Topic: What needs to happen in order for bitcoin to replace gold (Read 803 times)
Well nothing is impossible, maybe if a mountain of gold is discovered in some areas and you don't need to mine deeper just to get one. But what is the reason that gold needs to be replaced anyway? It should have been fiat money not gold, unless we go back to old ages that uses gold as a currency.
to "replace" something you have to be in the same category as that thing. bitcoin is a currency while gold is not. so it can never replace something that is not even similar to!
not to mention that the purpose of bitcoin has never been to replace anything in the world. it was always to offer the alternative decentralized payment system that nobody could control or shut down ever.
Just because gold has not been used as money for some time it does not mean that it is not, precious metals were the main form of money for thousands of years and if fiat begins to weaken then gold can make a comeback, however that will require a change in the way people think, we are too used to the convenience of electronic money and transactions, if people cannot get over this then bitcoin could begin to get stronger as people will prefer it over gold. not to mention that the purpose of bitcoin has never been to replace anything in the world. it was always to offer the alternative decentralized payment system that nobody could control or shut down ever.
It seems to me that you have formed a not entirely correct question, gold is precious metal, and bitcoin is a digital currency and only because of this, bitcoin will not be able to replace gold, because at least from Bitcoin you can’t make a bracelet, watch, jewelry, but from gold to make a Bitcoin coin is completely real, with a couar code on it or a private key to this Bitcoin.
both have their own investment channels, bitcoin has a network in the crypto world and until now it can still be used for payments and the price is not stable suitable for short-term investments. while gold is a precious metal that is more widely used for long-term investment. both have their respective advantages in placeIt seems to me that you have formed a not entirely correct question, gold is precious metal, and bitcoin is a digital currency and only because of this, bitcoin will not be able to replace gold, because at least from Bitcoin you can’t make a bracelet, watch, jewelry, but from gold to make a Bitcoin coin is completely real, with a couar code on it or a private key to this Bitcoin.
both have their own investment channels, bitcoin has a network in the crypto world and until now it can still be used for payments and the price is not stable suitable for short-term investments. while gold is a precious metal that is more widely used for long-term investment. both have their respective advantages in place
It seems to me that you have formed a not entirely correct question, gold is precious metal, and bitcoin is a digital currency and only because of this, bitcoin will not be able to replace gold, because at least from Bitcoin you can’t make a bracelet, watch, jewelry, but from gold to make a Bitcoin coin is completely real, with a couar code on it or a private key to this Bitcoin.
We can only say that bitcoin will never replace gold, but bitcoin can still function as gold in the near future and if you look at the nature of gold too right now, don’t forget that holding gold as an asset is not only in the form of physical asset alone, but now you have digital gold which you see many people even holding more of digital gold right now than the physical one, and even though bitcoin has not physical appearance, but its digital appearance overtime is more than enough to actually make it grow in future and become more popular than the digital gold which definitely will be able to stand as store of value, but that would still not make the normal gold that we know not to be gold. It will still be very much relevance, just the way fiat also would, but we will still have bitcoin more popular than them.
I don't want to see Bitcoin replacing gold as they can work together or should i say they are far different from each other.
Bitcoin can't be a piece of jewelry to use for many women who admire using it. bitcoin is a currency we need to have secretly for us to be safe while gold are displayed for the public to precious its beauty.
Bitcoin can't be a piece of jewelry to use for many women who admire using it. bitcoin is a currency we need to have secretly for us to be safe while gold are displayed for the public to precious its beauty.
to "replace" something you have to be in the same category as that thing. bitcoin is a currency while gold is not. so it can never replace something that is not even similar to!
not to mention that the purpose of bitcoin has never been to replace anything in the world. it was always to offer the alternative decentralized payment system that nobody could control or shut down ever.
not to mention that the purpose of bitcoin has never been to replace anything in the world. it was always to offer the alternative decentralized payment system that nobody could control or shut down ever.
It is good to say or ask if what needs to replace fiat (a money that can touch either hold) because they are the same can be used as payment while the gold was an asset only.
gold is a precious metal that has become a valuable item and is used since ancient times until now. some people use gold as jewelry and as a store of value as well as investment. and bitcoin is a volatile digital currency. bitcoin can also be used as a store of value but if comparing the increase in value between bitcoin and gold of course bitcoin has a higher increase than gold. so in my opinion bitcoin is better than gold.
to "replace" something you have to be in the same category as that thing. bitcoin is a currency while gold is not. so it can never replace something that is not even similar to!
not to mention that the purpose of bitcoin has never been to replace anything in the world. it was always to offer the alternative decentralized payment system that nobody could control or shut down ever.
Good explanation! Bitcoin is bitcoin and Gold is Gold! So we should not compare it because Gold is a work of nature and Bitcoin is man-made. So let's stop these issues because in any case the value of gold will not be lost, And it will continue to rise over time like Bitcoin.not to mention that the purpose of bitcoin has never been to replace anything in the world. it was always to offer the alternative decentralized payment system that nobody could control or shut down ever.
Yes, another thing is that we should not focus on it, what we need is mass adoption and not eliminating gold for us to become famous as they are totally different so no need to compete with gold, as we can build our own market if we will just do our part too as a believer of Bitcoin.
Bitcoin was not created in order to replace gold with itself and does not have such an opportunity for this. These are completely different, with almost incomparable financial assets. I do not even consider bitcoin as digital gold. It is also not suitable as a means of preserving value, since it has very high price volatility. And he will never grow in price forever.
Yes, they differ in purpose and I think we need both of them as a way of investment, we don't need to replace gold, as gold has been in industry for so many decades so it cannot vanish in the history. What we need now is to promote Bitcoin so people will likely to invest on it or use it in their everyday life.
Basically what is possible to be replace is the value of gold, not literally that we don't need gold, it is not just the market price that we are getting benefits from gold, as far as I know, gold is a good conductor, and even people will not gonna have a huge demand on it, it can still be profitable when it was being manufactured by many companies in the market.
Bitcoin was not created in order to replace gold with itself and does not have such an opportunity for this. These are completely different, with almost incomparable financial assets. I do not even consider bitcoin as digital gold. It is also not suitable as a means of preserving value, since it has very high price volatility. And he will never grow in price forever.
Yes, they differ in purpose and I think we need both of them as a way of investment, we don't need to replace gold, as gold has been in industry for so many decades so it cannot vanish in the history. What we need now is to promote Bitcoin so people will likely to invest on it or use it in their everyday life.
Bitcoin will not replace gold if you want "increased stability" it will not happen in bitcoin which has high volatility. You already understand the function of bitcoin and the reason why Satoshi created bitcoin and technology. is actually a wrong concept if bitcoin is considered an asset like gold.
I understand you that the main goal of bitcoin is to create an enabling environment where payment can be made between peers to peers easily without the interference of third party, but satoshi also knows that as demand of the coin increases, there is going to be constant increase in the value, which is why the second function of bitcoin is also to serve as asset, people can hold it while it appreciate in future.Let us look beyond the volatility that is still present now, it will not always be like this, the coin is still highly volatile because its new and we are yet to still get to the peak point of adoption, once we get there, the volatility of bitcoin will surely reduce, making the price to stabilize which will make it to be reliable as store of value to holders.
Bitcoin was not created in order to replace gold with itself and does not have such an opportunity for this. These are completely different, with almost incomparable financial assets. I do not even consider bitcoin as digital gold. It is also not suitable as a means of preserving value, since it has very high price volatility. And he will never grow in price forever.
It is clear to me that under no circumstances can Bitcoin replace gold. For Bitcoin to replace gold with itself, this requires a decision by most states. However, even this can never be even theoretically. Now, huge reserves of bitcoins are held by unknown persons. If states decide to replace the gold standard with bitcoin, they will actually give their economies to the management of these unknown people, who now have significant amounts of bitcoins. Are governments so stupid?
What about the high price volatility of bitcoin? How to be with her? After all, it seems that she will never disappear. Are you ready to live constantly with sharply changing prices for everything material?
What about the high price volatility of bitcoin? How to be with her? After all, it seems that she will never disappear. Are you ready to live constantly with sharply changing prices for everything material?
I think it cannot replace gold because gold and bitcoin are two different things. Maybe they will compete more on its value. Gold is a tangible asset while bitcoin is intangible asset. Both are assets with different usage and competing values. For now, bitcoin is somehow easier to get than gold since its a digital currency.
I think it is not necessary and might not happen.
Bitcoin and Gold have different uses.
Moreover, some crypto-currencies are already coming out to help me the trading if Gold easier.
Gold has managed to survive through the medieval times, I don't think it will stop now
I tend to agree. gold and bitcoin don't need to compare with each other. They serve a different purpose and even they are both an investment tool, bitcoin is much more useful than gold. We can have an online transaction on bitcoin while in gold, we have to convert it to cash first before we may be able to use it as payment. Bitcoin and Gold have different uses.
Moreover, some crypto-currencies are already coming out to help me the trading if Gold easier.
Gold has managed to survive through the medieval times, I don't think it will stop now
I think it is not necessary and might not happen.
Bitcoin and Gold have different uses.
Moreover, some crypto-currencies are already coming out to help me the trading if Gold easier.
Gold has managed to survive through the medieval times, I don't think it will stop now
Bitcoin and Gold have different uses.
Moreover, some crypto-currencies are already coming out to help me the trading if Gold easier.
Gold has managed to survive through the medieval times, I don't think it will stop now
Bitcoin and Gold have an different use in tge market.
Gold is a traditional psychical investment and gold is use for the passion not an currency unlike bitcoin is a future new form of anonymous money came from the new technology so need to replace gold is gold as psychical investment.
Yeah I really agre with for that statement mate rich people buy Gold to use it for the passion decorative in the body and rich people collect gold is also an investment. And yes tume has cones bitcoin is more than expensive to gold in the future but not need to compare this two kind of investment because they have an own identity and use in the market.
Gold is a traditional psychical investment and gold is use for the passion not an currency unlike bitcoin is a future new form of anonymous money came from the new technology so need to replace gold is gold as psychical investment.
actually, gold will exist until someday, maybe until the earth is gone. you cant get rid gold of, and gold will always be gold. its different between crypto, crypto cant run without network. crypto need some tool to access, and i think it can replace gold.
and in a fact, the adoption of crypto can rivaling gold. crypto is more interest than gold, easy to earn, and give more profit
and in a fact, the adoption of crypto can rivaling gold. crypto is more interest than gold, easy to earn, and give more profit
Yeah I really agre with for that statement mate rich people buy Gold to use it for the passion decorative in the body and rich people collect gold is also an investment. And yes tume has cones bitcoin is more than expensive to gold in the future but not need to compare this two kind of investment because they have an own identity and use in the market.
actually, gold will exist until someday, maybe until the earth is gone. you cant get rid gold of, and gold will always be gold. its different between crypto, crypto cant run without network. crypto need some tool to access, and i think it can replace gold.
and in a fact, the adoption of crypto can rivaling gold. crypto is more interest than gold, easy to earn, and give more profit
and in a fact, the adoption of crypto can rivaling gold. crypto is more interest than gold, easy to earn, and give more profit
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