Gold: Which is Better for Survival? Which is better for preppers: bitcoin or gold coin vs bitcoin? Check out our breakdown of bitcoin versus gold in terms of portability, security and resilience.
Backdoor Survival » Bitcoin vs. However, cryptocurrencies such as Bitcoin have now emerged, and have become popular for many of the same reasons. However, many preppers don’t know the benefits of one over the other. But which of the two is the better survival currency? Both have pros and cons that would make one or the other more ideal in any given collapse situation. In a survival situation, once a new financial system begins to emerge, history shows that precious metals like gold reliably start being used as money. Theoretically, however, anything that meets certain qualifications could be used for this purpose.
Money should be portable, or easy to carry. Anonymity is a big plus as well, as there is a strong correlation between financial collapses and wars. Governments also tend to become more authoritarian in financial implosions, and may try to seize assets, so anonymity becomes potentially important. There’s also the question of historical resilience, security, and other factors.
Bitcoin wins, hands-down, in the portability department. You can have a billion dollars’ worth of Bitcoin, and it would be just as easy to transport as one dollar worth. Buying bitcoin is usually traceable through the bank account you used to trade US dollars, and through forensic analysis of the blockchain, which is an unalterable digital ledger of all Bitcoin transactions. Bitcoin, meaning transactions can be forensically tracked. If two people were transacting privately, however, either gold or Bitcoin could be exchanged anonymously, just as with cash. Bitcoin is potentially more anonymous to obtain in the first place, but even gold can be purchased with cash from a private buyer.
Problem is, there’s such a thing as fool’s gold, but Bitcoin can’t be faked. That brings us to the next characteristic of ideal survival money, which is security. Bitcoin certainly leaves room for one to be scammed, as is the case with almost any transaction. As far as seizure from the state, gold is probably easier to seize than Bitcoin, but with smart storage, even the government might have a hard time finding all of your gold stash. However, the fact remains that Bitcoin is solely digital. That means that without electricity or web access, you’re out of luck, and your Bitcoin could be wiped out. That can’t happen with gold, and never will, so gold wins over Bitcoin in the security department.