If Ether is Digital Oil, Bitcoin is Digital Gold By DailyCoin – Investing.com

If Ether is Digital Oil, Bitcoin is Digital Gold By DailyCoin – Investing.com

Our understanding of the utility these minerals bring to our daily interactions are directly linked to their monetary value. Cryptocurrencies portray similarities when examining and in contrast to gold and oil. While both are limited and scarce, their underlying use cases rely on their perceived affordances they add to the digital network. Such a view of Ethereum and Bitcoin reinforces the growing belief that Bitcoin is digital gold while Ethereum is digital oil.

A Metaphor of Our Times

Arguments about comparisons between cryptocurrencies and minerals have been reiterated by Gemini cryptocurrency exchange co-founder Tyler Winklevoss, who claimed Bitcoin is “better at being gold than gold is” emphasizing the ease at which one can store and transport a valuable asset. Additionally, Etheruem was compared to digital oil because of its versatility in powering the Ethereum Network protocol.