Topic: Bitcoin will replace oil and Gold - page 10. (Read 2304 times)

Tesla cars are so overpriced and selling so little compared to other car companies that they aren't going to influence the value of oil in the near future. When electric cars all over the world start touching at least 10% of global sales we'll talk about dropping oil prices due to other energy sources becoming popular. You might not be aware but in 2019 all electric cars combined accounted for 2.6% of car sales for the year. Only 1% of all cars around the world are electric. It will take at least 10 years before they really start affecting the prices if these rates don't change.

Bitcoin could act as a replacement for gold in the sense that it could be a better store of value in future, but it's ridiculous to suggest that it could replace oil. Gold and oil have large amounts of physical, real world uses that partially drive the underlying price. Oil is a finite commodity and gold is a very rare material within the earth. The oil price is driven by supply and demand, while eventually running out which will push the price much higher than the lows that we see at the moment.

I understand that you are saying more money flows into Bitcoin, but there is a long way to go to replace gold and oil. The roles of these two assets are very important in industries. Gold is a store of value, it is also used in industries and everyday life.
Petroleum creates a variety of industries behind it such as thermal power, gasoline, oil, asphalt, fabric production ...
Bitcoin may be poured with extra money, but it is difficult to replace oil and gold because of these special uses.

Utility of oil and gold it is not same as the utility of Bitcoin show you can't expect them to replace one another. Eventually oil will be dried up up ine next few decades but there is no real replacement for gold and till now and it remains the in future as well. Bitcoin and gold can exist together at the same time and they will be king of their own region.

No, it wont ever happen. Oil and Gold had been so stable in its place and proven -  tested for so many years, with our ancestors. Its proven to be the great and valuable asset, a back up to fiat before this modern high technology was introduced widely all over the world. Though, Bitcoin is much valuable now and called as the largest cryptocurrency in the market, it has still something much to prove to replace oil and gold. On the other hand, they are both valuable now and the only difference is that Bitcoin is decentralized and untouchable unlike oil and gas which is tangible by nature and existed million years ago.

The statement is far from reality and there will be a digital version of Gold for economic transfers: BTC Oil and commodities have a specific value and replacing it with digital versions is impossible but we can hedge the value on financial markets. Like the CFDs, the price can be copied for trading or hedging but the real use case is a totally different theme. Fantastic and unrealistic views can harm the vision of the crypto industry.

I wholeheartly agree that oil will be replaced, I know it is huge right now and it would take decades before we could replace it as a whole, but for the past decade or even longer we have started to replace it. The problem is oil is an energy source and in order to replace it we have to find another energy source, whereas bitcoin is a financial currency, it could replace gold maybe but that would be few decades at least, but it can't replace oil at all since there is no way oil could be replaced by anything but another energy source.

It means our solar and wind energy resources are the things that will replace oil, those renewable energy ones are actually doing pretty good, back in the day they were a lot more expensive to worth a try but the price of them started to drop as well.

Govt will never allow something that they can not control. Govt is a centralized thing and they need assets to maintain it. So they can not allow bitcoin as a primary financial source that is decentralized. But we could see a new form of digital currency that will be partly decentralized.


Oil could be replaced but Commodities like gold, diamond, platinum will not fade away. They will coexist because we will not find any better alternative to Gold, Diamonds. Those commodities are valuable not only for the investment they are valuable because people use them to decorate themselves. So no matter what their demands will not fade away until people stop using them.


Many car companies are focusing on the alternative power source of oil. We already have tesla. So oil will lose its value if the world finds a cheaper energy source besides oil.

I agree, as long as there is demand for these physical commodities there will be a price and market for them. Bitcoin is already competing with gold as means to store value and as a financial asset class. But no one can really buy oil and store it at home as a form of saving, except if you are really rich and can afford to buy a hole tanker. I think we will see a long time of coexistence of these 3 asset types. Especially if most cars and planes still run on fuel.

Replace oil and Gold? I hardly doubt that, compete yes, but replace nope. If only there was a single asset  in the market then there would be no market itself. Without any other competitor the value of Bitcoin would gradually diminish. The value of oil will never disappear as long as the potential for military conflict exists. No one can fuel the air-fighter with Bitcoin. Gold will stay in value due to the demands of many industries where it is used.

 

If you think about it, there's not much separating bitcoin and gold though.  Gold has some intrinsic value because it's used in certain applications even outside of jewelry, but gold basically has been a store of value for the same reason that people are hoping bitcoin will be, and that is that a large group of people all arbitrarily agree it's valuable. In this respect, gold and bitcoin are quite the same.

In the past few decades bitcoin has been flourishing well but it’s wont be fair to compare Bitcoin to natural resources. Gold and oil is a old as man and it’s a natural gift from God to man. The awareness of Gold and oil is throughout the world unlike Bitcoin that is still been known and considered by some countries and government. The value for Gold and Oil can’t be overemphasized as its use is domestic and industrial.

A few questions to ask.can bitcoin move my car? Can bitcoin generate power supply? Can bitcoin be used for jewelry or ornaments? How long would it take a decentralized currency to be appropriated by the whole world?
Gold has been the store for value since ancient time and it’s use and value remains appreciated by everyone in the world. Oil remains an irreplaceable element to man and its purpose can’t be undermined as its uses is numerous and economical. Gold and oil is been governed and controlled by centralized government and many institutions has been formed from these products.

Lots of multinational companies has since been involved in oil activities, Oil as a natural product have been studied and mined since history. Oil has been the economic strength of some nations around the world, example Nigeria since her independent is dependent on their oil sector for her economic and structural developments. Gold as a natural substance is still being controlled by the centralized governments around the world and its value continue to increase even on a daily basis. The price of Bitcoin will continue to rise and fall based on market strategy so at what point would it be at equilibrium to  Gold and oil?

I'm not surprised by the title of this topic, because with Bitcoin's incredible performance in 2020, there must be many opinions,
especially from newbies, Bitcoin can replace oil and gold. Even though the reality is that it is impossible for oil and gold to be
replaced by Bitcoin in the near future. Moreover, the current use of Bitcoin is not yet maximal as a means of payment, Bitcoin is
only used to make profit from its volatile price. So for now Bitcoin is only a payment alternative in some countries, because not
all countries accept Bitcoin as payment.

Crude oil is pretty new in terms of human history.  It wasn't a major part of the economy or of much importance at all until the industrial revolution.  Gold has thousands of years of history as a store of value. Bitcoin may eventually become a dependable store of value, but the use case for it is extremely low on a practical level. Almost nobody uses it for anything other than speculation at this point due to the wild price swings. It's just another form of gambling.

Bitcoin is the most valuable and important  on the crypto world and people use it for digital  money transaction. So bitcoin never replce but most of the time it play pump -dump and panic...Pleople think bitcoin will be die or destroy but i saw it  always  comeback super..I was sell my btc when it was 8000$  and think  it will be replece other coin or meterial but bitcoin again pump and stay it 10000-12000$.So never dispointed if you are real crypro lover...

What a strange perspective haha
What is on your mind actually ? Oil is on different dimension and you put it on the same level as bitcoin?
This is too much non sense.
Bitcoin itself can never replace anything not even any currency that much more relatable.
It should have replace anything but as an advanced alternative bitcoin is here to develop.

Growth of bitcoin is tremendous, for the same we can't expect the natural resources be replaced by technology assets. Gold and oil has been serving as the revenue generator for more countries. The dependence level on oil and gold in economic development is very big in comparison to bitcoin.

Maybe in the future situation can change when more number of people prefer cryptocurrency for day to day needs. Maybe as bitcoin is co-existing with banking and large network firms we can expect mutual growth than replacement.

Really bitcoin will replace oil and gold maybe that's oaky in your country here in my country bitcoin are not gonna replace oil and gold here bitcoin is our investment and bitcoin here can be your sideline if you want to have a money

Bitcoin is an alternative payment system and even a good store of value but it won't definitely replace oil and gold because they have different usage of course. Oil and gold have been existing already for long long years and people were already using it in its advantage so bitcoin which is still in its 10 years from discovery is still not capable to replace them both.

I don't think so the bitcoin will replace gold and oil . Many people are using oild and gold and it already use for long time ago but the bitcoin is new only 1 decade and not all the people are using this.  But if a person are really want to earn more maybe it is good option for him to invest to the bitcoin , oil and gold to earn a lot of money because we know many peoe become rich because of these.