Gold’s recent price appreciation has initiated a spike in gold transfers and traditional institutions like the Bank of England are having trouble managing the transportation demand. It has also lead to speculation about the amount of gold reserves that the bank actually has.

This situation highlights two of the problems with gold. Portability and verifiability. It takes time and energy to transfer gold across the ocean and it’s difficult to hold institutions accountable for their gold holdings.

You can send Bitcoin anywhere in the world in a couple minutes and it’s audited every 10 minutes.

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