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Bitcoin vs Gold: Why buy digital coins this festive season?

Bitcoin vs Gold: Why buy digital coins this festive season?

Bitcoin vs Gold: Why buy digital coins this festive season?
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By CNBCTV18.com Oct 18, 2021 11:42:07 AM IST (Updated)

Apple co-founder Steve Wozniak, realising bitcoin's potential, termed Bitcoin as the most “amazing mathematical miracle”, even better than gold. Here's why you should buy bitcoin rather than gold this festive season  

The debate over Bitcoin vs Gold is becoming livelier by the day. Many investors with impressive track records endorse Bitcoin for its value and hedge against inflation among the available options, including gold.

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But the most potent endorsement for Bitcoin as an anti-fiat asset that’s immune to inflation comes from Apple co-founder Steve Wozniak. Realising the cryptocurrency’s potential, Wozniak termed Bitcoin as the most “amazing mathematical miracle” better than gold.
Let’s have a look at why buying Bitcoin makes more sense this festival season than buying gold:
  • You can buy and sell Bitcoin online from the comfort of your home.
  • It is considered as a future currency, and early adopters stand to benefit.
  • It is peer-2-peer, transparent, and safe with little chance of theft, unlike .
  • Bitcoin’s limited availability – only 21 million tokens will ever be mined – will ensure that it serves as a hedge against inflation

  • Furthermore, over the last year, Bitcoin appreciated about 400 percent compared to gold’s 31 percent. You can directly buy Bitcoin with Indian Rupees on WazirX, India’s leading cryptocurrency exchange.
    How has the crypto world fared in the past year?
    During the Covid-19 pandemic, cryptocurrencies, including Bitcoin, were in business and effectively served populations that remained out of the formal banking system. Bitcoin can also work as a medium of payment and remittances.

    In many parts of the world where economic and political instability has sent inflation through the roof, cryptocurrencies have offered a more stable and dependable medium of payment.
    What more should you know about Bitcoin?
    Currently, Bitcoin is all the rage and for all good reasons. However, there are a few things to know about Bitcoin before you invest in it.
    • Like all investments, Bitcoin investment is not immune to risks.
    • While cryptocurrencies are not illegal, there is currently a lack of regulation surrounding virtual coins such as Bitcoin.
    • Many governments maintain a hawkish attitude toward crypto-assets.
    • Buying and selling Bitcoins require a degree of computer literacy.
    • It is observed that Indians spend more during the festive season. Additionally, a separate budget is set for investments in assets such as gold.
      Globally, cryptocurrencies – such as Bitcoin and Ether – have garnered more attention from investors than gold. The trend is likely to catch up in India, where interest in cryptocurrencies has been growing steadily.
      Looking at the handsome returns even new crypto coins are delivering, many Indians have already started investing in crypto assets rather than mutual funds, equities, or gold. When crypto assets are again soaring this festival season, with Bitcoin breaking $50,000 again, many shoppers will consider buying Bitcoins rather than gold.
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