Is Bitcoin digital gold or digital cash? - page 17.

Vaskiy

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Quote from: Reid on May 02, 2017, 02:06:15 AM

Quote from: 1Referee on April 21, 2017, 05:50:20 AM

It depends on how everyone as an individual makes use of Bitcoin. I personally see and use it more as something that can be seen as Gold. I am not really interested in using my coins for spending purposes. I use it as a store of value, where my main motive is to keep a large portion of my wealth outside the banking and governmental system. At the same time, the volatile nature of Bitcoin lends itself perfectly for investment/trading purposes, which is also what I am using Bitcoin for. For me the right term is indeed digital Gold.

Agree with you.
Depend on the person that will use it. I know some people that are just using it for paying bills and other stuff.
Some use it as an investment and some think of it as real money which is just like fiat.
There is no wrong with this choices. It will just depend on each one what they think. I also think there is no right answer here, we have our own opinions.

It depends on the users as quoted by most of the users. In the early days users preferred it for all the gambling needs and for illegal usage. Meanwhile little by little people started considering it as an value storage token and now with the growth its been getting popularity as an investment.

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Quote from: crazyivan on May 02, 2017, 01:29:11 AM

I always see BTC performing one of the most important functions of money, to be store of value over time. Exactly like gold but better, let s say gold 2.0.
In addition, one can consider BTC being an investment vehicle as well, it s easy to invest and differentiate your investments into various projects.

I really do not think BTC will ever become classic currency, this is something other faster and more developed alts might become.

I agree with you that bitcoin is the second version of gold but a better one because it is digital and cheap in fees and also anonymous because we don't need to expose our self just to do transactions. I also agree that bitcoin will not be the classic currency because there is a lot of altcoins in the market that are keep coming which they improved some of the features of bitcoin.

Reid

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Quote from: 1Referee on April 21, 2017, 05:50:20 AM

It depends on how everyone as an individual makes use of Bitcoin. I personally see and use it more as something that can be seen as Gold. I am not really interested in using my coins for spending purposes. I use it as a store of value, where my main motive is to keep a large portion of my wealth outside the banking and governmental system. At the same time, the volatile nature of Bitcoin lends itself perfectly for investment/trading purposes, which is also what I am using Bitcoin for. For me the right term is indeed digital Gold.

Agree with you.
Depend on the person that will use it. I know some people that are just using it for paying bills and other stuff.
Some use it as an investment and some think of it as real money which is just like fiat.
There is no wrong with this choices. It will just depend on each one what they think. I also think there is no right answer here, we have our own opinions.

Carlsen

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I think bitcoin was built with the intention to be a payment system.
Maybe there was even the thought that it could increase its worth over time, but surely it was not meant to develope so quickly.
Right now, i see bitcoin to be both, payment and investment.
But the investment aspect is growing more and more.
If that is really a good thing, we will have to wait and see.

crazyivan

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I always see BTC performing one of the most important functions of money, to be store of value over time. Exactly like gold but better, let s say gold 2.0.
In addition, one can consider BTC being an investment vehicle as well, it s easy to invest and differentiate your investments into various projects.

I really do not think BTC will ever become classic currency, this is something other faster and more developed alts might become.

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Quote from: tleilaxu_eyes on May 01, 2017, 10:01:47 PM

Bitcoin isn't just gold, it's gold^2. Finite supply that appreciates over time. It's actually a diminishing supply once you take into account the lost wallets.

The best answer to this question is very simple. I will feel confident if I have gold in my hands, because Bitcoin is a virtual currency and, with small changes in policy regarding crypto currency, the user can lose everything.

tleilaxu_eyes

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Bitcoin isn't just gold, it's gold^2. Finite supply that appreciates over time. It's actually a diminishing supply once you take into account the lost wallets.

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Quote from: krisnt80 on May 01, 2017, 11:00:47 AM

For me i do consider both, since i can use bitcoin to store my fiat, as well i can exchange it anytime into fiat money, soo for me bitcoin is both, even with others coins around bitcoin still a powerful and interesting investment option.

Yes it can be considered as both and if you save it for a long term then it can be a digital gold for you and can give you best returns in compare to gold and its already an digital cash as we are using it for buying things at a moment.

krisnt80

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For me i do consider both, since i can use bitcoin to store my fiat, as well i can exchange it anytime into fiat money, soo for me bitcoin is both, even with others coins around bitcoin still a powerful and interesting investment option.

Captimiz

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Both, but far less table than gold.

stwbitcoin

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Just like gold, bitcoin can be used as both a store of value and as cash. However, until the speed of transactions is increased dynamically and the increase in unanimity is assured, bitcoin will not become dominant coin of choice for John Q Public. For those reasons, I believe that bitcoin will, because of it's network effect, continue to be the dominant coin of choice for investors, those who are new to cryptocurrency and those who want to pay for high value items. Until bitcoin becomes more like Dash or Litecoin, it will NOT become the coin the public uses the most in day to day business. To me that's great. I like the idea that there will be more than one MONEY that is used all over the planet. UNTIL bitcoin or some other coin becomes the BASE or Reserve Currency to which all others are valued against, NO cryptocurrency will replace FIAT or government issued currency. Mark my words; the central banks will issue there own digital currency. Once that happens, all cryptocurrencies will then have a fight to become the dominant money on the planet. As far as gold vs cash, a fully developed cryptocurrency has the potential to become used as both, but we are a long way from that happening. IMHO

szpalata

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I think Bitcoin is both digital cash and digital gold because it has attributes of both currency and gold(a commodity ). This makes it really difficult to choose one over the other because it's actually both in my opinion.

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Quote from: ahmedjamal1998 on April 28, 2017, 11:31:38 AM

Gold is used as a store of value and its price differs from time to time. This complies with bitcoins.
Cash is used to pay for goods/services. Bitcoins are used to do that as well.

So basically it's both of them at the same time and it's some futuristic technology Cheesy

But gold has lost its application of being a medium of exchange long time before itself but still gold is the most preferred store of value. Similarly bitcoin is now being used for both store of value and for medium of exchange.

Here are all just focused on digital based application of bitcoins but bitcoin can have physical format too hence it is not just digital based asset. It is a type of cash and a variation of gold still it is available in both digital and physical format.

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I have to say that since Bitcoin is a payment system simply because it can be used to purchase goods. If it were like gold, nobody would be able to use it outside of exchange (selling to a vault, mint etc before it can be spent.)

The only reasons for it being considered a store of value is because it's brand new with booming potential waiting to be used alongside price increases.

ahmedjamal1998

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It can be considered as both.

Gold is used as a store of value and its price differs from time to time. This complies with bitcoins.
Cash is used to pay for goods/services. Bitcoins are used to do that as well.

So basically it's both of them at the same time and it's some futuristic technology Cheesy

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Quote from: dinofelis on April 28, 2017, 03:51:49 AM

I'm more and more convinced that bitcoin is nor digital gold, and certainly not digital cash, but is rather like a digital naked derivative speculative asset.

That is the present situation, yes. But we can talk about utopias, or not? Wink

Your observation that "hodling" is essentially a greater-fools game is totally right. But it is not mandatory that this will stay the same forever. The reason is that Bitcoin, or cryptocurrencies in general, do(es) have some advantages with respect to traditional international money transmitting systems.

So companies making profits of these advantages can extract value from the Bitcoin ecosystem without needing to engage in the greater-fools-game ("hodling"). They simply extract their profits from their customers, like companies do in the traditional fiat-based economy.

There will be a point in the future where Bitcoin hodlers would have to understand that if they want to continue to make profits they must invest in these companies, not only in Bitcoin tokens, because the Bitcoin price cannot grow in an infinite manner. If all people of the world are invested in BTC, then we have reached this "price cap".

kidoseagle0312

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Right now Bitcoin is not a Gold, It is presently used known as digital currency /virtual currency. Which is commonly used for online payment and can also be use for dong trade in the market, due it has the value that makes the company attracted by it features and the simple usage of bitcoin. Therefore, bitcoin is already better and greater than Gold.

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Quote from: dinofelis on April 28, 2017, 03:52:59 AM

Quote from: robocop3 on April 28, 2017, 02:56:01 AM

BTC is a combination of these two phenomena. This is a coin and payment system. But now I use more bitcoin for investment. I buy bitcoins and just hold them, then to sell more expensive

That's what I mean. Note that if the majority of bitcoin buyers do this, they play a huge greater-fool game. The question is what will those holders do when they run out of greater fools ?

pretty clear when the bitcoin in up trends people used it as investment , they quite confident that the charts bullish and could drive to higher price . but sometimes it's not run as planned , and they just suffering lost. better to use it in daily basis and help bitcoin grow universally by spend it as digital money. it's important too to keep considering bitcoin as digital gold or something.

dinofelis

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Quote from: robocop3 on April 28, 2017, 02:56:01 AM

BTC is a combination of these two phenomena. This is a coin and payment system. But now I use more bitcoin for investment. I buy bitcoins and just hold them, then to sell more expensive

That's what I mean. Note that if the majority of bitcoin buyers do this, they play a huge greater-fool game. The question is what will those holders do when they run out of greater fools ?

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