How Bitcoin differs from gold - page 2.

BuNga_cute

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Quote from: Desmong on September 17, 2021, 03:57:47 PM

Very soon gold will be less valued than Bitcoin cause the price of Bitcoin had already surpass gold which is a natural resources, being mined from the Earth crust. Bitcoin is a digital asset and it's value always depend on many factors moving it price to be versatile. Although Gold is also versatile, maybe some persons can choose Gold because it physical treasure.

What you say can indeed come true, if we see the popularity of Bitcoin continues to increase and more and more people are starting to choose to
invest in Bitcoin over Gold. Moreover, millennials have started to focus on all things digital, then Bitcoin has also proven to be more profitable than Gold.
So indeed as time goes on there is a possibility that the demand for Gold will decrease. For now, investing in Gold is still safe and profitable,
but we don't know what will happen in the future if we see Bitcoin's development is growing rapidly. Moreover, if many countries start to make Bitcoin
a legal tender, many people will focus on investing in Bitcoin compared to other assets.

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Quote from: Spack17 on September 17, 2021, 06:25:21 PM

Gold is centralized but it can be seen like a volatile asset also I think. It is just not as highly volatile as Bitcoin of course. Gold has a big potential to reach many times the current price in the future in my opinion. It just increases much slower comparing to Bitcoin's movements in bull markets. Bitcoin price is just destroying the last record and improving it a lot in the bull market.

I think gold is decentralized, the price of gold is also volatile even though it's not like bitcoin, in my country the price of 1 gram of 24 carat gold is around $67, up $2 compared to last year's price, gold and bitcoin are 2 types of investments that are worth choosing, both are good and have potential the same, gold although slow but very safe because all humans on planet earth receive gold.

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Gold is centralized but it can be seen like a volatile asset also I think. It is just not as highly volatile as Bitcoin of course. Gold has a big potential to reach many times the current price in the future in my opinion. It just increases much slower comparing to Bitcoin's movements in bull markets. Bitcoin price is just destroying the last record and improving it a lot in the bull market.

Desmong

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Very soon gold will be less valued than Bitcoin cause the price of Bitcoin had already surpass gold which is a natural resources, being mined from the Earth crust. Bitcoin is a digital asset and it's value always depend on many factors moving it price to be versatile. Although Gold is also versatile, maybe some persons can choose Gold because it physical treasure.

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Quote from: Nathrixxx on September 12, 2021, 06:50:09 AM

With the little summary from my perspective what I see as difference between gold and Bitcoin.
Firstly gold is a physical commodity asset While Bitcoin is a digital currency/asset and with this, they are the two major assets on the economy trend on investment and with the highest bids on commodity price.

Gold is stable and regulated by government while Bitcoin is volatile and not regulated by government.

Gold requires hard human and physical labour to be acquired while Bitcoin required high computer skills and operations even though they both have the term "mining" as to how they got generated.

Gold is centralized while Bitcoin is decentralized.

Gold has been in existence before ages while Bitcoin got into existence 2009
Relevant opinions are welcome,

There's a lot wrong with just this opening bit. First, gold is not regulated by the government. You can buy and sell gold without permission from the government, so I'm not sure what you're trying to say here. Mining generally is regulated by certain states, but that's all mining and has nothing to do with gold specifically.

Second, gold is not centralized. There's is no central authority for gold. Again, not sure what you're trying to say.

Also, gold being "stable" is also a bit of stretch. In the short term, gold is much more volatile than the USD. The shorter the time horizon, the greater the difference between gold and the dollar. The longer you zoom out the more accurate gold's stability might get, but gold is a pretty volatile in the short term.

There's not particular "skill" needed for bitcoin mining, it's incredibly simple. You buy hardware, you point it at the blockchain, you churn computations. What bitcoin mining requires is a lot of capital investment to mine effectively, but that's not "skill."

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Quote from: Nathrixxx on September 12, 2021, 06:50:09 AM

~snip~

Currently the main difference between BTC and Gold is that Gold is mainly the most used and accepted asset worldwide to be able to have the power to get any nation out of crisis, or any world crisis, who has that power is gold, While BTC is not yet accepted worldwide, there are many who oppose the cryptocurrency, however now many call it digital gold, the growth it has had is remarkable, in fact not only El Salvador has adopted it, many countries are considering adopting it, we may have some nice news about its adoption this year. I think that the biggest difference of all is due to its history, and another difference is that the acceptance by Banks and Governments is towards Gold, but it is an issue that has to do with volatility.

Sir Legend

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Quote from: Ridi on September 16, 2021, 03:06:01 AM

Bitcoin is a virtual currency that exists only digitally and can be purchased only online whereas gold is a physical assests that you can touch and hold. The difference between is currency part . Bitcoin is more volatile as compared with gold. Bitcoin is referred to as a gold. Both have their own importance on their own.

Both are popular types of investment, gold and bitcoin are 2 different types of investment and both are worth choosing, dividing the money between the two of course is an ideal choice, because the price of bitcoin is very volatile so I will make bitcoin an investment that is bigger than gold because greater profit opportunities.

imstillthebest

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Quote from: Ridi on September 16, 2021, 03:06:01 AM

Bitcoin is a virtual currency that exists only digitally and can be purchased only online whereas gold is a physical assests that you can touch and hold. The difference between is currency part . Bitcoin is more volatile as compared with gold. Bitcoin is referred to as a gold. Both have their own importance on their own.

with the introduction of bitcoin atm's , its now possible to buy bitcoin offline .
your right tho , we can differentiate them easily because one is more of a currecncy and that was bitcoin while the other is more of an investment .
bitcoin is bitcoin and gold is gold but what you mean is bitcoin is sometimes being called as a digital version of gold which can be true because btc can also do what a gold can do .

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Quote from: jaberwock on September 16, 2021, 03:18:27 PM

Quote from: Ridi on September 16, 2021, 03:06:01 AM

Bitcoin is a virtual currency that exists only digitally and can be purchased only online whereas gold is a physical assests that you can touch and hold. The difference between is currency part . Bitcoin is more volatile as compared with gold. Bitcoin is referred to as a gold. Both have their own importance on their own.

That is both relevant to each other as well. Bitcoin is virtual but in today's world too many things are virtual, you can hold gold if you want to in your hands but you could also buy gold from your bank account, it would show you owning 10 ounces of gold without ever touching any gold at all, it is just paper, same with fiat as well, you have money digitally, it is in your bank and you can use your credit card instead of actual money and hold the cash in your hands.

Overall, I would say that it is obvious people are using stuff virtually. BUT the fact that crypto is purely digital means it could be used to transact money, buy stuff, sell stuff, work, pay and so forth and that is the biggest difference.

Gold is just good for a pure investment and is definitely centralized. It has been here for decades so preferably, its the most stable investment that even old people have also their own. And its definitely a safe haven investment because its value will keep on increasing but not on a bigger basis.

Bitcoin is not just an investment because its end goal is to become a good currency. Although its not yet totally adopted these days but we can expect that if the world goes more digital, then using bitcoin as a digital currency will eventually be realized as most of the transactions nowadays are becoming virtual. And while gold is centralized, bitcoin is very much decentralized so it cannot be controlled by any entity. Bitcoin has becoming a gold investment in the years to come as its adoption is increasing, then its value will also become bigger too.

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Quote from: Ridi on September 16, 2021, 03:06:01 AM

Bitcoin is a virtual currency that exists only digitally and can be purchased only online whereas gold is a physical assests that you can touch and hold. The difference between is currency part . Bitcoin is more volatile as compared with gold. Bitcoin is referred to as a gold. Both have their own importance on their own.

That is both relevant to each other as well. Bitcoin is virtual but in today's world too many things are virtual, you can hold gold if you want to in your hands but you could also buy gold from your bank account, it would show you owning 10 ounces of gold without ever touching any gold at all, it is just paper, same with fiat as well, you have money digitally, it is in your bank and you can use your credit card instead of actual money and hold the cash in your hands.

Overall, I would say that it is obvious people are using stuff virtually. BUT the fact that crypto is purely digital means it could be used to transact money, buy stuff, sell stuff, work, pay and so forth and that is the biggest difference.

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Quote from: Ridi on September 16, 2021, 03:06:01 AM

Bitcoin is a virtual currency that exists only digitally and can be purchased only online whereas gold is a physical assests that you can touch and hold. The difference between is currency part . Bitcoin is more volatile as compared with gold. Bitcoin is referred to as a gold. Both have their own importance on their own.

I think what you say is correct and that's the difference between Bitcoin and gold,
after all both are promising assets and there is no doubt,
indeed in cryptocurrencies, especially Bitcoin the risk is big but when we can manage it well it will be profitable

Kittygalore

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Bitcoin is different by it's physical existence, it's intangible or incorporeal since it's an electronic product while gold is sort of tangible since they're on rocks that is mined and those rocks are tangible so that also extends to the gold that's sticking at that rock. Another difference is the movement, bitcoin is much more volatile than gold but that volatility meant that bitcoin is much more profitable than gold.

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Gold is just a precious metal, more or less valuable than some other precious metals! Of course, people use gold (and other precious metals) in industry, and for making jewelry. Nice arguments for the price rise over time, even in the far future there will be a need for gold, for this or that!
But Bitcoin is like the ideology, of a decentralized economy... Decentralization is not a new term, but with Bitcoin and all those decentralized crypto projects, decentralization is possible! Unlike gold, crypto is available for everyone! Everyone can join and be part of creating a new and better world!
It's how I see a difference between gold and crypto in general, the difference is in what they represent!

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Bitcoin is a decentralized currency anyone can use to invest and make a good profit . Inflation and deflation of bitcoin is not control by the government like the way government control gold in the country. Bitcoin is an online business where you can buy bitcoins and hold for the market to increase before you can release them for sale. Gold investment use to take many years before investors can achieve something good from their business.
Gold is very slow in profit making compared to bitcoin that you can invest today and make a good profit tomorrow. During the pandemic gold and other fiat money lose value for the lockdown that took place one year and some month. Bitcoin price keep increasing at the process of pandemic where gold and other fiat money keep decreasing that is causing some investors to change their mind to starting investing with bitcoins.

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Ridi

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Bitcoin is a virtual currency that exists only digitally and can be purchased only online whereas gold is a physical assests that you can touch and hold. The difference between is currency part . Bitcoin is more volatile as compared with gold. Bitcoin is referred to as a gold. Both have their own importance on their own.

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Quote from: Barinekapaul on September 15, 2021, 03:11:52 PM

Both bitcoin and Gold are valuable assets.
To me I will say, the only difference between both is the monetary value.

The biggest difference is the currency part for sure. Not many people are using it for that reason but the reality is that we are talking about something that is rare in both investment and spending. Look at what people invest into these days, its gold, stocks, oil, real estate, forex and so more, what does bitcoin have that is different in those? Well, I do not do a job and given real estate for it (or at least not common) and I do not do a job and given stocks (usually) or oil neither. However if you do a job and get bitcoin in return that uses the currency part of it and I believe that is a very important factor on why it is differs from all other investments.

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Both bitcoin and Gold are valuable assets.
To me I will say, the only difference between both is the monetary value.

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Quote from: Reid on September 15, 2021, 02:50:39 AM

I have been in existence before you so does that mean you have to die because I am older and more experienced?
Friendster and MySpace was the thing before as social media outlet now it's Facebook and Twitter.
What does it all mean?
Something new will be discovered but it doesn't mean we should forget our traditional way of keeping assets. We can support them both but one of them will always have the upper hand. Each investor will have to make their own choice of what they prefer. No one is forcing.
My wife prefers keeping gold accessories while I am into Bitcoin. We never had a problem about it.

Depends on the situation. Gold has been around, not myspace around, myspace was around for a little while and got lower, whereas gold has been around thousands of years and not slowing down any moment soon neither. This is why there is a good difference the two of them. Sure just because gold has been around doesn't mean that gold will always be higher valued than bitcoin, that is not the case because it may change at any moment. However that also doesn't mean that gold will be like myspace and all forgotten neither.

I believe that the best case here would be gold keep getting more and more popular, more and more expensive and the marketcap of gold will be huge BUT bitcoin and crypto will be even bigger because it will increase even bigger. In a world where in 50 years where gold made x10 profit but bitcoin went and did x100+ and passed gold would make the most sense.

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Bitcoin is decentralized but the worth of gold is under the control of the govt but within the case of bitcoin there's no such control bitcoin is priced supported the market is different during this respect. Bitcoin investment has seen its price rise since its inception the quantity of bitcoin is far above gold the quantity of bitcoin is that the most if you differentiate between them while many don't think it's safe to take a position in gold, they are doing consider bitcoin to be a secure haven.

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