Digital Gold and Bitcoin | Bitcointalksearch.org

NeuroticFish

legendary

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Quote from: Deylandra on January 14, 2018, 05:17:15 AM

To say that Bitcoin can maintain a higher price point than a future coin that forms a bigger network, seems similar to me thinking I can beat the house at blackjack.
Is there something I'm missing about the "digital gold" theory?

What you seem to be missing is the point that we just cannot know what the future holds.
Bitcoin is the biggest now, still. And this means that Bitcoin is still the best suited for the job whatever others claim.
When others will face the difficulties Bitcoin seems to face now ("too" high number of transactions, rising tx cost, ruthless competitors), Bitcoin will have been solved them.

I don't say that in the future a better coin can rise. But when? Many need a store of value now.

ir.yance

full member

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I do not know what you miss. but why rich people do not invest in bitcoin and make bitcoin as digital gold ... not all rich people in the digital world .. so they have not understood it. they are afraid to invest because bitcoib is not real .. different from real gold

Xavofat

hero member

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Did you see that ludicrous display last night?

Quote from: Deylandra on January 14, 2018, 05:17:15 AM

Why would the wealthy not prefer whatever crypto currency replaces bitcoin for daily transactions as their digital gold?

I think you're underestimating the power of first-mover advantage in this context. Since (current) cryptocurrencies are typically secured with PoW, having a higher value is what keeps the coin secure.

While Bitcoin is secure due to a conservative approach to upgrades and a huge amount of existing support, newer cryptocurrencies would be experimental and thus potentially less secure.

I'm not saying that it's impossible, I'm just saying that it will take a long time, and by that point Bitcoin could be functional for everyday transactions anyway.

Aileen C.

newbie

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Gold and Bitcoin are both an investment. They can have a greater value and more profit if they sell into a high value in stock market. Only that BTC is more into profit than gold I think.

Quote from: kiki52 on January 14, 2018, 06:32:12 AM

gold is like a thing what you wearing carrying and you keep it. but if bitcoin is like gold in internet, not for show but for make you rich and promises the future because internet is everything right now.

kiki52

newbie

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gold is like a thing what you wearing carrying and you keep it. but if bitcoin is like gold in internet, not for show but for make you rich and promises the future because internet is everything right now.

ahmad21

sr. member

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Quote from: Deylandra on January 14, 2018, 05:17:15 AM

When I first heard this I literally was thinking when pigs fly.

The more I research, I now agree that there is a need for digital gold and that crypto currencies will be used as the "new Switzerland."

But I'm skeptical about claims that Bitcoin will be used as digital gold.

Why would the wealthy not prefer whatever crypto currency replaces bitcoin for daily transactions as their digital gold?

My theory on crypto value is that it just depends on the "network size."

Facebook is worth more than Twitter for example, because the "network" is larger.

The crypto that has the highest daily transaction volume + greatest number of merchants accepting it, should have the "largest network" and therefore the highest value.

To say that Bitcoin can maintain a higher price point than a future coin that forms a bigger network, seems similar to me thinking I can beat the house at blackjack.

Is there something I'm missing about the "digital gold" theory?

Facebook has a greater value than twitter just because its utility is creating network. You cannot apply the same theory to this sphere. I mean bitcoin has its utility as a currency. But people are buying it for investment purposes. Therefore bitcoin doesn't has any potential any more. A thing without any potential is generally never priced much.

paulmusa25

member

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Bitcoin is better than gold because bitcoin is like a money that you can use everywhere. You can convert it to cash on any county. In gold what you can do is just hold it and value slowly increases.

hadveach

full member

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Merit: 102

Quote from: fistteam on January 14, 2018, 05:37:32 AM

Gold is a precious metal, bitcoin is the digital money. Both gold and bitcoins are considered a type of asset and currency. Buyers of gold and bitcoin want to make a profit. Gold has aesthetic value while bitcoin is capable of helping a person become rich.

yes, I agree with you. gold is a treasure that makes a person look beautiful and luxury. and bitcoin is a digital gold asset that can make a person billionaire.

AlwaysJanuary

newbie

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Network size is just a part of it.
Potential is a big thing.

fistteam

full member

Activity: 217

Merit: 100

Gold is a precious metal, bitcoin is the digital money. Both gold and bitcoins are considered a type of asset and currency. Buyers of gold and bitcoin want to make a profit. Gold has aesthetic value while bitcoin is capable of helping a person become rich.

Deylandra

jr. member

Activity: 54

Merit: 1

When I first heard this I literally was thinking when pigs fly.

The more I research, I now agree that there is a need for digital gold and that crypto currencies will be used as the "new Switzerland."

But I'm skeptical about claims that Bitcoin will be used as digital gold.

Why would the wealthy not prefer whatever crypto currency replaces bitcoin for daily transactions as their digital gold?

My theory on crypto value is that it just depends on the "network size."

Facebook is worth more than Twitter for example, because the "network" is larger.

The crypto that has the highest daily transaction volume + greatest number of merchants accepting it, should have the "largest network" and therefore the highest value.

To say that Bitcoin can maintain a higher price point than a future coin that forms a bigger network, seems similar to me thinking I can beat the house at blackjack.

Is there something I'm missing about the "digital gold" theory?

Topic: Digital Gold and Bitcoin (Read 136 times)