The authentication of my bank bills requires one of my authentication machines. But they are not hooked up to the internet. They do not depend on the internet. The entirely global internet can go Kerflooey, and you will still have your gold in your hand.
If you like, you can come into a participating bank and redeem your bank bill for a gold round, right after it’s authenticated, which takes a minute or two.
But if two minutes is too long for you to wait, you can just burn off the paper, and that little yellow bead at the bottom of the crucible — that’s your gold.
Some sort of ledger on the internet, but the ledger is very labor intensive, and the people who labor to make the ledger work are called bitcoin miners, and they are paid in bitcoins, and they have electric bills to pay, and employees to pay, and rent to pay.
If the value of bitcoin gets too low, the miners lose money maintaining the bitcoin ledger on the internet. In that case they quit. When they quit, there’s nobody to maintain the ledger. Your bitcoins are vaporous nothings of non-vendible imponderables, so you can take them to the Guggenheim, maybe they will listen to your story.
My people, with Paper Bullion Bank Bills in their hands, don’t have a story. What they’ve got in the hands is better than gold coins or gold rounds. It is paper bullion that can be readily and reliably authenticated at many bank locations all over the developed world. You cash in one of my bills, you get the London Gold Fix for that day, which can then be translated into any sort of fiat paper currency you want — local, or not local. You’re in Italy you want some Norway money. You can get it. Good as gold, and gold is good in any paper currency.
When you buy one of my bank bills you pay the London Gold Fix for that day, plus a small fee, like on a Traveller’s Check. If you are a really big customer, and the local law allows it, the bank might comp you on the fee, so you just pay the price of the gold in the bills you are buying.
I suggest you get the 1/10th oz, but you may also select the 1/4 oz, or even the 1/2 oz bills. If you are a big person, with big business, and want to keep things compact, get the 1/2 oz bills. They are about 50% bigger (taller) than a dollar bill, but about the same length, as you may see from the drawings in my patent (US 10176661) which you can find at patents.google.com in two shakes of a lamb’s tail.
Anyhow my product and Bitcoin (or any crypto currency) could not possibly be more different. They are at opposite ends of the reality spectrum. Nothing could be more real than my product. Nothing could be more imaginary and dubious than bitcoin.