Well actually you are talking about the past when referring to millennia ago. I can see the faults in Cryptos for sure. But digital is the future. The fact gold has been around for millennia doesn't mean it will be a "currency" in the future. Animal skins were also a currency millennia ago. Its not much of an asset now... and that had a function, derived from a food source, kept you warm etc. Just because something is new doesn't mean it should be discounted. Also, if I understand correctly with your second sentence youre implicating cryptos are "printed images" therefore abundant. Actually the whole idea of something like BTC is supply is finite. There are lots of currencies I agree and that's one of their many faults in their current guise. But they will converge into a couple. Cryptos are like the internet in the late 90's lots of excitement, lots of issues and lots of scams. But ultimately went on to become something world changing.
It's infite because then you create another crypto as many are doing at present. In a world where Bitcoin is the only crypto it would be true but that's not reality. I agree that cryptos are going through the bubble-boom phase right now, exactly like tech in the 90s. Anything with ".com" in the end skyrocketed, seems pretty familiar with the situation now. Just like the tech bubble, cryptos will implode and it will take quite a few years until they reach practicality. Then the true growth based on real usability will happen. Gold obviously is a thing of the past but it also has a future, even if just considering the industrial uses.
There was eGold way before bitcoin. The US government shut it down after 13 years in 2009, for reference BTC is 9 years old. https://en.wikipedia.org/wiki/E-gold The US government kindly stores your gold for free, as seen in the documentary called Die Hard 3.
Gold does have commercial uses in electronics , and is used a lot , and probably isn't that much more expensive than "rare earth metals "which also are used in electronics " there are 10 troy ounces of gold (or about three-fifths of a pound) per ton of smartphones" Not a lot a grant you , but there's probably enough demand commercially to support the price at some sort of level, we're not going to be producing less electronics in the future.
Governments may not allow establishment of cc's , beyond perhaps allowing blockchain to back their own. So far it hasn't been much of a threat but if it were governments may well take stronger action against cc's , they definitely will want some tax.
Only 16% of gold demand is from "real" uses (industrials, electronics, dentistry etc), half of the consumption is just from jewelry.
I was doing my homework on IBM....reading about what they are up to... This whole quantum computing thing... they say its not too far off and it will literally make distributed ledgers/blockchain/whatever look like 8-Track tape players. Beyond me. Might be something to be aware of though.
I stand corrected , but if Gold price dropped through increased supply,there would be an increase in demand, almost the opposite to Bitcoin whose price was supported in my opinion only by it's rise in price.
Absolutely. Even currencies are better in that to some extent they are backed by governments. Bitcoins real value is how usable as a currency it is and right now, it's practically useless.