What needs to happen in order for bitcoin to replace gold - page 5.

DoublerHunter

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Quote from: erickastella on October 16, 2019, 12:27:51 PM

I think if bitcoin is replaced by gold it doesn't matter, but bitcoin is not shaped and we don't need to carry a wallet just enough to capitalize your cellphone then it's complete, if we carry gold anywhere then it's very troublesome too.
I prefer bitcoin because, basically bitcoin makes transactions easier.
even though it is very vulnerable to the hacking of BTC wallets, therefore, as holders we must be smart so that they are not easily exposed like that.

^ So, how they relate that we are comparing them? Bitcoin is a form of digital currency with a high value and gold is a good stuff to use as an asset. So, nothing to do with comparing with these two valuable stuff. Bitcoin will become a number on digital currency that use on the internet as a form of payment and gold is also good as your asset. Nothing happens on comparing instead it is a good option if you have these as your assets.

erickastella

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I think if bitcoin is replaced by gold it doesn't matter, but bitcoin is not shaped and we don't need to carry a wallet just enough to capitalize your cellphone then it's complete, if we carry gold anywhere then it's very troublesome too.
I prefer bitcoin because, basically bitcoin makes transactions easier.
even though it is very vulnerable to the hacking of BTC wallets, therefore, as holders we must be smart so that they are not easily exposed like that.

Maslate

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Quote from: error08 on October 16, 2019, 10:06:11 AM

Bitcoin is a digital form that requires an internet connection to validate it.
Meanwhile, gold is a physic form, has inherent value and a lot of usefulness in daily life.
Bitcoin will never replace gold, the same thing in both is can be used as a store of value, being used as currency? Not really practical.

They are really different but we need them both, so I don't think we need to replace gold, as gold is one way form of investing, unlike Bitcoin, wherein we can use as a medium of exchange, transferring funds, and investing while gold cannot buy even prepaid load in a store. So, we should not be threaten by gold.

There's no need for bitcoin to replace gold because in the first place, bitcoin has indeed higher value compared to gold. But bitcoin isn't made just for a pure investment like we have nowadays because its real purpose is to be an alternative payment option. But since the government is not yet ready to adopt bitcoin legally, then people make use of bitcoin as a profitable investment.

error08

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Bitcoin is a digital form that requires an internet connection to validate it.
Meanwhile, gold is a physic form, has inherent value and a lot of usefulness in daily life.
Bitcoin will never replace gold, the same thing in both is can be used as a store of value, being used as currency? Not really practical.

ILuckyGuyI

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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.

CryptoBry

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

With more and more countries moving towards gold, one major question has arisen: how exactly will we measure value in an increasingly digital world, and what will take the place of the “gold standard”. Some financial analysts are suggesting Bitcoin (BTC) as the obvious replacement, but what actually needs to happen for Bitcoin to take the place of gold, and is Bitcoin (BTC) actually up to the task?

Bitcoin is called by some experts as the digital gold because of some similarities and they are both valuable too but there are of course many differences. Can Bitcoin eventually replace gold as "safe haven" or good store of value and as reserve currency that nations can adopt and hold? Yes, there is a big possibility for that but first there are some things that Bitcoin has to achieve first before some countries can consider it to be a part of their holdings. One major concern is Bitcoin's volatility. First, Bitcoin has to achieve some stability meaning no more crashes, pumps and dumps as this is a major concern even by many merchants and institutional buyers. Second, there must be bigger adoption of the coin by the general population and institutional investments must be coming into it. Third, central banks must like and be in love with Bitcoin because no matter how good this currency is if those in the authorities will say no then there is nothing we can do therefore convincing political leaders can be the icing on the cake.

Genemind

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I don't get the point of replacing gold with Bitcoin when both of them is a great instrument in a profitable investment. They both have the capability to provide a good profit in both long term and short term investment. They also have differences that make them incomparable at times. As for me, it's better to let them do their part instead of making a huge competition between them.

airdnasxela

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Who said that bitcoin will replace gold? There's nothing need to be done cause we aint replacing gold. Both of then will exist together in our society. Both of them are good store value, but the thing is bitcoin is very volatile compare to gold. As a way of payment, bitcoin can be use for payment but we're now in the modern era, golds are rarely used for payment. So I see them as a veey different asset so bitcoin don't need to replace gold at all.

huu78

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What happens if Bitcoin replaces gold? I think it would be hard to replace gold because gold has been there for a long time and is an investment tool.
If you want to change something from the old days, then the bride must be better than the previous one.

cutesgirl

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Bitcoin and gold have the same side just an investment, but for bitcoin replace as gold is not possible because both bitcoin and gold have different function as investment and legal payment, gold only take as investment assets and and could not be as digital currency payment except bitcoin have both function, impossible have different goal could replace gold by bitcoin.

Youghoor

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

How could Bitcoin replace gold?

In the 21st century, trade is no longer being driven by a physical exchange. Bank transfers, eWallets, and now cryptocurrency transactions mean that we hardly interact with physical cash at all. Modern society is a digital society, so wouldn’t it make sense for our new “gold standard” to be digital too?

A new report by Grayscale Investments, argues that Bitcoin actually possesses a “better composition of ‘good money’ qualities…”, almost tailor-made for the new, online economy. The report states that Bitcoin is scarce, verifiable, durable, portable, divisible, fungible and recognizable, just as gold is, only in ways that make more sense for a digital world.

With that being said, Bitcoin is still very much in its early adoption phase – it might not seem like that, but in reality, it hasn’t existed long enough to reach the level of recognizability that would be needed for it to become the new global gold standard. Bitcoin is still relatively volatile compared to gold, although it is still the most solid cryptocurrency.

Still, should Bitcoin reach the $300,000 mark, there’s no denying that it could very well become the new gold standard. And, quite frankly, a digital gold standard makes far more sense for a digital economy, than a physical gold standard does.

If you want to get really into it, here is a debate between Anthony Pompliano and Peter Schiff. If you want to really, really get into it, you can buy Bitcoin through exchanges and trading platforms like eToro, Binance or Kraken.

So, what needs to happen for Bitcoin to take the place of gold

Bitcoin needs higher adoption rates, increased stability, and an increase in value before it will truly be able to take over as the gold standard – but that’s not necessarily far off.

Considering that more than $68 trillion in generational wealth is set to change hands in the next 25 years, and the majority of the new wealthy will be millennials who are more inclined to put their money into Bitcoin vs gold, we very well might see the rise of the Bitcoin gold standard sooner rather than later.

https://zycrypto.com/what-needs-to-happen-for-bitcoin-to-take-the-place-of-gold/

What you need to understand is that it is too late for Bitcoin to replace Gold. Gold has been recognized as a store of value for over centuries now and it is still used as such.
Bitcoin has no chance of replacing Gold even if it acquires a stable level of market value and its volatile nature is disabled. There are a lot of people in Gold investment than Bitcoin.

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Quote from: darthmaul on October 16, 2019, 04:51:26 AM

How can bitcoin replace gold?? can you make ornaments out of bitcoin? Can you make biscuits out of bitcoin? gold is a metal and bitcoin is a digital currency. You may say it digital gold but it still is far away from being called digital gold.

You hit it! Nothing possible needs to happen in order for Bitcoin to replace gold. Truth be told, Bitcoin and gold are nothing comparable, except perhaps as stores of value or assets. But even in that respect, Bitcoin cannot replace gold. Gold is never man-made, it comes naturally scarce directly from the earth, and such are reasons enough to say that Bitcoin cannot even rise at par with gold. And I guess no one can say that gold has no value. A lot can say that to Bitcoin, at least for now. Perhaps let's start from changing that.

gandame

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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.

True bitcoin can never replace of glod because it a digital currency and we use it only for online transaction. Gold is a valuable thing that we can sell anytime we want.
Bitcoin and gold are different so no one can replace both of them because they have different.

darthmaul

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How can bitcoin replace gold?? can you make ornaments out of bitcoin? Can you make biscuits out of bitcoin? gold is a metal and bitcoin is a digital currency. You may say it digital gold but it still is far away from being called digital gold.

jets567

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Quote from: ardentvolcanoes on October 16, 2019, 12:14:06 AM

Maybe in terms of store assets there's still different opinions between this two, better to let them coexist and be classified according to how users understand the worth.

I totally agree on you with this one that Bitcoin doesn't need to replace Gold but coexist in the future even if they have in common in a form of investment, Bitcoin is still far for erasing Gold in our society in terms of it's usage such as jewelry, electronics and computers, dentristry and medicine, aerospace, medals and awards.

Source: https://www.sbcgold.com/blog/top-6-common-uses-for-gold/

Kakmakr

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I do not know why there are such an obsession with Bitcoin supporters for Bitcoin to replace everything from Fiat currencies to Gold and Silver. Huh

Gold has not been the standard for anything for years, because it is not being used to back Fiat currencies anymore.

Yes, it might be a good store of value and it is being used as a hedge against economic turmoil, but smart investors know other means to protect their wealth apart from using Gold.

Bitcoin is still too volatile to be used as a stable currency or even a good short-term store of value. Roll Eyes

ardentvolcanoes

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Quote from: LbtalkL on October 15, 2019, 04:18:24 PM

You are comparing two different things bitcoin will not replace gold or any other assets because they are not on the same classification or category. Yes, it has the ability to pass gold marketcap I think gold has a trillion marketcap. Last thing I can say Bitcoin is not backed by anything.

Your last statement is the big difference between the two, Bitcoin is not controlled or backup by anything unlike gold which probably supported by the government all over the world, Trust already been established to this assets while bitcoin have a lots of doubt still.

Maybe in terms of store assets there's still different opinions between this two, better to let them coexist and be classified according to how users understand the worth.

gaston castano

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if you want to replace something that already exists, then the replacement must be better than the previous one or at least balanced.
maybe for now bitcoin is still difficult to replace gold, because gold has been around for a long time and is a trusted investment tool, so maybe btc will be stable when the supply is up, and from there the price of btc starts to stabilize and not too volatile.
However there is a possibility that the BTC will not be stable when it reaches the max supply

LbtalkL

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You are comparing two different things bitcoin will not replace gold or any other assets because they are not on the same classification or category. Yes, it has the ability to pass gold marketcap I think gold has a trillion marketcap. Last thing I can say Bitcoin is not backed by anything.

Oceat

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Quote from: bhabygrim on October 15, 2019, 02:56:46 PM

Why are you people so obsess on Bitcoin replacing something?
First the Fiat then Gold and then the other forms of payment.
Don't you see that crypto and those things that you want Bitcoin to replace isn't the same.

It's just clear that some of us wants to separate things from one another like using cryptocurrency alone without allowing some third-party to get involve. But I don't really get it why someone wish to replace gold with Bitcoin since these two are totally different in terms of investment or usage.

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