Ive never been able to understand the concept of gold. Why is it so valuable? How do countries know that the amount of gold being held by other countries? Who audits these gold reserves to make sure the gold isn’t fake? In the event of a major war would you trade food for gold? feel like people would trade goods for different goods in such a dramatic event. I have potatoes and trade them for fruit type stuff. Is gold the same scam as diamonds? Or how is gold any different than Bitcoin?
In: Economics
> Why is it so valuable?
Because it’s rare and people covet it.
> Or how is gold any different than Bitcoin?
Gold is a physical thing, for one. And it has been continuously valuable for millennia, not just a few years like Bitcoin.
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