Vitalik Buterin Lists Cryptocurrency Advantages Over Gold

The Ethereum Vitalik Buterin, in response to the remark by American cartoonist Zach Weinersmith, enumerated three main advantages of cryptocurrencies over gold.

The author of popular comics and books, including the science-popular work ‘In the Near Future,’ said:

“So, the only argument I’ve heard about cryptocurrencies that makes sense within the believers’ own framework is that they do not want centralized authority over money.”

So, the only argument I’ve heard about crypto that makes sense within the believer’s own framework is that they don’t want a centralized authority for money. In that framework though, why not just go with gold?

— Zach Weinersmith (@ZachWeiner) October 26, 2022

In Weinersmith’s view, gold can be used in this paradigm.

“So, cryptocurrencies are the better option,” concluded the Ethereum founder.

Gold is incredibly inconvenient. It’s difficult to use, particularly when transacting with untrusted parties. It doesn’t support safe storage options like multisig. At this point, gold has less adoption than crypto, so crypto is the better bet.

— vitalik.eth (@VitalikButerin) October 26, 2022

In the crypto community, debates about the relative merits of cryptocurrencies versus gold are traditionally pitted against the Bitcoin critic and precious-metal advocate Peter Schiff, president of Euro Pacific Capital.

On air his opponents included Morgan Creek Digital co-founder Anthony Pompliano and SkyBridge Capital co-founder Anthony Scaramucci. In the latter case, an online poll was organized, according to which 51% of viewers voted in favor of gold.

Earlier in 2021 Bitcoin enthusiasts in a wide Twitter discussion explained to Schiff the true purpose of the precious metal.

Read ForkLog’s Bitcoin news in our Telegram — cryptocurrency news, rates and analytics.