Topic: Please, Stop Calling Bitcoin "Digital Gold" - page 5. (Read 3563 times)

I mostly see Bitcoin as an investment. Or a network for transnational transactions. But definitely not as currency in it's current state!!
To function as a real good currency Bitcoin needs to have much less volatility. That can only be reached if number of users and the price is way higher as it is today. Therefore the first stage is Bitcoin being used as digital gold, store of value, longterm investment vehicle. And over time it will partially by others being used as currency with lower fees. SegWit and 2nd layer implementations like Lightning network will help to reach that goal.

What does it matter what it is called? The reality is that it means different things to different people. Even governments don't know how to deal with or label it.

It will be interesting watching it all unfold, I am still being told that it is an elaborate ponzi scheme by some. Others see it as a commodity(gold), asset or an investment scheme.

Feel free to call it cash if you like, but the wild fluctuations in value suggests otherwise.

^ these guys do not understand the reality at all

so lets give them a quick lesson

1. you do not mine bitcoin. bitcoins protocol solves a puzzle in exchange for units of measure being created, its not dug up from a pre existing underground store.

2. its called mining not due to actually being mining, but from fools who wanted to think of bitcoin as gold and so naming the fresh coinbase reward something that falsely makes people think its gold.. which then later makes more fools call it gold. purely because of the term mining.

3. gold, without 'cash' utility holds value because it still has other utility. industrial use and fashion for instance... take bitcoins 'cash' utility away and it has no utility left. meaning its value doesnt hold.

4. without utility, its just data. if you cant spend it, then trading it becomes impossible/useless. because to trade it, is spending it. so taking the spendability away its even worse then a bearer bond

5. if you think scarcity will save bitcoin, take a look at 42coin..

6. bitcoin needs to keep its spendability utility, otherwise its useless

7. people trying to preach bitcoin on this forum using utopian dreams are wasting their time, if your on this forum then those reading the preaches have already got some knowledge of bitcoin and dont need the fake utopian sales pitches.
what bitcoin needs is to stop devs from taking away bitcoins utility.

TL:DR;
bitcoin is not lik gold.
gold have other utility such as industrial/fashion. take away bitcoins 'cash' utility. bitcoin has nothing
scarcity is meaningless without utility.

eg. i go toilet once a day regular.. i could bag it up and over 100 years there will only be 36500 bags of crap. would you pay $2800 per bag of crap if it had no utility and all hope of value relies on scarcity??.. nope

Bitcoin is what it is, it is a currency but some people fail to understand and research what realy bitcoin is. They're giving wrong impression about bicoin creates doubt to new users and investors.

The reality is now that bitcoin is an asset and not a currency, its obviously not what it was originally meant to be and I also hate people who suggest everything is fine because that is its value.

What people seem to forget is that the fees can easily go from a couple dollars now to over a hundred dollars pricing out the majority of transactions if the price of each bitcoin keeps rising without a real scaling solution.

At the end of the day though the microtransactions and coffee purchases I was promised in the early days of bitcoin are not possible and to suggest that is fine is ludicrous. My view is that bitcoin IS a digital gold but its not how it was meant to be or how it should be and it will hurt adoption and ultimately the price long term too.

Are you really disappointed with the actual functionality of bitcoin in the beginning just for "A Peer-to-Peer Electronic Cash System"?If you are disappointed because of that, I think you guys are stupid, with bitcoin switching into 'digital gold' is very beneficial to many parties, and in my opinion it does not harm anyone,

I shared with your opinion and I agree with it. Bitcoin now becomes more of an asset as it was intended it used to be. People are buying and holding it, that one day it will appreciate into an unpredented high. Yes, its happening now.

Couldn't agree more. Bitcoin is peer to peer digital cash. We need to increase blocksize asap.

I totally agree with your point of view.

Bitcoin was created by Satoshi mainly as a payment system (and a currency as well). But the fact is that, unfortunately, it has becomed more like an asset, just an investment tool for most of its users. In my opinion is is very sad it happened, I'd say Bitcoin users raped Satoshi's original and revolutionary view just to make (quick) profits.

So, it's sad but true, but right now Bitcoin is more a digital asset rather than a payment system.

To first question: Yes, I agree, high fees are now a dangerous problem. Low fee won't transfer in time or won't transfer at all, and high fees cannot be afforded especially when small amount is being transferred.

True.

False.

Even OP and maybe some other bitcoiners don't like the name 'digital gold' and see it only as payment system would have to think about its price. Nowadays high price is due to investors see it firstly as safe haven and secondly as internet money. Therefore, if we want the mass adoption and high price would have to accept the double nature of bitcoin as currency and as commodity too.

In terms of storage, trading and investment it can be called digital gold, but we can also use it in everyday life for small purchases and gambling which you can't do with gold. So, for me it's more like an asset than gold.

 Gold is a good investment place in the world and people will usually buy gold as their savings, and bitcoin is the digital money that dominates the world today and it's a wonder. Both are great for the future.

People name bitcoin as digital gold for two reasons.

1-To most people, bitcoin is the safest one of the bunch. Just like gold is being the safest PM. That's very goldlike to me. Being the safest comes with being a store of value, results in constant value increases in time.

2-As a cash system bitcoin failed big time. Bitcoin works when you buy smth for 2500$ but it doesn't if you buy a coffee. That's also very goldlike. People don't buy coffees with gold neither. Even if that's a rare situation nowadays, they would buy expensive stuff like a very big house or a fullblown business with their gold.

Bitcoin resembles gold more than you think. If we solve the fee problem however, bitcoin can become the ultimate cash system just like satoshi said.

Well we can't stop people on calling bitcoin as "the new gold or digital gold". The characteristic that people describing it as digital gold, is that the worth or value of bitcoin is comparably with gold. But I got your point since the description made for bitcoin is a p2p cash. Oh well, gold is an investment, bitcoin is too.

I believe people like to call it digital gold because you're mining it, just like you mine real gold. Also there is a fixed amount of bitcoins, once they're all mined out, that's all you get. Kinda similar to real gold. Maybe it's dumb to call it digital gold still, but I think it's a good comparison.

People begin to forget the fact since they never do proper research and high fees/slow confirmation time makes bitcoin can't be used currency at this moment. Also, only few percent of bitcoiner that actually use their bitcoin as currency (buy goods, digital goods or pay services).
Some people genuinely believe bitcoin as "Digital gold" and they have good reason, but bitcoin should be used for everyone.

People have started to buy bitcoins just like gold to get huge returns.The only difference between bitcoin and gold is that gold can be touched and bitcoin could not be.Since people have started to buy bitcoins instead of gold,people have started to call it as digital gold.

strangely enough this is a new thing that has started recently for some reason!

looking back, people have always treated bitcoin mostly as an investment but they never said it is not a currency. even those who have never spent a satoshi and just traded bitcoin knew that it is a currency. but recently it seems like a social media wave that wants to force feed people that bitcoin is just a store of value, digital gold or whatever and not a currency.

the messed up part is people are starting to believe it just because fees are higher now!!! as if low fees were the only thing bitcoin was offering as a currency!

edit:

I think it's just a matter of time. In a few years people will become more and more educated!