Are you touting gold? I could see platinum but gold? Oh well, it least it has some utility value. Tektronix used gold on their valuable plug-ins because they used these gold leaf springs that wiped gold contacts which wiped off any corrosion and made for very reliable electronic contacts. Copper is actually a better conductor than gold. If I recall right, silver made the best conductor which is why their silver solder was so highly valued. Surface corrosion on solder hurts nothing since all the electrical conduction occurs below the surface down where there's no corrosion.
If you are truly interested in knowing i suggest you read this. Probably the most comprehensive look into what cryptocurrencies do and could become. It's broken down so even a simpleton like me can understand it. https://www.bis.org/events/eopix_1810/chiu_paper.pdf In what might be the most basic explanation you could ask for it depends on what cryptocurrency you are discussing. Depends on if it actually "Mined" or if it is "open source" Blockchain. Eventually the thought is these currencies will weed out some of the lesser used and will settle on a few strong candidates that will be used to buy and sell products and services over the internet. Like i said. If you are truly interested read that Published "Economics of Cryptocurrencies". Johnathan Chiu is probably one of the most knowledgeable professors in crypto economics and Thorsten Koeppl is head of macroeconomics blockchain research at Queens University. In reality you and everyone else are already using digital money. You just use an intermediary like "Pay Pal" or a Debit card through your bank or a loaded type of monetary vehicle. Bitcoin simply take the place of those avenues and is mined figuratively like Gold. A Block Chain works like a readout or book that keeps transaction history. Miners work to keep that block moving. Go to page 7 and 9 for a better detailed view.
I can't say i have any good advice? Most would say you have not lost anything until you sell but Bitcoin is taking a huge bashing right now. I got out almost at the perfect time. Just Lucky because i had nothing other than a hunch. Stayed in Ethereum and bought Cardano. Both are holding their own. I worry about Bit coin. Eventually it will be mined out. There is a cap on it. What happens then is anyone's guess?
Per tax law, you are already required to pay tax on crypto profits. Most people are not abiding and paying the appropriate tax.... so the government will be coming for more of the money in your wallet.
Combination of issues here. Crypto currencies want to become a usable monetary vehicle. The idea is that you will buy and sell using them. The way things are set up now you could feasibly buy into a coin and then it could increase in price becoming more valuable and then you could spend that coin or a portion of it and never pay tax on the increase of value. You know they will put a stop to something like that. You could essentially "Launder" a bunch of money very quickly as well which I'm sure someone already is doing. It's pretty much the same as buying and selling currencies. The Euro has gone down almost 2 cents against the Dollar in the last couple weeks at .82 to $1. The Dinar "Kuwait" is the most valuable currency in the world right now is up to $3.30 for one Dinar. These change all the time. In the right situation and with of course enough money you could essentially never have to do anything else but buy and sell money. As soon as companies find a way to harness all of the crypto currencies the government will want it's cut. Bet on it.
I just saw on a copy of my 2020 income tax return a box for dealing with any crypto monies. I guess they are treating it as a separate issue.
It isn't going to matter "The Size" of the government. That is a bell ringing red herring narrative brought on for political reasons. Both sides of the isle use the IRS. Both sides of the isle spend money. They just spend money on different things.
