Why does Shakira belly dance? – Shakira Belly Dancing Techniques Hair Shop
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One of the most common questions asked about Bitcoin is the “price” of a Bitcoin. Today someone asked this question, if we could get the price of Bitcoin to 1,000,000$ would you buy? I’ll put this in perspective. The most popular currency is the USD. You could buy more than an ounce in gold and it would only costs you about 2.0 USD. It’s about what money is worth today. Bitcoin is worth more in today’s dollars than a pound of gold is.
The following chart shows the exchange rate of Bitcoin, for the US dollar and for the Australian Dollar. This is for all currencies.
If you are making a purchase that requires credit cards it might make more sense to purchase Bitcoin today (at the current exchange rate) than to get a new credit card. The point is that Bitcoin (and therefore Bitcoins) is a commodity. The purchasing power of a Bitcoin is the same value it would sell for or a penny on the dollar. For the buying power it’s 1:1 with any dollar.
Bitcoin and the Money Supply
So, would a Bitcoin be valuable to you in your current life. In one word, its money. It is a unit of account of your wealth, a store of value for your savings and an investment, no matter how small or how much you are.
But is Bitcoin “backed” by other currencies. You can’t go and buy it in a shop, and when you’re done you have nothing – or nearly nothing – for your Bitcoin.
We can see this with the following picture. Imagine a goldsmith has his workbench and he is working on a silver coin and needs to make the coin out of sterling silver.
We can see two places he can go and buy the gold coin and then convert the gold coin into a silver coin, with the same amount of labour and it would take only 1 hour to do it.
But what if you needed to buy a few coins for your goldsmithing?
Let’s say the goldsmith has $1,000 of gold on him to
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