Bitcoin as a digital gold | Bitcointalksearch.org

Dr.Bitcoin_Strange

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Quote from: Aquafina on July 19, 2023, 08:08:21 AM

Bitcoin is often referred as "digital gold"

similary,gold is not control by any entity.

You cannot really compare the gold Market to the bitcoin market; if you go that way, then there is a very big difference. During gold trading, third parties are involved, and sometimes your identity is revealed unless you still use a third party to purchase the gold. In a gold transaction, there is no privacy, and perhaps you can't hold gold without one person's consent, but for Bitcoin, you can do so without your identity revealed. Talking about Bitcoin as a digital gold, sure, I used to agree to it before, but I think something else should be used because already gold has been introduced into the Blockchain as a digital gold. There are some digital currencies, like Kinesis Gold (KAU), that are backed up by real gold. So,I think Bitcoin should not still be referred to as the digital gold because it's not backed by gold.

panganib999

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Quote from: Aquafina on July 19, 2023, 08:08:21 AM

Bitcoin is often referred as "digital gold" due to it scarcity and decentralized nature.because their will only be 21 million Bitcoin in existence which gives it scarcity and makes it resistant to inflation.this limited supply to achieve through a process called mining,where new Bitcoin are created at a decreasing rate over time.bitcoin is decentralized because it operate on a network called Blockchain,which means it's not controlled by any central or government.similary,gold is not control by any entity.

referred, but not considered, there's a difference between the two.

In my honest opinion, I'd say bitcoin is much scarcer than gold by a longshot. Although highly unlikely, an asteroid carrying 10 trillion dollars' worth of gold could come crashing down on Earth and its existence will significantly dilute the gold's supply and value as soon as it is processed. Not to mention the fact that, at least in physics you can manufacture gold. Bitcoin on the other hand is immutable, turn the whole planet and internet upside down but there's no way we could change the 21 million supply once it is set in stone. This is apart from the fact that every 4 years the supply is getting deflated too, which doesn't really happen with gold as far as I know. So perhaps bitcoin shouldn't be called "digital gold" anymore, perhaps we should start calling gold "physical bitcoin" yeah? lol.

Aikidoka

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Bitcoin has never been a digital gold and I don't think that could relate. It is fundamentally different and cannot be compared to gold or any other physical materials as they function differently. I believe that Bitcoin offers several advantages. For example it can be used to make online or in-person payments at stores that accept crypto, Also Bitcoin's price volatility is really higher than that of gold, making it riskier. Despite this I personally prefer Bitcoin over gold because, over a long-term period Bitcoin's price is likely to skyrocket, resulting in a huge profits for those who have held Bitcoin for a long time now.

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Quote from: Aquafina on July 19, 2023, 08:08:21 AM

Bitcoin is often referred as "digital gold" due to it scarcity and decentralized nature.because their will only be 21 million Bitcoin in existence which gives it scarcity and makes it resistant to inflation.this limited supply to achieve through a process called mining,where new Bitcoin are created at a decreasing rate over time.bitcoin is decentralized because it operate on a network called Blockchain,which means it's not controlled by any central or government.similary,gold is not control by any entity.

You are right that Bitcoin is also called digital gold. In earlier times, people used to make their investments by buying gold. Gold was considered a good investment for future investment. Now majority of people who know the features of Bitcoin prefer to invest in Bitcoin instead of investing in gold, and it is the best investment for long term investment. Bitcoin has a limited supply while gold has an unlimited supply. Therefore, the price of Bitcoin will see a big increase in the coming time. Bitcoin is not controlled by any one person or any government. It is an independent crypto currency, investment here is considered safer than other coins in the market. While gold mines are often under government control.

However, gold and Bitcoin have their place of importance, but for investing I think Bitcoin is better.

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Quote from: bitmover on July 19, 2023, 08:22:57 AM

Quote from: komisariatku on July 19, 2023, 08:19:40 AM

Quote from: Aquafina on July 19, 2023, 08:08:21 AM

Bitcoin is often referred as "digital gold" due to it scarcity and decentralized nature.because their will only be 21 million Bitcoin in existence which gives it scarcity and makes it resistant to inflation.this limited supply to achieve through a process called mining,where new Bitcoin are created at a decreasing rate over time.bitcoin is decentralized because it operate on a network called Blockchain,which means it's not controlled by any central or government.similary,gold is not control by any entity.

Bitcoin is not digital gold, It's just an expression because gold is considered to have a high value, and bitcoin also has a high value. The initial vision of bitcoin was digital currency, but today bitcoin is also used as an asset. Maybe on this side there are also similarities between bitcoin and gold, gold used to be a currency before being replaced by a fiat money system, now gold is no longer a currency, just an asset. While bitcoin still has both, it can be used as a currency as well as an asset

I think Bitcoin is somehow a digital gold, while LTC is somehow a digital silver (even its logo looks like silver).

And Bitcoin is already recognized as a commodity by US authorities

https://www.cftc.gov/sites/default/files/2019-12/oceo_bitcoinbasics0218.pdf

Quote

Is Bitcoin a commodity?
Yes, virtual currencies, such as Bitcoin, have been
determined to be commodities under the Commodity
Exchange Act (CEA)

Bitcoin stands in as digital gold as a result of its value in nature. It was likened to be a digital gold as amongst the reason are the fact that it was the first digital currency to have gained so much prominence and attention in the crypto domain. So therefore, if it is called such name i would not argue with it and that is the fact. AS we all know, it is a store of value and serves same purpose as the real gold we admire does so why can it not be called a digital gold with such features it operates with. Do not forget that there are only 21,000,000 of it in total supply which makes it more scarce of a resources to cherish.

Lorence.xD

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Well it seems OP is a new account but there's already existing topics like this which is already a common knowledge in this industry. For sure gold and Bitcoin has a high value due to its scarcity but it has a huge difference the digital and physical speak for itself. Due to Bitcoin is a digital currency, then it's much easier to use worldwide. From the world currency itself already different to the gold plus there's a high volatility in Bitcoin. Gold's value are depends on the demand on the market which gives the value of the gold, some of them are owned by the government which couldn't ever happen to Bitcoin since it's decentralized. It's like you're saying in this post that soccer and football is the same because they use foot for the game.

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Quote from: komisariatku on July 19, 2023, 08:19:40 AM

Quote from: Aquafina on July 19, 2023, 08:08:21 AM

Bitcoin is often referred as "digital gold" due to it scarcity and decentralized nature.because their will only be 21 million Bitcoin in existence which gives it scarcity and makes it resistant to inflation.this limited supply to achieve through a process called mining,where new Bitcoin are created at a decreasing rate over time.bitcoin is decentralized because it operate on a network called Blockchain,which means it's not controlled by any central or government.similary,gold is not control by any entity.

One of the differences between gold and bitcoin is their supply. Gold has a (almost) unlimited supply because gold will always be mined every day, whereas bitcoin has a limit of 21 million. After 21 million bitcoins have been mined, there will be no more bitcoin mining. So maybe bitcoin will be more than gold

If mining stops then no new bitcoins are added and the human appetite for bitcoins will not stop. This is one of the major difference
between bitcoin and gold. Gold Supply limited. may find new timings at any time. As a result, there is no possibility of a sudden increase in the price of gold. Although people have had a belief in gold since ancient times. We have seen gold prices rise for a long time but not as expected. There is no example of someone changing their life by investing in gold. Because if you invest in gold for a long time, it will slowly increase your assets but with the profit you cannot do any thing.

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Quote from: komisariatku on July 19, 2023, 08:19:40 AM

One of the differences between gold and bitcoin is their supply. Gold has a (almost) unlimited supply because gold will always be mined every day, whereas bitcoin has a limit of 21 million. After 21 million bitcoins have been mined, there will be no more bitcoin mining. So maybe bitcoin will be more than gold

Supply is one factor that determines the value of an asset, but it is not the only one. For bitcoin to surpass gold, we need to have a higher demand for bitcoin than gold, and with the limited supply, we can expect it more than gold. But currently, bitcoin is still far behind gold in terms of demand and market capitalization, so saying bitcoin will surpass gold is incorrect. It will take a long time for bitcoin to overtake gold, an asset that is thousands of years old.

BD Crypto

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When we look at the properties of Bitcoin as an asset then Bitcoin looks like a digital gold or even better than Gold. But as it's actually a currency so we can say Bitcoin is the ultimate solution of currency system but it still have some limitations.

We can't compare Bitcoin with anything else. Bitcoin has it's own properties and usecases. In my opinion Bitcoin should be called as a Digital Gem which suits perfectly. Anyway this topic is discussed several times and there are many comparison related topics with Bitcoin.

Quote from: Solosanz on July 19, 2023, 09:54:39 AM

Don't be surprised, there are many newbie always want to create new thread that has been discussed since a long time ago. It's either they will create a thread about Bitcoin definition in general, Bitcoin vs Bank, Decentralization vs Centralization, Bitcoin is anonymous etc.

But this is not the worst, I think the worst is when the user create a clickbait thread where they wrote "What is Bitcoin?' in the subject. That's make people think he genuine asking a question, when you click the thread, you will see a long 3-5 paragraph full of copy paste.

It occurrs when they don't search here before creating a topic. They rush to make their own thread and never care about their topic to discuss. The worst part is that sometimes they feels that they have been criticized by higher rankers but they never care about their activities.

Asuspawer09

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Quote from: Aquafina on July 19, 2023, 08:08:21 AM

Bitcoin is often referred as "digital gold" due to it scarcity and decentralized nature.because their will only be 21 million Bitcoin in existence which gives it scarcity and makes it resistant to inflation.this limited supply to achieve through a process called mining,where new Bitcoin are created at a decreasing rate over time.bitcoin is decentralized because it operate on a network called Blockchain,which means it's not controlled by any central or government.similary,gold is not control by any entity.

I mean yeah, Bitcoin was called on so many names like digital gold, digital currency, digital money, etc. Bitcoin is a great investment but if you think about it if you compared it to gold it might not be that similar, we know that there will be 21 Million bitcoin so in the future we are sure that the supply of Bitcoin is still 21 Million and it's great because if the supply cannot keep up with the demand of the market, that will end up pumping the price of bitcoin, as bitcoin continues to become popular the demand of Bitcoin continues to increase and that could easily trigger Bitcoin. But if you think about gold we just know that it has a high demand on the market but we don't really know the supply of it I mean yes we know gold is a natural resource so it might be rare, but who knows we didn't explore the whole world yet, but I guess gold has some kind of value into it. Still, I would invest in Both just to diversify my portfolio.

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Quote from: komisariatku on July 19, 2023, 08:37:00 AM

Quote from: bitmover on July 19, 2023, 08:22:57 AM

I think Bitcoin is somehow a digital gold, while LTC is somehow a digital silver (even its logo looks like silver).

And Bitcoin is already recognized as a commodity by US authorities

Yes, at first I also thought like that. But in the context of the vision, bitcoin is not gold. It's just another term or parable. Although I also quite agree with that but I prefer not to think of bitcoin as digital gold. I don't equate the BTC logo with LTC which is similar to gold and silver, in my opinion it's just a complementary logo.

But there's nothing wrong with thinking of bitcoin as digital gold. We all know that the history of gold has value from ancient times to the present, no one doubts the value of gold. We also believe that bitcoin has a high value at all times, so considering bitcoin as gold is not a bad thing, maybe it is a form of our love for bitcoin.

The mention of Bitcoin as Digital Gold because it has almost the same characteristics, these two valuable assets have a limited supply. Gold and bitcoin can be used as a means of payment, both of which can be exchanged for goods or services. Gold can be broken down into smaller sizes, from kilograms to Ounces and grams. While bitcoin can be divided into 1 satoshi, which is 1/100,000,000 bitcoin. Bitcoin is still Bitcoin, because it has almost the same properties, so Bitcoin is often referred to as digital gold.

Zanab247

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BTC is a digital currency that is attracting countries of the world to adopt so that they will be able to eliminate inflation and other things in their various countries, because it is not control by the government and it will never be control till kingdom come . If you refer BTC as a digital gold, mean BTC is a centralized currency which I will disagree with you in that aspect because that is what made many people, nation and countries to adopted BTC because, it stand as a digital currency which you can use as an asset to improve financially and materially in the community.

Solosanz

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Quote from: siedemtrzy on July 19, 2023, 09:42:00 AM

Well, basically yes. I mean, what's your point? There is no question or new thoughts, we knew that for years.

Don't be surprised, there are many newbie always want to create new thread that has been discussed since a long time ago. It's either they will create a thread about Bitcoin definition in general, Bitcoin vs Bank, Decentralization vs Centralization, Bitcoin is anonymous etc.

But this is not the worst, I think the worst is when the user create a clickbait thread where they wrote "What is Bitcoin?' in the subject. That's make people think he genuine asking a question, when you click the thread, you will see a long 3-5 paragraph full of copy paste.

siedemtrzy

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Well, basically yes. I mean, what's your point? There is no question or new thoughts, we knew that for years.

MarjorieZimmermanGinger

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Quote from: Aquafina on July 19, 2023, 08:08:21 AM

Bitcoin is often referred as "digital gold" due to it scarcity and decentralized nature.because their will only be 21 million Bitcoin in existence which gives it scarcity and makes it resistant to inflation.this limited supply to achieve through a process called mining,where new Bitcoin are created at a decreasing rate over time.bitcoin is decentralized because it operate on a network called Blockchain,which means it's not controlled by any central or government.similary,gold is not control by any entity.

It's just a phrase that people say a lot because it probably relates to maintaining values. But when talking about scarcity and decentralized nature are not the same, bitcoin has a limited amount but gold has more. The resilience of bitcoin and gold is similar because both are able to survive inflation and recession conditions. The difference is that gold is not as volatile as bitcoin and its price tends to be stable and does not provide big profits in a short time.

In terms of investment both have advantages, even if the profit is different. Gold has a long history in the past and until now there are still many people who try to invest for various reasons people still defend gold. If both can be invested then there is no harm in doing it simultaneously.

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In terms of long-term value, I believe they are nearly equal, both strong and holding great potential. However, when considering the overall journey from acquisition to future prospects, Bitcoin emerges as the superior choice.

Nevertheless, I must express my disagreement regarding the means of obtaining them. Gold lacks transparency in terms of its mining process, as it is extracted by entities that can withhold information favoring certain groups. The public is often presented with ready-made gold available for sale.

On the other hand, Bitcoin is truly decentralized, with no entity capable of altering the blockchain data. Its high transparency level makes it more equitable for a broader range of individuals. There is no room for any party to engage in deceitful practices for personal gain.

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Quote from: mendace on July 19, 2023, 08:35:59 AM

I have no idea of the usefulness of this thread other than to share already known information.

Same here, ops is just telling everyone what they already know about.

Quote from: komisariatku on July 19, 2023, 08:19:40 AM

Bitcoin is not digital gold, It's just an expression because gold is considered to have a high value, and bitcoin also has a high value.

Well I guess, Bitcoin can be called different things because it's valuable and and appreciate over time. It all depends on how you choose to use or see it either as an asset, an investment,digital gold or even a currency. Compared to gold, Bitcoin is better because nobody controls it, unlike gold which can be affected by the government and the economy. It's value is mostly determined by how much people want it and what investors feel about it.

komisariatku

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Quote from: bitmover on July 19, 2023, 08:22:57 AM

I think Bitcoin is somehow a digital gold, while LTC is somehow a digital silver (even its logo looks like silver).

And Bitcoin is already recognized as a commodity by US authorities

Yes, at first I also thought like that. But in the context of the vision, bitcoin is not gold. It's just another term or parable. Although I also quite agree with that but I prefer not to think of bitcoin as digital gold. I don't equate the BTC logo with LTC which is similar to gold and silver, in my opinion it's just a complementary logo.

But there's nothing wrong with thinking of bitcoin as digital gold. We all know that the history of gold has value from ancient times to the present, no one doubts the value of gold. We also believe that bitcoin has a high value at all times, so considering bitcoin as gold is not a bad thing, maybe it is a form of our love for bitcoin.

mendace

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I have no idea of the usefulness of this thread other than to share already known information. However you forgot that Bitcoin unlike gold can be transported easily but above all it can be sent safely from one part of the world to another, therefore it solves big problems that gold cannot do.

I recommend reading the Bitcoin Standard

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Quote from: komisariatku on July 19, 2023, 08:19:40 AM

Quote from: Aquafina on July 19, 2023, 08:08:21 AM

Bitcoin is often referred as "digital gold" due to it scarcity and decentralized nature.because their will only be 21 million Bitcoin in existence which gives it scarcity and makes it resistant to inflation.this limited supply to achieve through a process called mining,where new Bitcoin are created at a decreasing rate over time.bitcoin is decentralized because it operate on a network called Blockchain,which means it's not controlled by any central or government.similary,gold is not control by any entity.

Bitcoin is not digital gold, It's just an expression because gold is considered to have a high value, and bitcoin also has a high value. The initial vision of bitcoin was digital currency, but today bitcoin is also used as an asset. Maybe on this side there are also similarities between bitcoin and gold, gold used to be a currency before being replaced by a fiat money system, now gold is no longer a currency, just an asset. While bitcoin still has both, it can be used as a currency as well as an asset

I think Bitcoin is somehow a digital gold, while LTC is somehow a digital silver (even its logo looks like silver).

And Bitcoin is already recognized as a commodity by US authorities

https://www.cftc.gov/sites/default/files/2019-12/oceo_bitcoinbasics0218.pdf

Quote

Is Bitcoin a commodity?
Yes, virtual currencies, such as Bitcoin, have been
determined to be commodities under the Commodity
Exchange Act (CEA)

komisariatku

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Quote from: Aquafina on July 19, 2023, 08:08:21 AM

Bitcoin is often referred as "digital gold" due to it scarcity and decentralized nature.because their will only be 21 million Bitcoin in existence which gives it scarcity and makes it resistant to inflation.this limited supply to achieve through a process called mining,where new Bitcoin are created at a decreasing rate over time.bitcoin is decentralized because it operate on a network called Blockchain,which means it's not controlled by any central or government.similary,gold is not control by any entity.

Bitcoin is not digital gold, It's just an expression because gold is considered to have a high value, and bitcoin also has a high value. The initial vision of bitcoin was digital currency, but today bitcoin is also used as an asset. Maybe on this side there are also similarities between bitcoin and gold, gold used to be a currency before being replaced by a fiat money system, now gold is no longer a currency, just an asset. While bitcoin still has both, it can be used as a currency as well as an asset

One of the differences between gold and bitcoin is their supply. Gold has a (almost) unlimited supply because gold will always be mined every day, whereas bitcoin has a limit of 21 million. After 21 million bitcoins have been mined, there will be no more bitcoin mining. So maybe bitcoin will be more than gold

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Bitcoin is often referred as "digital gold" due to it scarcity and decentralized nature.because their will only be 21 million Bitcoin in existence which gives it scarcity and makes it resistant to inflation.this limited supply to achieve through a process called mining,where new Bitcoin are created at a decreasing rate over time.bitcoin is decentralized because it operate on a network called Blockchain,which means it's not controlled by any central or government.similary,gold is not control by any entity.

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