Proof of work-> Gold is difficult to mine, as you have to organize human resources + machinery to mine it. Once extracted, it is necessary to provide for the logistics and control of the gold.
True, when it comes to industrial mining, it is a very expensive and dirty business, whether it is surface mining or mines, it requires a lot of money, manpower and time. However, ordinary people search for gold only with metal detectors or by washing on river/sea shores.
Bitcoin is inefficient as layer 1 if we look at it as a payment system. For this, we are working on solutions like Lightning Network (layer 2) - but that's not the main point.
Bitcoin is incomparably more efficient than gold in the payment system, and it works quite well even without LN - the problem is with users who don't want to think but want everything to be automatic - but if you know how to properly set the fee in relation to mempool, the transaction will be confirmed in a reasonable time. In addition, any transaction that does not have an RBF can be accepted without confirmation, especially if it is for smaller amounts.
Mining Bitcoin is already difficult today, it will become increasingly difficult over time -> This is an important analogy with Gold. Both are difficult and will be increasingly difficult to extract.
Partly true, because Bitcoin has a max supply and we know that by the end of this decade 99% will be mined, while there are undefined amounts of gold on our planet, not to mention outside of it.
The first country that will take mining seriously by meeting the various mining farms, and finding efficient mining solutions, could increase its economic capacity.
What if the US regulates crypto and declares Bitcoin a store of value? Basically, it doesn't have an ICO, there are no teams behind it, and there isn't an owner.
So didn't El Salvador do just that - Bitcoin is legal tender and they mine it with the help of geothermal energy? What if the US declares Bitcoin illegal, closes all crypto exchanges and demands the same measures from its allies? Don't believe that the US could ever go so far and give such legitimacy to Bitcoin when they don't allow a regular spot ETF that is available in many other countries around the world.
