{"id":401934,"date":"2019-10-21T18:00:17","date_gmt":"2019-10-21T18:00:17","guid":{"rendered":"https:\/\/wncen.com\/?p=401934"},"modified":"2024-06-11T13:31:20","modified_gmt":"2024-06-11T13:31:20","slug":"bitcoin-fixes-this-fake-gold-bars-could-turn-investors-toward-digital-counterpart","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/bitcoin-fixes-this-fake-gold-bars-could-turn-investors-toward-digital-counterpart\/","title":{"rendered":"Bitcoin Fixes This: Fake Gold Bars Could Turn Investors Toward Digital Counterpart"},"content":{"rendered":"<p class=\"p1\"><span class=\"s1\"><a href=\"\/tag\/bitcoin\" rel=\"nofollow\">Bitcoin<\/a> has been dubbed digital gold because the cryptocurrency shares many similar attributes with the precious metal.<\/span><\/p>\n<p class=\"p1\"><span class=\"s1\">However, a recent situation involving a forgery crisis in the gold industry shows how one important aspect of Bitcoin gives it an enormous advantage over its physical gold counterpart and could drive more investors seeking a safe-haven or store of value into the first-ever cryptocurrency.<\/span><\/p>\n<h2>Investors Beware: High-Purity Counterfeit Gold Bars Flooding the Market<\/h2>\n<p class=\"p1\"><span class=\"s1\">Gold is a shiny, precious metal that\u2019s been used for centuries as currency, store of value, a safe haven, a status symbol, and to create ornate, expensive jewelry. However, it\u2019s status could soon be challenged by <a href=\"\/tag\/bitcoin\" rel=\"nofollow\">Bitcoin<\/a>, thanks to a very specific attribute the cryptocurrency features over gold.<\/span><\/p>\n<p style=\"text-align: center\"><em><strong>Related Reading |<a href=\"https:\/\/wncen.com\/2019\/07\/30\/gold-investor-peter-schiff-claims-bitcoin-bottom-wont-hold\/\"> Goldbug Peter Schiff Says Bitcoin Bottom Won&#8217;t Hold<\/a><\/strong><\/em><\/p>\n<p class=\"p1\"><span class=\"s1\">The reputation of the precious metal industry is currently being tarnished by a <a href=\"https:\/\/www.reuters.com\/article\/us-gold-swiss-fakes-exclusive-idUSKCN1VI0DD\" target=\"_blank\" rel=\"noopener noreferrer nofollow\">slew of counterfeit gold bars<\/a> adorned with the official stamps of major refinery logos. <\/span><span class=\"s1\">While roughly only 1,000 of the bars have been discovered \u2013 a flash in the pan compared to the roughly 2.5 million bars produced each year \u2013 according to industry executives it is how legitimate the fakes gold bars are that is causing widespread concern.<\/span><\/p>\n<p class=\"p1\"><span class=\"s1\">Typical counterfeit bars are made with much cheaper metals, plated with gold on the outside, making them easy to detect. These new fakes in circulation, however, are real, high purity gold, with the only phony aspect being the official seal stamped onto each bar.<\/span><\/p>\n<h2>Bitcoin and Blockchain: Proof of Work Prevents Counterfeit BTC Transactions<\/h2>\n<p class=\"p1\"><span class=\"s1\">The forgeries arrive at a time when the demand for gold across the globe is increasing. The precious metal has long been a flight to safety for investors seeking to avoid losses during economic downturns. With tensions increasing between the US and China, fiat currencies devaluing in the face of growing government debt, and a recession looming, gold has been increasing in value.<\/span><\/p>\n<p class=\"p1\"><span class=\"s1\">Throughout much of the year, however, Bitcoin was also rising alongside gold, which is also lauded for being a scarce asset and store of value. The two assets rising in tandem caused <a href=\"https:\/\/wncen.com\/2019\/07\/04\/bitcoin-gold-safe-haven-asset\/\">a safe-haven narrative to take center stage during Bitcoin\u2019s sudden rally<\/a>.<\/span><\/p>\n<p class=\"p1\"><span class=\"s1\">But this latest issue in the gold market highlights one attribute that <a href=\"\/tag\/bitcoin\" rel=\"nofollow\">Bitcoin<\/a> has over gold that could finally show goldbugs that the new, digital counterpart, is a far better choice as a safe haven asset: Bitcoin cannot be faked.<\/span><\/p>\n<p class=\"p1\"><span class=\"s1\">Bitcoin is a digital asset, bound to a distributed ledger called blockchain, where every transaction of every Bitcoin is recorded for all to see. Each time Bitcoin is sent over the blockchain, using a consensus algorithm called proof-of-work, miners validate the block before it is added to the blockchain.<\/span><\/p>\n<p style=\"text-align: center\"><em><strong>Related Reading | <a href=\"https:\/\/wncen.com\/2019\/08\/05\/bitcoin-store-of-value-narrative-turning-toward-safe-haven-asset\/\">Bitcoin Store of Value Narrative Turning Toward Safe Haven Asset\u00a0<\/a><\/strong><\/em><\/p>\n<p class=\"p1\"><span class=\"s1\">Theoretically, a counterfeit Bitcoin transaction could be created, however, it wouldn\u2019t be validated by miners and added to the blockchain. Certain attacks are also possible but would require a third-party gaining control to over 51% of the Bitcoin network\u2019s hash power, and given how decentralized the first-ever cryptocurrency is, such an attack isn\u2019t likely.<\/span><\/p>\n<p class=\"p1\"><span class=\"s1\">This added layer of security could give gold investors peace of mind when considering a safe haven asset or a store of value, and help to shine a light on the many ways <a href=\"\/tag\/bitcoin\" rel=\"nofollow\">Bitcoin<\/a> is a better asset than gold.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin has been dubbed digital gold because the cryptocurrency shares many similar attributes with the precious metal. However, a recent situation involving a forgery crisis in the gold industry shows how one important aspect of Bitcoin gives it an enormous advantage over its physical gold counterpart and could drive more investors seeking a safe-haven or store of value into the first-ever cryptocurrency. Investors Beware: High-Purity Counterfeit Gold Bars Flooding the Market Gold is a shiny, precious metal that\u2019s been used for centuries as currency, store of value, a safe haven, a status symbol, and to create ornate, expensive jewelry. However, it\u2019s status could soon be challenged by Bitcoin, thanks to a very specific attribute the cryptocurrency features over gold. Related Reading | Goldbug Peter Schiff Says Bitcoin Bottom Won&#8217;t Hold The reputation of the precious metal industry is currently being tarnished by a slew of counterfeit gold bars adorned with the official stamps of major refinery logos. While roughly only 1,000 of the bars have been discovered \u2013 a flash in the pan compared to the roughly 2.5 million bars produced each year \u2013 according to industry executives it is how legitimate the fakes gold bars are that is causing widespread concern. Typical counterfeit bars are made with much cheaper metals, plated with gold on the outside, making them easy to detect. These new fakes in circulation, however, are real, high purity gold, with the only phony aspect being the official seal stamped onto each bar. Bitcoin and Blockchain: Proof of Work Prevents Counterfeit BTC Transactions The forgeries arrive at a time when the demand for gold across the globe is increasing. The precious metal has long been a flight to safety for investors seeking to avoid losses during economic downturns. With tensions increasing between the US and China, fiat currencies devaluing in the face of growing government debt, and a recession looming, gold has been increasing in value. Throughout much of the year, however, Bitcoin was also rising alongside gold, which is also lauded for being a scarce asset and store of value. The two assets rising in tandem caused a safe-haven narrative to take center stage during Bitcoin\u2019s sudden rally. But this latest issue in the gold market highlights one attribute that Bitcoin has over gold that could finally show goldbugs that the new, digital counterpart, is a far better choice as a safe haven asset: Bitcoin cannot be faked. Bitcoin is a digital asset, bound to a distributed ledger called blockchain, where every transaction of every Bitcoin is recorded for all to see. Each time Bitcoin is sent over the blockchain, using a consensus algorithm called proof-of-work, miners validate the block before it is added to the blockchain. Related Reading | Bitcoin Store of Value Narrative Turning Toward Safe Haven Asset\u00a0 Theoretically, a counterfeit Bitcoin transaction could be created, however, it wouldn\u2019t be validated by miners and added to the blockchain. Certain attacks are also possible but would require a third-party gaining control to over 51% of the Bitcoin network\u2019s hash power, and given how decentralized the first-ever cryptocurrency is, such an attack isn\u2019t likely. This added layer of security could give gold investors peace of mind when considering a safe haven asset or a store of value, and help to shine a light on the many ways Bitcoin is a better asset than gold.<\/p>\n","protected":false},"author":517,"featured_media":401935,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[5651,3],"tags":[428,9732,13537,2209,16472],"class_list":["post-401934","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin","category-news","tag-bitcoin","tag-counterfeit","tag-fake","tag-gold","tag-precious-metal"],"acf":[],"yoast_head":"\n<title>Bitcoin Fixes This: Fake Gold Bars Could Turn Investors Toward Digital Counterpart<\/title>\n<meta name=\"description\" content=\"Bitcoin has been dubbed digital gold because the cryptocurrency shares many similar attributes with the precious metal. 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The platform offers a range of learning tools and resources designed to empower traders with the knowledge to make informed trading decisions. In addition to his educational initiatives, Tony is a prolific author and a dominant voice in the crypto community. He writes the CoinChartist VIP newsletter, a weekly dispatch that has become a staple among crypto enthusiasts, revered for its insightful analysis and actionable trading advice. This newsletter has consistently ranked as a best-seller on SubStack, boasting thousands of subscribers who rely on Tony\u2019s expertise to guide their trading strategies. Tony is also celebrated for his literary contributions to the field. He is the author of the highest-rated Crypto Trading Journal on Amazon.com, a testament to his ability to communicate complex trading concepts in an accessible manner. This journal is widely regarded as an essential tool for traders aiming to track their progress and refine their strategies. 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