As the world is increasing worried about trusting the value of fiat currencies, precious metals are getting attention. Silver is often considered the currency of the common person. And for everyday usage Silver can be compared to Litecoin and SmartCash that are more desirable because of low fees.
Before Bitcoin got popular, most people in the freedom community were buying silver myself included. At the time it was the only somewhat mainstream alternative to USD for most people. Anyone who understands markets gets that what really gives something value is the utility of it, whether it’s useful for one or many things. So what’s the value of silver?
Currently the USD value of pure silver is just under $15, which is honestly low for what it offers to the world. Silver is a highly reflective and conducive precious metals giving it a lot of utility in things like technology or even art.
Silver is found in the Earth’s crust in three forms: pure, alloys with gold and other metals, or in minerals like argentite. Most of the world’s silver produced is actually a byproduct of copper, gold, lead and zinc refining. The fact that it is one of the best thermal and electric conductors out there makes it useful for more than just being pretty.
In fact, silver might have a lot more uses than you’d expect like:
1) Electronics: The number one industrial use of silver is in electronics from switches to computer chips and literally everything in between. The fact that it’s cheaper than gold makes it more economical to use and its properties make it so no lesser metal really holds a candle to the capabilities of silver.
2) Colloidal Silver: Touted as a natural health miracle, colloidal silver and other health products containing silver have been popular for a long time because of silvers antimicrobial and non-toxic properties. There’s a silver based cream out there that is incredible for treating burns, for example.
3) Jewelry: Known for its luster, silver provides a cheaper but just as pretty alternative to gold for jewelry items.
4) Photography: Film photography depended on silver to make the technology work for all those years and it still does as it’s moved digital and the electronics needed to make the modern technologies work almost certainly uses at least a little bit of silver.
5) Water Filtration: Water filtration systems have long incorporated silver for its detoxifying and purification properties.
6) Art: In glassblowing specifically, silver is vaporized onto glass and layered and chemically manipulated with heat and cold to make certain effects occur. The effect is called silver fuming.
7) Medicine: Silver is being used in medicine for things like implants and prosthetics because of the antimicrobial nature. It’s also used as an antidote to mercury poisoning, it’s non-toxic properties helps drive the toxin from your body.
8) Solar Power: It’s used in the manufacture of solar panels and realistically is what makes the whole thing work.
9) Stop Smoking: Silver acetate in gums and sprays actually helps people quit smoking.
10) Swimming Pool Purification: water filters with silver are making it so we can move away from irritating chemicals in pools.
This is just ten of what is probably hundreds of practical uses for silver. If there’s one thing I’ve learned since being involved in markets its that the market often favors products with the most uses. This is why crypto-currency has risen in the way that it has, because the options are truly limitless.
At the end of the day, cryptocurrency serves the function of silver and more being easier to travel with among other things. Stay tuned for a post to come about how silver and precious metals shape up to cryptocurrencies in general!