GOLD and BITCOIN: What is their similarities? - page 2.

imstillthebest

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Quote from: FlightyPouch on February 20, 2020, 04:38:56 PM

Quote from: Kasabus on February 20, 2020, 11:03:44 AM

Bitcoin is a good store of value particularly if you invest it in a long term wherein its price keeps on rising every year.

That is true. We should not believe on those person saying that bitcoin is not a safe haven investment since it is. If you keep on holding your crypto currency from 2013 until now, that is a huge huge profit. Another similarity is that it is being supported by a lot of investors, with the profit it has given to them.

they can say that because they experience to loose . they loose because they enter on wrong time and exit on wrong time but for some liike you that done it right , you dont have complaints yet . i am not an investor but calling it as a safe haven isnt really appropriate in my opinion due to its high risk . safe means stable like banks for example if you just want to sit you money on there . there are many similiarities that i can think of right now but im afraid to post it because most of them are already given .

FlightyPouch

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Quote from: Kasabus on February 20, 2020, 11:03:44 AM

Bitcoin is a good store of value particularly if you invest it in a long term wherein its price keeps on rising every year.

That is true. We should not believe on those person saying that bitcoin is not a safe haven investment since it is. If you keep on holding your crypto currency from 2013 until now, that is a huge huge profit. Another similarity is that it is being supported by a lot of investors, with the profit it has given to them.

TheNewAnon135246

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If you want to learn more about scarcity and why it matters, you should really check out Plan B's article about his stock to flow model: https://medium.com/@100trillionUSD/modeling-bitcoins-value-with-scarcity-91fa0fc03e25

mu_enrico

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Quote from: Krillin61 on February 19, 2020, 10:30:23 AM

Show me what you know.

Lmao, asking something without manner...

I think the most persuasive argument is both have a limited supply. One could argue that altcoins made the supply unlimited. However, that's also applicable to gold. The gold supply is unlimited if you include all planets in the universe.

Wexnident

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Both are store of value, heavily invested on by traders, and both are quite easy to recognize so far. I mean, so far, some may actually not know of BTC, but it's a matter of time right? There's also the idea that both of them have limited supply, which makes their value skyrocket. Transactions of BTC and Gold has also seen divisions up to small amounts, like really small. I'm not particularly sure about how durable Gold is, but if compared to BTC, the only way to kill BTC is when all the computers in the world died and disconnected from the internet, as for Gold, it may not seem like it is as durable as BTC, but it still is relatively durable. Just that BTC stands higher if look at from that perspective.

Kasabus

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Quote from: FlightyPouch on February 20, 2020, 09:28:35 AM

These two generated a huge amount of profits for investors and it keeps on increasing. As Gold is said to be one of the best investments, bitcoin is also a good investment but with higher risk, since we all know how volatile bitcoin and other crypto currencies are. As gold is a natural one, bitcoin is something we mined from the internet using these miners or ASICs.

The most common thing between them is that they are both good store of value. Gold can be appraised in a higher amount just when the value of gold per gram increased and this happens every year that comes. Bitcoin is a good store of value particularly if you invest it in a long term wherein its price keeps on rising every year. Both are mined but bitcoin has a fixed amount of supply while gold has no fixed supply amount.

BuNga_cute

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The similarity between gold and bitcoin in my opinion is that both are very profitable for long-term investment, which has a supply
limited, generated by mining, and difficult to fake. With the similarities I have already mentioned gold and bitcoin in the future it will
be equally able to be a savior of a country's economy.

FlightyPouch

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These two generated a huge amount of profits for investors and it keeps on increasing. As Gold is said to be one of the best investments, bitcoin is also a good investment but with higher risk, since we all know how volatile bitcoin and other crypto currencies are. As gold is a natural one, bitcoin is something we mined from the internet using these miners or ASICs.

Janation

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It is said that these two are the same store of value though a lot of people are saying Bitcoin isn't.

As Bitcoin is being mined by the solving continuous algorithms, Gold is being mined by well, digging. Bitcoin and Gold are almost the same, people usually call Bitcoin as the gold of cryptocurrencies. Though there are a lot of differences, the most common is that Gold has a higher chance of reliability than Bitcoin in terms of investing.

Lucius

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Quote from: Captain Corporate on February 19, 2020, 02:26:41 PM

Probably the most common thing that has always been mentioned is the scarcity. Gold and bitcoin has a limited supply and both are used for something in the life, there is always a requirement for it.

I would not agree that Bitcoin and gold can be compared when it comes to total supply, because we know that Bitcoin is limited to 21 million and this is a hard fact, but how many people can say how much gold is exists in the world today, whether it is gold that has been mined or what is still underground. I think that I read some time ago that all mined gold can be stored in size of the three Olympic pools. But what about gold on other planets, on asteroids?

The main advantages that BTC has over gold is publicly known total supply, followed by a pre-set mining procedure which include halvings/block rewards. There is also an ease of transfer when it comes to BTC, whether it be payment transactions or transferring value. Take 1 kg of gold and try to move it through customs, and take 100 BTC in hardware wallet or as a seed on a piece of paper or in your head (it is not hard to memorize 12 words).

Furthermore, the possibility of counterfeiting BTC is zero if we do not count forks, and gold bars/coins are very easily forged, gold on the outside, lead on the inside.

Should BTC gain price stability, such as gold, it could be a serious competitor.

1Referee

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Quote from: ?? on ??

- Both gold and Bitcoin is hard to earn and almost impossible to forge

It's not entirely true when it comes to Gold. As the price of Gold keeps making higher highs, fake Gold that looks more real than ever before hits the market tricking people into buying and storing it in their vaults for decades. Without the proper hardware to identify the purity of the Gold you think you have bought, you're exposed to a huge risk right there.

Also, there were fake branded Gold bars that made it into the vaults of large banks (article). In this case it only concerns a fake brand stamp, while the Gold is real, but it's a scandal nonetheless since you can't point back to its original source. Banks with all their expertise happily accepted them in their vaults.

All above doesn't happen with Bitcoin, and you can easily and for free verify everything you receive.

NeuroticFish

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Quote from: mk4 on February 20, 2020, 01:01:51 AM

Both are verifiable(hard to fake), though a lot more difficult with gold

I'm not sure you meant that's gold is the one more difficult to fake...

Bitcoin cannot be counterfeit. (Unless you consider BCash and other such chains the fakes).
Gold, on the other hand... I've seen myself in the past individuals trying to sell rings made of yellow metals as being gold.

Back on topic, I find this list pretty good:

Quote from: fiulpro on February 19, 2020, 02:33:35 PM

Both are a store of Value
The value Varies over time
People can exchange them for Fiat Preety easily and it is super common

davis196

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Quote from: Krillin61 on February 19, 2020, 10:30:23 AM

I always see what is the difference but I want to know what is their similarities. Show me what you know.

The main 2 similarities I can think of is the fact that both bitcoin and gold are scarce and both are considered investment assets,so they both have value/price.Some people might argue about this,but I think that both bitcoin and gold aren't considered currencies.Gold was actively used as a currency in the past,but not anymore,while bitcoin doesn't have all the prerequisites a currency has(stable value/price,being convenient to use,etc...).

plvbob0070

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- both of them have values. Although gold is more stable than bitcoin, the bottom line of this is they're both valuable

- both of them can be considered as an asset. They are also considered as a safe haven for long term investment

- the supply of Bitcoin and gold are just limited unlike fiat that can easily be printed by the government

- they can be acquired through mining. However with Bitcoin, it's completely electronic and gold is through physical mining

- they can be divided into smaller units. Bitcoin is divisible into eight decimal places and gold can be divided into smaller pieces just like how they're being used in jewelries

mk4

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On the top of my head:

Both are scarce
Both are mined
Both are sort of "safe havens" -though very debatable
Both are divisible, though a lot more difficult with gold
Both are verifiable(hard to fake), though ~~a lot more difficult with gold~~gold is a lot more difficult to legit check <-- edited for clarity
Both can't be printed at will by a centralized authority

Darker45

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Quote from: Krillin61 on February 19, 2020, 10:30:23 AM

I always see what is the difference but I want to know what is their similarities. Show me what you know.

First, there are definitely more differences than similarities because the two are more different than similar. Similarities would include limited supply, although on the part of gold it is naturally formed beneath layers of soil. It is limited but the earth could generate more of it after thousands of years. Bitcoin is also limited. But even this similarity is not really total. Bitcoin's supply is not just limited, it is fixed. Gold's supply is not fixed.

Another similarity is that both new supply of gold or new Bitcoins are acquired through a process called mining. But then, again, this similarity is also limited. Bitcoin mining is too far different from gold mining.

Value is something both gold and Bitcoin has. They are similar on that respect as well. However, the value of gold is doubtless intrinsic. It could be said that its value has been there since time immemorial. Bitcoin's value is different in the sense that Bitcoin is virtual and therefore it is something intangible. It cannot be made into something we may use daily. As a matter of fact, its value is still being debated until now.

dnprock

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I think there are many similarities between gold and Bitcoin. Crypto literature often portrays gold as just a shiny metal. But I think gold was the start of a tech revolution: metal technology. I wrote a post on this:

How Gold Became Money and How Bitcoin Can Become Money

https://bitflate.org/post/2019/11/29/how-gold-became-money.html

BigBos

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the equation is, both of these are the most popular investment places. other than that the goal is also the same, which is retained to get a large profit. many say that bitcoin is digital gold. both of these also need to be in the mine, even though the type of mine is different. I think there are quite a number of other similarities, but I mention the essence of the equation that is always discussed.

jackg

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https://bit.ly/387FXHi lightning theory

There is a fixed suppply of both on earth - supply with gold is generally based on the rate it is mined but doesn't dramaticlaly change. With bitcoin, we know there will only be 21 million coins under current protocol and the inflation rate will reduce by half every 4 years so it has more predictible inflation rates than gold but both inflation rates are faily slow to change.

Both are valued by people and can be considered as money since both can be broken down into smaller increments of themselves. I think bitcoin goes as low as thimpto btc on the lightning network (or it might be pico it was still pretty small) and if you want your 100g gold bar to be 2 50 g you can exchange it for like in the smaller quantity or melt it down yourself.

fiulpro

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Gold and bitcoins similarities according to me are as follows:-

Both are a store of Value
The value Varies over time
People can exchange them for Fiat Preety easily and it is super common
both are irreplaceable for their respective market and highly dominant it
If we talk about the digital gold , both can be used to do trading online.

(Only ones I could think of)

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