Topic: What needs to happen in order for bitcoin to replace gold - page 7. (Read 803 times)
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.
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.
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.
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".
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.
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: the cryptocurrency Gold Standard
Bitcoin is already recognized as a kind of Gold Standard for cryptocurrencies. Bitcoin (BTC) was started in 2008 by Satoshi Nakamoto, largely as a response to the need for a new, decentralized financial system. 2008 was a pretty difficult time for the world’s financial markets – with a global recession, bank bailouts and failing economies, Nakamoto realized that the need for a currency that was not controlled by a central entity (government or bank) would change the future of the financial world forever.
Until relatively recently in human history, gold was the ultimate commodity. Stable, scarce, and divisible – gold represented everything that makes up the principles of “good money”. Societies have risen and fallen, but gold has always remained constant.
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/
Bitcoin: the cryptocurrency Gold Standard
Bitcoin is already recognized as a kind of Gold Standard for cryptocurrencies. Bitcoin (BTC) was started in 2008 by Satoshi Nakamoto, largely as a response to the need for a new, decentralized financial system. 2008 was a pretty difficult time for the world’s financial markets – with a global recession, bank bailouts and failing economies, Nakamoto realized that the need for a currency that was not controlled by a central entity (government or bank) would change the future of the financial world forever.
Until relatively recently in human history, gold was the ultimate commodity. Stable, scarce, and divisible – gold represented everything that makes up the principles of “good money”. Societies have risen and fallen, but gold has always remained constant.
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/
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