What needs to happen in order for bitcoin to replace gold - page 3.

JessicaVL

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Quote from: dothebeats on October 15, 2019, 12:04:19 PM

Not just the price alone can help bitcoin replace gold. One must take into consideration the amount of support bitcoin needs to have in order to keep the fire burning and to have it replace gold completely as a store of value. It can always be valued into something incomprehensibly crazy but if only a few people and governments believe in that value, it is actually nonsense and serves little to no weight to the rest of the world. Gold stayed not only because of its scarcity and value but because people even in the olden times believed in its properties, like we are until today.

Bitcoin is still technically in the early adoption phase, so we're talking about the future. Bitcoin is kind of an ideal value indicator for a modern future, and many people already see the inherent value in Bitcoin because of its scarcity and its many uses.

JessicaVL

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Quote from: pawanjain on October 15, 2019, 11:48:38 AM

It would only become a disaster if gold is replaced by bitcoin or we can say a financial crisis is to happen for sure in this case.
A lot of people hold thousands of bitcoins and hence it would make them super rich and it would become easy for them to manipulate the market or lets say gamble with thousands of lives. If gold needs to be replaced by bitcoin then bitcoin will first have to become truly distributed among the people.

For sure - we need to reach a late adoption stage, and have Bitcoin be fully distributed. This could only be in the future, but Bitcoin could eventually replace gold as an indicator of value - especially as we're moving into a digital future.

JessicaVL

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Quote from: danherbias07 on October 15, 2019, 11:35:13 AM

I look at bitcoin as commodity/currency while gold as a commodity only.
Maybe before they really use it like a currency to trade for goods but it is more like a barter exchange.

Now is a different era as you said it.
We are living in a world where it is like difficult to live without the internet specially when you are in the city.
They have created payment methods thru the internet but it is still the USD which is mostly preferred.

There is a need for a change. The merchants needs to come in and be part of it first but how?
They are risking their money for something with a value that moves too much.
That had always been the problem.

Gold definitely used to be a means of exchange, but it has become more of a commodity. You're right, living without internet is nearly impossible for most of us - and our reliance on it is only going to increase as time goes on. Using trading platforms like eToro show us that Bitcoin is as much an asset as it is a cryptocurrency, but it will always remain a mode of exchange. Still, change is definitely coming.

JessicaVL

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Quote from: gentlemand on October 15, 2019, 08:30:30 AM

There's one, and only one, thing that'll nudge Bitcoin towards replacing gold in the near term and that's governments and central banks buying it.

Until they do that, and them doing that would be legitimising something they REALLY don't want to legitimise, the idea is a total non starter. Even then they're still fundamentally different even if they finish up claiming similar ish uses.

I have only met one person in my entire life who's owned some gold. I've genuinely never heard another person mention it as any type of option for them.

It's conceivable it could eclipse gold in market cap if it was embraced by enough real people. It would take many, many years.

Ultimately, Bitcoin could become a better indicator of value than gold. It's trustworthy, accessible, and is potentially more appealing to inhabitants of a digtal world. It is still a long way off, and it wouldn't necessarily "replace" gold in the sense of the "gold standard".

JessicaVL

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Quote from: Eclipse26 on October 15, 2019, 08:21:20 AM

We don't have to replace gold. It's not even the aim of bitcoin. No matter how much we try to replace gold, gold will still remain valuable to people since it was from the nature. Gold and cryptocurrency are diferent. Gold is the traditional one and cryptocurrency is the newest. In the future, crypto may surpass the popularity of gold but it doesn't necessarily mean that gold will be less valuable.

No, the aim of Bitcoin certainly isn't to replace gold. Gold will always have value, but perhaps in the future Bitcoin could be more of an indicator of worth. Since we're living in an increasingly online world, would it not make sense for us to have an indicator of value that is also digital?

JessicaVL

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Quote from: minersday on October 15, 2019, 07:48:53 AM

Why will you want Bitcoin to replace gold in the first place? I really don't understand why people will think Bitcoin has the qualities of gold and think it is the digital version of gold. First and foremost, people should understand that Bitcoin can never replace gold because bitcoin do not have what it takes to be a real investment asset. Bitcoin is just digital currency which is fortunate to have a good market value.

Many will agree with you. Although, it's not so much about Bitcoin completely replacing gold as it is about Bitcoin having value on its own, and being an indicator of value for other assets (digital or otherwise, eventually). Ultimately, this discussion is important as we are living in a very digital world.

JessicaVL

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Quote from: Mandoy on October 15, 2019, 07:01:28 AM

Bitcoin cannot replace gold. Bitcoin can replace fiat currency far off in the future but it can never replace gold. Gold has existed since ancient times and has existed up to today. Gold has proven itself for thousands of years to have a value and a symbol of wealth. Bitcoin is a digital gold but not real gold. In terms of disaster when all electric lines are cut off when internet connections is out of reach bitcoin cannot be accessed but gold can. Without government, without electricity, without computers gold will continue to exist and thus it can never be replaced by bitcoin. But I love bitcoin and I wish that the time will come when the price of bitcoin will be stable and that instead of US dollars it will be gold that will backed up bitcoin.

Hi, so you're absolutely right - as far as the physical element goes, Bitcoin can never replace gold. However, as a value indicator Bitcoin may eventually surpass gold. Until that point, gold will continue as the "standard" while Bitcoin acts as the "gold standard" in the cryptoassets world. Also, if you're into CFD trading BTC you should look into eToro. You seem to know a lot about crypto.

JessicaVL

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Quote from: teosanru on October 15, 2019, 06:45:19 AM

I think this could turn out to be another Bitcoin vs Gold thread but the reality is replacement of Gold can be a precious metal not a precious set of codes used as currency. Bitcoin is a currency and it's power is in sending the money immediately anywhere around the world with anonymity and enhanced security by almost no intermediary. While gold is nothing but a precious metal used to make ornament. I think your comparison with gold comes due to the fact that gold has been used as a standard of money in history but Bitcoin can never really be used for that as it's demand would fall if it's not used as a currency which is what it was created to be.

It's not so much that Bitcoin will replace gold, but rather that Bitcoin could take on some of the qualities of a new "gold standard". Ultimately, Bitcoin could reach the point where we look at it as more of an indicator of worth or value than gold. So no, it may never actually replace gold.

JessicaVL

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Quote from: FlightyPouch on October 15, 2019, 06:34:08 AM

Ok. So let's say bitcoin did replace Gold and now we are having a price dump. If we will all be replacing gold reserves to "bitcoin" reserves, then it will all be falling down. Another thing, it can still be manipulated by a whale, and since bitcoin replacing gold is a big thing, we are not just talking about "whale" but "whales".

This could very well be the case - ultimately, the point is to look at how Bitcoin could become a global indicator of value as we enter an increasingly digitized space. Bitcoin might not "replace" gold, but it could take on elements of a new gold standard.

JessicaVL

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Quote from: Red-Apple on October 15, 2019, 06:32:15 AM

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.

You certainly have a point - this is more looking at how Bitcoin could become a new gold standard, rather than actually "replace gold". As we move into a more digital world, could Bitcoin not potentially become more of a value indicator than gold is? Ultimately, this is a discussion that we should be having at this point in our history.

jarhed

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Quote from: Colt81 on October 19, 2019, 05:35:42 AM

Why everybody do compare bitcoin to precious metals like gold and silver? It is impossible for bitcoin to replace gold because precious metals like gold is not a digital currency like bitcoin. Both bitcoin and gold have a good value and good for long-term investment, but they have a big difference because gold can be considered as a physical money which you can use it for payment without converting it into fiat.

I did not understand you. And what is Bitcoin that cannot be physically evaluated as a product and converted into fiat money? Bitcoin is really digital gold. How can I argue here?

Colt81

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Why everybody do compare bitcoin to precious metals like gold and silver? It is impossible for bitcoin to replace gold because precious metals like gold is not a digital currency like bitcoin. Both bitcoin and gold have a good value and good for long-term investment, but they have a big difference because gold can be considered as a physical money which you can use it for payment without converting it into fiat.

Wawa2013

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However, Bitcoin cannot replace gold. Gold and bitcoin are thousands of years different in age. In terms of form alone, it's different, if gold is in the form of bars and coins, if bitcoin is a brilliant digital innovation called blockchain technology. But Bitcoin has a dream that someday is as great as gold so that its value is always the same, uniting a single currency that unites people around the world. Either gold or bitcoin, the value will be determined on the balance of supply and demand. This is the eternal law of economics.
But today if buying and selling must use gold as a currency will be troublesome. If you want to buy goods at online stores such as alibaba or ali express, you must send gold coin via shipping or courier service. Really not funny
While Bitcoin is digital money, it can be moved in real time only through clicks

robelneo

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I have read so many things like this, like replacing fiat, replacing PayPal now replacing gold, does it has to be this way, does it has to replace popular payment, precious metal, and monetary system, so we can finally say that Bitcoin has arrived, can all of these co-exist, because there will be part of our society that cannot totally function without fiat, and gold has a lot of uses since time immemorial and PayPal has a system that applies to some industry, can just Bitcoin arrive without disrupting anything.

barabarian1

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I never thought bitcoin would replace gold. because both have different characteristics and functions, although the same in terms of investment. bitcoin is used for alternative payment tools and investment tools. but gold is used for jewelery and also industrial electronics. and the value of gold tends to be stable while the value of bitcoin is very volatile. and gold has existed since ancient times gold has advantages that can not be replaced by bitcoin.

adzino

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www.Crypto.Games: Multiple coins, multiple games

Why are people so obsessed with wanting bitcoin to replace everything? I mean why? Why would they want that to happen? All they ask is when will bitcoin replace fiat, when will bitcoin replace dollars, when will bitcoin replace gold, when will bitcoin replace the universe and other bullshits. But, they never really know why they want crypto currencies to replace those. They don't even think about the advantages or the consequences.
Gold is a precious metal. Bitcoin is just a digital currency with no physical existence. How do you expect a non physical existent digital coin to replace a metal found from the earth?

Irvinn

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I think that simple users of cryptocurrency and analysts have already spoken out on this issue many times, but I would like to say only one thing that sees on your neck, on your wrist or on your finger instead of a gold product, that what will be the equivalent of a cryptocurrency ? mgs should stop stirring up water in the lake, because cryptocurrency, in particular Bitcoin, will never replace gold. Of course, if you look from the point of view of a profitable investment in cryptocurrency or in gold, then cryptocurrency and gold assets will still be very valuable to society.

pixie85

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Nothing has to happen. It's an ongoing process. Bitcoin has been on a mission to be digital gold from the beginning. Its price closing to the price of gold is a proof that this mission is going good.

I think it will be more used than gold in future. Gold will remain a metal used in jewelry and electronics and bitcoin will be a popular payment system.

senne

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Bitcoin overtaking gold doesn't make sense. The reason being Bitcoin can't replace gold in its utility. Though overtaking gold in terms of investment size and volume could be possible as bitcoin can act as a store of value which can provide you with more returns than gold in terms of percentage but it is equally risky too. So, people like gold better when it comes to diversifying their investments. Bitcoin is still finding grounds.

DiamondCardz

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Quote from: darkangel11 on October 18, 2019, 07:14:32 AM

Quote from: Tylev on October 17, 2019, 12:00:05 PM

Neither Bitcoin nor any other cryptocurrency can ever replace gold with itself. Gold, as a value and a means of payment, has existed for thousands of years and, probably, will continue to exist just as long. Cryptocurrency is a completely different financial asset and it must exist together with gold and national money of states. No one will replace anyone. Everything should work together and complement each other.

Gold is no longer a means of payment and saying that something is good because it existed for years doesn't change anything. People were riding on horse backs for over a thousand years and then came cars bicycles and motorbikes.
I also don't believe bitcoin will replace gold but it will take a part of the market from it. If you give a young person a choice between 100 dollars in gold or 100 dollars in bitcoin most of them will choose bitcoin because gold doesn't grow in value as fast and people are gamblers in nature.

To be fair there are physical 'currencies' that work on the basis of containing a small amount of gold which are in circulation today. An example is the Utah Goldback - it's a thin note which contains a gold leaf inside equivalent to 1/1000 of a troy ounce of gold. Comes in denominations of 1, 2, 5, 10, 20 and 50 I believe? i.e. the largest note is the 50 Goldback note which contains 1/20 of a troy ounce in it.

There are shops in Utah which accept that - so while it's not common, saying that gold isn't a means of payment isn't true everywhere Wink

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