Topic: Is this really new gold? (Read 294 times)
I think it should be like a digital gold. We know the price of gold the longer it is the higher the value. Bitcoin must live longer!
There is a distinction between gold and bitcoin that you can not say that bitcoin is a new gold, You might say that the value of bitcoin may sometimes equally on par with gold but it is very volatile unlike the stableness of gold's value the distinction and attribute of the two are very unlike were gold was a physical thing while bitcoin is digital But if we are talking about mining the mining for both parties are not really the same for me you can say that gold is the rarest metal on earth while bitcoin is not that rarest to obtain you can sure make an exchange easily.
Maybe now is the time you stop your hope at bitcoin and starting investment at gold or silver, how many time bitcoin drop but never could back to higher price, will you want get lost your money again or get profit at silver or gold.
In fact, bitcoin may be more rare than gold if it is simply compared from rarity, because gold reserves may be more than we have detected, and there are many gold buried deeper in the earth that we cannot detect or It is impossible to mine, but for Bitcoin, its total is 21 million, there will be no more than this number.
Gold has been used for thousands of years, and the consensus on the value of gold has been deeply integrated into people's minds. Bitcoin is just a very new thing, it takes time for people to accept and recognize its value.
And Bitcoin, as a new economic system, is still in its early stages. It is very imperfect and can even be called a semi-finished product. This new economic system also needs time to test whether it is feasible.
In my opinion, the current bitcoin is like a seed that has just been planted, will it grow into a towering tree or just a grass? These are unknown, but now it has sprouted, we should at least have some expectations for it.
I agree with you on some points specially on gold as we can't compare Gold with Bitcoin as both are two different things and are poles apart from each other.One is there in ample for rich people and other one is there in ample to make people rich.And yes we all know that there are limited amount of bitcoins ans nearly half is mined but one thing people have to understand that humans have created it and once it has been created that means it can be recreated not like gold.I still think humans will find the method to recreate Bitcoin once distinct. Gold has been used for thousands of years, and the consensus on the value of gold has been deeply integrated into people's minds. Bitcoin is just a very new thing, it takes time for people to accept and recognize its value.
And Bitcoin, as a new economic system, is still in its early stages. It is very imperfect and can even be called a semi-finished product. This new economic system also needs time to test whether it is feasible.
In my opinion, the current bitcoin is like a seed that has just been planted, will it grow into a towering tree or just a grass? These are unknown, but now it has sprouted, we should at least have some expectations for it.
Gold investment is good but lower for getting profit, different from bitcoin we can take profit with higher amount just few time, you have waiting more than one year for getting about 5% at gold investment but you can take about 500% if you participated at bitcoin investment.
They are not the same and bitcoin was not a new gold. When it comes to appearance they are far from each other. Yes we get more profit here in bitcoin compare to gold. But we cant deny that gold is much acceptable worldwide compare to bitcoin which is limited only in some country. But still I much more thankful because of these two currency which helps me financially. 
Gold investment is good but lower for getting profit, different from bitcoin we can take profit with higher amount just few time, you have waiting more than one year for getting about 5% at gold investment but you can take about 500% if you participated at bitcoin investment.
Interestingly, the maximum number of bitcoins is 21 million. This figure is recorded in the currency of its source code, and then the network gives rewards to people who provide computing resources. They are called miners, or miners of bitcoins.
Every ten minutes, one of the miners gets a certain amount of bitcoins. This award is created from the air and adds to the miner's Bitcoin wallet. At first it was 50 bitcoins, but it was halved every four years. They say the latest Bitcoin will be released in the middle of the XXII century.
Many economists regard this hard limit as an undoubted advantage. If you think that the key problem of the financial system over the past 100 years is that central banks print money, creating inflation, then Bitcoin provides an alternative economic system that will put an end to it.
Every ten minutes, one of the miners gets a certain amount of bitcoins. This award is created from the air and adds to the miner's Bitcoin wallet. At first it was 50 bitcoins, but it was halved every four years. They say the latest Bitcoin will be released in the middle of the XXII century.
Many economists regard this hard limit as an undoubted advantage. If you think that the key problem of the financial system over the past 100 years is that central banks print money, creating inflation, then Bitcoin provides an alternative economic system that will put an end to it.
I don't know. Every thing needs time to be verified
In my opinion it is more than a gold Bitcoin is a precious stone which will make you a millionaire in a quick time
This isn't true,neither is the bitcoin a get rich quick scheme,that wasn't the purpose of its creation,judging by the white paper, it's aim is to allow two willing parties trade without a financial institution mediating such trade..That notwithstanding though it has made numerous individuals rich based on its volatility levels and ability to rise and also fall though.
Bitcoin is barely 10years it will not be apt comparing it with gold
Yes. Bitcoin is very similar to gold and I think that Bitcoin can become a new gold. I would like this to happen.
In fact, bitcoin may be more rare than gold if it is simply compared from rarity, because gold reserves may be more than we have detected, and there are many gold buried deeper in the earth that we cannot detect or It is impossible to mine, but for Bitcoin, its total is 21 million, there will be no more than this number.
Gold has been used for thousands of years, and the consensus on the value of gold has been deeply integrated into people's minds. Bitcoin is just a very new thing, it takes time for people to accept and recognize its value.
And Bitcoin, as a new economic system, is still in its early stages. It is very imperfect and can even be called a semi-finished product. This new economic system also needs time to test whether it is feasible.
In my opinion, the current bitcoin is like a seed that has just been planted, will it grow into a towering tree or just a grass? These are unknown, but now it has sprouted, we should at least have some expectations for it.
Gold has been used for thousands of years, and the consensus on the value of gold has been deeply integrated into people's minds. Bitcoin is just a very new thing, it takes time for people to accept and recognize its value.
And Bitcoin, as a new economic system, is still in its early stages. It is very imperfect and can even be called a semi-finished product. This new economic system also needs time to test whether it is feasible.
In my opinion, the current bitcoin is like a seed that has just been planted, will it grow into a towering tree or just a grass? These are unknown, but now it has sprouted, we should at least have some expectations for it.
You left out that verifying all the gold banks and people "claim" to be real is probably a lot harder than verifying bitcoin.
Many central banks that say they hold gold, have actually sold or been stolen from or sold their gold reserves. At least bitcoin has a public blockchain to check if funds are even there.... making it more valuable than gold for a reason.
Being a deflationary currency is I think an incomplete and inefficient feature to say that bitcoin is the new gold. It needs to have a strong intrinsic value in it, and the machines of the miners wouldn't be a sufficient reason for that. Albeit these few reasons I gave as to why it can't be considered as the new gold, people still buy it and believe in it as long as the price is doing good. Perhaps this is one of bitcoin's main feature as to why many people consider it as 'digital gold': its ability to hold value over time and that's what matters to most.
Gold:
A total of 190,000 tons have been produced.
77% of global reserves.
The cost of extraction is increasing, it reminds you of something
But the problem is not the physical gold goes the same way as the physical money, there are many funds, products, etf, s, contracts of gold, generating a lot of money that is only paper, this will be the problem, if all the people claim your gold.
Just as if all the money in the bank were claimed today, they DO NOT HAVE IT !!!
This is the value of Bitcoin, you have it and you are its owner.
A total of 190,000 tons have been produced.
77% of global reserves.
The cost of extraction is increasing, it reminds you of something
But the problem is not the physical gold goes the same way as the physical money, there are many funds, products, etf, s, contracts of gold, generating a lot of money that is only paper, this will be the problem, if all the people claim your gold.
Just as if all the money in the bank were claimed today, they DO NOT HAVE IT !!!
This is the value of Bitcoin, you have it and you are its owner.
Mining bitcoin is quite complicated and requires solving puzzles well I won't say it could be considered as the new gold. Bitcoin is a peer to peer coin and it's not a physical commodity
You don't do the "puzzle solving" yourself. You use certain hardware to do the solving. So is quite sort of comparable to doing mining of other precious metals, as bitcoin mining and precious metals mining both requires money to make money; that, plus with both bitcoin mining and precious metal mining, you're trying to obtain something scarce. Hence bitcoin is sometimes referred to as "digital gold", dimply because it has some or most of the properties of gold, while actually being digital.
with such a price- i am not really sure.
Bitcoin could be "digital gold" whether it's $1 or $1,000,000.
I think we should leave such comparisons now. Gold was an investment instrument that should be evaluated in itself and evaluated. Bitcoin is different. The future may or may not be the same.
In my opinion it is more than a gold Bitcoin is a precious stone which will make you a millionaire in a quick time, it is based on the market situation. It will take some to understand for the people who are not trusting in this. Crypto principles are very common for people.
Mining bitcoin is quite complicated and requires solving puzzles well I won't say it could be considered as the new gold. Bitcoin is a peer to peer coin and it's not a physical commodity
In fact, bitcoin may be more rare than gold if it is simply compared from rarity, because gold reserves may be more than we have detected, and there are many gold buried deeper in the earth that we cannot detect or It is impossible to mine, but for Bitcoin, its total is 21 million, there will be no more than this number.
Gold has been used for thousands of years, and the consensus on the value of gold has been deeply integrated into people's minds. Bitcoin is just a very new thing, it takes time for people to accept and recognize its value.
And Bitcoin, as a new economic system, is still in its early stages. It is very imperfect and can even be called a semi-finished product. This new economic system also needs time to test whether it is feasible.
In my opinion, the current bitcoin is like a seed that has just been planted, will it grow into a towering tree or just a grass? These are unknown, but now it has sprouted, we should at least have some expectations for it.
Gold has been used for thousands of years, and the consensus on the value of gold has been deeply integrated into people's minds. Bitcoin is just a very new thing, it takes time for people to accept and recognize its value.
And Bitcoin, as a new economic system, is still in its early stages. It is very imperfect and can even be called a semi-finished product. This new economic system also needs time to test whether it is feasible.
In my opinion, the current bitcoin is like a seed that has just been planted, will it grow into a towering tree or just a grass? These are unknown, but now it has sprouted, we should at least have some expectations for it.
Interestingly, the maximum number of bitcoins is 21 million. This figure is recorded in the currency of its source code, and then the network gives rewards to people who provide computing resources. They are called miners, or miners of bitcoins.
Every ten minutes, one of the miners gets a certain amount of bitcoins. This award is created from the air and adds to the miner's Bitcoin wallet. At first it was 50 bitcoins, but it was halved every four years. They say the latest Bitcoin will be released in the middle of the XXII century.
Many economists regard this hard limit as an undoubted advantage. If you think that the key problem of the financial system over the past 100 years is that central banks print money, creating inflation, then Bitcoin provides an alternative economic system that will put an end to it.
Every ten minutes, one of the miners gets a certain amount of bitcoins. This award is created from the air and adds to the miner's Bitcoin wallet. At first it was 50 bitcoins, but it was halved every four years. They say the latest Bitcoin will be released in the middle of the XXII century.
Many economists regard this hard limit as an undoubted advantage. If you think that the key problem of the financial system over the past 100 years is that central banks print money, creating inflation, then Bitcoin provides an alternative economic system that will put an end to it.
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