Topic: GOLD and BITCOIN: What is their similarities? (Read 362 times)
Gold and Bitcoin these days are potential high assets especially Bitcoin in the future. As the world progresses each day, although there is a big difference between the two: one is a subject to votality and the other isn't, bitcoin and Gold are great investments for the people because, they have proven thier survivability and have established their decency towards their standing in the market, we can all agree that these two are such great investments. In addition, this two have the highest longevity that holds a great potential in the future.
Both of them are apolitical, anti sexism, anti racial, anti religious, anti abortion, anti govt, anti real life, anti parasitism, anti cheating lying scammer.
I think that the most important similarity between bitcoin and gold is that they are not so dependent on a particular state unlike some currency. This is good at the moment, because it so happened that the elites control citizens, and gold and bitcoin give more freedom to ordinary people.
I always see what is the difference but I want to know what is their similarities. Show me what you know.
I guess investors see Gold and Bitcoin as a safe haven investment
Although Bitcoin has just begun compare to Gold that has been proven as a perfect choice to invest in
bitcoins popularity to investors has established in a just a limited span of time.
both do have an upward trend, gold is undoubtedly a long-term investment, while bitcoin also has great potential for the long term, because given the lack of bitcoin users, we can imagine if all countries have regulated it, of course we will find great development, so I think both have the same potential with different levels of risk
I always see what is the difference but I want to know what is their similarities. Show me what you know.
I guess investors see Gold and Bitcoin as a safe haven investment
Although Bitcoin has just begun compare to Gold that has been proven as a perfect choice to invest in
bitcoins popularity to investors has established in a just a limited span of time.
I always see what is the difference but I want to know what is their similarities. Show me what you know.
People do crave to have both of these things. High demand but is less supply .
Because it is valueable/ because of its value. Although we all know that crypto price is not always high and gold price is alway high but still we can both earn big in both of it. Another, for me it is both difficult to earn. Bitcoin : we must first learn. What is crypto? How does it work? Which way of earning will you prefer to earn?
Gold : where can you find true gold ? There are so many people out there who makes and sell fake golds. Will you mine some ? Will you buy some ?
More gold or more Bitcoin makes you richer! One is a precious metal other is a digital asset. People are comparing Bitcoin and gold for years, but what we have from that? They are different, different production, supply, transactions. What you can do with Bitcoin you can't do with gold and vice versa, you can't do with Bitcoin what you can do with gold. I mean that's obvious, why we still talk about this?
If you ask me Bitcoin and gold have no similarities. Yes, they are bith valuable and yes, they can.improve your financies.
But they are essentialy different, Bitcoin is digital currency and gold is precious metal. They are functioning different in the market, their value is defined different and they have totaly different position in formal financial and economy system. So, what is the point in comparing them, that will lead you nowhere.
I can see in which direction you are aiming, and I cannot say that I do not understand your concern, but what if BTC had no limited supply? It is very likely that this would primarily affect its price, and would be subject to greater manipulation than it is today. However, it will take more than 100 years to mine all BTC, although in a little over 10 years this percentage will reach 99%.
For me BTC is store of value, but also a currency which I use regularly. That is not going to change no matter of the price, and I believe that some people think the same. Volatility is problem, but I think it will decrease in the future.
Gold has a long history, has proven to be a store of value, has an application in industry, and has a status symbol in some cultures. No one can dispute that, and I think it's in some ways wrong to compare gold and BTC, but I understand the human obsession with such things.
For me BTC is store of value, but also a currency which I use regularly. That is not going to change no matter of the price, and I believe that some people think the same. Volatility is problem, but I think it will decrease in the future.
Gold has a long history, has proven to be a store of value, has an application in industry, and has a status symbol in some cultures. No one can dispute that, and I think it's in some ways wrong to compare gold and BTC, but I understand the human obsession with such things.
Bitcoin is a good long-term Store of Value. But it doesn't have the balance to make good money (Store of Value and transactions). Deflationary money creates parasitic/rent-seeking behaviors. People in feudal societies have to migrate to find new lands. Feudal lords, knights, and kings always end up controlling real estates. They were rent-seeking on people's labor. Gold rushes were brutal. But they offered people an escape from the tyrants.
When hyperbitcoinization happens, bitcoiners will become the new kings and lords whether they want it or not. They're certainly free and have servants until another ambitious tyrant decides to seize their bitcoins by violence.
I think Bitcoin would make a better form of long-term money if it has small inflation, like 1%. It'll truly compete with gold. But the ship has sailed. We cannot change. Gold can make a comeback. It always did.
More gold or more Bitcoin makes you richer! One is a precious metal other is a digital asset. People are comparing Bitcoin and gold for years, but what we have from that? They are different, different production, supply, transactions. What you can do with Bitcoin you can't do with gold and vice versa, you can't do with Bitcoin what you can do with gold. I mean that's obvious, why we still talk about this?
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.Bitcoin is more complex although they both good store of value. Bitcoin can really increase its price without limitation if possible. The only thing that hinder that is that its price is really volatile and the demand is not that consistent so that its value in the market is also not stable. Although both are mined and limited, bitcoin is much easier to mine and less hassle, while the gold is very risky that it can also result to a tragedy. They are both a good investment and it is very effective if you really work hard monitoring your invest with both bitcoin and gold. But probably, if they are both comes to the point that the supply is limited, probably there's a pump in the price.
In my opinion, the thing that most resembles Gold and Bitcoin is that in the context of the present time, the demand for these two things is almost equal, but in this case the amount of Bitcoin and the amount of goldWhether two things are ever-limited in this whole world and it is diminishing day by day, and I think the biggest similarity is that with Bitcoin heyday with gold, the demand and price of two things are very high and it is understood that in all these aspects. ThisFrom the point of view, it is understood that these things are similar between the two
Probably those are the only things there is, however one is more technological and people may not see it that valuable as gold since it is technological. We all say that blockchain and bitcoin is decentralized and uncorruptable but at the same time we are not entirely sure if a government with 100 billion dollars in bank could just wage a war against bitcoin and destroy it or not, we have no idea if that is possible or not. We all KNOW gold can't be replicated and gold is gold, but maybe one day bitcoins max amount will be 22 million instead of 21?
We don't know what the technological advancements and research will result with. I still think that we can trust bitcoin right now, but in 50 years who knows what could potentially happen, most of us are under 50, that means we are talking about longer period than you have been alive.
We don't know what the technological advancements and research will result with. I still think that we can trust bitcoin right now, but in 50 years who knows what could potentially happen, most of us are under 50, that means we are talking about longer period than you have been alive.
The equation of the two is rare and becomes something that is more desirable to be invested, because with its scarcity will certainly push for higher prices. Maybe that is the reason for the simple similitude that comes across and I think there are still a number of other factors as well, but basically both of them are an investment asset that is in demand even though they have prices that differ greatly.
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
It is not that I've done most of my investments right since there are a lot of movements I missed. Despite those misses, I still earned a good amount of profit since I kept on holding it and I am patient. I don't have other investments other than some of my bitcoins and some altcoins that I am waiting to grow.
Lmao, asking something without manner...
Sorry about sounding rude but I want you to know that I am a very straightforward person so I don't really want any unnecessary chit-chat and also thank you so much to all of you guys answering my question. I hope I didn't offend you. Never thought this topic would gather legends and heros of this forum.
I actually think having a fixed known supply is a disadvantage of BTC. Gold inflates at 1.5% per year. This low inflation allows gold to satisfy new demand, slowly. BTC's eventual zero supply will make BTC always volatile. There would be no BTC rush to find a new supply. While this could be good for your Store of Value, it creates volatility. Volatility will prevent BTC from being useful for transactions. It will remain a Store of Value and a very volatile speculative asset.
Here is the link
...Both are a store of Value
The value Varies over time...
The value Varies over time...
We already know how much the price of gold has changed over the past world history, and we can assume that the price will not differ much from today. Regarding the cost of bitcoin, there are different theories that its price can reach up to 1 million dollars. And we can witness how correct such statements were.
I actually think having a fixed known supply is a disadvantage of BTC. Gold inflates at 1.5% per year. This low inflation allows gold to satisfy new demand, slowly. BTC's eventual zero supply will make BTC always volatile. There would be no BTC rush to find a new supply. While this could be good for your Store of Value, it creates volatility. Volatility will prevent BTC from being useful for transactions. It will remain a Store of Value and a very volatile speculative asset.
BTC having a limited supply makes it even worthier than any other assets except gold. Just think of it what if bitcoin does have an infinite supply.It will be same as those altcoins that has billions of supply and keeps on printing their new coins. Being scarce made it's value higher, I understand the point of using it with transactions and despite of being volatile, it didn't became an obstacle for everyone to use it the way it's designed.
I actually think having a fixed known supply is a disadvantage of BTC.
I can see in which direction you are aiming, and I cannot say that I do not understand your concern, but what if BTC had no limited supply? It is very likely that this would primarily affect its price, and would be subject to greater manipulation than it is today. However, it will take more than 100 years to mine all BTC, although in a little over 10 years this percentage will reach 99%.
For me BTC is store of value, but also a currency which I use regularly. That is not going to change no matter of the price, and I believe that some people think the same. Volatility is problem, but I think it will decrease in the future.
Gold has a long history, has proven to be a store of value, has an application in industry, and has a status symbol in some cultures. No one can dispute that, and I think it's in some ways wrong to compare gold and BTC, but I understand the human obsession with such things.
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).
I actually think having a fixed known supply is a disadvantage of BTC. Gold inflates at 1.5% per year. This low inflation allows gold to satisfy new demand, slowly. BTC's eventual zero supply will make BTC always volatile. There would be no BTC rush to find a new supply. While this could be good for your Store of Value, it creates volatility. Volatility will prevent BTC from being useful for transactions. It will remain a Store of Value and a very volatile speculative asset.
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 .
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.
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
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.
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.
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. 
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.
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.
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.
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.
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.
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.
- 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.
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:
Both are a store of Value
The value Varies over time
People can exchange them for Fiat Preety easily and it is super common
The value Varies over time
People can exchange them for Fiat Preety easily and it is super common
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...).
- 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
- 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
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 goldgold is a lot more difficult to legit check <-- edited for clarity - Both can't be printed at will by a centralized authority
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.
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
How Gold Became Money and How Bitcoin Can Become Money
https://bitflate.org/post/2019/11/29/how-gold-became-money.html
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.
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.
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.
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)
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)
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. Gold could look like a thing you buy for investment or even a present and whatever but in reality there are products that use gold in it so gold is basically used and gone from the market all the time (except some recycling situations) same goes for bitcoin, there are lot of reasons why people use bitcoin and even tho it is not totally gone there is always some people who forget their wallet addresses and all. So they are both things that have limited supply that gets even more limited with time which makes them super valuable because they are also in demand as well.
I always see what is the difference but I want to know what is their similarities. Show me what you know.
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