Topic: BTC is scarcer than gold. - page 7. (Read 2073 times)

The creator of bitcoin which is Satoshi Nakamoto invented this currency to be used as a currency and to be a utility someday to buy things but as of today, it's widely invested and then hold that for a matter of time until the holder wants to sell it. Yes, investors just started to invest bitcoin with one aim and that is to gain profits and not like the creator first imagined. But then again, still bitcoin holds a purpose because it can be a hedge against inflation.

As of comparing with Gold and Bitcoin, gold will remain scarce with a high value but bitcoin is scarcer and will hold more value because of its limited supply unlike the gold which its supply is not determined exactly and there's this gold in asteroids.

If I want to buy myself some bitcoin, then then I don't need to mine for this, I just go to the exchange and buy some. I will do the same with gold, I will not mine and process it, I will go to a pawnshop and buy some gold. I see no point in arguing which is better if I can use both of these assets for investment and get a profit from it. If you take a period of 10 years and see how gold and bitcoin have grown in price, then you will agree that these are good investment tools.

It is a debatable topic.  Bitcoin has a fixed number of coins but this can always be changed.  You can also divide a Bitcoin into many parts which some people say makes its supply in fact infinite rather than limited.  Things get worse when you think a one million dollar Bitcoin might require either a change of supply or of decimals, both of which some people argue have the same effect.  Eliminating or diminishing scarcity.

On the other hand, Gold also has its flaws.  I am pretty certain a hundred years ago people thought Gold was much scarcer than it actually is today.  Once technology evolves we get to find more about the world we are living in.  We might find more ways to extract Gold from things we produced.  We might find new ways to look for Gold under the ground.  We might find a way to mine Gold from other planets.  There are so many possibilities and at least a few of them could make Gold's price fall through the floor.  Imagine we found a LOT of Gold on another planet and we are bringing it back to Earth.  That could be the end of Gold as a commodity.

As said in the beginning of this reply.  Debatable and very speculative topic.

A lot of the devices we use today have Gold in it.  Gold is widely used in industries and this is a fact.  Its properties are one of the reasons Gold is still so demanded today.

On the other hand.  There are attempts of getting other much cheaper metals much closer to the properties of Gold.  I think scientists have in fact already accomplished something like this a while ago.  With technology's advance, Gold might turn into just a good metal for jewelry as you say.

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Regards,
PrivacyG

I would like to think Gold as extremely scarce (even more so that Gold has been mined for a very long period of time) rather than see it that Gold is limited, on the other hand, Bitcoin is officially limited to twenty one million, and this is know, but we can not full determine how many gold are left there may still be several gold around waiting to be mined, Gold is natural Just has to go through refining, but Bitcoin isn’t although we use the term mining Bitcoin but that does not make it a natural resources.

Just the same way some people don't see gold as treasure, same way bitcoin will never be used by some people and countries. Whoever has managed to hold plenty of bitcoin and gold as reserve will shill and continue to do so to their advantage but let us forget the sentiment and hate about the two assets and be realistic for once, bitcoin is way better than gold in any definition, name it, the supply, the durability, the clean energy to mine it. If you see the process gold undergoes to become fully processed and ready to be used, you will hate gold entirely but governments will continue to defend their nonsense.

"BTC is scarcer than gold" is an irrelevant statement, while there are only 21 million units in circulation there is potentially the ability to go to infinite decimal places when discussing units of Bitcoin, it's no way to define the value of an asset. It'd also be interesting to see how you came to the conclusion that there are 55,000 tons of gold left because that is at best a wild estimate. Bitcoin certainly does have some advantages over gold - as you say  it is much easier to transfer between parties in a secure way. However gold also has advantages over bitcoin, like being a precious metal with industrial usages and some rather useful metal properties, as well as being highly sought after in jewelry manufacturing.

I don't really think only the scarcity of something decides the price of an asset, it's always the combination of Demand and scarcity that decides the price, due to this traditional mentality gold has always fetched a hell lot of demand and even though there has been a lot of production still the price has gone up in a linear manner. If bitcoin in the same manner continues to attract demand from retail investors it will obviously keep rising in price but if the demand get's killed due to failure of bitcoin as an utility then obviously it won't attract that much demand and eventually the price movement wouldn't really be that much.

Yeah, but I wouldn't really compare the two. When we say BTC is as gold, we mean it as a store of value, but that's where the similarities end. Where BTC is usefull for the financial sector, the gold is also usefull for electronics and even dentistry.

I think this question is very sad because bitcoin and gold can't be the same, right? Gold is a natural product that can't be targeted, how much gold in the world, for example, tons of gold still in the earth, it can't be targeted, but if bitcoin is clear how many bitcoins are which was created by Satoshi Nakomoto so bitcoin and gold cannot be compared in number.

Maybe we all will be dead by the time gold will be mined from asteroids. Basing your current decisions on predictions about techology that is decades away from now is not a good idea.

The main advantage of gold over Bitcoin is that gold has much higher amount of trust and reliability. Gold never crashes by 20% in one day for no reason. Many investors don't want their store of value to have a chance to go up by 1000%, but with a risk of going down by 50%. They want it to just maintain the value against inflation, and maybe grow a little. In this sense Bitcoin can't compete with gold - it's a risk asset.

clearly different when we compare gold and bitcoin. although bitcoin has a much less supply, but if we compare, gold has a 100% trust level by all the world's population, while bitcoin is currently only 5% of the world's population. although the potential for bitcoin in the future is good, but no one knows for sure when it will happen, while until now the government has not legalized it, and tends to take other options as if there is no bright spot to restore bitcoin to its original function

Yes, gold has many utilities and is widely used in life and there's no reason we should compare them. Currently, bitcoin is considered an investment channel more than any utility, investors in bitcoin just want to make profits, not use bitcoin as a means of payment or currency.

If we just talk about price then maybe OP is right, as bitcoin supply is very limited compared to gold. In the future, the value of bitcoin will surely increase and become the most valuable virtual asset.

well and in my opinion between gold and bitcoin are equally valuable and equal.
And it's true the amount of gold like there is no limit. while bitcoin has a limit.
and even though I myself prefer to invest in bitcoin than in gold but still gold has a myriad of benefits and advantages in our lives apart from being made into jewelry.
that is like:
1. in industry
-first , namely as a conductor in smartphones or smart phones. Gold is often used in the mobile phone industry. This is because gold is an ideal conductor.
Gold also has the advantage of not being easy to rust, making it suitable for making sophisticated electronic items. Not only for smartphones, gold is also used in the PDA manufacturing industry, GPS to sophisticated calculators.
-The second benefit of gold is as a reflector of solar radiation in the glass. Gold is often mixed into special glass-making materials in high-rise buildings.
-third, Gold is also used as a protective helmet for astronauts so that astronauts' eyes and skin are protected while in space.
2. to fill dental fillings. Apparently, the benefits of gold as a dental filling far exceeds the price.
3.As Building Coating
4.As a Spaceship Element
5. Beauty Field
6. On medical

bitcoin excels in its rarity and deserves to be a profitable investment choice and gold excels at the myriad benefits in our daily lives.

I myself bought gold and turned it into a physical asset. and I also collect bitcoins for digital assets.
because I think these 2 things are important. because we do not know what will happen in the future with this earth and its technology.

This analogy looks somehow accurate judging by the total Bitcoin that will ever come into existence and the amount that has been lost forever already,  we will find out that only 21million-3million=18million (in which more will still be lost) will ever be available for earth usage not including the more coin that will be lost as time keep flying . Hodling might just the only cure to catch up with the future Bitcoin price surprises 

Gold is a physical asset and Bitcoin is a digital asset. I just can’t get the comparison of the both. The total bitcoin to be mined all around the world is known already and which i don’t think any changes can effect that, while gold being a physical asset is already in deposit in the earth planet which they can be increase in it under the earth surface, no one can tell. Its total quantity is not known, only hypothesis about it which is not proven to be the true fact yet. BTC is certain and the total amount of it is known already while gold is not.

Are you sure about that number? That would mean that we have maybe 15 years before there is no more gold to mine. I think actually there is way more gold and also there is a lot gold in old electronics to be recycled. But of course also a lot of gold simply lost forever because it ends in the trash.

You are right!
Gold can be found any time maybe on Mars when Elon Musk decides to start a space mission.
Or we can find tons of gold on an asteriod, we don't know.

Only for Bitcoin we know it is truly limited to 21 Millions Bitcoins.
Coders have verified a limit of 21 Milions Bitcoin in Bitcoin's code.
It's really proven.

I like Gold but I also like BTC

Relevant: https://robbreport.com/lifestyle/news/rare-psyche-asteroid-worth-way-more-than-the-global-economy-1234577976/

What if an advanced alien civilization has an even more advanced cryptocurrency?

i can understand about the sentiments of ChiBitCTy here. gold is a tangible asset where it is a vital component in a lot of industries like electronics. we can't compare the usage of gold with btc. and also remember, you can't mine btc without these computer gadgets. so for me, it is not comparable. maybe in terms of value today but who can assure that in the future, btc will sustain its existence in the market. what if there is new technology created by the new gen? no one knows. the supply of btc may be limited but we have no idea about the continuity of its usage.

I do have to agree with you in the explanation for Gold. In my location, there is virtually a store to buy and sell Gold in almost every major market and access to it is easy hence the continual trading of Gold by many that do believe it is easier to access than Bitcoin and don't still understand the benefit of it. That said, those that understand what Bitcoin is and how much difference there is for it in terms of Investment over a number of years will surely want to go the route of Bitcoin instead of Gold.