Pages:
Author

Topic: Is Bitcoin digital gold or digital cash? - page 21. (Read 12062 times)

hero member
Activity: 714
Merit: 500
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

Bitcoin was mainly created to free people from banking sectors.At first,bitcoin was used only as a digital currency.Then its value started rising and people found it as an asset instead to invest in a long term basis.Hence,it could be called as Digital Gold.In the mean time,bitcoin can be used to buy any products or services and hence it could be also called as Digital cash.

I guess that's not the main goal in the development of the main bitcoin, indicated that his advantage is bitcoin is much better than currency and other systems. Bitcoin is indeed a bank run by every person who has it, but I'm not sure that everyone already does not use original currency in each transaction. Because only the money in every country that would legally have the authority or may be used in any country.
 
hero member
Activity: 588
Merit: 500
Bitcoin is supposed to do both but at the moment bitcoin is behaving a lot closer to gold than to cash, also bitcoin has a big weakness compared to cash it is not truly anonymous and that hurts it is usage since if you want to be anonymous you need to use tumbling services.

Nothing in the world is anonymous, with the currently technology some countries have they can discover anything about anyone if they want and I think it's not a advantage of BTC as it's inexistent. Bitcoin is money like any other currency, but digital. People are using it "like gold" to increase their fortune on long term, but it can be used to buy anything.
yes there is no doubt about the fact that bitcoin is money, as now in some places people are using it as fiat currency, while is such places where still the facilities of bitcoin to be use it as fiat currency is not available then there people are using it as investment.
hero member
Activity: 1190
Merit: 525
CryptoTalk.Org - Get Paid for every Post!
Bitcoin is supposed to do both but at the moment bitcoin is behaving a lot closer to gold than to cash, also bitcoin has a big weakness compared to cash it is not truly anonymous and that hurts it is usage since if you want to be anonymous you need to use tumbling services.

Nothing in the world is anonymous, with the currently technology some countries have they can discover anything about anyone if they want and I think it's not a advantage of BTC as it's inexistent. Bitcoin is money like any other currency, but digital. People are using it "like gold" to increase their fortune on long term, but it can be used to buy anything.
hero member
Activity: 518
Merit: 500
The thing with bitcoin is it cannot be boxed as only a kind of digital cash because more people are considering it as an investment so it is as well a store of value. It is both digital gold and digital cash because of the features it possesses but many use it as a form of investment rather than as a payment method, because of the increasing transaction fees associated with it.
legendary
Activity: 3472
Merit: 10611
it is both,
it has always been both,
it will always remain both or it would no longer be bitcoin.

and that is the beauty of it. you can use it as a currency as it was supposed to from the day it was created, but since it is unique and it is secure and also there is a very limited supply it becomes a good investment too, as gold if you like to call it.
sr. member
Activity: 994
Merit: 257
Bitcoin is supposed to do both but at the moment bitcoin is behaving a lot closer to gold than to cash, also bitcoin has a big weakness compared to cash it is not truly anonymous and that hurts it is usage since if you want to be anonymous you need to use tumbling services.
sr. member
Activity: 1190
Merit: 306
It's both, but I believe bitcoin is mostly a store of value.  In fact I think it sucks as a currency, and I've said that before many times.  Confirmation times suck, the fees suck, the irreversibility sucks.  You name it, it sucks.  EXCEPT in the dark markets and at the casinos.  Those two places it's great as money and works well.  But try to actually go to a merchant and pay for something with bitcoin.  Not gonna happen in the real world, and I think most people are realizing that fiat money works so much better.

As a store of value, it's great, and if you're a Pakistani worker in the US it's fantastic to send across borders.  I bet most people who do that never, ever actually spend bitcoin.
hero member
Activity: 504
Merit: 500
it has both the property fo digital cash, but also a store of value, because digital cash would not have any store of value, all the fiat currency are the worst thing to hold for a long time, you would only lose money

bitcoin it's like gold that was turned to cash and can be used far more easily than carrying gold around, the similarity is also very obvious, like the mining aspect, probably satoshi was inspired by a variant of gold that do not require trust and was decentralized

Without a level of utility value, bitcoin cannot be a store of value.

what do you mean , bitcoin is accepted in many shop, therefore there is a utility and consequently a store of value
to me i think bitcoin is a digital cash, as we have the opportunities to use bitcoin for online shopping while in some place we also have the facilities to use bitcoin for shopping in our local shops without changing it in to fiat currency. although i most of the areas the facilities of bitcoin to use it as fiat in local shops is not available and the reason is that there the users of bitcoin are not enough so that they can attract the shopkeepers to start accepting bitcoin for shopping, but still we are hopeful that when the users of bitcoin will increase there then the shopkeepers will start accepting bitcoins  for shopping.
newbie
Activity: 2
Merit: 0
Far in the future I think we will see bitcoin server as gold and some other alt coin like DASH or Litecoin serving as quick spending money.  

IMHO unless bitcoin can get its act together, it will ultimately end up as a vehicle of long term storage of value, transfer of wealth, and payment for large value items like homes, businesses, insurance payments and the like. Bitcoin works great, as is, for those purposes. Dash and Litecoin would be great as day to day spending tools. Both Dash and or Litecoin will be valued against bitcoin or gold instead of Fiat. Each coin will serve its unique role. Gold/Bitcoin shall be the Base, Dash/Litecoin shall be the currency used to buy goods from the grocery store. Ethereum will be the mechanism driving and controlling the business world. All other altcoins will be valued against Gold/Bitcoin.

Once we start valuing ALL altcoins against bitcoin or gold, we will truly see the value of bitcoin stabilize and become rock solid.
hero member
Activity: 1078
Merit: 514
For me bitcoin is digital gold than digital cash because on my place there are not many stores accept bitcoin for payment method, bitcoin be used for make investments into altcoins (trading altcoins in exchangers),
but i hope in the future bitcoin become digital cash on my place although it will takes​ much time because of many people
who doesn't know and understand about bitcoin and digital coins.
I am in the same situation like you are. I am also waiting to shops or other places would start to accept bitcoin as payment directly in here. For now there is nothing more to me, besides to spend like 10% of my earnings for different fees to cash out my coins on my card and pay for my costs with ordinary fiat.
legendary
Activity: 2912
Merit: 6403
Blackjack.fun
I'm loving these terms.

Well digital gold I can live with but digital cash is pretty funny.

-Do you have any cash on you?
-Pulls out smartphone.

How about neither and both at the same time.
It is digital, it is like gold but it is not gold, it acts like cash but it is not cash.

It's bitcoin.



sr. member
Activity: 1344
Merit: 288
bitcoin is an experiment project doom to fail
Oh really? Then, why do you waste your 'precious' time on a forum that is related to that 'doomed experiment project'? Bitcoin have survived a lot for almost 8 years, and still continues to be much more stronger than ever.

On topic, In my opinion, I think that Bitcoin is both – a store of value and digital cash. While bitcoin is serving as a long-term investment (i.e., digital gold), it also offers a great payment method within itself (i.e., digital cash).
newbie
Activity: 39
Merit: 0
For me, bitcoin is both a payment system and a currency. This is a unique phenomenon. No single currency can be used that way. Many beatcoins are attracted precisely because they unite both of these phenomena
newbie
Activity: 26
Merit: 0
I don't think that it's digital gold or card, because you can use gold at any time, everyone would accept gold as payment, cash don't have much value anymore, bitcoin has because there are rules about it. Also, you can use btc almost wherever you are in the world, and gold too, but gold isn't anonymous, btc is Wink
legendary
Activity: 1232
Merit: 1091
I use Bitcoin in various ways. It's a store of wealth solution, investment solution, remittance solution. It doesn't matter what label you stick on Bitcoin -- Bitcoin is whatever you want it to be. It's a multi functional tool. People have the freedom to use Bitcoin how they want. That's why it really annoys me if people say 'Bitcoin isn't meant for this or that'. Mind your own business!
hero member
Activity: 2912
Merit: 556
Enterapp Pre-Sale Live - bit.ly/3UrMCWI
For me bitcoin is digital gold than digital cash because on my place there are not many stores accept bitcoin for payment method, bitcoin be used for make investments into altcoins (trading altcoins in exchangers),
but i hope in the future bitcoin become digital cash on my place although it will takes​ much time because of many people
who doesn't know and understand about bitcoin and digital coins.

i am thinking the same like you because when we talk about digital gold, i think bitcoin is like gold but for the online life and we can buying something that selling in store online although we only can found few online store but i am sure that in future, there will be many online store that wants to accepting bitcoin as their payment. beside that, bitcoin itself can be acted like digital cash and we can use bitcoin like i said above, the other reason is bitcoin is make our life so simple and easy. we don't have to carrying too much wallet and its only one wallet is enough to spend our bitcoin to buy something in online.
sr. member
Activity: 1162
Merit: 260
It's not gold, but it will be more goldy than gold.  Grin
Nice one .
gold stability is very popular that sometimes my eyes getting blinded by its promising investment, and the goldy ones you said earlier ain't stable is it? it's just ordinary currency but have additional interesting features
hero member
Activity: 1008
Merit: 531
I think that i would rather compare such a precious cryptocurrency more to digital gold than digital cash, because of some reasons.

First is that the bitcoin price has grown higher than gold price, so we passed an important moment when something "virtual" is more expensive than such a rare metal

Secondly we need to remember that BTC is crypto #1, and the rest of cryptos(altcoins) have their value but the bitcoin can be considered also as "gold" in this community.

It is more like digital gold in my opinion.
hero member
Activity: 648
Merit: 502
It can be either digital gold or digital cash. If you're into it nvestment and buying great amount of Bitcoin and store it waiting for it's price to hike up then you can considered it as a digital gold.

And since Bitcoin is being used in millions of transactions and some stores are accepting it as a mode of payment, undoubtedly you are using Bitcoin as a digital cash.
legendary
Activity: 2870
Merit: 7490
Crypto Swap Exchange
It depends on how you use bitcoin, but i think bitcoin is digital decentralized cash and someday bitcoin will widely recognized and accepted almost everywhere on the earth Smiley

bitcoin is an experiment project doom to fail

Then what are you doing here?
Pages:
Jump to: