Gold has been the oldest medium of exchange since the ancient historian times. Greece and the Roman empires used to use gold for any mode of exchange with the merchants or to buy anything.
Goods were the most preferred method that was used in the olden days to buy goods in the old days. When modern times started to emerge the paper money was the converted form of the gold that used to be the medium of exchange. Bitcoins era will tell you more about the emergence of gold and also bitcoins into a financial circle.
Know More About Gold Ownership
Due to the beautiful history that we have had of exchanging gold and also due to the scarcity of gold, the gold ownership has become very challenging to accept. In fact in recent times gold has to be most taken care of, you can leave your fiat money for a while alone openly but you can not afford to keep your gold open. There is a chance of theft for more than 100% in the nature of the ownership.
With the passage of time, the value of the gold will increase and the chances of theft will rise even further. Hence over time, one has to spend more on the security of the gold so that the gold remains safe. And it challenges the ability of person to person, some people can afford high security and some can not.
While you own gold, you will also have to face some of the transactional issues which would not be a scenario in case of paper currency or bitcoins. The first level of trespassing happens when you go to buy or sell your gold and you need to check the authenticity of your gold. The authenticity and the verification should be such that it meets the wish and the demand of the buyer. The gold owners will also face some dramatic problems while physically separating the gold. The gold purity testing has become costly because of which people try not to buy or exchange gold because it has a lot of foundation. Hence there are a lot more challenges at the transactional level thus we do not prefer owning gold in the current days. Hence the use of a gold bar makes the life of the gold owner a little easy but not much easier.
All these challenges caused by gold creates an obstruction for both the buyer and the seller. These problems are not encouraged to be faced by small investors and new investors. But despite these drawbacks, the demand for gold is increasing day by day because of the lack of the item on earth. So before it vanishes completely, one has to be very careful and determined while spending on gold, because gold brings in a lot of risk along with the money spent on it for buying it. The importance of gold was seen while the entire world was facing the drawback of the pandemic COVID-19. People all across the world including Bangkok and Thai nationals have been found gathering for a queue in front of the gold shops to sell off their gold. Since lockdown has been imposed all over the world many of the cities are facing a lack of money and also health crises at the same time. In order to beat these health crises, citizens were found to sell off their gold jewelry and save their lives.
Hence looking around at whatever is happening all over the globe it is ideally suggested that you spend all your savings in buying a bitcoin now rather than gold.