Topic: Is Bitcoin digital gold or digital cash? - page 20. (Read 12062 times)

Yes, bitcoin 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

Maybe sometimes bitcoin looks like gold, because it has a high price, but bitcoin also can be said very easy to get like cash. Maybe bitcoin is a combination of both, so can be said bitcoin is cash and gold money depends on the use.

I agree somewhat on your opinion about (too) big blocks, but your conclusion, for me, is wrong.

It's actually the other way around: Bitcoin can only be digital gold if it's also used as a currency ("digital cash"). It is not that important how it's used (e.g. if used in supermarkets or mainly for transactions) but it should cover as many use cases as possible. (Micropayments, for example, is not really an important on-chain use case and for this case I think LN is better).

The reason is that for the "digital gold" feature Bitcoin needs at least a certain level of value/price stability. Stability can come from usage (as a currency) and liquidity. If there is no usage and liquidity its value will be vulnerable to speculation attacks, because Bitcoin itself is not "backed" by anything but its users themselves. The more users and the more usage, the more stable it can be.

What to do, then, if bigger blocks are not desired? There is no single answer, but LN, pegged sidechains, extension blocks and on-chain density improvements (without too big blocks) are as well needed as a gradual and conservative block size increase (17% per year as in BIP 103 is a good orientation point although I don't like the automatism behind this proposal).

PS: I voted for "Both" and although I don't agree to the full post of the OP, I think this phrase is worth a quote:

When Bitcoin just started, the people that were using it didn't really know how expensive Bitcoin would be mostly because they didn't know how many people will be using Bitcoin for payments.
Bitcoin is not really something that is going to replace the Currency system, it could cause the Currency system to have a little bit of a downtrend though the whole Bitcoin Project was just so that Bitcoin would be noticed more as a collectible item.

Yes, for now and maybe for a long time as people tend to save their bitcoin and using fiat money for daily transaction.
I think, bitcoin being used as online currency to send it out the country which consider as good option to do that.
Another option is convert bitcoin into fiat money, and it is categorized as digital gold to store of value.

Bitcoin is more than a gold and more than a cash so bitcoin is digital gold cash which I'm consider bitcoin as unique internet currency that ever exist

Since bitcoin value has quite high value so it's good for investment purpose also it can be use for transaction for another advantage of bitcoin

It leads us to the conclusions, that the biggest affair about bitcoin is that we cannot really use it well as a "digital cash" because for now, the blockchain is under way too big traffic.
Without solving that issue, we won't be able to call bitcoin as a digital cash, and the reason is very simple: regular cash is available to transfer to any bank, anywhere at any moment pretty much (but in fact, the remittance will be done during the working day)basically without paying any fee,  and you can also withdraw it any time you want.

But with BTC you cannot withdraw it insantly, because you need to wait for the confirmations, plus you need to wait for a bank transfer.
You cannot also send it into other wallet without paying the commision, and waiting at least some time, to get the confirmations.

I would call it only as a digital gold for now.

I also have same thinking nearly, but it also depends on person to person, for me its like both cash and gold. Because I am using it as investment as well as I use some services which accepts Bitcoin. But ofcourse about everyday casual or physical transactions, that's very limited regarding options I have.

Like most of the people here I too believe that bitcoin was supposed to be both. But at present moment it is more likely be represented as digital gold instead of digital cash. People are using it more as an investment rather than as a cash for doing transactions of everyday life.

i think it is digital cash because we can trade it with other coins like cas, we can withdraw it in banks and other trusted mode of payments, i treated it like a digital cash, not a digital gold,because gold is a stone and bitcoin is a cash.

I will say that bitcoin is best investment platform in the world. Most of the people prefer gold or real estate as their investment platform but bitcoin something more bigger than these options. It is the digital stock where you put all your money and make it as double in few years. Therefore, I will go for digital gold to which is going to be future physical for the people around the world.

For me its both we don't know what will the real future are and no one can tell what would be our future hence we can predict what will happen on this currency both can be use of our new technology that can better than the old generation we are in innovation of all gadgets and payment system are being more powerfull and useful.

Bitcoin is gold. Noone will buy something with using fractions like 0.0045 etc. and these transaction speeds.

I believe that a new altcoin, that i currently don't know which one, will take the title of "Payment System" in the near future.

We can buy immediately some goods for bitcoin, so it is digital cash. There is no such fundamental value in cryptoworld as bitcoin - so it is digital gold for years ahead at least.

Some who thinks bitcoin as a digital cash always calls for its transaction fees to be reduced so that minor purchases could be easily made with bitcoins.But at the same time,users who think bitcoin as digital gold says its security is main and it should not be compromised.Satoshi mostly called bitcoin as digital cash and at some occasions later, he used gold's aspects to explain about bitcoin.

but in p2p environment, the anonimity of cash is absolute unlike bitcoin just pseudonymous everywhere, all can be traced, it's like we're leaving fingerprints

Bitcoin takes the best of both worlds because it is both scarce store of value like gold and can be carried around easily and spent everywhere like cash.

Cash is anonymous only in p2p environment. So you are going to tell me that you are not using any 3rd party service to process your fiat payments?
You don't have a bank account, you receive your wage directly from your employer in cash form, and no one keeps tabs how much you earn?
Bitcoin was pseudonymous at best, if you want full privacy there are better altcoins (Zcash, Monero) dedicated to keep your payments confidential.

In my own opinion, bitcoin is both digital gold and cash because it can do both. Bitcoin is digital gold because its value is always going up every year and we can see that and it is digital cash because a lot of stores from the different parts of the world already accepted bitcoin as another type of payment method when you are buying items or service to them. So there is no doubt that bitcoin can do both.

For me, bitcoin and means of payment and money. In addition, I use bitcoins as an investment object. Very convenient and versatile financial instrument