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Topic: Is Bitcoin digital gold or digital cash? - page 12. (Read 12102 times)

full member
Activity: 308
Merit: 100
Answers to this question are constantly posted on this forum and on Reddit by people who are not software engineers/developers, nor product managers. Either that or they are truly terrible at their jobs. Reddit in particular has really turned into a garbage dump, but that's something for another discussion.

Anyway, in a business context you want to build software that meets your customer's expectations, so understanding how a user makes use of your software solution is really important for smooth communication and shared understanding between management, marketing and engineering. Normally you want to write out really detailed user stories/journeys, maybe even draw diagrams or create mock-ups that demonstrate the exact problem you're trying to solve and how your thing will solve it.

Here's a teaser:

Alice is at a farmer's market and wants to buy broccoli from a vendor. How does she pay?

Here are just a few important details that we need to know first:

- What country is Alice in, and what are the economic conditions?
- How much money does she make every year/how well off is she?
- How technologically sophisticated is she/how old is she?  
- What tastes and preferences does Alice have/what prejudices her in certain ways?


We need a lot more information before we start talking about what BIP we can code up in a day. If you think about these questions only from your own perspective and experience, you're discounting the majority of people on this planet that want to use the same technology. Bitcoin's value depends mainly on how many people can safely use it, and if it's not in use by the largest number of people possible, it will not achieve it's full potential/value.

The correct answer to the question in this poll is "it depends". Bitcoin is for humans, and humans have different needs. Most likely every redditor and bitcoin.org poster's favorite potential use case, "in-person payments at high volume merchants", will not be satisfied by Bitcoin directly. Use something else for that one narrow use case if Bitcoin isn't doing it for you, and support the engineers who are working to make Bitcoin more secure and stable, goddamnit  Grin

Both of them, I think because we can use Bitcoin for both of purposes of Gold and cash. Bitcoin is really usefull for my life.
hero member
Activity: 756
Merit: 520
At first time i saw bitcoin as digital cash, because of they almost zero fee then nowadays bitcoin not have a cheap fee. But now i prefer to say bitcoin as digital gold or digital assets and it more suitable for future

precisely, the early emergence of the bitcoin I presume that this also as a much better asset to any investment. Seeing from the technology that brought and also the ease with which they provide, provide a lot of great opportunities for all people to use it. so then the price will be much higher and it is almost the same as investment gold. However a much more aggressive and bitcoin also we have to be ready mentally so as not to get a lot of pressure which will make us have many disadvantages.
 
hero member
Activity: 1806
Merit: 672
I think that it is both. If you are think of "Gold" as an investment then you are right as many people are investing their money into Bitcoin. And also it is a form of digital cash/currency in which many online shops now are accepting it as a mode of payment together with some well known payment methods such as visa and Paypal. So I don't think that there can be an argument with this one as it can be both, people who can either spend or invest in one currency is possible according to their personal needs.
hero member
Activity: 1078
Merit: 514
Bitcoin is a digital currency. I never equate it with gold, because it can not be touched. Even if it is more expensive than gold, but still it will remain only electronic currency.
Bitcoin can't be touched, that's true, but bitcoin mined the same way as gold. Even Satoshi Nakomoto was explaining the idea of bitcoin making analogy with gold in far 2010 year:
"As a thought experiment, imagine there was a base metal as scarce as gold but with the following properties:
- boring grey in colour
- not a good conductor of electricity
- not particularly strong, but not ductile or easily malleable either
- not useful for any practical or ornamental purpose..."

By my opinion bitcoin is both, currency and gold, but it took just some characteristics of this two and completed it all together in it's unique nature.
full member
Activity: 132
Merit: 100
Bitcoin is digital cash. Digital gold is something called as ETF, where it is traded on exchanges and regularized by government. Gold is also available physically, but bitcoin wouldn't be available physically for you to exchange.
legendary
Activity: 3136
Merit: 6295
Meh.
I'd argue that Bitcoin is both in this case and right now. I'm certain we will always have Bitcoin and that whatever comes after that will act more as the cash of the internet will also be paired with BTC. It will be the safest ledger and blockchain that we'll have throughout time most likely and that will be what really matters. Bitcoin is the standard and the protocol that all others will follow.
sr. member
Activity: 1988
Merit: 453
The OP should have removed "both" option from the poll. It would have been interesting to know how many people regard Bitcoin primarily as a currency (which can be used for investment purposes as well). For me, right now it is like an investment asset. But as time progresses and more people began using it, the exchange rates will stabilize and it will act more like a currency.

Right now my bet is on 99%. I'm actually getting tired of the wave or newbies claiming that you should invest in bitcoin and that you're stupid to buy things with bitcoin cause bitcoin will grow forever. And this whole segwit drama and some idiots claiming that things are good as they are know with 2$ a tx just made things worse probably cutting a lot of daily life usage.

When an asset gives you 1,500% returns in 18 months, you can naturally expect noobs to jump in. Everyone dreams about getting rich one day. It is not a crime. The chances are quite low (may be less than 1%), but even then it is worth going for it.
copper member
Activity: 840
Merit: 114
for me it's both too that Store of value because if i store my bitcoin and hold for long term it will more valuable than now and Payment system because bitcoin can use for buying several needs just like traditional currency and bitcoin is not gold but in the future it will more shiny than gold
Save the value it does good will but I like digital cash because with so we can process all transactions with ease and can be beneficial also for the present and the future. included in the pambayaran system. as for bitcoin it's also very useful for online transactions and long-term later due to correct what you say that bitcoin will be brighter compared to the actual gold.
legendary
Activity: 2604
Merit: 3056
Welt Am Draht
Bitcoin is a digital currency. I never equate it with gold, because it can not be touched. Even if it is more expensive than gold, but still it will remain only electronic currency.

But as a currency at present it's shit. It costs money to transact and people are incentivised to hold on to it. Both of those factors are diametrically opposed to what a currency should do.
full member
Activity: 462
Merit: 101
https://saturn.black
Bitcoin is a digital currency. I never equate it with gold, because it can not be touched. Even if it is more expensive than gold, but still it will remain only electronic currency.
legendary
Activity: 2604
Merit: 3056
Welt Am Draht
I'd say it's heading towards digital gold and in a way that's a necessary thing. Digital cash does not require the rigour that digital gold does. If you're looking for something cash like all you need is for it to retain some value. Gold requires far more. Bitcoin is the only thing that might just have what it takes to be digital gold.
newbie
Activity: 14
Merit: 0
Proponents of Bitcoin as ‘digital cash’ place more emphasis on the accessibility aspect, arguing that its transaction fees should be low, whereas proponents of Bitcoin as ‘digital gold’ are more focused on its security, arguing that this should not be compromised by efforts to lower costs.
sr. member
Activity: 518
Merit: 250
It is digital cash, its better than gold.I personally see and using  more as something that can be seen as Gold. Now all the people are showing interest on bitcoins more than gold. Everyone have to know about bitcoins. By this bitcoin we can do anything shopping / purchase accessories.

Although bitcoin is getting more attention, but it can not be compared to gold, it's just a new currency, but and a gem that was favored thousands of years ago, nothing can change it.

Of course, although bitcoin is now more popular than gold and other precious metals but bicoin function can not replace the function of gold and gems as jewelry that certainly has a better history and longer than bitcoin.
sr. member
Activity: 434
Merit: 250
It is digital cash, its better than gold.I personally see and using  more as something that can be seen as Gold. Now all the people are showing interest on bitcoins more than gold. Everyone have to know about bitcoins. By this bitcoin we can do anything shopping / purchase accessories.

Although bitcoin is getting more attention, but it can not be compared to gold, it's just a new currency, but and a gem that was favored thousands of years ago, nothing can change it.
full member
Activity: 196
Merit: 100
It is digital cash, its better than gold.I personally see and using  more as something that can be seen as Gold. Now all the people are showing interest on bitcoins more than gold. Everyone have to know about bitcoins. By this bitcoin we can do anything shopping / purchase accessories.
sr. member
Activity: 560
Merit: 257
Well i would say that it is both. Why would i say that, well it is simple. People use it to buy things, and also people are get payed with bitcoins for jobs they have done, like in signature campaigns. Also it is a digital gold, because most of us made money on price rise (keeping it for longer time). So i guess it is both, at least that is for me.
hero member
Activity: 884
Merit: 500
At first time i saw bitcoin as digital cash, because of they almost zero fee then nowadays bitcoin not have a cheap fee. But now i prefer to say bitcoin as digital gold or digital assets and it more suitable for future
legendary
Activity: 3808
Merit: 1219
For now it is a digital gold,because of the high value and it will be harder to mine over time
With the current high fees,bitcoin can't be treated as currency to use for everyday payments because it will be too pricey

The best solution for this high fees is to use BTC indirectly, through third party payment processors such as Coinbase or BitPay. Coinbase to Coinbase transfers can give you instant confirmation, and the fees will be quite low. Anyway, I hope that the issue with high fees may be resolved once SegWit2x is activated with more than 80% support.
newbie
Activity: 3
Merit: 0
Bitcoin is a complete payment system, this is how it was made and what it was intended to be, The fact it serves as a store of value with volatility and the ability to earn profit trading and hedging it is an additional aspect that does not change it's intentional purpose of a cross-border payment system with no restrictions and central authority.
sr. member
Activity: 546
Merit: 261
For now it is a digital gold,because of the high value and it will be harder to mine over time
With the current high fees,bitcoin can't be treated as currency to use for everyday payments because it will be too pricey
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