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Topic: I do believe that Bitcoin will be more scarce than gold (Read 703 times)

hero member
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Another thing is, who really "uses" gold? Honestly? When was the last time anyone made any payments with gold? Do not give me weird examples of certain industries or weird people, its not common at all and people don't do it. So what do we do? Well some people use it while building stuff, but %90+ of the gold in the world sits in banks vaults and governments vaults and we just change the ownership of it from one person to another digitally and thats it, thats literally it, nobody uses it, they are just bunch of useless stuff. Bitcoin maybe a good investment, but it is also used a lot, and that matters to me.
I agree with you. Generally we see the use of gold basically in bank lockers. But very little in terms of usage. The use of Bitcoin in this respect is truly immense. Which has application in real life. Not only that, the possibility is also increasing in the coming days. Gold is a natural resource whose quantity is infinite whereas Bitcoin has a maximum of 21 million. It is very easy to predict the future condition of bitcoin.
hero member
Activity: 2828
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I am terrible at Fantasy Football!!!
Another thing is, who really "uses" gold? Honestly? When was the last time anyone made any payments with gold? Do not give me weird examples of certain industries or weird people, its not common at all and people don't do it. So what do we do? Well some people use it while building stuff, but %90+ of the gold in the world sits in banks vaults and governments vaults and we just change the ownership of it from one person to another digitally and thats it, thats literally it, nobody uses it, they are just bunch of useless stuff. Bitcoin maybe a good investment, but it is also used a lot, and that matters to me.
I agree with you. Generally we see the use of gold basically in bank lockers. But very little in terms of usage. The use of Bitcoin in this respect is truly immense. Which has application in real life. Not only that, the possibility is also increasing in the coming days. Gold is a natural resource whose quantity is infinite whereas Bitcoin has a maximum of 21 million. It is very easy to predict the future condition of bitcoin.
What happens is that even if I think that gold will keep being a reasonable store of value for the time being, I do not think it will ever make a comeback as a currency, people are leaving cash behind and they prefer to use electronic means of payments, and gold which is even more cumbersome than cash will not be liked by the people of today, however bitcoin is digital in nature, more scarce and it has an even bigger potential as a store of value, which will make its use as a currency almost a given during the next decades.
full member
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C O M B O
We all know the total supply of bitcoin, and only 21 million in this crypto currency world,
while gold we never know, but we know that gold is also limited
especially in 2022, there are only 3 million bitcoins left, of course this will make bitcoin rare in the future,
hopefully the price will also go up!
hero member
Activity: 2170
Merit: 715
bitcoin investment is the choice for young people in this era, because we are very easy to store it,
no need to be complicated, just need an android, and download a wallet,
this is why young people love it, I also like it, even though the price is going down,
That is one reason that is very simple and easy to explain besides the reason for the price increase that could occur in Bitcoin in the future. Because if those young people you're talking about have invested in Bitcoin now, I think there's a bit of a delay for them because if they had done that earlier, they would have made better profits last year and now.
hero member
Activity: 1918
Merit: 564
Another thing is, who really "uses" gold? Honestly? When was the last time anyone made any payments with gold? Do not give me weird examples of certain industries or weird people, its not common at all and people don't do it. So what do we do? Well some people use it while building stuff, but %90+ of the gold in the world sits in banks vaults and governments vaults and we just change the ownership of it from one person to another digitally and thats it, thats literally it, nobody uses it, they are just bunch of useless stuff. Bitcoin maybe a good investment, but it is also used a lot, and that matters to me.

Electronic industry uses gold. They use it for electroplating chemical, gold bonding wire and sputter targets[1] So there is a fixed demand for gold, if you are asking if there is any.  But I believe that Bitcoin is scarcer than gold for the reason that Bitcoin has fixed supply and and hte possibility of lost private keys to access the bitcoin wallet.  While there is no known fact about the total supply of gold while it is continuously mined.


[1] https://link.springer.com/content/pdf/10.1007/BF03214833.pdf
STT
legendary
Activity: 3850
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Leading Crypto Sports Betting & Casino Platform
Base gold usage is rising for over a decade, probably this whole century.   Its not easy to argue that exactly as usage would be indirect in reserve but the main reason is we move away from the Dollar global reserve currency again hard to argue with DXY at twenty year highs but you know how much value has been lost so thats why alternatives are rising, haphazardly.

Gold does have industrial use but I believe its mostly Jewelry or a reserve asset.  This does qualify as usage because you have the gold as a counterbalance to your other more volatile activities.   When a bank issues currency or even a private bank issues debt, they have this asset or similar 'safe' reserves as some guarantee of payment for the more risky ventures and loans taken.
   We can say gold is pointless if you like, its inert and has no yield, it costs to store it safely but it does have a 4 thousand year old track record in its demand and I dont disregard that continuing this century.    Recent attempts to swap gold with tier 1 housing debt turned into a bad joke when the standards required were not kept and with no quality to the best reserve assets kept by banks they all faced collapse.   With gold its a very simple check to its quality or not, I can say it right now you melt down the gold till its purely an element like all gold is and thats it.  Every central bank in the world will melt all gold it buys and reforge its own bars, I'd guess private banks dont always but anyhow the test is simple.  
   Unfortunately we live in a complicated world, I wont argue anything in favor of gold except it is a unique element easy to test quality for; simplicity.   Our  other value held, assets, commodities are variable and sometimes they fail in demand;  the biggest pessimist then will say failure means gold is most valuable and nothing can challenge that.   Not true as gold is not truly essential , but as a reliable commodity I'd agree as other commodity demand does vary so much you can broke holding the wrong one.  
   The argument for crypto vs gold  is that BTC is not even trying to be the same type of asset but BTC is unique so I think its qualifying in that important way and I hope it becomes a simple testable form of value also, its fungible, highly divisible, liquid & easily exchangeable.  There's similarities but they arent the same or close imo.
hero member
Activity: 1904
Merit: 573
Another thing is, who really "uses" gold? Honestly? When was the last time anyone made any payments with gold? Do not give me weird examples of certain industries or weird people, its not common at all and people don't do it. So what do we do? Well some people use it while building stuff, but %90+ of the gold in the world sits in banks vaults and governments vaults and we just change the ownership of it from one person to another digitally and thats it, thats literally it, nobody uses it, they are just bunch of useless stuff. Bitcoin maybe a good investment, but it is also used a lot, and that matters to me.
hero member
Activity: 1974
Merit: 775
Leading Crypto Sports Betting & Casino Platform
Meanwhile, gold production has increased every year. Unlike Bitcoin, which is limited to 21 million and this amount can no longer be added by anyone and will be more valuable when the amount runs out.
But the unique thing is that the price of gold does not decrease too much every year and so does the increase every year, so some people say that gold tends to have a stable price and little profit if used for investment. And in fact it is very different from Bitcoin, although it does not have a stable price in the market, but many people have benefited by investing and trading through Bitcoin on several exchanges.
Gold prices have increased when the market price of Bitcoin is heading to a point of decline, making market participants feel worried about entering the crypto market. Bitcoin price is currently at $21.7k or down 9.31% in 7d and 7.33% in 24h as seen on coinmarketcap at the moment.
Conditions like today make people think Gold has a stable price.
Could it be because of macroeconomic factors that made the crypto market turn red again?
Gold has been always a stable investment for people willing to protect their patrimony thinking on their future and on the future of the next generations. Since the beginning of humankind gold has a prominent place in society, granting status and power to its holders. Myth or not, even aliens' races are said to be interested in gold as the most precious metal demanded by them for exploration or survival purposes.

Bitcoin is much more scarce than gold, but I don't think btc can replace the demand for gold. Thinking proportionally, gold will be always much more demanded than btc and consequently its supply will be never enough.

Depending the currently market's sentiments, it's possible investors adopt a more conservative behavior, avoiding crypto for now and going for gold. Sometimes it's not exactly because macroeconomic factors which influence and impact us daily also during bullish seasons, but simply due to speculative factor lead by whales and followed by other investors.
member
Activity: 406
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currently there are only about 2 million Bitcoins that have not been mined which means that very little is left of the 21 million supply and of course it will be increasingly difficult to mine it with a very small number of reward blocks, that's why bitcoins are rarer but unfortunately the price touched $20k is a very cheap price bitcoin should have remained at $60k as the lowest price figure

Bitcoin continues to work as expected though, more than a decade after genesis.

The price swings are just caused by many external factors, but fundamentally Bitcoin has never been stronger. And it will continue to get stronger every block.

The price in the long term will continue to rise, both because it's priced in fiat which loses purchasing power over time, and also because more and more people will want to get access to Bitcoin over the decades, but there's only a finite amount of it.
that's why I always tell myself that investing in bitcoin is much more promising than gold, in the era of increasingly sophisticated technology in the future I think bitcoin will become a trend that many are interested in from time to time
bitcoin investment is the choice for young people in this era, because we are very easy to store it,
no need to be complicated, just need an android, and download a wallet,
this is why young people love it, I also like it, even though the price is going down,
hero member
Activity: 1078
Merit: 730
Rollbit - Crypto Futures
Meanwhile, gold production has increased every year. Unlike Bitcoin, which is limited to 21 million and this amount can no longer be added by anyone and will be more valuable when the amount runs out.
But the unique thing is that the price of gold does not decrease too much every year and so does the increase every year, so some people say that gold tends to have a stable price and little profit if used for investment. And in fact it is very different from Bitcoin, although it does not have a stable price in the market, but many people have benefited by investing and trading through Bitcoin on several exchanges.
Gold prices have increased when the market price of Bitcoin is heading to a point of decline, making market participants feel worried about entering the crypto market. Bitcoin price is currently at $21.7k or down 9.31% in 7d and 7.33% in 24h as seen on coinmarketcap at the moment.
Conditions like today make people think Gold has a stable price.
Could it be because of macroeconomic factors that made the crypto market turn red again?
legendary
Activity: 2254
Merit: 1035
Leading Crypto Sports Betting & Casino Platform
currently there are only about 2 million Bitcoins that have not been mined which means that very little is left of the 21 million supply and of course it will be increasingly difficult to mine it with a very small number of reward blocks, that's why bitcoins are rarer but unfortunately the price touched $20k is a very cheap price bitcoin should have remained at $60k as the lowest price figure

Bitcoin continues to work as expected though, more than a decade after genesis.

The price swings are just caused by many external factors, but fundamentally Bitcoin has never been stronger. And it will continue to get stronger every block.

The price in the long term will continue to rise, both because it's priced in fiat which loses purchasing power over time, and also because more and more people will want to get access to Bitcoin over the decades, but there's only a finite amount of it.
that's why I always tell myself that investing in bitcoin is much more promising than gold, in the era of increasingly sophisticated technology in the future I think bitcoin will become a trend that many are interested in from time to time
legendary
Activity: 1736
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currently there are only about 2 million Bitcoins that have not been mined which means that very little is left of the 21 million supply and of course it will be increasingly difficult to mine it with a very small number of reward blocks, that's why bitcoins are rarer but unfortunately the price touched $20k is a very cheap price bitcoin should have remained at $60k as the lowest price figure

If you look back at 13 years of formation and development of bitcoin, from a coin with no value and now it is worth 20k $. That's not a cheap price, bitcoin holders at first were just a few hundred dollars and now it's worth millions of dollars. I think we should not be disappointed with the current price.

If you think that the current level is too cheap compared to the real value of bitcoin, we should instead take advantage of the time when bitcoin is cheap and collect as much as possible because bitcoin will soon appreciate and surpass the $60k threshold. Then it's really unfortunate for us.
hero member
Activity: 2128
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In the month of June and July, lots of FUD spread due to the bear market and how the price of Bitcoin was affected. Those who still believed that Bitcoin can never be devalued nor crash bought Bitcoin when price dropped to $17k and if they had sold on July 30 2022 with Bitcoin opening price of $24,581, they would still have made have made $7k+.
  In cryptocurrency, Bear and Bull market will always come, but some people are only concern about the bull market but always cause FUD when bear market begin. 
  Bitcoin price On June 10 2021 was $36k+, same day an expert of crypto-asset said Bitcoin could surge to $1 million in 6 years as it becomes more scarce than gold
Those who watched Bitcoin's bull market can probably guess where Bitcoin might be headed. In practical terms Bitcoin is one such cryptocurrency that has grabbed the attention of all over the world in a very short span of time. A Bitcoin peaked at around $70000 which is definitely more expensive than Gold in comparison. Bitcoin's journey is just beginning yet people are not much aware of its usage. Moreover, there are legal complications. But when such problems are solved, it will be considered as infrequent.
hero member
Activity: 938
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currently there are only about 2 million Bitcoins that have not been mined which means that very little is left of the 21 million supply and of course it will be increasingly difficult to mine it with a very small number of reward blocks, that's why bitcoins are rarer but unfortunately the price touched $20k is a very cheap price bitcoin should have remained at $60k as the lowest price figure

Bitcoin continues to work as expected though, more than a decade after genesis.

The price swings are just caused by many external factors, but fundamentally Bitcoin has never been stronger. And it will continue to get stronger every block.

The price in the long term will continue to rise, both because it's priced in fiat which loses purchasing power over time, and also because more and more people will want to get access to Bitcoin over the decades, but there's only a finite amount of it.
legendary
Activity: 2254
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Leading Crypto Sports Betting & Casino Platform
currently there are only about 2 million Bitcoins that have not been mined which means that very little is left of the 21 million supply and of course it will be increasingly difficult to mine it with a very small number of reward blocks, that's why bitcoins are rarer but unfortunately the price touched $20k is a very cheap price bitcoin should have remained at $60k as the lowest price figure
sr. member
Activity: 1078
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It is very obvious that bitcoin is more scarce than gold. There are still tons and tons of undiscovered golds which are yet to be mined, but bitcoin has only 21 million supply and I am pretty much sure there are lots of lost bitcoins that can never be recovered. But I don't think we should be comparing bitcoin and gold. I mean bitcoin might be super scarce, but if no one uses bitcoin, then what's the use of it being scarce? People will still be using gold and it will be more valuable than bitcoin.


I agree with you for what bitcoin is very rare and also the price is very high even though the price is very unstable and sure.
I think bitcoin is only popular with young people today, many investors are old or old economists, they don't put their money in bitcoin. According to it takes a long time to compare gold and bitcoin, bitcoin has a large profit in a relatively short time, while the value is relatively stable, meaning that it is impossible to get a large profit in a short time, but the advantage is that it has a small risk, because it has a shape. physical or goods.
hero member
Activity: 2828
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I am terrible at Fantasy Football!!!
It is very obvious that bitcoin is more scarce than gold. There are still tons and tons of undiscovered golds which are yet to be mined, but bitcoin has only 21 million supply and I am pretty much sure there are lots of lost bitcoins that can never be recovered. But I don't think we should be comparing bitcoin and gold. I mean bitcoin might be super scarce, but if no one uses bitcoin, then what's the use of it being scarce? People will still be using gold and it will be more valuable than bitcoin.
Without a doubt the value of something depends on both, the demand and the supply, the supply of bitcoin is not only low but it is also never going to increase and if to this we add a high demand then it is not surprising that each unit of bitcoin is incredibly valuable, and that value keeps increasing as the demand increases as well, I think we're going to get to the point in which the market cap of bitcoin is going to be bigger than the market cap of gold, I do not know how long it will take for that to happen but personally I think it is inevitable.
copper member
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BTC doesn't have to fight gold, does it?
In fact, BTC is made to defeat fiat. Gold is something different. You can have both BTC and gold. why force yourself to choose one over another?
Gold is good. It made stunning jewelry.
BTC is good. It pays for my coffee.


Often people who consider Bitcoins as an asset does this type of comparison.
Actually it’s people’s mindset on how they gonna treat Bitcoins.
You are considering Bitcoins as a way to pay bills for your coffee, but someone is trading (buying and selling) to make profit. So yes comparing exists for the better asset. I consider Bitcoins as both an asset and a way to pay some of my bills and for this I love Bitcoins more than Gold. We also know the fixed amount of BTC created or present , so yes it’s more scarcer.
copper member
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It is very obvious that bitcoin is more scarce than gold. There are still tons and tons of undiscovered golds which are yet to be mined, but bitcoin has only 21 million supply and I am pretty much sure there are lots of lost bitcoins that can never be recovered. But I don't think we should be comparing bitcoin and gold. I mean bitcoin might be super scarce, but if no one uses bitcoin, then what's the use of it being scarce? People will still be using gold and it will be more valuable than bitcoin.
legendary
Activity: 2856
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Its not the supply that is questionable so much as the demand growth and utility to wider populations.  If BTC is used and useful then its without doubt we have a rising price because supply doesn't expand.  My view of BTC is as similar to commodities and most commodities will expand production when in demand, this explains why price accelerates so fast upwards in BTC from this unusual constriction vs potentially global demand.

What does it imply when you say expand production when in demand? The production of what in bitcoin? Also, what accelerates bitcoin's price upwards is speculation and too much leverage. It has been like this since 2017 and this is why we have large parabolic pumps that create market bubbles.
sr. member
Activity: 2044
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BTC doesn't have to fight gold, does it?
In fact, BTC is made to defeat fiat. Gold is something different. You can have both BTC and gold. why force yourself to choose one over another?
Gold is good. It made stunning jewelry.
BTC is good. It pays for my coffee.

this is the right sentence, why should you be hostile to gold, while gold is a form of jewelry...

I like gold (because it is to beautify the appearance of women at parties & gold value is stable and easy to sell in an emergency), I also like Bitcoin (as my investment). In long-term investment, both also have their respective advantages.
hero member
Activity: 2464
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Gold is also an asset, a more stable asset than bitcoin.
Bitcoin is an investment and can also be used as a currency because the purpose of the satoshi that created bitcoin is to turn it into currency.
But there's really no need to compare them, both are great for investing and storing assets.
Bitcoin cannot be used as jewelry and gold cannot provide greater returns than bitcoin. Each has its own use, cannot be put on the scale to compare.
Do we really want a stable asset though? I mean just because you could earn like a few percent from it, meanwhile bitcoin is making that much daily. I personally prefer bitcoin a lot more, and it's cool that it's volatile because it means even though there are big falls, that means there are big ups as well which earns us a good chunk of profit.

I do not know what to say to people who are not sure about what bitcoin will help them with when they have other "options" to invest as assets. If you think other options are good, then go ahead and do that and you will see that it is not really as good of a thing as you think it would be, it's actually quite bad compared to bitcoin.
STT
legendary
Activity: 3850
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Leading Crypto Sports Betting & Casino Platform
There are two indicators related to gold to watch out for. The first indicator is production and the second is gold reserves.

Gold is quite steady in its production, takes a decade to establish a gold mine.   They are trying to setup the largest gold mine in Europe and its taken so many years including locals setting fire to equipment to protest the idea of capitalism.   Still no gold is being taken out just money put in, so its not easy but world production has/will rise perhaps double in the end.

They will liquidate the Fort Knox gold reserves one day I think.   Before its all over I think it happens such is the outstanding liabilities it would be required as payment; overall trend is higher reserves vs a weaker dollar.  
  There has been Gold net buying by central banks for over a decade.   China which had previously zero gold held is both the largest buyer of gold and the largest producing nation, actual total reserves are unclear.  I do think also some countries will throw out their gold, Venezuela was trying to raid the central bank to sell it; they were stopped by legal issues as to ownership since the military took over the country and now drug run for revenues their gold remains held awaiting settlement, previously some sold by Chávez.
  The net effect is towards more gold held toward global trade and value exchange.   I think BTC and a couple other standards such as competing FIAT or commodity standards will also see growth in usage vs less Dollar usage and eventual realization of lost value.    Inflation is expansion of a monetary base, if we do respect that measure the value lost is gigantic.  The counter argument is higher GDP, expanding usage but USD was already the global reserve currency the best guess is obviously this effect is in decline and with good reason from overt bias and losses such as QE spending with failure to repay.
legendary
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Meanwhile, gold production has increased every year. Unlike Bitcoin, which is limited to 21 million and this amount can no longer be added by anyone and will be more valuable when the amount runs out.
But the unique thing is that the price of gold does not decrease too much every year and so does the increase every year, so some people say that gold tends to have a stable price and little profit if used for investment. And in fact it is very different from Bitcoin, although it does not have a stable price in the market, but many people have benefited by investing and trading through Bitcoin on several exchanges.
In simple, gold is risk free investment whereas bitcoin is completely against that. Gold being set as a standard on different needs makes it to be worth high against bitcoin. In future same as we've got gold as standard we'll see bitcoin as the reference asset. The metal has got availability and that doesn't mean it is limited. Upon exploration people keeps finding location with gold, but it isn't the same with bitcoin.
sr. member
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Meanwhile, gold production has increased every year. Unlike Bitcoin, which is limited to 21 million and this amount can no longer be added by anyone and will be more valuable when the amount runs out.
But the unique thing is that the price of gold does not decrease too much every year and so does the increase every year, so some people say that gold tends to have a stable price and little profit if used for investment. And in fact it is very different from Bitcoin, although it does not have a stable price in the market, but many people have benefited by investing and trading through Bitcoin on several exchanges.
hero member
Activity: 840
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Why need to compare bitcoin to gold? if you have something to invest with this better pick two since for sure both of this assets is good to have and they have different usage according to what people's intention. I guess people need to stop comparison between two assets because we cannot get accurate answer with this since every people who support both of those assets have a different opinion and everyone is right according to what they believe on that discussion made.
You spoke my mind, if one is looking for something to invest in then picking both Gold and Bitcoin for investment is the best option, Gold is more stable in price than Bitcoin but then Bitcoin has higher chances of giving the investment quick profits because of the volatile nature of Bitcoin market. Gold is old and Gold has been in existence for almost hundreds of decades like Bitcoin which is just a decade old. Since investment is more secured through diversification buying both assets will be a good investment method so there is no need to compare both of them since they can operate together without interference.
hero member
Activity: 1890
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We are all the pieces of what we remember.
BTC doesn't have to fight gold, does it?
BTC is made to defeat fiat. Gold is something different. You can have both BTC and gold. why force yourself to choose one over another?
Gold is good. It made stunning jewelry.
BTC is good. It pays for my coffee.

Exactly and very simple explanation of the two assets, the analogy is simple.
Gold= jewelry.
Bitcoin= currency+asset.
And that is why just in the few years of Bitcoin's existence, bitcoin has surpassed gold in market volume and price, and Gold which has been around for several decades may have not made so much market impact as Bitcoin and that is because Bitcoin has a dual purpose.
1 bitcoin is an asset.
2 Bitcoin is a currency.
So these factors made Bitcoin different from gold, bitcoin, and gold can co-exist in the same market environment since their not serve the same purpose. Those who are in Bitcoin because of its value and volatile nature take bitcoin as an asset and they hold Bitcoin as an investment just like Gold is an investment also, but while gold is used for the production of jewelry and other precious materials, Bitcoin, on the other hand, is used as a currency.

Gold is also an asset, a more stable asset than bitcoin.
Bitcoin is an investment and can also be used as a currency because the purpose of the satoshi that created bitcoin is to turn it into currency.
But there's really no need to compare them, both are great for investing and storing assets.
Bitcoin cannot be used as jewelry and gold cannot provide greater returns than bitcoin. Each has its own use, cannot be put on the scale to compare.
legendary
Activity: 2702
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Why need to compare bitcoin to gold? if you have something to invest with this better pick two since for sure both of this assets is good to have and they have different usage according to what people's intention. I guess people need to stop comparison between two assets because we cannot get accurate answer with this since every people who support both of those assets have different opinion and everyone is right according to what they believe on that discussions made.
sr. member
Activity: 672
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BTC doesn't have to fight gold, does it?
BTC is made to defeat fiat. Gold is something different. You can have both BTC and gold. why force yourself to choose one over another?
Gold is good. It made stunning jewelry.
BTC is good. It pays for my coffee.

Exactly and very simple explanation of the two assets, the analogy is simple.
Gold= jewelry.
Bitcoin= currency+asset.
And that is why just in the few years of Bitcoin's existence, bitcoin has surpassed gold in market volume and price, and Gold which has been around for several decades may have not made so much market impact as Bitcoin and that is because Bitcoin has a dual purpose.
1 bitcoin is an asset.
2 Bitcoin is a currency.
So these factors made Bitcoin different from gold, bitcoin, and gold can co-exist in the same market environment since their not serve the same purpose. Those who are in Bitcoin because of its value and volatile nature take bitcoin as an asset and they hold Bitcoin as an investment just like Gold is an investment also, but while gold is used for the production of jewelry and other precious materials, Bitcoin, on the other hand, is used as a currency.
sr. member
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What we have to understand is the number or stock of bitcoin is locked or fixed and cannot be added, if the number of users continues to increase it will make demand continue to increase and the price will skyrocket, many people always compare with gold, but what makes me curious is whether bitcoin is whether bitcoin whether bitcoin Can you last 50 years? While gold was used and recognized thousands of years ago.
If we think about the sustainability of gold then undoubtedly gold will be ahead of Bitcoin because gold is recognized as a valuable asset since ancient times. If we judge it based on its price or next generation adoption then Bitcoin is the best what many have repeatedly emphasized is the limited supply of Bitcoin, which has no limitation in the case of Gold. I think bitcoin is just the beginning as the population is gradually increasing. As the demand gradually increasing the importance of bitcoin will also increase from all aspects.
These two are not comparable because this is depending in which who we ask. of course if we will question this for cryptonians then Bitcoin will be the one to choose but for those who does not believe in Bitcoin? then it is Gold .
yes it is from ancient time but remember that we are in computer age now in which everything is depending in technology and almost the physical one are not that trustworthy , maybe not now but sooner in the future.
Of course yes, because gold has a source of creation but bitcoin does not, and as we all know bitcoin has a limited supply for worldwide use not today but forever.
as long as bitcoin continues to exist gradually everyone will get to know bitcoin and understand the difference between bitcoin and gold that they are ultimately interested in getting involved.
the bitcoin = gold narrative is an easy crutch because bitcoin shares many characteristics with gold. It's rare, portable, valuable, shareable, doesn't degrade over time, and has value despite having no cash flow.
full member
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What we have to understand is the number or stock of bitcoin is locked or fixed and cannot be added, if the number of users continues to increase it will make demand continue to increase and the price will skyrocket, many people always compare with gold, but what makes me curious is whether bitcoin is whether bitcoin whether bitcoin Can you last 50 years? While gold was used and recognized thousands of years ago.
If we think about the sustainability of gold then undoubtedly gold will be ahead of Bitcoin because gold is recognized as a valuable asset since ancient times. If we judge it based on its price or next generation adoption then Bitcoin is the best what many have repeatedly emphasized is the limited supply of Bitcoin, which has no limitation in the case of Gold. I think bitcoin is just the beginning as the population is gradually increasing. As the demand gradually increasing the importance of bitcoin will also increase from all aspects.
These two are not comparable because this is depending in which who we ask. of course if we will question this for cryptonians then Bitcoin will be the one to choose but for those who does not believe in Bitcoin? then it is Gold .
yes it is from ancient time but remember that we are in computer age now in which everything is depending in technology and almost the physical one are not that trustworthy , maybe not now but sooner in the future.
hero member
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Rollbit - Crypto Futures

Gold is produced from natural products and it is limitless. While Bitcoin is limited to only 21 million worldwide. Many sources say that currently the volume of Bitcoin is starting to dwindle from that amount because it has been mined and it is predicted that there are currently around 2.1 million left and you can check the accuracy of the data yourself in various sources.

As far as I know, currently the number of BTC circulating is around 18 million if I'm not mistaken and the possibility of this 18 million number will continue to grow considering that buying and selling activities are very active on various available exchanges.
Of course Bitcoin will become scarce someday when the amount of 21 Million has been exhausted.
with a never-changing amount of bitcoin from the beginning it was created and continues to decrease with the number of users for several reasons such as mining, lost or deposited wallets in the wallet due to small amounts and other reasons, it is clear that this is very different from gold because we don't know how much gold is on this earth but with continuous mining it is also possible that gold will run out and it will take several centuries to return so that fossils turn back into gold.
in fact bitcoin will run out faster or extinct than gold as bitcoin is used more and more
There are two indicators related to gold to watch out for. The first indicator is production and the second is gold reserves.
According to data from the USGS, gold production from 2016 to 2020 is around 3,200 tons, as shown in the graph below.



Meanwhile, gold production has increased every year. Unlike Bitcoin, which is limited to 21 million and this amount can no longer be added by anyone and will be more valuable when the amount runs out.
sr. member
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Of course Bitcoin is scarcer than gold because Bitcoin has a fixed supply. There can only be 21 million Bitcoin ever. That won't change. As to gold, not only has humanity been mining gold for thousands of years already, it is still mining until today. And they always come up with additional supply. And not only that, there is also reason to believe that there is indeed abundant gold outside the earth that humans might be able to source in the years to come.
I think the supply of bitcoins on the exchanges now exceeds 21,000,000, especially when you consider the number of different surrogates in the form of wrapped bitcoins in other blockchains. It is the same situation with gold, which is very much only on paper, but absent in reality. When the bankers get involved, the situation is the same with any asset.
If you are talking about all the wrapped ones, maybe? At the end of the day, there are layers upon layers which makes it higher, but the reality is that if you have bitcoin and you can withdraw it and hold it yourself, then it's fine and it's yours and there is only 21 million of that, the original real bitcoin. Not like everyone will withdraw at the same time, but the same goes for banks as well.

Wrapped Bitcoins may not be real Bitcoins but they are backed by real Bitcoins. In every WBTC in existence, there is a real BTC behind it. So this will not make the limited supply of Bitcoin exceed 21,000,000. Of course I am assuming that there isn't any cheating behind this. It seems there isn't when it comes to WBTC. This is not like the Bitcoins traded inside centralized exchanges that may not be representing real Bitcoins.

In case every owner of WBTC converts into real BTC, they can all do it. But in case every Bitcoin owner in centralized exchanges makes a withdrawal, these centralized exchanges may fall short.
hero member
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I am terrible at Fantasy Football!!!
Its not the supply that is questionable so much as the demand growth and utility to wider populations.  If BTC is used and useful then its without doubt we have a rising price because supply doesn't expand.  My view of BTC is as similar to commodities and most commodities will expand production when in demand, this explains why price accelerates so fast upwards in BTC from this unusual constriction vs potentially global demand.
Correct, when the price of gold skyrockets since there is a lot of demand for it mining companies can now try to exploit mines that in the past were not profitable, this expands the supply and it helps to meet the demand, bitcoin on the other hand does not work this way, if the demand increases it does not matter if more miners try to mine bitcoin, on average they are still going to mine the same amount of bitcoin once the difficulty increases, this makes bitcoin a very special asset and in part it explains its high value.
hero member
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Bitcoin is achievement
Its not the supply that is questionable so much as the demand growth and utility to wider populations.  If BTC is used and useful then its without doubt we have a rising price because supply doesn't expand.  My view of BTC is as similar to commodities and most commodities will expand production when in demand, this explains why price accelerates so fast upwards .
Bitcoin is a commodity and investing in cryptocurrency and especially bitcoin it seems as asset. So i will totally agree with you, because if bitcoin get a new revolution when the demand is of a higher potential. So what makes bitcoin marketcap to have another structure is when the demand is equivalent with the supply. So from my perspective i think, this is one of the factors that gives rise for Bitcoin productive.
full member
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Gold is produced from natural products and it is limitless. While Bitcoin is limited to only 21 million worldwide. Many sources say that currently the volume of Bitcoin is starting to dwindle from that amount because it has been mined and it is predicted that there are currently around 2.1 million left and you can check the accuracy of the data yourself in various sources.

As far as I know, currently the number of BTC circulating is around 18 million if I'm not mistaken and the possibility of this 18 million number will continue to grow considering that buying and selling activities are very active on various available exchanges.
Of course Bitcoin will become scarce someday when the amount of 21 Million has been exhausted.
with a never-changing amount of bitcoin from the beginning it was created and continues to decrease with the number of users for several reasons such as mining, lost or deposited wallets in the wallet due to small amounts and other reasons, it is clear that this is very different from gold because we don't know how much gold is on this earth but with continuous mining it is also possible that gold will run out and it will take several centuries to return so that fossils turn back into gold.
in fact bitcoin will run out faster or extinct than gold as bitcoin is used more and more
STT
legendary
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Leading Crypto Sports Betting & Casino Platform
Its not the supply that is questionable so much as the demand growth and utility to wider populations.  If BTC is used and useful then its without doubt we have a rising price because supply doesn't expand.  My view of BTC is as similar to commodities and most commodities will expand production when in demand, this explains why price accelerates so fast upwards in BTC from this unusual constriction vs potentially global demand.
hero member
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Rollbit - Crypto Futures
In the month of June and July, lots of FUD spread due to the bear market and how the price of Bitcoin was affected. Those who still believed that Bitcoin can never be devalued nor crash bought Bitcoin when price dropped to $17k and if they had sold on July 30 2022 with Bitcoin opening price of $24,581, they would still have made have made $7k+.
  In cryptocurrency, Bear and Bull market will always come, but some people are only concern about the bull market but always cause FUD when bear market begin. 
  Bitcoin price On June 10 2021 was $36k+, same day an expert of crypto-asset said Bitcoin could surge to $1 million in 6 years as it becomes more scarce than gold (https://www.kitco.com/news/2021-06-10/Bitcoin-to-surge-to-1-million-in-6-years-as-it-becomes-more-scarce-than-gold-says-crypto-asset-expert.html#:~:text=Interviews-,Bitcoin%20could%20surge%20to%20%241%20million%20in%206%20years%20as,gold%2C%20says%20crypto%2Dasset%20expert ). Five months after then, Bitcoin grew over $68k (https://time.com/nextadvisor/investing/cryptocurrency/bitcoin-price-history/amp/). That has given me the reason to see that Bitcoin will be as scarce as Gold in years to come.
Gold is produced from natural products and it is limitless. While Bitcoin is limited to only 21 million worldwide. Many sources say that currently the volume of Bitcoin is starting to dwindle from that amount because it has been mined and it is predicted that there are currently around 2.1 million left and you can check the accuracy of the data yourself in various sources.

As far as I know, currently the number of BTC circulating is around 18 million if I'm not mistaken and the possibility of this 18 million number will continue to grow considering that buying and selling activities are very active on various available exchanges.
Of course Bitcoin will become scarce someday when the amount of 21 Million has been exhausted.
hero member
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www.Crypto.Games: Multiple coins, multiple games
Of course Bitcoin is scarcer than gold because Bitcoin has a fixed supply. There can only be 21 million Bitcoin ever. That won't change. As to gold, not only has humanity been mining gold for thousands of years already, it is still mining until today. And they always come up with additional supply. And not only that, there is also reason to believe that there is indeed abundant gold outside the earth that humans might be able to source in the years to come.
I think the supply of bitcoins on the exchanges now exceeds 21,000,000, especially when you consider the number of different surrogates in the form of wrapped bitcoins in other blockchains. It is the same situation with gold, which is very much only on paper, but absent in reality. When the bankers get involved, the situation is the same with any asset.
If you are talking about all the wrapped ones, maybe? At the end of the day, there are layers upon layers which makes it higher, but the reality is that if you have bitcoin and you can withdraw it and hold it yourself, then it's fine and it's yours and there is only 21 million of that, the original real bitcoin. Not like everyone will withdraw at the same time, but the same goes for banks as well.

If everyone decided to withdraw their money from all banks all over the world, first of all banking system will bankrupt and everything will be terrible, but even before that, people wouldn't be able to withdraw their money eventually and that’s always a big trouble for sure.
sr. member
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What we have to understand is the number or stock of bitcoin is locked or fixed and cannot be added, if the number of users continues to increase it will make demand continue to increase and the price will skyrocket, many people always compare with gold, but what makes me curious is whether bitcoin is whether bitcoin whether bitcoin Can you last 50 years? While gold was used and recognized thousands of years ago.
sr. member
Activity: 2254
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Of course Bitcoin is scarcer than gold because Bitcoin has a fixed supply. There can only be 21 million Bitcoin ever. That won't change. As to gold, not only has humanity been mining gold for thousands of years already, it is still mining until today. And they always come up with additional supply. And not only that, there is also reason to believe that there is indeed abundant gold outside the earth that humans might be able to source in the years to come.
I think the supply of bitcoins on the exchanges now exceeds 21,000,000, especially when you consider the number of different surrogates in the form of wrapped bitcoins in other blockchains. It is the same situation with gold, which is very much only on paper, but absent in reality. When the bankers get involved, the situation is the same with any asset.

Those different Bitcoin surrogates and wrapped Bitcoins are not Bitcoins. They're not running on the Bitcoin network. They are simply tokens. Hence, WBTC and BTC are two difference things. What's with the W?

But let's take for example the case of WBTC. WBTC is backed by Bitcoin 1:1. So it is still impossible for them to exceed beyond the supply of Bitcoin because their existence is based on how much Bitcoin they actually have. In line with this, there can never be 22,000,000 WBTC.
sr. member
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Leading Crypto Sports Betting & Casino Platform
Of course Bitcoin is scarcer than gold because Bitcoin has a fixed supply. There can only be 21 million Bitcoin ever. That won't change. As to gold, not only has humanity been mining gold for thousands of years already, it is still mining until today. And they always come up with additional supply. And not only that, there is also reason to believe that there is indeed abundant gold outside the earth that humans might be able to source in the years to come.
I think the supply of bitcoins on the exchanges now exceeds 21,000,000, especially when you consider the number of different surrogates in the form of wrapped bitcoins in other blockchains. It is the same situation with gold, which is very much only on paper, but absent in reality. When the bankers get involved, the situation is the same with any asset.
full member
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Since bitcoin has utility more than gold it is certain it is going to be more scarce than gold. Bitcoin has limit for mining and once that number is reached we are not going to have another addition but gold is been discovered in many countries in Africa and Asia and at that gold mining continues forever and that will keep affecting its price inflationary.
sr. member
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Leading Crypto Sports Betting & Casino Platform
In the month of June and July, lots of FUD spread due to the bear market and how the price of Bitcoin was affected. Those who still believed that Bitcoin can never be devalued nor crash bought Bitcoin when price dropped to $17k and if they had sold on July 30 2022 with Bitcoin opening price of $24,581, they would still have made have made $7k+.
  In cryptocurrency, Bear and Bull market will always come, but some people are only concern about the bull market but always cause FUD when bear market begin. 
  Bitcoin price On June 10 2021 was $36k+, same day an expert of crypto-asset said Bitcoin could surge to $1 million in 6 years as it becomes more scarce than gold (https://www.kitco.com/news/2021-06-10/Bitcoin-to-surge-to-1-million-in-6-years-as-it-becomes-more-scarce-than-gold-says-crypto-asset-expert.html#:~:text=Interviews-,Bitcoin%20could%20surge%20to%20%241%20million%20in%206%20years%20as,gold%2C%20says%20crypto%2Dasset%20expert ). Five months after then, Bitcoin grew over $68k (https://time.com/nextadvisor/investing/cryptocurrency/bitcoin-price-history/amp/). That has given me the reason to see that Bitcoin will be as scarce as Gold in years to come.
Although there are news popping up about speculation that Bitcoin is rare or not, honestly I don't want to assume that Bitcoin can be as rare as gold, in writing it is true that 21 million pieces were produced, but who knows its authenticity, this has happened to Luna, max supply is actually not, it can be tampered with into trillions.

But I assume Bitcoin can be more expensive or lower based on the trust of the world community and investors.
legendary
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🚀 Bitcoin<=>Bullish
~~

Volatility is good for speculative investments but very bad for stores of value. This is also why I have began arguing that bitcoin is not a good store of value, which many influencers in the forum appear annoyed. However, this is reality.

I'm a crypto enthusiast and my bitcoin investment is more than I invest in gold, but as a store of value it's impossible to lie that bitcoin outperforms gold. Bitcoin is only 13 years old and gold is a thousand years old, gold is recognized and used by the whole world, it can be said that gold is the best place to store assets. Bitcoin can still be a store of wealth because of its anonymity and privacy, but it cannot be safe from volatility and its limited legitimacy.
sr. member
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Of course Bitcoin is scarcer than gold because Bitcoin has a fixed supply. There can only be 21 million Bitcoin ever. That won't change. As to gold, not only has humanity been mining gold for thousands of years already, it is still mining until today. And they always come up with additional supply. And not only that, there is also reason to believe that there is indeed abundant gold outside the earth that humans might be able to source in the years to come.
sr. member
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We never know the gold reserves, according to research that the gold reserves under the sea are very abundant, the current technology that has not been able to mine gold, while Bitcoin has a fixed stock and cannot be added anymore so that if Bitcoin can last up to 50 years then the value of gold very expensive.
jr. member
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Gold is good to buy, Bitcoin is easy to buy and Hold. Bitcoin is Easley more accessible than gold, but is wise to have both assets. You can't compare gold and Bitcoin because their price can grow irrespective of one another.
legendary
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Generally there is always a difference between Bitcoin and Gold. As we consider a fixed asset then gold can be one, even though it has very little volatility. Bitcoin on the other hand is the most volatile as its price can go up or down in shortest possible of time. If you think of a bearish market then many will favor gold and if you consider as bull then nothing will be comparable with Bitcoin.

However, if we deserve bitcoin based on the future and it's potential, Bitcoin will definitely be ahead from all aspects.

Bitcoin is very good as a speculative asset and has the potential to become a longterm hold asset similar to gold. However, to compare the 2? I reckon it is not yet comparable, I reckon. Gold has been used since before the time of Jesus Christ with much of its usage as money going back to ancient times. We can say for certain that gold will never go away, during times of peace or times of war. The world can go back to the stone age and gold will always be there. We cannot say something similar for the cryptospace.

Although the future of bitcoin isn't as certain as the future of gold, investing in bitcoin is definitely more profitable than investing in gold. What we need to do is diversify our investment portfolio.

Both are very good assets, each with different pros and cons, so holding both is advisable. Bitcoin for speculation and gold can be a safe store because of its certainty and low volatility. In this way, we will limit our risk and maximize our profits.

I very much agree and this is why many of us and many institutional investors have been attracted in the cryptospace. It is not because we are in for the technology. It is because we are in for the profits. 1 year bull market in the cryptospace is more than 5 years bull market for gold and many other commodities. Volatility is good for speculative investments but very bad for stores of value. This is also why I have began arguing that bitcoin is not a good store of value, which many influencers in the forum appear annoyed. However, this is reality.
copper member
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Building my own Dreams!
You only need to have a look at the graph of gold production per year to see that Bitcoin is way more scarce than gold:



source: https://ourworldindata.org/grapher/gold-production

Yep people have already known about the limited supply of Bitcoins, but on the other hand golds are continuously discovered and being mined.
In this scenario, I can say that Bitcoins are more scarcer than Gold. Also Bitcoins have many advantages than gold.
Bitcoins also provided a decentralised system for which we have upper hand than the government and therefore making our wealth tax free.
Willing to hear what other people saying on this.
sr. member
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Gold has had a good run for 5000 years, but now it's time for something new...

Whenever the human species becomes interplanetary (space colonies), I believe we will need a new coin that won't be affected by latency (speed of light), assuming we will want to have interplanetary trade. TCP/IP cannot work with several minutes of latency (even for a Mars colony).

Bitcoin won't be able to fulfill that role, but it's unlikely to establish interplanetary colonies for the next 100-200 years. BTC hodlers can have peace of mind until then. Smiley
legendary
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🚀 Bitcoin<=>Bullish
Generally there is always a difference between Bitcoin and Gold. As we consider a fixed asset then gold can be one, even though it has very little volatility. Bitcoin on the other hand is the most volatile as its price can go up or down in shortest possible of time. If you think of a bearish market then many will favor gold and if you consider as bull then nothing will be comparable with Bitcoin.

However, if we deserve bitcoin based on the future and it's potential, Bitcoin will definitely be ahead from all aspects.

Bitcoin is very good as a speculative asset and has the potential to become a longterm hold asset similar to gold. However, to compare the 2? I reckon it is not yet comparable, I reckon. Gold has been used since before the time of Jesus Christ with much of its usage as money going back to ancient times. We can say for certain that gold will never go away, during times of peace or times of war. The world can go back to the stone age and gold will always be there. We cannot say something similar for the cryptospace.

Although the future of bitcoin isn't as certain as the future of gold, investing in bitcoin is definitely more profitable than investing in gold. What we need to do is diversify our investment portfolio.

Both are very good assets, each with different pros and cons, so holding both is advisable. Bitcoin for speculation and gold can be a safe store because of its certainty and low volatility. In this way, we will limit our risk and maximize our profits.
hero member
Activity: 2478
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In the month of June and July, lots of FUD spread due to the bear market and how the price of Bitcoin was affected. Those who still believed that Bitcoin can never be devalued nor crash bought Bitcoin when price dropped to $17k and if they had sold on July 30 2022 with Bitcoin opening price of $24,581, they would still have made have made $7k+.
  In cryptocurrency, Bear and Bull market will always come, but some people are only concern about the bull market but always cause FUD when bear market begin. 
The bear didn't start on June or in July therefore people are used to it already and there is no reason that they will be afraid on the fud. Btc can be devalued or crash but those who invest on it already know this already, that is why they still choose to invest than to get panic and leave btc.

Btc hit 69k last year but I wonder no expert tell that btc can hit a million dollar but they only came out by the time btc dumped a lot. Maybe this is some kind of encouragement for people to not lose hope and continue the battle? But, btc is really scarce than gold because it's already known that its supply is only 21 million while gold has a lot of it.
legendary
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I don't even need to look at any charts to know that bitcoin will be more scarce, just the fact that there's still potentially a lot more gold still unfound on earth; and to add to that, the potential of mining gold off asteroids.

Now — bitcoin's supply(and supply emissions) is obviously already set and decided, the only question is that will there be enough demand to push up the price.
It is that simple, the maximum supply of bitcoin is fixed and the rate at which is mined is known beforehand, gold while scarce has too many unknowns, even if we were to disregard asteroid mining for now the planet is still not fully explored, there could still be massive amounts of gold yet to be mined so there is no comparison, however while the supply part of the equation is solved we do not know if the demand will be there, if it is then the value of bitcoin will be very high in the future.
legendary
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'The right to privacy matters'
That's inevitable, if it ain't already the most scarce asset. At some point in the future, the inflation rate will drop to 0; perhaps even lower than that, because of lost bitcoins.

But, it's not the scarcity, alone, that's making it valuable. It's the inflation rate's predictability. With a quick gettxoutsetinfo, there are about 19,110,092 BTC. Each block increases the supply by 6.25 BTC, and a year is equivalent to about 52,500 blocks, which increase the supply by 328,125 BTC. Therefore, the annual inflation rate (of the last 52,500 blocks) is (328,125/19,110,092)*100 = ~1.71%. And I can do this for any year.

Good luck on finding another asset with such characteristic.

actually doge will never reach 0% inflation but it gets lower % wise every year.

ie

year 1 x doge
year 2 2x doge 100% inflation
year 3 3x doge   50% inflation
year 4 4x doge.  33% inflation
year 5 5x doge.  25% inflation
year 6 6x doge.  20% inflation




year 10 10x doge
year 11 11x doge 10% inflation

.
.
.
year 25 25x doge
year 26 26x doge 4% inflation

.
.
.
.
year 50 50x doge
year 51 51x doge 2% inflation

.
.
.
year 100 100x doge
year 101 101x doge 1% inflation

.
.
.
year 200 200x doge
year 201 201x doge 0.5% inflation

I would argue that is better than btc
I would argue that in 50 years people will see this and btc could be in trouble.
I would argue that LN network may make it worse and kill off mining of btc.
as it is btc is not pure pow it is pow and pos mix due to LN network.

and yeah I know LN means lightening network and i don’t need to say LN network.

Now do I think the value of btc ever exceeds the value of gold maybe.

but if I were five years old and not 65 years old I would want both BTC and Doge

not just Btc
not just Doge.

I would also take silver as I prefer it over gold.
legendary
Activity: 2856
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Generally there is always a difference between Bitcoin and Gold. As we consider a fixed asset then gold can be one, even though it has very little volatility. Bitcoin on the other hand is the most volatile as its price can go up or down in shortest possible of time. If you think of a bearish market then many will favor gold and if you consider as bull then nothing will be comparable with Bitcoin.

However, if we deserve bitcoin based on the future and it's potential, Bitcoin will definitely be ahead from all aspects.

Bitcoin is very good as a speculative asset and has the potential to become a longterm hold asset similar to gold. However, to compare the 2? I reckon it is not yet comparable, I reckon. Gold has been used since before the time of Jesus Christ with much of its usage as money going back to ancient times. We can say for certain that gold will never go away, during times of peace or times of war. The world can go back to the stone age and gold will always be there. We cannot say something similar for the cryptospace.
sr. member
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*STOP NOWHERE*
There are a lot of differences between the two, but overall bitcoin and gold are both excellent and highly valuable assets. In terms of investment and return, both are worthwhile investments, but in this case I would recommend bitcoin, since bitcoin will generate higher returns than gold.

I only use gold to make jewelry for myself, bitcoin will be my investment in the future. Bitcoin provides more of what I need than gold, like bitcoin can provide my own privacy and asset protection without any middleman or bank. I am my own bank.
hero member
Activity: 2128
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Leading Crypto Sports Betting & Casino Platform
Generally there is always a difference between Bitcoin and Gold. As we consider a fixed asset then gold can be one, even though it has very little volatility. Bitcoin on the other hand is the most volatile as its price can go up or down in shortest possible of time. If you think of a bearish market then many will favor gold and if you consider as bull then nothing will be comparable with Bitcoin.

However, if we deserve bitcoin based on the future and it's potential, Bitcoin will definitely be ahead from all aspects.
legendary
Activity: 2856
Merit: 1420
BTC doesn't have to fight gold, does it?
In fact, BTC is made to defeat fiat. Gold is something different. You can have both BTC and gold. why force yourself to choose one over another?
Gold is good. It made stunning jewelry.
BTC is good. It pays for my coffee.


Lovely! That's exactly what it is! Bitcoin and gold belong to different leagues of assets. They don't have to be compared with each other. Both of these assets have different use cases. In a nutshell, it doesn't matter if bitcoin is more scarce than gold.

On and off, I am seeing a frequent comparison between bitcoin and gold which doesn't really make sense! Even if we consider both as an investment, still they ahould not be compared!

Agreed and as far as scarcity is concerned between gold and bitcoin, it is a head shaking comparison. Gold is in the elemental chart, having physical properties and it cannot be forked and be called gold and gold cash with 2 communities fighting for which one is the real gold.

Bitcoin is different and complicated. It is scarce but only according to social consensus because it can be forked and have another 21 million coins created in the other chain with another community arriving in consensus that their fork is bitcoin.
hero member
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Bitcoin is achievement
The scarcity of bitcoin from my perspective is what is making Bitcoin value to be paramount. The price of Bitcoin is been regulates through the demands and supply of the price. And it's obvious that bitcoin price is something and gold price can't be compare and the Gold demand is not as gravity as the demand of Bitcoin.
legendary
Activity: 3682
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The issue with Gold is that, any day there can be tons and tons of it discovered however will the price of Gold go down? Not exactly. Right now its VERY expensive extracting gold. Even Elon Musk said that you can get gold from Space. Which might or might not be true. However how will you exactly bring that Gold back to earth? And when you bring it to earth you need to extract it also from whatever Rock its buried under.

However its definately more in supply as Gold because the supply can actually be infinite for Gold but not Bitcoin. We have been over this in the past. its very difficult to transport large quantities of Gold while bitcoin is easier, hence why its digital gold.
hero member
Activity: 1918
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I don't even need to look at any charts to know that bitcoin will be more scarce, just the fact that there's still potentially a lot more gold still unfound on earth; and to add to that, the potential of mining gold off asteroids.

Now — bitcoin's supply(and supply emissions) is obviously already set and decided, the only question is that will there be enough demand to push up the price.

Not saying that there will be more and more lost bitcoin in the process while mining the last bit of it.  Having a fixed supply does it, and makes it way more scarce than gold.


Bitcoin isn't a main currency in the world now, but it is very popular right now, as popular as gold and any other currency, bitcoin is talked about everywhere, on the news and even in local communities, many might not understand it and will not use it, but it is popular and the demand is growing.

It won't be the main currency of the world due to the government opposition but would be one of the best alternatives.
legendary
Activity: 3864
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Decentralization Maximalist
You only need to have a look at the graph of gold production per year to see that Bitcoin is way more scarce than gold:



source: https://ourworldindata.org/grapher/gold-production
This graph is interesting, however it would be even more interesting to know how big the production/extraction volume is in comparison to the currently available amount/supply.

In the case of Bitcoin, we have currently 19,1 million. The "yearly production" is currently ~328500 (6,25 * 144 * 365). This is, in 2022, around 1,71 % of the current supply.

In the case of gold, the estimations are about 187000 metric tons, 244.000 if we include still unextracted discovered underground reserves (source). So the 3.000 metric tons extracted per year make currently up between 1,2 % (including underground reserves) and 1,6 % (not including them).

I think the second number (1,6%) is more appropiate, as we could compare the unextracted gold reserves with the "unminted" ~2 million bitcoin. So it's actually quite surprising that the numbers for gold and Bitcoin are so close at this moment. Their "scarcity level", thus, is currently in the same order of magnitude.

But the big difference is that in the case of Bitcoin it is known that the scarcity will increase as the mining rewards are reduced each ~4 years. In the case of gold, everything looks like the production could even increase further, not only due to the historical graph but also new technologies being constantly found for extraction. And thus, it's indeed likely that "Bitcoin will be more scarce than gold".

(PS: Yes, of course, Bitcoin is a different asset that gold and their characteristics are different, but it is partially used for similar purposes - as "scarce" assets meaning to serve as a long-term store of value. So I think it's legitimate to compare certain aspects of them, like their "scarcity".)
sr. member
Activity: 1596
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You only need to have a look at the graph of gold production per year to see that Bitcoin is way more scarce than gold:



source: https://ourworldindata.org/grapher/gold-production
Impressive! Shocked

Gotta show that to Peter Schiff. Grin
newbie
Activity: 14
Merit: 0
Demand and utility are way more important than scarcity.
Imagine having an item that is super scarce, but the utility of that item is zero, therefore the demand for this particular item would be zero as well.
The price of the item will be zero, and the scarcity simply won't make this item valuable. A zero that's multiplied by a million is still a zero.
Gold might be less scarce than Bitcoin, but the demand for gold is way bigger compared to the Bitcoin demand. Gold has utility, because it's being used as a raw material by many industries.
Bitcoin will be fine in the long term. I expect massive bull runs in the upcoming years. There's no need to compare Bitcoin scarcity to Gold scarcity in order to prove a point.
Can’t agree with this one! The factor responsible for both gold and bitcoin is their demand. It is responsible for the increase in value of both. Bitcoin is a potential coin in the long run.
hero member
Activity: 756
Merit: 940
Only BTC
Bitcoins have been more scarce than gold since it has been introduced to the world and bitcoins would become more scarce in the future when their price will increase tremendously and when it creates another record-breaking ATH.
I believe bitcoins scarcity is unrelated to its price, it does not matter if bitcoin is in a winter period, or if the price is at the ATH, bitcoin is still a scarce asset, because of its fixed supply, as every 210,000 mined blocks brings it closer to the 21 million that will be mined.
More likely it will become famous as gold right now one day and when it will be recognized as one of the main currencies of the world, the demands will drastically increase
Bitcoin isn't a main currency in the world now, but it is very popular right now, as popular as gold and any other currency, bitcoin is talked about everywhere, on the news and even in local communities, many might not understand it and will not use it, but it is popular and the demand is growing.
newbie
Activity: 15
Merit: 0
Bitcoin and Gold is different
hero member
Activity: 2142
Merit: 584
You own the pen
True. There are inly 21 million bitcoins in existence and most of them are lost. There are thousands of tons of gold out there. (~250k tons) Gold is way more common than bitcoin. Also mining bitcoin is harder. Bitcoin should be on the periodic table as a rare earth asset.

Bitcoins have been more scarce than gold since it has been introduced to the world and bitcoins would become more scarce in the future when their price will increase tremendously and when it creates another record-breaking ATH. More likely it will become famous as gold right now one day and when it will be recognized as one of the main currencies of the world, the demands will drastically increase and might also decrease the price of gold as well.
sr. member
Activity: 1652
Merit: 434
Bitcoin has existed for 12 years since it was created as a digital currency.

My comrade, what you said is wrong, although I am a full member while you are a Sr. Member but that not withstanding I can still correct something if only I know the particular discussion. The year you provided is not correct, I believed bitcoin now is 13 years plus not 12 year. Bitcoin was created in 2008 and lunched in 3rd January, 2009. We also analys it from year it was lunched not the created year. Please made some Google search.

And also to the OP. Comparing senior man like Gold is wrong though for analysing  issues is good. To some extent I might agreed with you because gold has no limitation in quantity, gold is discovered every day, month and year but bitcoin is limited to only the 21 millions, and in this 21 millions BTC, a lot has been misplaced while the remaining amount is circulated to the few people that are interested. Now if all Countries said, they will adopt BTC for alternative method of payment, and the few BTC on the space are in the custody of the whales, there will be scarcity of bitcoin.

I stand corrected, thanks for the heads up buddy...

Good day to you Wink
hero member
Activity: 826
Merit: 1222
Bitcoin has existed for 12 years since it was created as a digital currency.

My comrade, what you said is wrong, although I am a full member while you are a Sr. Member but that not withstanding I can still correct something if only I know the particular discussion. The year you provided is not correct, I believed bitcoin now is 13 years plus not 12 year. Bitcoin was created in 2008 and lunched in 3rd January, 2009. We also analys it from year it was lunched not the created year. Please made some Google search.

And also to the OP. Comparing senior man like Gold is wrong though for analysing  issues is good. To some extent I might agreed with you because gold has no limitation in quantity, gold is discovered every day, month and year but bitcoin is limited to only the 21 millions, and in this 21 millions BTC, a lot has been misplaced while the remaining amount is circulated to the few people that are interested. Now if all Countries said, they will adopt BTC for alternative method of payment, and the few BTC on the space are in the custody of the whales, there will be scarcity of bitcoin.
legendary
Activity: 1344
Merit: 6415
Farewell, Leo
That's inevitable, if it ain't already the most scarce asset. At some point in the future, the inflation rate will drop to 0; perhaps even lower than that, because of lost bitcoins.

But, it's not the scarcity, alone, that's making it valuable. It's the inflation rate's predictability. With a quick gettxoutsetinfo, there are about 19,110,092 BTC. Each block increases the supply by 6.25 BTC, and a year is equivalent to about 52,500 blocks, which increase the supply by 328,125 BTC. Therefore, the annual inflation rate (of the last 52,500 blocks) is (328,125/19,110,092)*100 = ~1.71%. And I can do this for any year.

Good luck on finding another asset with such characteristic.
copper member
Activity: 630
Merit: 2610
If you don’t do PGP, you don’t do crypto!
“Gold is just bitcoin that can't be sent over the internet.”Edward Snowden (2022-06-11)

BTC doesn't have to fight gold, does it? [...] You can have both BTC and gold. why force yourself to choose one over another? [...]

[...] On and off, I am seeing a frequent comparison between bitcoin and gold which doesn't really make sense! Even if we consider both as an investment, still they ahould not be compared!

Agreed.  Bitcoin and gold are both freedom-money; and aside from witty quips that are food for thought, they have quite different characteristics that complement each other.

Instead of repeating myself in yet another one of these threads, I will simply—repeat myself.

[WO] Bitcoin and gold are complementary
As a Bitcoiner who has also always been a goldbug at heart, I never understood why some Bitcoiners feel a need to bash gold.  [...essay...]

Bitcoin is an asset that by its nature will appeal to a certain subset of goldbugs:  Technologically sophisticated goldbugs with a background in cryptography.  Likewise, gold is an asset that will appeal to a certain subset of Bitcoiners:  Historically and economically educated Bitcoiners.  In my opinion, the two assets are complementary.  A Venn diagram of their respective desirable characteristics would have overlap in the middle, on “sound money” and “freedom-preserving” characteristics; but it would be disjoint elsewhere.

Goldbugs who don’t understand Bitcoin will assume it’s a fad.  Bitcoiners who don’t understand gold will trash-talk it, as I see sometimes in the speculation threads.  But a Venn diagram of Bitcoiners and goldbugs should have significant overlap.

See also:

hero member
Activity: 2912
Merit: 900
Demand and utility are way more important than scarcity.
Imagine having an item that is super scarce, but the utility of that item is zero, therefore the demand for this particular item would be zero as well.
The price of the item will be zero, and the scarcity simply won't make this item valuable. A zero that's multiplied by a million is still a zero.
Gold might be less scarce than Bitcoin, but the demand for gold is way bigger compared to the Bitcoin demand. Gold has utility, because it's being used as a raw material by many industries.
Bitcoin will be fine in the long term. I expect massive bull runs in the upcoming years. There's no need to compare Bitcoin scarcity to Gold scarcity in order to prove a point.
legendary
Activity: 2016
Merit: 1496
Bitcoin has a limit unless something surprising happens. If the Bitcoin protocol remains unchanged, the limit of Bitcoins will be reached in 2140, 118 years from now. That it, and nothing will change. With gold, you could find a hole in the world and maybe gold and no one knows many mines left in the world, you can't know. And who knows how we act in 100 years in the universe and find there possibly also materials which we can use here. Is there also gold on other planets, who will find out?
legendary
Activity: 3052
Merit: 2313
True. There are inly 21 million bitcoins in existence and most of them are lost. There are thousands of tons of gold out there. (~250k tons) Gold is way more common than bitcoin. Also mining bitcoin is harder. Bitcoin should be on the periodic table as a rare earth asset.
legendary
Activity: 3024
Merit: 1496
BTC doesn't have to fight gold, does it?
In fact, BTC is made to defeat fiat. Gold is something different. You can have both BTC and gold. why force yourself to choose one over another?
Gold is good. It made stunning jewelry.
BTC is good. It pays for my coffee.


Lovely! That's exactly what it is! Bitcoin and gold belong to different leagues of assets. They don't have to be compared with each other. Both of these assets have different use cases. In a nutshell, it doesn't matter if bitcoin is more scarce than gold.

On and off, I am seeing a frequent comparison between bitcoin and gold which doesn't really make sense! Even if we consider both as an investment, still they ahould not be compared!
mk4
legendary
Activity: 2716
Merit: 3816
🪸 NotYourKeys.org 🪸
I don't even need to look at any charts to know that bitcoin will be more scarce, just the fact that there's still potentially a lot more gold still unfound on earth; and to add to that, the potential of mining gold off asteroids.

Now — bitcoin's supply(and supply emissions) is obviously already set and decided, the only question is that will there be enough demand to push up the price.
member
Activity: 131
Merit: 65
BTC doesn't have to fight gold, does it?
In fact, BTC is made to defeat fiat. Gold is something different. You can have both BTC and gold. why force yourself to choose one over another?
Gold is good. It made stunning jewelry.
BTC is good. It pays for my coffee.
sr. member
Activity: 1652
Merit: 434
You know, after reading the source link you gave, I don't think that Bitcoin will be scarcer than Gold dude. Do you know why? Because first of all it is not correct to compare Gold with Bitcoin, we all know that gold has been in the world for thousands of years and Bitcoin has existed for 13 years plus since it was created as a digital currency. And in accordance with kitco, it is also possible from 100k$-1M$ each Bitcoin in terms of value. Then it's a bit vague to say that Bitcoin will be twice as difficult compared to Gold, that's still a bit wrong, because the only basis is a speculation for my understanding and opinion.

Look at this graph image below, imagine that since 2010 the starting price of Bitcoin is less than 0.1$ that almost no one pays attention to it and as each year passes and more and more FUDs come out about Bitcoin and that FUD destroys in Bitcoin is still going on until now that I noticed that none of these things are coming true but if you look at the history of Bitcoin price has increased more and more until it has surpassed the price of Gold in the market for a thousand years of existing in this world, whereas Bitcoin has existed in this world for more than 1 decade. So, how are you saying that Bitcoin will be scarcer than Gold, when its price continues to increase in the market, and it was even said in the link that it is even possible to become 100k$ to 1M$ each bitcoin.



Referrence: https://www.buybitcoinworldwide.com/price/
hero member
Activity: 938
Merit: 938
You only need to have a look at the graph of gold production per year to see that Bitcoin is way more scarce than gold:



source: https://ourworldindata.org/grapher/gold-production
member
Activity: 295
Merit: 98
In the month of June and July, lots of FUD spread due to the bear market and how the price of Bitcoin was affected. Those who still believed that Bitcoin can never be devalued nor crash bought Bitcoin when price dropped to $17k and if they had sold on July 30 2022 with Bitcoin opening price of $24,581, they would still have made have made $7k+.
  In cryptocurrency, Bear and Bull market will always come, but some people are only concern about the bull market but always cause FUD when bear market begin. 
  Bitcoin price On June 10 2021 was $36k+, same day an expert of crypto-asset said Bitcoin could surge to $1 million in 6 years as it becomes more scarce than gold (https://www.kitco.com/news/2021-06-10/Bitcoin-to-surge-to-1-million-in-6-years-as-it-becomes-more-scarce-than-gold-says-crypto-asset-expert.html#:~:text=Interviews-,Bitcoin%20could%20surge%20to%20%241%20million%20in%206%20years%20as,gold%2C%20says%20crypto%2Dasset%20expert ). Five months after then, Bitcoin grew over $68k (https://time.com/nextadvisor/investing/cryptocurrency/bitcoin-price-history/amp/). That has given me the reason to see that Bitcoin will be as scarce as Gold in years to come.
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