what is the difference between Bitcoin and Gold?

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Quote from: drwhobox on March 29, 2023, 12:25:05 PM

Quote from: Adams0001 on March 29, 2023, 11:31:46 AM

Bitcoin Is Not the Same as Gold

Gold has become an especially valuable product in people's minds after hundreds of thousands of years of development because it is very scarce, has an entity, and can be seen and touched.

Bitcoin, on the other hand, is a cryptocurrency that is virtual, undetectable, and untouchable. Bitcoin is a virtual currency that only lives digitally and can only be obtained online.

First bitcoin is not an asset, bitcoin is currency and on the other hand, gold is established as an investment asset. But now we count bitcoin as an investment and that is why these comparisons come into our mind.
When it comes to investment gold is a more stable and less risky asset compared to bitcoin. Bitcoin is more profitable investment than gold, but way riskier. But you can minimize the risk if you have a plan to invest for a long time.

Gold was also a currency in previous centuries before today's fiat money was born. If I remember correctly, the gold payment system has existed since ancient times and was maintained until the 70s of the 20th century.
Both have their pros and cons and have different use cases, so there's no need to compare which is better than the other.

Regarding investing, I would agree with what you said, but about storing assets. In my opinion, I still think bitcoin is safer than gold, if you hold a lot of physical gold, it will not be secure, easy to be noticed by others, can be confiscated by the government, and is extremely difficult to move. But it is much easier to store bitcoins, just remember the seed phrase, you can move or use it anywhere as long as there is an internet connection.

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Quote from: Charles-Tim on February 20, 2022, 04:23:37 AM

Quote from: Edith1994 on February 20, 2022, 04:15:52 AM

Bitcoin are stored as a physical assets

Bitcoin are stored digitally, which is on blockchain.

There are also digital gold if I'm not wrong.

* There are also fake Bitcoins, that's if you ever come across any scammer who will ask you to make a deposit to be able to make withdrawals from a fake wallet.

*Gold is also a long term appreciative asset and might even serve the purpose of trading, hence might be seen as money as well.

The major difference between Bitcoin and Gold to is that gold can be touched(physical) and Bitcoin can't be touched(digital)
N/B: (Just my opinion)

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Quote from: Adams0001 on March 29, 2023, 11:31:46 AM

Bitcoin Is Not the Same as Gold

Gold has become an especially valuable product in people's minds after hundreds of thousands of years of development because it is very scarce, has an entity, and can be seen and touched.

Bitcoin, on the other hand, is a cryptocurrency that is virtual, undetectable, and untouchable. Bitcoin is a virtual currency that only lives digitally and can only be obtained online.

First bitcoin is not an asset, bitcoin is currency and on the other hand, gold is established as an investment asset. But now we count bitcoin as an investment and that is why these comparisons come into our mind.
When it comes to investment gold is a more stable and less risky asset compared to bitcoin. Bitcoin is more profitable investment than gold, but way riskier. But you can minimize the risk if you have a plan to invest for a long time.

Adams0001

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Bitcoin Is Not the Same as Gold

Gold has become an especially valuable product in people's minds after hundreds of thousands of years of development because it is very scarce, has an entity, and can be seen and touched.

Bitcoin, on the other hand, is a cryptocurrency that is virtual, undetectable, and untouchable. Bitcoin is a virtual currency that only lives digitally and can only be obtained online.

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Quote from: Zotak337 on February 20, 2022, 09:59:05 AM

One is physical and the other is digital, BTC is the gold of the digital world and also money of the digital world, do we need to compare? I think NO because BTC has surpassed Gold already now the target is becoming real money.

In terms what Bitcoin has surpassed Gold? the marketcap isn't, Bitcoin less 16x from Gold [1] Gold also can be used to store a value and medium of exchanges similar like Bitcoin. Gold is accepted widely countries, while Bitcoin isn't... some countries banned Bitcoin and some still in grey area. Though the future of Bitcoin is bright since there's no other asset as good as Bitcoin until now, but Bitcoin not yet surpassed gold.

[1] https://8marketcap.com/

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Quote from: Charles-Tim on March 08, 2022, 04:04:19 AM

We understood that gold is tangible as it can be seen in real life which makes it physical while bitcoin can not be seen. But this does not mean bitcoin is not existing in the real world but virtually. What we can see as the virtual world right now are virtual realities like the Metaverse, bitcoin has been existing over 10 years before the world is moving towards virtual reality like Metaverse.

You can formulate this in a slightly different way. Everything you buy in the metaverse doesn't exist in a physical world, you can't use items that you bought while being in a virtual world. On the other hand, bitcoin lives outside any virtual world: you can purchase real physical goods of a physical world, and these items can be easily seen and used by human beings. Moreover, you can make bitcoin a tangible thing, because you can present keys to the stored funds as something you can touch with your hands. Materials like paper or metal may give you full control over bitcoin, and they can be handed over to another person like any other tangible thing. Unlike bitcoin, the metaverse doesn't and can't have any physical representation, and therefore is always virtual.

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Quote from: traderethereum on March 08, 2022, 12:25:37 AM

Gold exists in the real world while bitcoin existed in the digital world.

We understood that gold is tangible as it can be seen in real life which makes it physical while bitcoin can not be seen. But this does not mean bitcoin is not existing in the real world but virtually. What we can see as the virtual world right now are virtual realities like the Metaverse, bitcoin has been existing over 10 years before the world is moving towards virtual reality like Metaverse.

traderethereum

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The difference is you can see Gold as a physical thing while you can not see bitcoin and can not touch it but you see the number of bitcoin in your wallet.
The price is also different. Gold has more stable than bitcoin because we see how bitcoin price moves.
Gold is preferable for many people out there while only people who can see the benefits of bitcoin will use it for their investment.
Gold exists in the real world while bitcoin existed in the digital world.

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Quote from: YOSHIE on February 20, 2022, 12:24:50 PM

~snip~
If people think logically and scientifically, maybe they don't want to distinguish or compare Gold with Bitcoin, clearly the location and position is different, Gold is earned in rock/earth while Bitcoin is earned on online exchanges, it is very inefficient to compare the two.

It’s simply in human nature, we’re constantly comparing something, and since gold is often compared to Bitcoin in the context of a store of value, people are just wondering if Bitcoin is some kind of digital gold that’s better invested in than plain gold. At this point, we can say that it was definitely better to invest in Bitcoin if we look at a period of 10 years, because gold is worth the same today as then, and Bitcoin with just a few dollars came to almost $70 000 at one point.

One of the very important differences is of course the unlimited amount of gold (or at least at the moment it is not possible to say exactly how much there is on earth), and the max supply of Bitcoin is quite clearly defined, like all other protocols. In terms of electricity consumption and environmental pollution, all objective research has concluded that gold mining and its processing consume far more energy and pollute more than Bitcoin mining, as well as the banking sector.

Bitcoin therefore has far less impact on the environment, is extremely portable and is available to everyone 24 hours a day, 365 days a year anywhere in the world.

YOSHIE

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Maybe for me personally I don't want to distinguish or compare Bitcoin with Gold, I know that the two clearly have far differences and cannot be equated between the two.

For me Gold is of course gold and Bitcoin of course Bitcoin.

Sometimes people misinterpret gold and Bitcoin, it's because of the yellow gold color factor and Bitcoin is also often seen as yellow, Try bitcoin often seen on the internet in clear colors, surely people will compare Bitcoin with diamonds, I sometimes don't understand why people are always busy comparing gold to Bitcoin, other crypto/coins are also the same as Bitcoin, why has it never been questioned, why does it have to be with gold, what's the deal with Bitcoin and Gold.

If people think logically and scientifically, maybe they don't want to distinguish or compare Gold with Bitcoin, clearly the location and position is different, Gold is earned in rock/earth while Bitcoin is earned on online exchanges, it is very inefficient to compare the two.

Zotak337

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One is physical and the other is digital, BTC is the gold of the digital world and also money of the digital world, do we need to compare? I think NO because BTC has surpassed Gold already now the target is becoming real money.

Coyster

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Quote from: SatoPrincess on February 20, 2022, 05:22:35 AM

My point of view is both bitcoin and gold can coexist in the market. You don’t have to choose between the two you can own both. They are both long term investments.

Absolutely, if it is possible one can own the both of them, then why not? I know in the past couple of years Bitcoin has recorded tremendous success, but i think if we are to look at it from outside of the fact that we are Bitcoin believers/users, Gold is more of a safe haven asset than Bitcoin is now, will Bitcoin get to that stage were it can be regarded as a safe haven asset? Will there be a time when volatility becomes unnoticeable in the network? I do not know what mass adoption will bring for the network, but i do know we'll get to that point, is that when Bitcoin will be said to be a safe haven asset?

Findingnemo

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Damn gold was created frw million years ago while bitcoin was just 13 years ago which point you forgot to mention. Tongue

There is actually mo relation for bitcoin and Gold but still I don't understand why we arr comparing both of them all the time?

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Quote from: Lucius on February 20, 2022, 07:13:43 AM

As a currency? I have not yet experienced (at least in the modern world) that someone enters a store and pays for some goods or services with gold, but I know that with Bitcoin a lot can be bought today. Gold and Bitcoin are two completely different worlds, but people are persistently trying to put them in the same corner as if the fate of one depends on the other.

You can legally use precious metal to buy goods with them. This is why some of these coins have face value. But the face value is always so much lower than the coin's value itself and obviously, you do not want to use a $1,000 coin to pay for goods worth $10. So it is definitely not the same thing as paying with Bitcoin, but the fact is you can pay with precious metal in countries where certain coins are accepted as legal tender.

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Quote from: SatoPrincess on February 20, 2022, 05:22:35 AM

Gold is accepted as a currency in every part of the world. Bitcoin hasn’t achieved half of the mass adoption gold has and yet the value of bitcoin in the last ten years has surpassed gold...

As a currency? I have not yet experienced (at least in the modern world) that someone enters a store and pays for some goods or services with gold, but I know that with Bitcoin a lot can be bought today. Gold and Bitcoin are two completely different worlds, but people are persistently trying to put them in the same corner as if the fate of one depends on the other.

Quote

5: Gold can be faked while Bitcoin can not be faked.

Every Bitcoin fork is in some way fake Bitcoin, and in the world of scammers, fake BTCs are sold in the form of a test coins or as watch-only wallets. One who does not know the difference between a public address and a private key becomes aware that he bought fake BTC only when he tries to spend it.

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Quote from: aoluain on February 20, 2022, 05:58:28 AM

There are lots of threads about Bitcoin v Gold, Gold v Bitcoin already on the forum.

It is always and no ending comparison and surely we heard this again years from now.
But I believe that everyone already knows what this Bitcoin is all about and also Gold in real life. Have nothing to do with them as to whether we like it or not, they totally different in physical matter.

Digital vs Metal, things are very obvious that we don't need to compared the two as they are in a different world, yet they are bound together in a form of investment. Well, I love to have them both...

aoluain

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While the two are far removed from each other the two have been compared against
each other pretty much since the forum began and since Bitcoin has been created.

2010 - Bitcoin vs Gold

Gold is a physical precious metal extracted from the earth and has many uses from
Jewellery and ornamental, Investment, Industrial, medical to scientific.

Bitcoin is digital, it doesnt have a physical form and has limited use in the form
of financial uses.

Bitcoin can be REPRESENTED in physical form using Gold.

Bitcoin has a limited supply but Golds supply is theoretically unlimited,
nobody knows how much there is in the earth.

There are lots of threads about Bitcoin v Gold, Gold v Bitcoin already on the forum.

Charles-Tim

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Quote from: SatoPrincess on February 20, 2022, 05:22:35 AM

yet the value of bitcoin in the last ten years has surpassed Bitcoin.

That should be a typo.

I understand what you are trying to imply, that the wealth bitcoin has given to its holders is much more than that of gold if comparing both since when bitcoin was created, that is what I meant as the most successful asset of last decade, and yet still growing in value.

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Quote from: Edith1994 on February 20, 2022, 04:15:52 AM

2: Gold are stored as in a vault and on a safety
deposit box.
while
Bitcoin are stored as a physical assets.

It should be gold that's kept and stored as physical asset. Maybe you're trying to say that bitcoin is kept through a hardware wallet and that's a physical one.

Quote from: Edith1994 on February 20, 2022, 04:15:52 AM

Bitcoin is just an asset (money) used in
buying items.

Not a 'just'. But it's used for both, as an asset and as a payment for your purchases. And as time goes by, its use is widely accepted also as a store of value just as gold.

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Quote from: Charles-Tim on February 20, 2022, 04:42:11 AM

Quote from: SatoPrincess on February 20, 2022, 04:29:43 AM

Bitcoin has surpassed gold in value although I don’t think bitcoin will replace gold. Both can exist in this world.

Although, bitcoin is very young if compared to gold and also that bitcoin is the most successful asset of last decade and yet growing in valuation but bitcoin is now worth $725 billion in marketcap, gold is worth over $10 trillion. Yes, both can exist, they have some similar and different purposes.

Gold is accepted as a currency in every part of the world. Bitcoin hasn’t achieved half of the mass adoption gold has and yet the value of bitcoin in the last ten years has surpassed gold

Quote

https://www.fool.com/investing/2022/01/22/heres-why-bitcoin-is-better-than-gold/]
Since May 2013 (the earliest data provided by Coin Market Cap), Bitcoin's value has surged more than 24,400%. During the same time, the price of an ounce of gold has increased by just 25%.

My point of view is both bitcoin and gold can coexist in the market. You don’t have to choose between the two you can own both. They are both long term investments.

Charles-Tim

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Quote from: SatoPrincess on February 20, 2022, 04:29:43 AM

Bitcoin has surpassed gold in value although I don’t think bitcoin will replace gold. Both can exist in this world.

Although, bitcoin is very young if compared to gold and also that bitcoin is the most successful asset of last decade and yet growing in valuation but bitcoin is now worth $725 billion in marketcap, gold is worth over $10 trillion. Yes, both can exist, they have some similar and different purposes.

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Quote from: Edith1994 on February 20, 2022, 04:15:52 AM

Gold are stored as in a vault and on a safety deposit box.

That's a physical type of storage, isn't it?

Quote from: Edith1994 on February 20, 2022, 04:15:52 AM

while Bitcoin are stored as a physical assets.

Bitcoins exist only digitally, not in any physical shape. If they were physical assets, you would be able to touch them. You could put them on your coffee table. Maybe the coin produces some noise and smells funny. Btw, what's the weight of a meter of Bitcoin?

Quote from: Edith1994 on February 20, 2022, 04:15:52 AM

Gold require physical present during exchange. while Bitcoin doesn't require physical present during exchange.

You previously said that Bitcoins are physical assets. You can't have it both ways.

Quote from: Edith1994 on February 20, 2022, 04:15:52 AM

Gold can be faked while Bitcoin can not be faked.

Sure it can. Ask Binance.

SatoPrincess

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I can’t see where this is going OP. What’s your point? Bitcoin is better than gold? Bitcoin is better than fiat? This shouldn’t be much of a debate in a bitcoin forum. Bitcoin has surpassed gold in value although I don’t think bitcoin will replace gold. Both can exist in this world.

Quote from: Edith1994 on February 20, 2022, 04:15:52 AM

2: Gold are stored as in a vault and on a safety
   deposit box.
   while
   Bitcoin are stored as a physical assets.

Gold is a physical asset. You can touch and feel it, bitcoin is a digital asset stored in the blockchain

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Quote from: Edith1994 on February 20, 2022, 04:15:52 AM

Bitcoin are stored as a physical assets.

What is this suppose to mean? The keys which will allow you to spend bitcoins can be represented physically, yes.

Quote from: Edith1994 on February 20, 2022, 04:15:52 AM

Gold can be faked while Bitcoin can not be faked.

Both can be faked if the recipient isn't careful enough. In Bitcoin, if you haven't installed a non-custodial wallet, which was verified beforehand, and obtain the blocks' information from your own full node, then one can cheat you. Gold can also be faked, it's just harder to verify.

Charles-Tim

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Quote from: Edith1994 on February 20, 2022, 04:15:52 AM

Bitcoin are stored as a physical assets

Bitcoin are stored digitally, which is on blockchain.

Quote from: Edith1994 on February 20, 2022, 04:15:52 AM

Gold can be faked while Bitcoin can not be faked.

Yes, no fake bitcoin, only 21 million limited supply. But people should be aware of testnet which is just used for testing of how bitcoin are used.

Quote from: Edith1994 on February 20, 2022, 04:15:52 AM

Bitcoin is just an asset (money) used in buying items.

Bitcoin is a long term appreciative asset. Yes, bitcoin is money.

Edith1994

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in my own understanding some of the differences between Bitcoin and gold are:

1: Gold are used in industrial application
while
Bitcoin are used in underlying technology
such as block chain

2: Gold are stored as in a vault and on a safety
deposit box.
while
Bitcoin are stored as a physical assets.

3: Existence; Gold has been in existence
before Bitcoin.

4: in time of buying and selling or exchange:
Gold require physical present during
exchange.
while
Bitcoin doesn't require physical present
during exchange.

5: Gold can be faked while Bitcoin can not be
faked.

6: Gold can be used in making different
items .
while
Bitcoin is just an asset (money) used in
buying items.

Topic: what is the difference between Bitcoin and Gold? (Read 303 times)