Bitcoin Is the New Gold

[Bitcoin] transaction confirmation times have risen substantially; this, in turn, has led to an increase in the failure rate of transactions. … By the time the transaction is confirmed, fluctuations in Bitcoin price mean that it's for the “wrong” amount. … Furthermore, fees have risen a great deal … making Bitcoin …
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Australian Gold Refinery Announces Plan to Develop Cryptocurrency (news.bitcoin.com)

Perth Mint, Australia’s largest gold refiner, has announced plans for the development a cryptocurrency backed by physical gold. If successful in developing the altcoin, it will join a long list of virtual currencies seeking to entice cryptocurrency investors to experiment with commodity-backed virtual currencies, including Venezuela’s soon to be launched ‘petro’.
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Analysts and Bullion Dealers Notice a Relationship Between Gold and Bitcoin (news.bitcoin.com)

As cryptocurrencies have grown popular over the past year, researchers have noticed an inverse relationship between gold and bitcoin markets. Over the past two weeks, as cryptocurrency markets have slumped, financial analysts are reporting even more data about the correlation between both assets.
Also Read: Markets Update: Cryptocurrencies Try

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