What needs to happen in order for bitcoin to replace gold - page 4.

darkangel11

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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.

DabsPoorVersion

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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.

Everthing has their own purpose, and bitcoin can't replace gold? Is that your point?
Both gold and bitcoin was used as a means of investment, both are good for long term investment.
However bitcoin is still lacking in one thing, which is mass adoption. If ever that it will receive that massive adoption that we are aiming, maybe bitcoin will happen to surpass gold as the most used investment in the history.

milani

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Replacing gold Bitcoin could get such an opportunity to become the number one in the whole world. But we know that it is not possible. Bitcoin is a mire digital thing, gold is a more physical one. They just are from different categories. They two are not equivalent. That is why one can not be replaced be the other. More over, Bitcoin for the larger part of the whole world still stays like something unknown, unpredictable and is not supported by some physical thing, that for the most part of the society plays a great role in choosing the direction for investments. Nothing will change untill the peoples' mind changed.

Herry Toms

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I pretty agree with your explanation but I think the answer to this question is more simple than this, to replace gold BITCOIN needs mass adoption (banks, investment firms, etc). What I think it this will happen Bitcoin has chances to replace GOLD but it is not that easy it will take time.

Tylev

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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.

DiamondCardz

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Despite all the posts in here farming postcount going "wow yes hope Bitcoin will replace gold very cool", the chance of Bitcoin ever replacing gold is zero.

Seriously, does no-one realize why gold has intrinsic value? It's not just because it's scarce, but also because it's physical, and throughout history its been a great physical asset to have. Nowadays that's even more true - gold is not only scarce and physical but has actual applications in computing and other industries. Unfortunately Bitcoin only meets the scarcity condition. That doesn't mean Bitcoin is bad, it fills a niche that gold does not fill, but Bitcoin will never replace gold because it fundamentally lacks some of the properties that make gold as valuable as it is.

bharal07

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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.

I don't think they can replace bitcoin with gold because bitcoin is also gold isn't it? if only there was a coin of bitcoin it was gold.
And gold is also money, if you replace gold, it will be money, but if gold is just design for you then will it be money?

xiboothrezi

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in general, Bitcoin has the basic properties of gold, as rare, requires a process to mine and is quite difficult, and limited. In economic law, if supply is a little (limited) and high demand, it will increase prices significantly. That applies to gold and bitcoin, it's just that gold price movements are not as extreme as bitcoin.
It is only necessary to wait until bitcoin becomes more famous and functional to carry out various activities as a compatible alternative. Just like gold, bitcoin is a pretty promising investment, with greater risk, but provides greater opportunities as well.
However, to replace the position of gold that I feel does not make sense. Both are in different dimensions, and every investor has their own passion and tendencies in determining their investment. Both will be more beneficial if used together, complementary. Is not it?

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Quote from: Inkdatar on October 16, 2019, 08:43:33 PM

Quote from: alexsandria on October 16, 2019, 06:27:20 PM

To be in solid form to? LOL, just kidding. I mean, bitcoin will never replaced gold as a whole even bitcoin will receive every modification it needed. If you are talking about as a form of investment only, then yes, those you have mentioned can be the ways. But if you are talking about replacing gold as a whole, then no, it would never replaced gold. Gold has different important purposes other than form pf investment like it is used in medicinal equipments, and etc, and on these purposes clearly bitcoin can replaced gold.

This could not happen, in the first place bitcoin and gold has a different function. Every time I read some inputs here others really like to replace bitcoin into gold. Indeed, Bitcoin from the start has its own purpose as a currency and I cannot see to replaced into gold in the future.

They are not supposed to be compared indeed, simply because bitcoin is a currency and can be an asset at the same time while gold is just an asset. Bitcoin is are meant to be used transaction while gold is physical and this only means they are not comparable. If you want to compare something it must be between the same function, for instance, currency to currency like Bitcoin into fiat currency.

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Quote from: Sadlife on October 17, 2019, 07:58:44 AM

Quote from: ILuckyGuyI on October 16, 2019, 07:58:14 AM

Quote from: JessicaVL on October 15, 2019, 06:29:13 AM

Still, should Bitcoin reach the $300,000 mark, there’s no denying that it could very well become the new gold standard.

I agree with you on this idea. I believe that Bitcoin price will reach 300k dollars in 10-15 years. When it reaches that high, I think too that Bitcoin will be like a digital gold and people will prefer investing in both of them.

then after?bitcoin already replaced Gold?in all aspect this cant be true guys.the existence of Gold is already here from the ancestors and this is Physical that will remain forever even how many tiimes it will liquidized still its gold but what about Bitcoin>?a Digital Gold?what if there is a world war?or any massive attacks for humanity?how can you use Bitcoin?but Gold will be indeed can be use so better stop this fantasy because the two are very different in many aspect and cannot be replaced by each others

Yes, and we can't do something to replace gold as it has been existing ever since, gold is not like any other commodity, it has no significant uses, but gold will be a fiat commodity if to the extent that enough people believe that it has value. Also, it is regulated by government, so the price cannot be manipulated unlike crypto.

Sadlife

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Quote from: ILuckyGuyI on October 16, 2019, 07:58:14 AM

Quote from: JessicaVL on October 15, 2019, 06:29:13 AM

Still, should Bitcoin reach the $300,000 mark, there’s no denying that it could very well become the new gold standard.

I agree with you on this idea. I believe that Bitcoin price will reach 300k dollars in 10-15 years. When it reaches that high, I think too that Bitcoin will be like a digital gold and people will prefer investing in both of them.

then after?bitcoin already replaced Gold?in all aspect this cant be true guys.the existence of Gold is already here from the ancestors and this is Physical that will remain forever even how many tiimes it will liquidized still its gold but what about Bitcoin>?a Digital Gold?what if there is a world war?or any massive attacks for humanity?how can you use Bitcoin?but Gold will be indeed can be use so better stop this fantasy because the two are very different in many aspect and cannot be replaced by each others

Murat

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Is it really essential to get replaced Gold by Bitcoin? I don't think so, Bitcoin is a virtual currency and the Gold is not like this, so why it should be our concern? if you want to compare Bitcoin with Gold on the investment context then it will be a different thing, but in the payment method, Bitcoin is not related to the gold so replacement is not necessary for this aspect, I think the competition should be with Bitcoin and USD because USD is the most used currency in the current context so Bitcoin should be like, it will happen when an authentic regulation process will be established, then people will get interested and faith in this system, except regulation, the flourishment of this platform is really difficult.

SummerBliss

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You are talking of replacing two entirely different things as one is physical store of value in the form of gold and other is a digital programmed currency having some monetary value known as bitcoin.The gold can be replaced by some other metal or same type of material not by btc or any other coin and moreover the volatility of bitcoin is too high and government can't afford to loose all its reserves or funds with price dumps in the market.So gold will be safe standard for all the people as investment with less risk.Investments can be incresed in bitcoin or other coins but replacing is not a option available.

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Quote from: maxreish on October 16, 2019, 11:14:51 PM

~snip~
On the other hand, both have limited quantities that is why both are special as an investments. I don't think it is wise to compare those two with different uses in real life.

Tend to agree, these both are valuable stuff but it has different functions when it comes usage on it. Nothing replacement happens because Bitcoin is a form of currency. When it comes to investment choosing both of them is a good step to have a good asset. But here is the fact.
Well, maybe the best thing to do is wait to increase the value of bitcoin. Much better to double or triple the price to attract more investors and might be able to replace gold. That's the best thing to do so that many investors well now focus on bitcoin and might forget about gold.

maxreish

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OP already answered his/her own question in the title of the thread. However, there are already tons of topics about the comparison of gold vs bitcoin. It is just simple- bitcoin is digital investment while gold is a physical investment. The criteria of gold is far from btc's characteristics.

On the other hand, both have limited quantities that is why both are special as an investments. I don't think it is wise to compare those two with different uses in real life.

Inkdatar

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Quote from: alexsandria on October 16, 2019, 06:27:20 PM

To be in solid form to? LOL, just kidding. I mean, bitcoin will never replaced gold as a whole even bitcoin will receive every modification it needed. If you are talking about as a form of investment only, then yes, those you have mentioned can be the ways. But if you are talking about replacing gold as a whole, then no, it would never replaced gold. Gold has different important purposes other than form pf investment like it is used in medicinal equipments, and etc, and on these purposes clearly bitcoin can replaced gold.

This could not happen, in the first place bitcoin and gold has a different function. Every time I read some inputs here others really like to replace bitcoin into gold. Indeed, Bitcoin from the start has its own purpose as a currency and I cannot see to replaced into gold in the future.

Pearls Before Swine

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Quote from: JessicaVL on October 15, 2019, 06:29:13 AM

With more and more countries moving towards gold

The article starts with this assertion, which I believe is incorrect. What countries are allegedly 'moving towards gold'? That sounds like something Max Keiser would say, knowing he won't be challenged on it because he speaks in an echo chamber of gold bulls.

This bitcoin v. gold thing has been circulating on the forum ever since I've been a member here and probably ever since bitcoin was born. It is not a fair comparison in my opinion. Bitcoin is not a competitor of gold in the same way real estate isn't. Bitcoin is a form of money like gold used to be, and its an investment tool like gold is, but the similarities end right there.

Thus the question posed in the title of this thread is unanswerable. It isn't rational to think a digital asset could replace something like gold. You might as well ask when bitcoin will overtake Ford Motor Company stock.

Astvile

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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!

Indeed, this is what bothers me every day when I go into this forum people who keeps talking about bitcoin replacing gold but they haven't realized that bitcoin has its own scene and use and purpose and gold has too theres no need for bitcoin or gold replacing each other because they are superior in their own field.

alexsandria

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To be in solid form to? LOL, just kidding. I mean, bitcoin will never replaced gold as a whole even bitcoin will receive every modification it needed. If you are talking about as a form of investment only, then yes, those you have mentioned can be the ways. But if you are talking about replacing gold as a whole, then no, it would never replaced gold. Gold has different important purposes other than form pf investment like it is used in medicinal equipments, and etc, and on these purposes clearly bitcoin can replaced gold.

diazepam666

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I'm not sure why you want to compare between with the gold and why this Bitcoin need to replace gold. Last year onwards I have seen the gold value going to next level but Bitcoin still fluctuations more than any product.

Volatility is the biggest weapon for Bitcoin that should allow to make more noise than anything.

Topic: What needs to happen in order for bitcoin to replace gold - page 4. (Read 803 times)