What About Gold and BitGold? Interesting article about money, gold and BitGold.
"Money is a commodity. It differs from other commodities in being demanded mainly as a medium of exchange."
From Mike Shedlock (
MISH'S Global Economic Trend Analysis):
BitGold has nothing to do with Bitcoin. The names just happen to be similar. Bitcoin is a digital currency, backed by nothing, whereas BitGold is 100% backed with audited, real physical gold.
BitGold does not depend on blockchain. Instead, BitGold users can tie their account to a debit card and purchase nearly anything, anywhere, as long as the merchant accepts a debit card.
Given that gold can once again easily be used to purchase nearly anything, it is difficult if not impossible to say that gold is no longer a "medium of exchange".
And if BitGold is money, there is no longer any basis for the often heard phrase "gold is not money".
Some believe gold to ceased to be money following
President Nixon's Closing of the Gold Window (See
Nixon Shock).
The only possible debate about whether or not gold is money pertains to the phrase "
demanded mainly as a medium of exchange".
"For those who are fed up with currencies backed by nothing, as well as those who want to avoid huge markups on gold coins and gold bullion purchased in small quantities elsewhere, I highly recommend opening up
BitGold or
GoldMoney accounts."
https://globaleconomicanalysis.blogspot.ca/2015/10/eu-rules-bitcoin-is-currency-us-says.html