If Bitcoin is the new Gold it will be worth...

leex1528

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Quote from: adzino on November 15, 2017, 02:58:13 PM

Quote from: leex1528 on November 15, 2017, 02:27:19 PM

Well, gold is a currency, Bitcoin is not. So Bitcoin can't be the new Gold yet. Not until we determine that the bitcoin is a currency. So at the moment, no gold is not what Bitcoin is and it can't be the next gold until we make it a currency.

Bitcoin is considered as a form of digital currency. If we define currency, we can say that currency is a form of money which can be used for buying or selling goods. We can use bitcoin to buy online and even some stores also accept bitcoin. So we can consider bitcoin a currency.

No, we can't. That is like saying some apples are oranges, therefore all apples are oranges. To define currency you need to be able to use it everywhere or at the very least exchange it anywhere.. It isn't a currency yet. Not until it is socially accepted everywhere.

Mabyouka

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Nothing can maintain it's value untouched like gold , even if there are wolrd wars or any catastrophes a lot of things can loose their value such as cash, proprieties and even lands ! but gold never does , and that's why they use it as insurance and equivalent of every country reserve of cash .

skyline247

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Not if;) it already is my man. I'm storing as much wealth as I can in BTC, not in gold. Gold is not as good as BTC at storing wealth and being immutable. You can change gold and more and more of it gets mined every year. This isn't the case with BTC, BTC has 21 million BTC so when that scarce amount has to account for all the debt in the world it'll be worth trillions.

Beefcake

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Quote from: tryer12 on November 15, 2017, 02:34:18 PM

I'm pretty sure gold's market cap is around 7B$.

The market cap of the largest gold etf, GLD, is ~34B alone. Needless to say that is just a drop in the bucket.

It does seem that BTC is becoming an alternative storage of wealth. I won't be surprised if the price goes that high or higher, but neither will I get too hopeful that we will see such a rise any time soon. Futures market opens soon, which may have a significant impact on price. I am still in disbelief at the meteoric rise this year, so I guess anything is possible.

Like others have said, one of the huge factors is that the bitcoin supply is finite and declining over time. It all depends on how many people want it and how much of it they buy. Fingers crossed!

leex1528

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Quote from: swogerino on November 15, 2017, 02:29:18 PM

Quote from: leex1528 on November 15, 2017, 02:27:19 PM

Well, gold is a currency, Bitcoin is not. So Bitcoin can't be the new Gold yet. Not until we determine that the bitcoin is a currency. So at the moment, no gold is not what Bitcoin is and it can't be the next gold until we make it a currency.

Bitcoin is a currency. It can be used for different things online and it can be converted to any other currency like dollar eur etc in a very short amount of time. Gold is difficult to keep and has more risks to be stolen while bitcoin is up to you how will you safeguard it and it is usually easier to store. Bitcoin doesn't need to be the new gold because it is better than gold.

Bitcoin is an investment oppurtunity as it stands now. I cannot go to Best Buy or target and use Bitcoin, I can't go to an airport and try to exchange bitcoin for fiat. Right now as it stands, no Bitcoin is not a currency

MakeMoneyBtc

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Until bitcoin price is going to increase up to 79.000$, wich I am pretty sure it is not going to happen ever, the value od the gold will surely increase a lot so bitcoin has to be over 100k to actually be close of bitcoin total worth and that seems impossible from my perspective. Yeah, the price of one bitcoin increased up to 5 times this year but I dont think that this would happen every year because then bitcoin will become $1M
Gold is something that exist since the planet was created and it is almost impossible for its price to fall very low because it is one of the safest long term investment for everyone since hundreds of years ago. I dont think bitcoin can surpass something so big like gold

xsaints128

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It's really difficult for Bitcoin to become gold because in order to become gold, Bitcoin will have to be mass adopted by everyone and everyone must know the real value of Bitcoin.

batang_bitcoin

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Quote from: Shahriar23 on November 15, 2017, 03:34:08 PM

Bitcoin is less difficult to buy. Bitcoin price increase day by day and it can be easily carried.

There's a lot of exchanges out there that we are free to buy bitcoin and deposit our money to it. And for lesser hassle and more convenient way of buying bitcoin, there are local exchanges for each country that are now into cryptocurrency. But not all the time it's price is increasing, not everyday.

Quote from: Shahriar23 on November 15, 2017, 03:34:08 PM

Bitcoin can carry any space through android mobile but it is not safe to carry gold . Bitcoin easily use for buying good from the internet. I think Bitcoin is better than gold.

Gold in the eyes of thieves are precious but for the thieves that aren't educated with current trends, you can bring your mobile phone with your bitcoin wallet that has plenty of it.

Shahriar23

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Bitcoin is less difficult to buy. Bitcoin price increase day by day and it can be easily carried. Bitcoin can carry any space through android mobile but it is not safe to carry gold . Bitcoin easily use for buying good from the internet. I think Bitcoin is better than gold.

adzino

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Quote from: leex1528 on November 15, 2017, 02:27:19 PM

Well, gold is a currency, Bitcoin is not. So Bitcoin can't be the new Gold yet. Not until we determine that the bitcoin is a currency. So at the moment, no gold is not what Bitcoin is and it can't be the next gold until we make it a currency.

Bitcoin is considered as a form of digital currency. If we define currency, we can say that currency is a form of money which can be used for buying or selling goods. We can use bitcoin to buy online and even some stores also accept bitcoin. So we can consider bitcoin a currency.

swogerino

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Quote from: bitart on November 15, 2017, 02:45:15 PM

Quote from: swogerino on November 15, 2017, 02:29:18 PM

Quote from: leex1528 on November 15, 2017, 02:27:19 PM

Well, gold is a currency, Bitcoin is not. So Bitcoin can't be the new Gold yet. Not until we determine that the bitcoin is a currency. So at the moment, no gold is not what Bitcoin is and it can't be the next gold until we make it a currency.

Bitcoin is a currency. It can be used for different things online and it can be converted to any other currency like dollar eur etc in a very short amount of time. Gold is difficult to keep and has more risks to be stolen while bitcoin is up to you how will you safeguard it and it is usually easier to store. Bitcoin doesn't need to be the new gold because it is better than gold.

OK gold is difficult to keep, you need a safebox or something, alarm system, etc... if you store that at home. But I don't think that bitcoin is less riskier to store or to handle. Gold is not hacked by malicious codes or malwares on your computer so do bitcoin. You need to install antivirus, anti malware, etc... If you have your bitcoin wallet on your phone, you can drop it and it will break, you drop it into water, etc... you also need a safe place to store your bitcoins (hardware wallet, paper wallet). The risk is the same, the way you can handle the risk is different. People need education about online (digital) security as well.

Or just another offline laptop where you create a watch only wallet in Electrum. Everyone can keep an old laptop at home and without everyone noticing that it might have a good amount of bitcoin. I believe that people who will invest in bitcoin will not do so blindly and will learn one thing or two before joining. I still believe it is easier to keep bitcoins compared to gold and I still believe bitcoin is better.

bitart

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Quote from: swogerino on November 15, 2017, 02:29:18 PM

Quote from: leex1528 on November 15, 2017, 02:27:19 PM

Well, gold is a currency, Bitcoin is not. So Bitcoin can't be the new Gold yet. Not until we determine that the bitcoin is a currency. So at the moment, no gold is not what Bitcoin is and it can't be the next gold until we make it a currency.

Bitcoin is a currency. It can be used for different things online and it can be converted to any other currency like dollar eur etc in a very short amount of time. Gold is difficult to keep and has more risks to be stolen while bitcoin is up to you how will you safeguard it and it is usually easier to store. Bitcoin doesn't need to be the new gold because it is better than gold.

OK gold is difficult to keep, you need a safebox or something, alarm system, etc... if you store that at home. But I don't think that bitcoin is less riskier to store or to handle. Gold is not hacked by malicious codes or malwares on your computer so do bitcoin. You need to install antivirus, anti malware, etc... If you have your bitcoin wallet on your phone, you can drop it and it will break, you drop it into water, etc... you also need a safe place to store your bitcoins (hardware wallet, paper wallet). The risk is the same, the way you can handle the risk is different. People need education about online (digital) security as well.

tryer12

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I'm pretty sure gold's market cap is around 7B$.

swogerino

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Quote from: leex1528 on November 15, 2017, 02:27:19 PM

Well, gold is a currency, Bitcoin is not. So Bitcoin can't be the new Gold yet. Not until we determine that the bitcoin is a currency. So at the moment, no gold is not what Bitcoin is and it can't be the next gold until we make it a currency.

Bitcoin is a currency. It can be used for different things online and it can be converted to any other currency like dollar eur etc in a very short amount of time. Gold is difficult to keep and has more risks to be stolen while bitcoin is up to you how will you safeguard it and it is usually easier to store. Bitcoin doesn't need to be the new gold because it is better than gold.

leex1528

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Well, gold is a currency, Bitcoin is not. So Bitcoin can't be the new Gold yet. Not until we determine that the bitcoin is a currency. So at the moment, no gold is not what Bitcoin is and it can't be the next gold until we make it a currency.

kramchers

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gold is nothing compare to bitcoin now and will be just a dust soon ! gold can be place and wear but bitcoin is jut here and will get you more rich Cheesy

ill go with bitcoin than gold !

24core

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Quote from: robx on October 10, 2017, 01:33:11 PM

just playing with numbers little bit Wink

Some say Bitcoin may be the Gold of the future.
If we assume that the future generation will more likely use Bitcoin as a store of value rather than hiding a bar of gold under their pillow what would that mean?

The amount of Gold that is used as a store of value is around 40,000 tonnes worldwide.
1 ton gold = 41,500,000 $
40,000 tonnes x 41,500,000 $ = 1,660,000,000,000 (1,660 Billion $)

divided by the total number of Bitcoin we come to

1 BTC = +79,000$

Nice calculations and I hope this will one day be the case. I just don't see it happening in 1 - 2 years. It will take a while to reach those high amounts.

Bastime

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Gold is gold and Bitcoin is another currency that will be lost and become nothing if internet will be shutdown.
Well, most people would prefer Gold as a good investment and assets rather than crypto currency. I mean, Gold is tangible and digital currency isn't.
No matter what happens, you can rely on gold as the least option to get some valued products but digital assets are more vulnerable to remote attacks and if someone is going steal your money, nobody can help you.

soham

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Quote from: robx on October 10, 2017, 01:33:11 PM

just playing with numbers little bit Wink

Some say Bitcoin may be the Gold of the future.
If we assume that the future generation will more likely use Bitcoin as a store of value rather than hiding a bar of gold under their pillow what would that mean?

The amount of Gold that is used as a store of value is around 40,000 tonnes worldwide.
1 ton gold = 41,500,000 $
40,000 tonnes x 41,500,000 $ = 1,660,000,000,000 (1,660 Billion $)

divided by the total number of Bitcoin we come to

1 BTC = +79,000$

I believe the statement "bitcoin is the new gold" doesn't have a literal meaning. So the worldwide gold reserve doesn't have to factored in to calculation here. The statement means that bitcoin is becoming a reliable investment asset just similar to gold. Since ages humans have used gold as a store of value for the future emergency events or for savings where the capital investment value will be safe. Gold price is mostly stable and doesn't fluctuate that much. So even if you don't get profit from your gold holdings, your capital amount will be safe. I believe the statement means that only.

However, I somewhat disagree with it because bitcoin's price is not at all stable and fluctuates a lot. So bitcoin is a preferable investment avenue for the young age investors who can take risk. However, not really ideal for old people who lives on their savings, because they need to safeguard their capital. Bitcoin can offer more return than any other conventional investment, but it comes with a high risk tag as well.

Rinsend

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Quote from: CryptoTamer on October 10, 2017, 03:25:38 PM

Quote from: darkangel11 on October 10, 2017, 02:15:30 PM

You forgot that the amount of gold is changing and so is the amount of bitcoin. The problem is that gold is being dug out constantly at various rates, but it doesn't evaporate. Only a very small amount of it is being lost in electronics that aren't being recycled or simply hidden by people and forgotten. In case of BTC we are constantly losing coins that are in circulation because people keep forgetting their passwords and keys or losing them due to hardware failures. This isn't going to stop because people are careless.
So at some point the price of gold will start to go down and the price of BTC will keep going up.

I think so, this factor reduces the supply of Bitcoin circulating in the market because some users lost access to their wallets. I don't know how much Bitcoin can not be used because of this factor, but certainly this factor reduces the amount of supply in circulation and makes Bitcoin more special than gold

a lot of differences are created between bitcoin and gold.
and they all keep cornering bitcoin as the most superior in every part.
if one might think that this superior gold still only increases the amount of gold in some contexts.
yes although many agree and not I just detect this is in comparison
30% / 70%

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