Bitcoin has been a boon and a bane at the same time due to its not so long history. This gives rise to all kinds of debates, expectations, perspectives around the cryptocurrency and the traditional fiat currency, the comparisons between values of the traditional financial ways and the ways of digital currency, and so on.
Bitcoin is gold 2.0. It matches or beats gold across the board. It’s market cap is ~140bil, gold’s market cap is ~7tril. Do the math!
— Tyler Winklevoss (@tylerwinklevoss) May 16, 2019
Debates along the lines of ‘Store of Value (SoV)’, ‘Medium of Exchange (MoE)’ is still going on. Recently, Winklevoss Twins were found to show full support for the school of thought that backs Bitcoin is Gold 2.0. Tyler Winklevoss, the chief executive of Gemini, has recently shared his views on this matter on Twitter. As per his tweet, the potential of the cryptocurrency “matches or beats” the potential of Gold. He has been a strong supporter of cryptocurrency, when it comes to the comparison to gold, since a very long time. According to him, gold is better than cryptocurrency only in terms of the long history that backs up the credibility and acceptance of gold as a reliable medium of investment. In the rest of the departments, cryptocurrency is as good as or may be better than the latter. That is why he calls it “Gold 2.0.”
The importance and the efficiency of cryptocurrencies over gold can further be found through the data provided by the Grayscale Investments. The report points at the “mathematical scarcity” of Bitcoin, and other aspects such as decentralized technology, ledger based transparency and accuracy, the liquidity of the digital currency as well as the assets, and the “unconfiscatable” nature of the cryptocurrency. All these points are missing from the old favorite- gold. Examining gold’s values, the report points at factors such as- the metal is present in unlimited supply, the investment in the precious metal faces difficulties such as indivisibility, lack of liquidity, purity related issues, smuggling, theft, slow growth, and so on. Grayscale goes up the lengths of suggesting everyone to eventually drop the chase of the precious metal. The company has been busy running advertisements to spread awareness around Bitcoin (cryptocurrency overall) VS Gold.
More on Gemini exchange:
Recently, Cameron Winklevoss and Tyler Winklevoss were involved in supporting the use of crypto in day to day life by fostering employment around cryptocurrency sector into the mainstream. To do this, the crypto exchange has joined forces with the global cryptocurrency payments network- Flexa. Flexa helps big investors to accept digital asset payments. Gemini announced this news on Twitter.
Partnership with Flexa:
Tyler further added that Flexa will help the crypto-based assets users to purchase from big players in the retailing business such as,
the Barnes & Noble, Baskin Robbins, Bed Bath & Beyond, Caribou Coffee, Crate & Barrel, Express, GameStop, Jamba Juice, Lowe’s, Nordstrom, Office Depot & OfficeMax, Petco, Regal Cinemas, Ulta Beauty, and Whole Foods Market.
Gemini becomes the first to support “WebAuthn security protocol”
On the other hand, Gemini recently announced support for “hardware security keys via WebAuthn.” (WebAuthn basically stands for web authentication.) As per the blog the user can use security keys such as “Yubikeys, Feitian keys, Trezor and Ledger hardware wallets, etc.), MacOS TouchID, and even Windows Hello” for the two-factor authentication method (2FA.)