Winklevoss: Bitcoin Is More Than Digital Gold, BTC is a Source of Truth with Boundless Possibilities
Cameron Winklevoss, one of the famous Winklevoss’ twins, has recently talked about the potential of Bitcoin. According to him, BTC is far more than just digital gold. It is open-source software with almost limitless possibilities, in his opinion.
Because Bitcoin is open source software, its possibilities are boundless. I often talk about gold as a target market cap, but that's really just the beginning…it's digital gold, source of truth, etc…
— Cameron Winklevoss (@winklevoss) October 23, 2019
To him, being digital gold is just the beginning. The argument is that there is a lot more to go forward than just a simple analogy with gold because BTC is also scarce. Most people make this comparison at first, but there is a lot more than that.
With immutable decentralized transactions, anonymity, and security, Bitcoin was said to be “a shared single source of truth”. This is a term is used in the information systems area and it means something that can give a complete picture of the data. The technology that underlies BTC is the foundation of something huge and important, if we are to believe Cameron.
Another important aspect is that its integrity and scarcity are also important to protect Bitcoin from issues that gold faces today, such as forgery. This year, there were several reports of people scammed by forgeries of gold, around 1,000 kilograms of fake gold bars were found even with major banks such as JPMorgan Chase.
Bitcoin would never have the problem, as there is simply no way to forge it. This kind of security will be important in the coming days and it is one of the main reasons why people believe that Bitcoin is one of the biggest inventions in recent history.