Gold Seizure Shows The Need For Cryptocurrency
The Bitcoin community was in a frenzy last week as news broke that a 27 year old man was arrested at the airport in Amsterdam. His crime was not declaring 15 kilograms of gold.
For his efforts, he had the gold seized along with $750 U.S. Dollars. According to reports, the man failed to give authorities a reasonable explanation for having the gold.
He was taken in because it is believed he is involved with money laundering.
Crypto-enthusiasts were obviously in an uproar. Twitter was going crazy espousing the benefits of Bitcoin.
Here are some of the thoughts expressed:
In the Bitcoin versus Gold battle, Bitcoin advocates cite the fact that gold is hard to move while also has the potential to be seized are reasons why Bitcoin is a better store of value. This situation certainly exemplifies the risk associated with moving gold, especially across international borders.
Bitcoin, along with other cryptocurrencies, is borderless, nationless, and under the control of no government entity. One of the biggest advantages is that cryptocurrency is liquid as compared to gold. Moving it is as simple as a transaction.
Gold is a physical object that provides security in the minds of many. As compared to fiat, it is hard to devalue gold through massive inflation.
The challenge is that gold needs to be stored and can be taken away. In the 1930s, the United States Government made it illegal to hold gold. While breaking the law can often be easy, finding a physcial object in one's possession is much easier than determine who is holding a cryptocurrency.
It is being recognized that governments cannot stop Bitcoin and other cryptocurrencies even if they wanted to. The proverbial horse has already left the barn. Decentralized crypto systems are designed to be out of the reach of government entities. In other words, confiscation is impossible unless they get a hold of one's keys.
We can expect the Bitcoin versus Gold battle to rage on. However, as this one young man found out, transporting gold is not as safe as many view it.
A point crypto-enthusiasts have been making for years.
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