In the classic and highly-talked-about Bitcoin vs Gold debate Bitcoin scored an easy win recently by facilitating a Bitcoin transaction worth six hundred and seventy million US dollars ($670 million) with fees as meager as just twenty-six cents, highlighting a potentiality that’s unheard of when it comes to gold transactions.
Digital gold or not, but when it comes to moving large sums of money across boundaries most conveniently and economically, the potential of a Bitcoin transaction is most undoubtedly unmatched. In February this year, Bitcoin whales moved a whopping four hundred and fourteen million US dollars ($414 million) on Bitcoin Network with fees as minuscule as sixty-eight cents.
Moving gold comes with a considerable expense
On the contrary, a Twitter user named NVK, highlighted one of the most significant shortcomings of gold earlier this year. It was reported that several European countries, including the Netherlands, Turkey, Poland, and Germany, have declared their intentions of moving portion amounts of gold reserves from the US in their efforts to reduce the US dollar monopoly over the market.
This isn’t the concerning part, though. These massive repatriations would involve the highest level of security, a task force to keep it safe, and a lot of money and time to transport it.
Bitcoin transaction: A cheaper, faster, more secure way to transfer money?
With Bitcoin transaction, however, the scenario is much different. A recently conducted mega-whale movement indicates that despite having a higher transaction fee compared to most other blockchain-based altcoins, Bitcoin still triumphs over gold when it comes to delivering fast, secure, and affordable transactions.
As highlighted by a crypto enthusiast named sunnydecree on Twitter yesterday, a user just moved massive sums of Bitcoin, precisely a total of 106,857.24571944 Bitcoin distributed among two wallets, by paying a negligible amount. Needless to say, there is no way a conventional asset such as gold could have managed to do that.
Meanwhile, supporters of altcoins continue to defend their preferred cryptocurrency by boasting much lower transaction fees. In doing this, many miss pointing out the essential clause – the security.
The Bitcoin hash rate network is more extensive and higher than all the altcoins’ put together, simply implying that a Bitcoin transaction is not only the cheapest way of moving money but also the most secure. Now that’s check and checkmate!