Dinar, Dirham to BITCOIN | Bitcointalksearch.org

kryptqnick

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Quote from: kawetsriyanto on October 13, 2019, 07:52:39 PM

Dinar and dirham are a bit different from Bitcoin. Let's see some different things below.
1. Dinar and dirham are recognized by all countries in the world, while there are many countries still not recognizing Bitcoin.
2. Dinar and dirham have been proven to have stable prices, while Bitcoin's price is volatile or unstable.
3. Dinar and dirham are backed up by an institution, while Bitcoin is not backed up by any institutions.

We cannot conclude that Bitcoin is a digital gold based on some people's opinions. It should get a legitimation from many parties.
However, I don't say Bitcoin cannot be a digital gold but I think it is too early to equalize Bitcoin and Gold.

This makes sense to me. If these coins are stable and we are to compare them with any digital currencies, we can talk about something like Tether. Bitcoin is extremely unstable not only compared to dinar and dirham but if we compare it with pretty much any commonly used fiat. And gold is a whole different thing. It's fairly stable nowadays, but it's actually largely considered an investment because gold's price tends to increase (and at some points in time increased significantly) over time. So it's neither like stable coins (although it's been stable lately), not like Bitcoin (which is too volatile).

haidil

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it's true that bitcoin is a digital gold version, as we know dinars and dirhams have been used since ancient times in arabia and the value is stable, unlike bitcoin the voices are higher but bitcoin is digital gold

barbara44

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Quote from: crossabdd on October 13, 2019, 05:58:01 PM

there are some people consider Bitcoin is digital gold. because of its mining system and limited stock. So do you think the concept of bitcoin refers to Gold? because gold has a stable value throughout the world. if true. then the country that uses the first stable coin is arabic, with its dinar and dirham. and perfected by bitcoin with computer networks and the internet. What's your opinion.?

Bitcoin is designed to serve as store of value in its technology, although we are yet to achieve that because it still has volatility in it which makes it quite difficult to compete with the old ancient reliable physical gold, so for now, gold still remain the only metal that is qualified to be held as digital asset for store of value, but our Goal is that in future, bitcoin qualifies to be store of value, maybe then, we could accept the old gold as just physical gold while bitcoin serves as the digital gold, but for now, bitcoin cannot serve as digital gold until its volatility is over.

While we wait for its volatility to reduce and be qualified for digital gold, we have to just start investing in it now because by the time it turns to digital gold, the value would have been very high and would not be easy to purchase that time. Therefore, it is better we also hold bitcoin while we hold the normal gold too.

Genemind

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Bitcoin is actually the digital version of gold but its volatility is higher than it. However, the concept of bitcoin is still comparable with Bitcoin. It could provide us with a promising value in time but it couldn't be as stable as gold. Just like gold, btc is a treasure that is worth keeping and its value is rising through years.

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Do you mean bitcoin having backed up by gold. If bitcoin will be backed up by gold then it would mean a very huge impact on bitcoin not only on the number of users but also its value. But it would be hard to backed bitcoin by gold since it is decentralized. Then let us go back to your suggestion of bitcoin being backed up by Dinar and Dirham since these monetary currency is backed up by gold. This is not a bad idea since the US economy is on the verge of economic collapse and one of the reason was the overproduction of US dollars that has no gold backed up. But this proposal is also hard to accomplish since most of the cryptocurrency exchangers are using USDT the cryptocurrency representing US dollars.

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Quote from: crossabdd on October 13, 2019, 05:58:01 PM

there are some people consider Bitcoin is digital gold. because of its mining system and limited stock. So do you think the concept of bitcoin refers to Gold? because gold has a stable value throughout the world. if true. then the country that uses the first stable coin is arabic, with its dinar and dirham. and perfected by bitcoin with computer networks and the internet. What's your opinion.?

In my opinion gold is nothing but a metal with special properties. It can be used for jewelry and electronic chips if I remember good, but I wouldn't put to much trust in it in the eventuality of a worldwide crisis & I wouldn't say it has a "stable value". It has days when it has 3-5% price swings. A stable currency should be one which pretty much hovers about the same value and raises in time due to inflation. In conclusion I don't look at GOLD as a hedge for when the market turmoils. Bitcoin on the other hand should shouldn't be influenced by political and economical events in the world as it is supposed to be a decentralized currency. However Bitcoin still lacks the necessary adoption and usage, but slowly we're getting there.

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Quote from: crossabdd on October 13, 2019, 05:58:01 PM

there are some people consider Bitcoin is digital gold. because of its mining system and limited stock. So do you think the concept of bitcoin refers to Gold? because gold has a stable value throughout the world. if true. then the country that uses the first stable coin is arabic, with its dinar and dirham. and perfected by bitcoin with computer networks and the internet. What's your opinion.?

It is really a valuable like Gold, it can use as a digital money in many transactions. It is possible that the concept of bitcoin refers to Gold that it's value never change. It is not very stable like gold, it still varies in time. Gold is perfectly different from bitcoin, bitcoin is just a digital version of Gold.

Murat

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I don't like comparing Bitcoin with Gold, for me, Gold is the most popular as well as most stable goods for holding for the future purpose, Gold has an acceptance towards people and there is no doubt that it's the oldest version of saving tool. Not only that but also the price of Bitcoin is never be a stable coin, so how could you compare between these two goods, Bitcoin is the digital currency and it's yet to go a long way, on the other hand, Diner and Dirham also should not be compared to Bitcoin, they are stable and centralized by the authority of central bank, It's a lot of regulations and policies to become stable around the year, only inflation rate could hamper the value, but Bitcoin is totally different from this fiat money. there is nothing similarity.

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Quote from: crossabdd on October 13, 2019, 05:58:01 PM

there are some people consider Bitcoin is digital gold. because of its mining system and limited stock. So do you think the concept of bitcoin refers to Gold? because gold has a stable value throughout the world. if true. then the country that uses the first stable coin is arabic, with its dinar and dirham. and perfected by bitcoin with computer networks and the internet. What's your opinion.?

Do not because gold and bitcoin have a limited supply, then you consider bitcoin to be gold in digital form, for me it is different and cannot be compared. There are many aspects that you have not considered such as different stability, different regulations, etc. Bitcoin is known as a currency while gold is an investment, somehow they can equate both. Likewise with the dinar and dirham you mean, I think all of them are different and have similarities in only a few aspects.

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The digital currencies that you mentioned all have different forms and types, now bitcoin is very good because it can be used in many countries, bitcoin is able to be used for any transaction without complicated so this is what makes bitcoin can have expensive prices because it can be used anywhere quickly and safely.

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Quote from: Kakmakr on October 14, 2019, 01:24:11 AM

Quote from: crossabdd on October 13, 2019, 05:58:01 PM

there are some people consider Bitcoin is digital gold. because of its mining system and limited stock. So do you think the concept of bitcoin refers to Gold? because gold has a stable value throughout the world. if true. then the country that uses the first stable coin is arabic, with its dinar and dirham. and perfected by bitcoin with computer networks and the internet. What's your opinion.?

The stability of any currency comes from the even distribution of the currency and also the government manipulating the supply. Gold are also less volatile than Bitcoin because cartels are manipulating the price.

Bitcoin will also become less volatile as more coins find their way to more people. The whales have loads of coins and a bunch of money to influence the price on a daily basis. Sad

The fact of the matter is, all markets are being manipulated in some way. Angry

The manipulation of the gold market gets limited as the distribution is even as stated. When we talk about bitcoin or other cryptocurrencies, there is large scale accumulation of bitcoin in limited accounts. This makes the Market easily manipulative. This will gets slowed down when the usage continues with the years of its survival.

Once gold too had the similarity, but with its years and years of usage now there is even distribution. And when we think of the dinar dirham or other currencies they have their own backing asset. Most being gold, and when it comes to their own stable coin they've chosen gold to have a fair distribution of value than just tokenising.

Kakmakr

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Quote from: crossabdd on October 13, 2019, 05:58:01 PM

there are some people consider Bitcoin is digital gold. because of its mining system and limited stock. So do you think the concept of bitcoin refers to Gold? because gold has a stable value throughout the world. if true. then the country that uses the first stable coin is arabic, with its dinar and dirham. and perfected by bitcoin with computer networks and the internet. What's your opinion.?

The stability of any currency comes from the even distribution of the currency and also the government manipulating the supply. Gold are also less volatile than Bitcoin because cartels are manipulating the price.

Bitcoin will also become less volatile as more coins find their way to more people. The whales have loads of coins and a bunch of money to influence the price on a daily basis. Sad

The fact of the matter is, all markets are being manipulated in some way. Angry

soadrlz

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Quote from: bounceback on October 13, 2019, 10:09:44 PM

dinars and dirhams are gold coins that were first used as currency in Muslim countries (ARAB) dinars and dirhams also had very expensive market prices at that time the Arab countries and they used the dinar as a dowry for marriage and also for giving alms because all Arabs at that time were Muslim, so in my opinion bitcoin has not been recognized by other countries as digital gold.

AFAIK all Arabs are still Muslims.Nothing has changed Grin

I don't know why the OP mentions dinars and dirhams.Gold coins have been used in many other countries around the world,even before the Arab civilization.

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Quote from: rodel caling on October 13, 2019, 06:27:04 PM

Quote from: crossabdd on October 13, 2019, 05:58:01 PM

there are some people consider Bitcoin is digital gold. because of its mining system and limited stock. So do you think the concept of bitcoin refers to Gold? because gold has a stable value throughout the world. if true. then the country that uses the first stable coin is arabic, with its dinar and dirham. and perfected by bitcoin with computer networks and the internet. What's your opinion.?

I don't know it impossible to compare digital currency into the gold because both have an own function and use in the market, like fiat market every country have an own control of their currency circulation.

While gold is tangible and bitcoin is not. These two had discussed over and over again and we can't certainly compare them and the fact that both have really good appreciation.

Quote from: glendall on October 13, 2019, 11:36:34 PM

Is Bitcoin actually made to be digital gold and become a payment instrument like gold in the real world?
or only as a speculation tool?

Initially, bitcoin is really tend to be a digital currency but with it's appreciating value, it's perceive more than an investment and less than a currency.

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Quote from: crossabdd on October 13, 2019, 05:58:01 PM

there are some people consider Bitcoin is digital gold. because of its mining system and limited stock. So do you think the concept of bitcoin refers to Gold? because gold has a stable value throughout the world. if true. then the country that uses the first stable coin is arabic, with its dinar and dirham. and perfected by bitcoin with computer networks and the internet. What's your opinion.?

I think Bitcoin can't really be compared to anything from the past. It is unique in what it is and how it works. Of course, it is most commonly compared to gold, but it is better than gold. It is borderless, decentralized, and we know that it has a limited supply, as well as how big that supply is. There are no guarantees that someone won't discover a massive new source of gold at any point, knocking down its value. That can never happen to BTC, and as soon as it starts seeing greater adoption, its value will have to skyrocket.

pooya87

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Quote from: crossabdd on October 13, 2019, 05:58:01 PM

because gold has a stable value throughout the world.

wait a minute, why do you think gold has a stable value? as a matter of fact just recently the value dropped about 5% and this year it is up 21%. of course it is a lot more stable compared to bitcoin but we shouldn't even make that comparison because of the age and size of the two market.

glendall

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I agree if the concept of bitcoin refers to gold and dirhams, but the question is, why is bitcoin so volatile and gold not?
whereas gold is very difficult to obtain and only certain people can mine it, in contrast to bitcoin that other people can easily mine it.
if bitcoin is like gold in the real world, it is very volatile, this is what causes confusion,
Is Bitcoin actually made to be digital gold and become a payment instrument like gold in the real world?
or only as a speculation tool?

crossabdd

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Quote from: karanggatak on October 13, 2019, 06:59:15 PM

dinar and dirham system is like this. you can buy one chicken with one dirham, two years later you buy one chicken with one dirham. there is no different when you buy right now or for some years later.
2010 someome buy pizza with 10.000 bitcoin, now how many bitcoin if you want pizza? 10.000? nope, it just 0.00... so when you said that bitcoin system is sam like dinar dirham, i will say you are wrong.

I don't think guys, the dinar dirham still follows the price of gold. maybe 1 chicken is one dinar and 2 years later the same. but that applies to only one country. when it comes out of arab, then the exchange rate is the same as Bitcoin, fluctuating. the difference is only one recognized and not recognized by the state.

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Quote from: crossabdd on October 13, 2019, 05:58:01 PM

if true. then the country that uses the first stable coin is arabic, with its dinar and dirham.

The dinar and the dirham appeared in the 6-7 century AD.
The first gold coins were created in Lydia around 550 BC, a full one thousand years earlier.
Then there were gold coins created by the Greeks, the Persian and Roman empire and many others till the Arabs.

So no, the first "stable" coins were by no means Arabic.

Quote from: Immakillya on October 13, 2019, 06:15:49 PM

Some stablecoins out there are using real Gold tho.

Never heard of one that wasn't revealed to be a scam!

Quote from: Immakillya on October 13, 2019, 06:15:49 PM

Some are backed by their national currency.

Again, I never heard of national stable cryptocoin.
Care to give some examples?

Quote from: ?? on ??

According to some experts in this industry, Bitcoin will become back up by gold when there are no bitcoins to mine. some say there will be a lot of debates with this digital currency along the way.

Realy amazing topic, so many new things I have no clue about..../sarcasm
Again, who are those experts? What the hell has the backing to do with the mining?

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dinars and dirhams are gold coins that were first used as currency in Muslim countries (ARAB) dinars and dirhams also had very expensive market prices at that time the Arab countries and they used the dinar as a dowry for marriage and also for giving alms because all Arabs at that time were Muslim, so in my opinion bitcoin has not been recognized by other countries as digital gold.

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