Bitcoin will replace oil and Gold - page 9.

Spacewalker

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Quote from: sayaya17 on October 30, 2020, 08:27:39 AM

Currently, people, especially investors, are looking for more secure assets. One of them is the precious metal gold.
Because in the global market the price of gold looks strengthened, making gold the best performing asset compared to other investment assets.
However, because they are too stable, gold and oil of course when viewed from a profit perspective, then bitcoin is more profitable, because bitcoin price rises and falls very quickly even in a matter of hours.
I don’t think bitcoin can replace gold and oil. Gold, oil and bitcoin have their respective markets.
So people are free to invest anywhere. It depends on each choice.

Another factor to consider is that bitcoin cannot be used as fuel, for the production of plastic, in industry, in jewelry, unlike oil and gold. Therefore, I agree with you that these are slightly different assets. Oil and gold are less suited to speculation because they have real uses in the real world.

sayaya17

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Currently, people, especially investors, are looking for more secure assets. One of them is the precious metal gold.
Because in the global market the price of gold looks strengthened, making gold the best performing asset compared to other investment assets.
However, because they are too stable, gold and oil of course when viewed from a profit perspective, then bitcoin is more profitable, because bitcoin price rises and falls very quickly even in a matter of hours.
I don’t think bitcoin can replace gold and oil. Gold, oil and bitcoin have their respective markets.
So people are free to invest anywhere. It depends on each choice.

Karartma1

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Quote from: vaultman on October 28, 2020, 07:07:13 AM

Oil and gold have practical applications in life, and bitcoin is only a digital means of payment, so it will never be a substitute for gold and oil.

You started good: bitcoin can not substitute gold and oil in real world applications: I can't see using bitcoin to develop semiconductors and microchips, likewise you can't fuel your car tank with bitcoin.

Quote from: vaultman on October 28, 2020, 07:07:13 AM

As far as governments are concerned, I don't think bitcoin is the best cryptocurrency for the purposes described in the first post.

I wouldn't be sure about this: go tell Iran no to use bitcoin to avoid economic sanctions. Bitcoin is really their best alternative right now.

Quote from: vaultman on October 28, 2020, 07:07:13 AM

Bitcoin is too outdated, alternative cryptocurrencies are far superior in all characteristics.

Here I lost you. What do you mean by outdated? Please point me out which superior alternatives you have in mind.

0xBitcoins

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Quote from: jaysabi on October 22, 2020, 07:00:20 PM

Quote from: Shasha80 on October 18, 2020, 07:54:36 AM

I doubt Bitcoin can replace oil and gold, because both have been used for thousands of years. Indeed, for now investing in Bitcoin is
more profitable than investing in oil and gold, but because Bitcoin cannot be controlled by the government. So the government definitely
prefers oil and gold over Bitcoin. I think Bitcoin will probably only be used as an investment alternative, after all, Bitcoin's popularity is
still below oil and gold. There are still many people who don't understand Bitcoin, so it's too early to mention Bitcoin will replace oil and gold.

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.

This is not true. Bitcoin has so many and very strong use cases. it is all just matter of mass adoption. if Bitcoin get accepted widely by nations and govt. and gets to use in daily life then you can see how many benefits are there in using bitcoin.
and that mass adoption I am talking about is happening. Bitcoin already attracted millions of people. and recently paypal announced adding Bitcoin in its platform which means Bitcoin will gain another 26+ million potential users and that is just the beginning.

So don't think bitcoin as just a form of gambling it is a lot more than that. it cannot replace oil, gold or any other assets but it has it's on place and importance.

Dsdaq

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I don't think bitcoin will replace gold. Gold doesn’t require electricity to trade, Unlike cryptos. This makes it especially useful in situations such as hurricane-ravished Puerto Rico, where 95 percent of people are reportedly still without power. Right now the island’s economy is cash-only. If you have gold jewelry or coins, they can be converted into cash—all without electricity or WiFi.

aysg76

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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!!

We can compare btc with other commodities on price basis but if we talk about replacing them it's impossible because btc is digital assest which acts store of value whereas oil is essential commodity in today's world as it is fuel for running all the transport services, machineries and making other mediacal supplies from it which bitcoin can never do.Can your run your car by filling notes in tank or make medicine with bitcoin.Seems possible to you?The prices can be compared like Bitcoin has fixed supply of 21 million coin and 18 million have been mined till date and it's scarce currency so prices will be high when demand will be more with less supply in market whereas oil and gold mines are available at huge level and still many are to be found under the ground which makes it prices cheaper as supply is not limited so comparison is possible in that manner but not in the way you are talking.

BTCappu

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It seems like that you don’t know what you’re saying. You said it, but did it happen? No it’s not happening. Lol you thought of everything in the world and it’s oil that came to your head? What exactly does Bitcoin has to do with oil? The kind of posts some of you make shows that you have no clear understanding on the bitcoin. Bitcoin is not going to be replacing anything.

You people should just chill and accept things as it is, it wouldn’t change anything at all. Bitcoin has been around for years and we are happy using it, it has helped on so many levels, but you are still no satisfied, you’re still talking about what’s going to replace the other.

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Oil and gold have practical applications in life, and bitcoin is only a digital means of payment, so it will never be a substitute for gold and oil. As far as governments are concerned, I don't think bitcoin is the best cryptocurrency for the purposes described in the first post. Bitcoin is too outdated, alternative cryptocurrencies are far superior in all characteristics.

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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!!

Not sure bitcoin will replace these things anytime soon, gold and oil are more popular than bitcoin, besides they are centralized and controlled by the government, its also tied to a country's economy unlike bitcoin that's forbidden to use in most parts of the world for being decentralized and uncontrollable by the government, so at the moment its impossible for that to happen.

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Quote from: Vaskiy on October 27, 2020, 10:01:27 AM

The true purpose to innovate bitcoin is eliminate the third party involvement into any form of transaction and data sharing between two end users. Bitcoin isn't developed to take over the market of oil and gold. Bitcoin market volume might reach equal to the market of oil and gold, and this won't lead to replacing. Leading personalities of information technology have stated, bitcoin will replace gold as people have started to give importance to bitcoin as a saving asset and the same is scheduled as a long term process.

People tend to change the main purpose of bitcoin for many years. Nakamoto Satoshi would be very disappointed with the situation we are facing right now. Nevertheless, because of being controlled by everyone in the world, bitcoin soon turn into what people believe: "A digital asset which can generate an outstanding income in a short amount of time without using leverage". So in a specific time in the future, Bitcoin may have a chance to replace gold to become the number one asset.

Oil is a different story. The usage of oil appears mostly everywhere and humankind still depends a lot on oil to operate their machines. In my opinion, it is hard for bitcoin to fully replace bitcoin since it is extremely different from oil - a term of energy.

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Quote

Bitcoin will replace oil and Gold

Sure. Very soon we will melt bitcoin for semi-conductors and jewelry, and will burn it in car engines to move stuff around Grin

CODE200

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Quote from: Vaskiy on October 27, 2020, 10:01:27 AM

The true purpose to innovate bitcoin is eliminate the third party involvement into any form of transaction and data sharing between two end users. Bitcoin isn't developed to take over the market of oil and gold. Bitcoin market volume might reach equal to the market of oil and gold, and this won't lead to replacing. Leading personalities of information technology have stated, bitcoin will replace gold as people have started to give importance to bitcoin as a saving asset and the same is scheduled as a long term process.

This is simply due to the misconceptions about cryptocurrencies. Since it is more often used as a form of investment, it is often compared to assets such as gold and oil. Investing into it is indeed beneficial but its main purpose is being set aside by many people who are engaging into this industry. But we cannot blame them especially at this moment wherein cryptos are not yet accepted to all countries, so the only way to make use of it is through invetsment purposes.
In this case, it will depend to cryptos further development. If its market value will be stabilized in the future, it will be more used as a currency and more likely that will happen when centralization took over this industry. But for now, more people are engaging into it as an investment, than in gold and oil due to the popularity. But things might still change in the future.

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The true purpose to innovate bitcoin is eliminate the third party involvement into any form of transaction and data sharing between two end users. Bitcoin isn't developed to take over the market of oil and gold. Bitcoin market volume might reach equal to the market of oil and gold, and this won't lead to replacing. Leading personalities of information technology have stated, bitcoin will replace gold as people have started to give importance to bitcoin as a saving asset and the same is scheduled as a long term process.

Dragonfund

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Quote from: claire_lovely on October 26, 2020, 10:57:53 PM

Gold and oil serve different purposes than Bitcoin. They are resources with industrial uses while BTC is meant to be a decentralized form of currency.

~~But in the future we may see oil and gold traded more often with BTC.~~

You have made a valid point in your first paragraph but I have to strike the second line.
Bitcoin is not longer in the age of 2017 when the foundation was base on making 2x or 3x profits. The adoption is at tremendous level, an average man on earth has heard about cryptocurrency( bitcoin) once in their life time, the traction and It wide-spread sometimes get reduced by government policies that's what has been the main challenges and FUD.

You hardly see a stock trader without engaging in cryptocurrency, the correlation between global traditional market and crypto asset market was strong that it made investors sold off their bitcoin during the pandemic brouhaha
There have never been such a catastrophic sell off in the history of Bitcoin, though its has begin to move alone without stock market impact since September.

The future is bright for bitcoin and it will interest you to know that it will outperform stock market if and if the world use cryptocurrency without government interference. Some DeFi platforms are already on the rise.

claire_lovely

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Gold and oil serve different purposes than Bitcoin. They are resources with industrial uses while BTC is meant to be a decentralized form of currency. But in the future we may see oil and gold traded more often with BTC.

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Quote from: crzy on October 26, 2020, 05:29:39 PM

Quote from: ecnalubma on October 26, 2020, 11:47:50 AM

Bitcoin will not replace oil and gold but considerably Bitcoin is one of the best alternative investment of the century. Bitcoin don’t need marketing to be recognised, its use cases and unique features will push towards mass adoption. If brand like reached a trillion dollar marketcap, don’t doubt the potential of underrated Bitcoin.

This is where Bitcoin is heading, to the mass adoption and no goal to replace gold and oil because bitcoin is a cryptocurrency and they have a different purpose in these market, Oil is still important though. Many believes that Bitcoin will replace everything which I think is an over hyped, Bitcoin is the best alternatives to all of us and Bitcoin is still doing its best so it can be recognize all over the world.

That's how awareness will work. Through paypal announcement that they accept buy and sell bitcoin but you will never withdraw your bitcoin. I guess for the sake of awareness and popularity, that is all matter about.

Bitcoin will always think has a threat to any, just like banning crypto because they think that it had a threat in the government financially but the fact that is not. The same story the oil and gold, they think that it will replace but the fact it will not happen because they are different and also has a different function in the market. It does not have a correlative between the stock market and the crypto digital market price because bitcoin was based on demand and supply.

crzy

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Quote from: ecnalubma on October 26, 2020, 11:47:50 AM

Bitcoin will not replace oil and gold but considerably Bitcoin is one of the best alternative investment of the century. Bitcoin don’t need marketing to be recognised, its use cases and unique features will push towards mass adoption. If brand like reached a trillion dollar marketcap, don’t doubt the potential of underrated Bitcoin.

This is where Bitcoin is heading, to the mass adoption and no goal to replace gold and oil because bitcoin is a cryptocurrency and they have a different purpose in these market, Oil is still important though. Many believes that Bitcoin will replace everything which I think is an over hyped, Bitcoin is the best alternatives to all of us and Bitcoin is still doing its best so it can be recognize all over the world.

qwertyup23

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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!!

I do not think so.

Gold has been one of the conventional ways of investing money. Due to its innate and intrinsic value, gold will always be valuable due to the fact that people are willing to buy it at a given price. In addition, gold has been in existence since time immemorial and I highly doubt that bitcoin will replace it due to its price.
In terms of oil, it is an essential necessity as people use it for daily use.

Again, bitcoin may be an alternative way of investing money but I highly doubt that it will replace the conventional and traditional mechanisms of investing in the market.

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Oil is like something that is consumed every day, so how can oil be replaced with bitcoin because even bitcoin will only be stored because bitcoin is an investment asset and not a currency in full. That way, oil and gold will continue to have their interest irreplaceable but indeed, there will be another side that makes bitcoin treated the same because this is something that has value which would certainly be valuable if owned.

ecnalubma

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Bitcoin will not replace oil and gold but considerably Bitcoin is one of the best alternative investment of the century. Bitcoin don’t need marketing to be recognised, its use cases and unique features will push towards mass adoption. If brand like reached a trillion dollar marketcap, don’t doubt the potential of underrated Bitcoin.

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