digital currency remains scarce, with about 19 million bitcoins created so far. That’s because of the “diminishing rewards” provided to miners, said Zak Killerman, a writer and publisher at financial-technology site Finder.com. Like gold, new supply of Bitcoin becomes harder to excavate as time passes, with miners having to work twice as hard for each bitcoin after each four-year cycle.

The architects of Bitcoin, in their 2008 white paper signed by Satoshi Nakamoto, clearly had the precarious value of paper money on their minds. One of the biggest distinctions between Bitcoin and conventional currencies was the decision to cap the number of bitcoins that could ever be created at 21 million.

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