Topic: BITCOIN AS A DIGITAL GOLD (Read 830 times)
that's for sure
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Depend on how we treated Bitcoin mate,because for those using this as a payment for transacting then this is a different approach while others are taking this as a Holding and with that maybe Bitcoin stands as GOLD in digital ways.We know how gold has being used now,for investment and not for payment because OLD age ha already passed when people use gold in trading.
In 2009 bitcoin was launched then it could slowly replace gold investment on the basis of bitcoin can be said to be the fastest in its growth because of very little allocation in all existing markets and therefore some of the gold and bitcoin I think is equally good for at invest in the long run.
BITCOIN AS A DIGITAL GOLD
CRYPTO BUSINESS
Nearly Bitcoin referred to as a digital gold start from last year but 2019 when vocubarly became much more realistic. In fact, the idea of Bitcoin as digital gold became so prevalent in 2019 that U.S. Congressman Brad Sherman (D-CA) claimed the crypto asset may be a threat to the U.S. dollar’s dominance in the global economy.
At January of 2020, the similarities between Bitcoin’s and gold’s price movements around increased due to tensions between the United States and Iran did shift the price of gold and Bitcoin, However, longer-term measurements of the correlation between Bitcoin and gold still indicate there is a very little correlation between these two assets.
The digital gold use case is often referred to as Bitcoin’s core value proposition, so a closer correlation with physical gold could indicate a greater level of understanding and acceptance of this point from market participants. Additionally, the introduction of central bank-issued digital currencies could clarify the value proposition of something like Bitcoin in the minds of the general public.
How strong You support the Ideal?
More check on:: https://bizzysumbi.blogspot.com/2020/02/bitcoin-as-digital-gold.html
Depend on how we treated Bitcoin mate,because for those using this as a payment for transacting then this is a different approach while others are taking this as a Holding and with that maybe Bitcoin stands as GOLD in digital ways.
We know how gold has being used now,for investment and not for payment because OLD age ha already passed when people use gold in trading.
Bitcoin is referred to as a digital GOLD because of its value. But for me, bitcoin is a digital currency. We used bitcoin to promote the fastest way or method of transaction as possible. Besides, bitcoin has surpassed the value of digital gold either or it is an asset that can be used as an online payment transaction these days. Technically speaking,we cannot know the cap of gold so we can't really compare it to bitcoin.
Hypothetically, we can compare bitcoin to gold even in terms of scarcity. The maximum supply of bitcoin is set to 21000000 and this number cannot be changed without consensus. Very unlikely to happen, I believe, except that most of the participants, especially those who hold bitcoin since the beginning, suddenly decide to become poorer. In contrast to bitcoin, gold has unlimited supply. As humanity improves technology, it becomes possible to mine gold almost everywhere, outside the Earth. Gold can be mined on other planets, asteroids, comets, etc. We don't know exactly how much of it out there. But the part of the reason why gold is less scarce than bitcoin is because we don't need to come to consensus to start mining in space. If small group of people were to decide to make money this way (by printing gold) we wouldn't be able to do anything about it.
But gold not dump extremely like bitcoin and keep exist on stable price, looking with gold always on the top price although just little change up every year, different when seeing bitcoin could on higher price just few days later but higher risk when bitcoin suddenly down to lower price and keep moving with long term, we must wait when bitcoin keep on higher price or stable with lower price.
With current massive money printing doing by banks it is indeed considered as digital gold because of its quantitative tightening with a fix supply and unable to reproduce like gold. But it also more superior to gold because its much easy to use and can be used for payments and trades.
Bitcoin is referred to as a digital GOLD because of its value. But for me, bitcoin is a digital currency. We used bitcoin to promote the fastest way or method of transaction as possible. Besides, bitcoin has surpassed the value of digital gold either or it is an asset that can be used as an online payment transaction these days. Technically speaking,we cannot know the cap of gold so we can't really compare it to bitcoin.
Well, in terms of value, BTC does surpass gold, but that's not the main benchmark. By analogy, bitcoin is indeed suitable to be called digital gold, its price is high and so valuable compared to other products. In addition, there are limited numbers and must be mined with certain difficulties to get it. As it seems.Bitcoin is also more multi-functional, it can be an investment asset, trading commodity, and currency for payment alternatives.
Bitcoin is referred to as a digital GOLD because of its value. But for me, bitcoin is a digital currency. We used bitcoin to promote the fastest way or method of transaction as possible. Besides, bitcoin has surpassed the value of digital gold either or it is an asset that can be used as an online payment transaction these days. Technically speaking,we cannot know the cap of gold so we can't really compare it to bitcoin.
Bitcoin is seems to be digital gold.But many coin had potential as like bitcoin,some of them are eth,binance ,Neo .This all had good potential over other and many holding this coin. Many online transcation is with bitcoin and Eth now, so bitcoin will had control ove online transcation
Bitcoin is referred to as a digital GOLD because of its value. But for me, bitcoin is a digital currency. We used bitcoin to promote the fastest way or method of transaction as possible. Besides, bitcoin has surpassed the value of digital gold either or it is an asset that can be used as an online payment transaction these days. Technically speaking,we cannot know the cap of gold so we can't really compare it to bitcoin.
To be very simple, Bitcoin is a digital currency and not a digital gold.
Most people treat it as a assets but it should be more frequently used as a currency. We should use bitcoins as our payment methods.
It seems to me that Bitcoin has ceased to be a digital currency for a long time. There are much cheaper and faster methods (currencies) so most of today’s value of Bitcoin comes from speculative trading as a security asset.
It was meant to be a payment system but in reality that's what all those things built on top of it will be. Bitcoin is too valuable to be something that you use to buy a pack odf cigs or a hot dog. It's secure enough to be used for million dollar transfers around the world and safe enough to be used as a store of value. Personally, I like the digital gold label. It fits BTC well.
To be very simple, Bitcoin is a digital currency and not a digital gold.
Most people treat it as a assets but it should be more frequently used as a currency. We should use bitcoins as our payment methods.
It seems to me that Bitcoin has ceased to be a digital currency for a long time. There are much cheaper and faster methods (currencies) so most of today’s value of Bitcoin comes from speculative trading as a security asset.
Bitcoin is not the digital gold but there's literally a project that is a digital gold:
check this: https://bitcointalksearch.org/topic/ann-gold-first-100-liquid-stablecoin-backed-by-gold-5161544
I am looking to that project for a while and I think they are the best to give if someone is asking for digital gold. They are cryptocurrency that is backed by gold and the price is sync with the price of the gold itself.
Bitcoin can't be the digital gold since bitcoin is backed by nothing! Bitcoin is just existing because of the supply and demand and that's enough for bitcoin to be called as "cryptocurrency"
check this: https://bitcointalksearch.org/topic/ann-gold-first-100-liquid-stablecoin-backed-by-gold-5161544
I am looking to that project for a while and I think they are the best to give if someone is asking for digital gold. They are cryptocurrency that is backed by gold and the price is sync with the price of the gold itself.
Bitcoin can't be the digital gold since bitcoin is backed by nothing! Bitcoin is just existing because of the supply and demand and that's enough for bitcoin to be called as "cryptocurrency"
To be very simple, Bitcoin is a digital currency and not a digital gold.
Most people treat it as a assets but it should be more frequently used as a currency. We should use bitcoins as our payment methods.
Bitcoin is not the digital gold but there's literally a project that is a digital gold:
check this: https://bitcointalksearch.org/topic/ann-gold-first-100-liquid-stablecoin-backed-by-gold-5161544
I am looking to that project for a while and I think they are the best to give if someone is asking for digital gold. They are cryptocurrency that is backed by gold and the price is sync with the price of the gold itself.
Bitcoin can't be the digital gold since bitcoin is backed by nothing! Bitcoin is just existing because of the supply and demand and that's enough for bitcoin to be called as "cryptocurrency"
It is only the supply and demand of bitcoin to be fully integrated because it will be a high price if demand rises so whatever support is not there but bitcoin will become a digital currency with high adoption in the future.check this: https://bitcointalksearch.org/topic/ann-gold-first-100-liquid-stablecoin-backed-by-gold-5161544
I am looking to that project for a while and I think they are the best to give if someone is asking for digital gold. They are cryptocurrency that is backed by gold and the price is sync with the price of the gold itself.
Bitcoin can't be the digital gold since bitcoin is backed by nothing! Bitcoin is just existing because of the supply and demand and that's enough for bitcoin to be called as "cryptocurrency"
But with the digital gold you mentioned, it is already supported with physical gold, so the price will follow the current world gold and I am sure this will be the first digital gold in cryptocurrency that has ever been successful so far.
Bitcoin can be used as useful and fast payment method and whats why you decided to name it digital gold?
Bitcoin is a digital gold, yes it is really good thing for the positive side. It is world's first decentralized virtual currency nobody control them, this is a miracle in the electronic and human industry, demand is more and supply is less.
technically its not, since theres no way you can increase the reserve of gold. bitcoin tho allows removing the cap if consensus is reached
i am not mentioning that gold is also has unlimited cap - its timing is on way different range than 10 minutes
But you don't know what the cap is with gold. It can be just 1x what we have in circulation or 10x that.
We can maybe forsee how much of it is burried beneath but we don't know what we'll be able to mine and how much of it is beyond our reach.
Bitcoin can technically go beyond 21 million but gold can also go beyond what is expected to be mined now if a new and more efficient way of mining is found.
I agree BTCitcoin surpasses digital gold because it is allowing the development of technology and the growth of digital assets. And it's just the beginning thanks to the support of the community. Banking will have to reinvent itself to be able to meet all the world's demand when people prefer 100% Bitcoin and cryptocurrencies.
Its more than digital gold. Bitcoin also introduces technology to the community that opens more gems to the world. There are tons of these gems already which right now we have also invested to them. People are rushing to buy digital currencies which is why some reports says "digital gold rush". Cryptocurrencies may not be for the common individuals right now but it will be in the coming years.
In terms of changes it can be compared to any rare materials however would you consider gold as an investment? And there is no such thing as an investment that is too much of an trust dependent where when there's more people to invest there would be higher value. The price is frequently being driven by demand which is almost same to any product, in contradiction bitcoin loses its high value the moment a crowd started to forcibly let go of their holdings for the reason of bitcoin is more flexible in terms of transfer.
Yes I do consider gold as a great investment, I don't know about you, but where I come from gold is a major source of investment, in short an average woman here has gold otherwise you won't fit among your peers,
If women should buy btc the way they buy gold, I believe the price of btc will see a price hike, this is from experience, women in my country invest alot on gold, it is their way of preserving their money.
Bitcoin cannot replace the value of gold since.
Gold continue to increase its value every now while bitcoin depends on the demand of its users/ investors.
But to think that gold has unlimited supply - it is a big NO because why that the price of gold increases if it has unlimited supply? Come to think the law of demand and supply and your will realize.
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But some people appreciate the value of bitcoin as gold - we can not deny that, it's their own perspective.
Gold continue to increase its value every now while bitcoin depends on the demand of its users/ investors.
But to think that gold has unlimited supply - it is a big NO because why that the price of gold increases if it has unlimited supply? Come to think the law of demand and supply and your will realize.
~
But some people appreciate the value of bitcoin as gold - we can not deny that, it's their own perspective.
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Gold is thought to have been produced in supernova nucleosynthesis, and from the collision of neutron stars,[47] and to have been present in the dust from which the Solar System formed.[
https://en.wikipedia.org/wiki/Gold#Origin
I thought that calling Bitcoin the digital gold was referred to its limited supply, and this metaphor was popular long time before 2019/2020.
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