Is Bitcoin taking over Gold value?

6 March, 2017

While investors are trying their best to estimate the outlook for the American economy and the US Dollar, a cryptocurrency has renewed a historically significant level, now pricing more than a troy ounce of Gold. On Friday, Bitcoin was trading near a $1,300 on the growing anxiety that the Chinese authorities may levy new restrictions on the transactions of Bitcoin, which accounts for a substantial part in the capital outflow from the Asian country.

Many investors buy bitcoin as an alternative investment, that creates a demand for it in itself, although on dim fundamental grounds. Created in 2008 by an unknown programmer or group of programmers called Satoshi Nakamoto, bitcoin is decentralised, anonymous, and a deregulated currency which has no emission centre. Mining is the way of obtaining new units of the cryptocurrency. With evolving times, it demands more and more of computational facilities to generate blocks in the blockchain system. Although, a number of bitcoins that can be potentially mined are limited what makes it similar to Gold mining.

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