bitcoinwell on Nostr: Reasons why bitcoin is better money than gold: Verification Counterfeiting is a ...
Reasons why bitcoin is better money than gold: Verification
Counterfeiting is a problem as old as coinage, spanning back to the Lydian empire in 550 BC.
Bitcoiners took note of gold's shortcomings and incorporated superior security methods when creating bitcoin
Here's how 👇
The origin of counterfeiting involved clipping the edges of ‘real’ coins and combining the metal to make a counterfeit coin, but thieves tend to innovate over time.
Mints began to incorporate physical security methods to deter and delay counterfeiters, first official seals and then later coin ridges. Soon, only precious metals with coin ridges and/or designated seals were accepted.
As metallurgy improved, counterfeit gold coins and bars became more sophisticated – ridges and seals were soon copied, no longer distinguishing authentic from counterfeit.
Today, gold authentication is done with a X-ray fluorescence spectrometer. However, XRF spectrometers fail to detect the contents of the object’s centre, as they can only penetrate a maximum distance of a couple of millimetres.
To get around this form of detection, counterfeiters will replicate the outside security features of a gold object (coin or bar) with a thin layer of gold while the inside is made up of a similarly dense metal like gold or tungsten
The only way to detect such fake gold is through an intense process where the gold is physically compressed and flattened through a rolling mill to not exceed the penetration distance of an XRF spectrometer.
However, now the gold bar has lost its standardized shape and seal, and requires minting again. Needless to say, the entire process is costly and time consuming and is thus not exercised for most gold, leading to global speculation as to whether global gold reserves are authentic.
Bitcoiners, however, never worry about receiving counterfeit bitcoin. Bitcoiners also never worry about XRF spectrometers or flattening out the fungibility of money to detect its atomic makeup. Bitcoiners are armed with code and thousands of nodes worldwide, instantly verifying new blocks, transactions and, thus, the validity of bitcoins.
Bitcoin’s inherent ease of verification through its robust system of independent nodes and digital makeup allows bitcoins to be verified instantly, continuously, and without fee or loss of functionality or fungibility.
Bitcoin is better money than gold for many reasons. Protection from counterfeiting is one of our favourite differentiating factors.
Bitcoiners don’t trust – we verify.
Counterfeiting is a problem as old as coinage, spanning back to the Lydian empire in 550 BC.
Bitcoiners took note of gold's shortcomings and incorporated superior security methods when creating bitcoin
Here's how 👇
The origin of counterfeiting involved clipping the edges of ‘real’ coins and combining the metal to make a counterfeit coin, but thieves tend to innovate over time.
Mints began to incorporate physical security methods to deter and delay counterfeiters, first official seals and then later coin ridges. Soon, only precious metals with coin ridges and/or designated seals were accepted.
As metallurgy improved, counterfeit gold coins and bars became more sophisticated – ridges and seals were soon copied, no longer distinguishing authentic from counterfeit.
Today, gold authentication is done with a X-ray fluorescence spectrometer. However, XRF spectrometers fail to detect the contents of the object’s centre, as they can only penetrate a maximum distance of a couple of millimetres.
To get around this form of detection, counterfeiters will replicate the outside security features of a gold object (coin or bar) with a thin layer of gold while the inside is made up of a similarly dense metal like gold or tungsten
The only way to detect such fake gold is through an intense process where the gold is physically compressed and flattened through a rolling mill to not exceed the penetration distance of an XRF spectrometer.
However, now the gold bar has lost its standardized shape and seal, and requires minting again. Needless to say, the entire process is costly and time consuming and is thus not exercised for most gold, leading to global speculation as to whether global gold reserves are authentic.
Bitcoiners, however, never worry about receiving counterfeit bitcoin. Bitcoiners also never worry about XRF spectrometers or flattening out the fungibility of money to detect its atomic makeup. Bitcoiners are armed with code and thousands of nodes worldwide, instantly verifying new blocks, transactions and, thus, the validity of bitcoins.
Bitcoin’s inherent ease of verification through its robust system of independent nodes and digital makeup allows bitcoins to be verified instantly, continuously, and without fee or loss of functionality or fungibility.
Bitcoin is better money than gold for many reasons. Protection from counterfeiting is one of our favourite differentiating factors.
Bitcoiners don’t trust – we verify.