Bitcoin will replace oil and Gold - page 3.

Sithara007

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Quote from: Fortify on April 09, 2021, 02:29:10 PM

Someone who thinks Bitcoin can replace Gold and Oil is missing a few braincells.

It's just clickbait, and from the number of replies this thread has received, I can say that it worked really well. Grin

Quote from: Fortify on April 09, 2021, 02:29:10 PM

It has a purpose as part of a diversified portfolio, but gold and oil have actual psychical functions within the real world that cannot be replaced by a virtual currency. Oil powers a vast majority of the vehicles currently in use - planes, ships, aircraft - plus it has a multitude of other uses like the tarmac for roads or even compounds used to create plastics. Gold is primarily used for jewelry and is a centuries old method to store value, while also having some excellent properties like conducting electricity and being non-magnetic. Bitcoin is a perfectly good cryptocurrency but trying to pretend that it can replace these things is bordering on crazy and shows the original poster really needs to work on educating themselves.

Gasoline run vehicles will be phased out in the near future. With the level of global warming and atmospheric pollution that we are witnessing right now, I don't think that we can afford to have these vehicles for another two decades. The biggest possibility is that they will be replaced with EVs from Tesla and other companies (which in many cases can be purchased with Bitcoin). But right now EVs are not that affordable and this situation needs to change.

Fortify

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Someone who thinks Bitcoin can replace Gold and Oil is missing a few braincells. It has a purpose as part of a diversified portfolio, but gold and oil have actual psychical functions within the real world that cannot be replaced by a virtual currency. Oil powers a vast majority of the vehicles currently in use - planes, ships, aircraft - plus it has a multitude of other uses like the tarmac for roads or even compounds used to create plastics. Gold is primarily used for jewelry and is a centuries old method to store value, while also having some excellent properties like conducting electricity and being non-magnetic. Bitcoin is a perfectly good cryptocurrency but trying to pretend that it can replace these things is bordering on crazy and shows the original poster really needs to work on educating themselves.

ilovealtcoins

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Bitcoin will not replace anything. Right now Bitcoin is struggling against banks. Bitcoin can only stop at a store of value and as a payment currency.
Gold and oil have many advantages that are difficult to replace in both industry and scientific value.
Gold has become a store of value for many years for nations and is good at fighting inflation.
The oil used in energy industries, indirectly serving many other industries.
Gold and oil ensure national security, global economic security.
Bitcoin is very new and cannot be compared to Oil and gold in many ways.

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Bitcoin can't directly replace oil and gold but it may replace the demand and effectiveness of them. Oil and gold are most useful thing in the world but bitcoin is a digital currency that can be use instead of fiat. Bitcoin will accepted widely and it will handle the economy soon.

Twinscoin2017

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Quote from: capcaypro on April 08, 2021, 09:56:46 AM

I agree that the current government is starting to use bitcoin to increase revenue but if it is juxtaposed with gold and oil I don't think it's time for bitcoin to replace them.
I understand when talking about natural resources there are limits including gold and oil but I think it will take more time for bitcoin to replace them because they (oil and gold) are still at different levels for now.

I agree on that oil and gold is different from digital cypto curency we cannot used bitcoin to move a car from one place to another we need to used crude oil for that. So i think they have different function and it will not going o happen that bitcoin will replace gold because gold had different usage.

capcaypro

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I agree that the current government is starting to use bitcoin to increase revenue but if it is juxtaposed with gold and oil I don't think it's time for bitcoin to replace them.
I understand when talking about natural resources there are limits including gold and oil but I think it will take more time for bitcoin to replace them because they (oil and gold) are still at different levels for now.

Ludmilla_rose1995

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Quote from: Polo7 on October 15, 2020, 08:45:32 PM

Governments all around the World Secretly start using together with banks the bitcoins.
Oil is done so They replace bitcoin instead of oil.

The btc volatility might go like daily 50k-100k price Changes.

Bitcoin will be instutionalized permanently.
The Global market prices Liqutation postion will be fluctuated by Bitcoin price.

I said this before but nobody didnt listen but now its here!!

Gold, Oil, and Bitcoin have different markets. How can bitcoin replace gold and oil? the three of them are very different and their functions are also very different. although bitcoin has a high value, gold and oil are also valuable because humans still need them in life. nothing is interchangeable in all three of these.

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Quote from: bosede1 on April 07, 2021, 10:08:29 AM

Bitcoin cannot replace these two, it is not even close to function and their objective differs right. Bitcoin will continue to stand on its own and stand tall. You can even try to compare it with gold but the Oil no way

Maybe what he meant is replacing those in term of market capitalization or in term of being an investment instrument.
I do agree that the funcitonality couldn't be replaced by crypto since they have physical form but in term of investment or tool for making profit these two could easily be replaced by crypto but thats just my 2 cents.

Sithara007

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Quote from: Mauser on April 07, 2021, 09:07:18 AM

I agree that bitcoins are taking away market shares of investors who are looking for safe sssets
But both gold and oil are needed as a commodity for production and consumption. Bitcoins on the other hand is merely to store value for the future. So if there was another big crisis we could see gold and oil drop in price but there is a certain minium price for which the industry is going to buy all the resources they can get. Both oil and gold can just be stored for the future.

I don't think that Bitcoin is used as a store of value by a considerable number of people, outside failed economies such as Venezuela. The competition from Bitcoin will be felt by more volatile assets such as equities, mutual funds and real estate. Stable assets such as bank deposits, treasury bonds and bullion may not witness much impact from the increased appetite for Bitcoin. The investment that is coming to cryptocurrency would have otherwise diverted to equity and real estate mostly.

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Bitcoin cannot replace these two, it is not even close to function and their objective differs right. Bitcoin will continue to stand on its own and stand tall. You can even try to compare it with gold but the Oil no way

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Quote from: macson on April 07, 2021, 05:08:30 AM

Quote from: ?? on ??

The problem now is people are use to getting free money they didn't work hard for that they are unable to differentiate real life event from fiction, lol, btc will replace oil and Gold Shocked

, that will mean you won't need gasoline or petrol for your cars, nor 24k Gold ring for your engagement Grin

Bro, let me say this once, btc may increase in price to infinity but it can never replace this two comodities, enjoy your free money while it last. Roll Eyes

i still need gold and oil and Bitcoin won't be able to replace it "lol". the price of Bitcoin will continue to rise ^{(no debate)}, with the growing price of Bitcoin, it does not mean that gold and oil will be replaced. after all, these two commodities will continue to be needed by humans.

if so far gold and oil have been the choice of investors, Bitcoin have steal investors' attention. Bitcoin takes part of the cake ^(market) which has been controlled by gold and oil not replaced it.

I agree that bitcoins are taking away market shares of investors who are looking for safe sssets
But both gold and oil are needed as a commodity for production and consumption. Bitcoins on the other hand is merely to store value for the future. So if there was another big crisis we could see gold and oil drop in price but there is a certain minium price for which the industry is going to buy all the resources they can get. Both oil and gold can just be stored for the future.

Vishnu.Reang

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Quote from: jaysabi on April 06, 2021, 05:43:15 PM

Bitcoin hasn't outperformed the best tech stocks, so the speculation has been driving up all speculative investments at the same rate. There's no real "increase" in demand for bitcoin relative to other types of speculative investments. I'll be interested to see what happens in the next large scale market pullback, because my prediction is bitcoin will crash in about the same proportion as speculative tech stocks.

There seems to be an oversupply of funds and probably that is the reason why many of these assets are getting overpriced. But unlike the case with equities and real estate, I would say that cryptocurrency is still underpriced at these levels. Bitcoin is having 100 million to 200 million active users, and ideally it should translate to a much higher market cap compared to the current $1.1 trillion figure.

macson

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Quote from: ?? on ??

The problem now is people are use to getting free money they didn't work hard for that they are unable to differentiate real life event from fiction, lol, btc will replace oil and Gold Shocked

, that will mean you won't need gasoline or petrol for your cars, nor 24k Gold ring for your engagement Grin

Bro, let me say this once, btc may increase in price to infinity but it can never replace this two comodities, enjoy your free money while it last. Roll Eyes

i still need gold and oil and Bitcoin won't be able to replace it "lol". the price of Bitcoin will continue to rise ^{(no debate)}, with the growing price of Bitcoin, it does not mean that gold and oil will be replaced. after all, these two commodities will continue to be needed by humans.

if so far gold and oil have been the choice of investors, Bitcoin have steal investors' attention. Bitcoin takes part of the cake ^(market) which has been controlled by gold and oil not replaced it.

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Quote from: conected on April 06, 2021, 11:20:33 AM

Quote from: Matimtim on April 05, 2021, 09:12:10 AM

For me gold was already supplanted by bitcoin or crypto currency interms of price and being strong, because the value of bitcoin greater than the value of gold now, maybe because crypto currency is more convenient to use and buy because of the situation tht we're encountered.

- Because economics was lost heavily during the pandemic, large profitable investments like bitcoin have been drastically increased due to overall demand but even with such a strong user contribution, the substitution of investment objects such as gold and oil has not occurred, do you see people using bitcoin as fuel for cars or have you seen bitcoin be treated as jewelry and sold publicly in stores. Absolutely not seeing such stories happen, Bitcoin leads the way only due to good conditions and trends, in the long run, the stability is probably not equal.

Bitcoin hasn't outperformed the best tech stocks, so the speculation has been driving up all speculative investments at the same rate. There's no real "increase" in demand for bitcoin relative to other types of speculative investments. I'll be interested to see what happens in the next large scale market pullback, because my prediction is bitcoin will crash in about the same proportion as speculative tech stocks.

LUCKMCFLY

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Quote from: Spaffin on April 06, 2021, 12:23:42 PM

The price of oil depends on several factors, which consist of how quickly oil reserves are depleting, as well as the speed of humanity's transition to alternative energy sources. Based on this, it is these factors that will influence the oil price policy. As for gold, the demand for lettuce is always high, with the development of high technologies, but nevertheless, unlike oil, gold is already a fairly effective means of saving. But Bitcoin is an asset that can become not only a means of payment, but also a safe storage, while giving users complete financial Independence and Security. To summarize Bitcoin, oil and gold, it is the same investment asset that can be traded.

You are right, when you have the alternative energy to oil and its derivatives, bitcoin will gain ground widely, and with respect to gold itself, Powell is clear that it can replace bitcoin with gold, even knowing that bitcoin does not have a backing with gold or stones. precious it is very likely that he will, once he said it had a negative impact on the Bitcoin market, it is not known if the market at that time was down due to those statements.

On the other hand, bitcoin is future, oil some time ago fell a lot and had great losses for its investment, I do not see it very well to compare it with Bitcoin.

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The price of oil depends on several factors, which consist of how quickly oil reserves are depleting, as well as the speed of humanity's transition to alternative energy sources. Based on this, it is these factors that will influence the oil price policy. As for gold, the demand for lettuce is always high, with the development of high technologies, but nevertheless, unlike oil, gold is already a fairly effective means of saving. But Bitcoin is an asset that can become not only a means of payment, but also a safe storage, while giving users complete financial Independence and Security. To summarize Bitcoin, oil and gold, it is the same investment asset that can be traded.

conected

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Quote from: Matimtim on April 05, 2021, 09:12:10 AM

For me gold was already supplanted by bitcoin or crypto currency interms of price and being strong, because the value of bitcoin greater than the value of gold now, maybe because crypto currency is more convenient to use and buy because of the situation tht we're encountered.

- Because economics was lost heavily during the pandemic, large profitable investments like bitcoin have been drastically increased due to overall demand but even with such a strong user contribution, the substitution of investment objects such as gold and oil has not occurred, do you see people using bitcoin as fuel for cars or have you seen bitcoin be treated as jewelry and sold publicly in stores. Absolutely not seeing such stories happen, Bitcoin leads the way only due to good conditions and trends, in the long run, the stability is probably not equal.

Sophiya

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It's impossible, these two products are from different areas of life. replacing gold and oil is simply unprofitable even for companies involved in their extraction and production. If anyone could replace oil, it would be Nikola Tesla lool

Sithara007

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Quote from: Zemomtum on April 05, 2021, 07:44:15 PM

I don't think one can replace another and they can co-exist. In the time of market capitalization, BTC cannot be compared to Gold and the adoption is just setting in. Maybe in the next decade, when we have universal adoption, this kind of topic will be more interesting to discuss.

I agree, but from what I have seen gold is losing its relevance in the investment circles. Immediately aftermath the pandemic started spreading (April/May 2020), there was a sharp spike in the gold prices. But now the prices have fallen well below the pre-pandemic levels. On the other hand, Bitcoin has increased by more than 500% since the first lockdowns due to COVID 19 were imposed.

tbterryboy

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Quote from: Polo7 on October 15, 2020, 08:45:32 PM

Governments all around the World Secretly start using together with banks the bitcoins.
Oil is done so They replace bitcoin instead of oil.

The btc volatility might go like daily 50k-100k price Changes.

Bitcoin will be instutionalized permanently.
The Global market prices Liqutation postion will be fluctuated by Bitcoin price.

I said this before but nobody didnt listen but now its here!!

Gold and Oil didn't replaced anything, and they will not be replaced, they are their own thing. Back in the day gold was very valuable not because of financial reasons but because people lacked it so much and it was used for things, eventually it turned into asset of course and now there are people who use it like just investment.

Same goes for oil, back in the day it was something that was used in many many many different places and these days it is still used like crazy, gold is not used "that" much anymore, even payments were made in gold back in the day but now there is limited places that uses gold, whereas oil is still used like hell but we still have people who own "oil" in assets, they do not actually own it, they just own it virtually and just sell it when it goes higher. Same could be said for bitcoin, people will either use it, or maybe just let it be an asset, doesn't need to replace anything, it could be its own thing.

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