Why Bitcoin must surpass gold - page 5.

BenCodie

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Quote from: LittleBitFunny on June 10, 2023, 10:05:35 PM

Quote from: BenCodie on June 10, 2023, 09:48:44 PM

Quote from: atuzai660619 on June 10, 2023, 04:00:36 AM

There are two reasons. First, Bitcoin is a non-credit currency ten times stronger than gold. So unless Bitcoin is replaced. Otherwise he must surpass gold. Second, Bitcoin is close to being the ideal non-credit currency, and it is basically impossible to have another non-credit currency beyond Bitcoin. Combine these two points and Bitcoin is bound to surpass gold

That's right...not to mention its use-case. Gold thrives on its scarcity, limited supply and certain physical properties that supersede other metals, and it will also thrive at the time that worthless paper money meets its propelled demise. Draw-backs include storage, transfer of ownership, and availability to purchase/sell. Bitcoin solves what gold lacks in, so I agree with you strongly that Bitcoin will surpass the market cap of gold.

I've said before in another thread, one day the main pair of bitcoin will be against the value of gold, instead of the value of the dollar or other fiat currencies. Alongside the pair of UM (Universal Money) which will probably supersede all fiat (at least in the west) and BRICS (if this actually comes to fruition) over the next 2 - 5 years.

Interesting times!

Yes, bitcoin solves some of the limitations of gold such as being easier to store and transport, in addition, bitcoin can also be used for ultra-fast cross-border payments, which no other asset can do. But that doesn't mean it will overtake the gold market because gold offers many other benefits that bitcoin doesn't, such as jewelry use, and is gold's biggest advantage by far. The future is unpredictable, and right now, bitcoin is not yet comparable to gold when there is such a big difference in capitalization.

I don't think that Jewelry is a use-case, I think that's just a way for those who are holding a lot of gold to be able to create a product that is worth a lot more than the actual gold itself. This is the same story as diamonds. It's not a real use-case that drives value, it is just a way for those who hold a lot of the supply to liquidate what they own.

Other than distribution methods, like jewelry, which provides more volume/trade for gold or maybe some demand, do you have any other use-case or economic benefit in mind for gold that Bitcoin doesn't?

mindrust

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Quote from: hatshepsut93 on June 10, 2023, 06:34:08 PM

Bitcoin is not perfect, nothing is. In some ways gold is better than Bitcoin and will always be. Gold doesn't depend on software, on computer networks, on cryptography, gold can't be stolen by malware, gold will not be useless during blackout.

These are actually valid arguments. Bitcoin is man-made and like anything that was made by men, it may or may not fail. I know it is ultimately based on math but look at the latest Ordinals/NFT stuff happened... the network was already crowded enough and NFT's made it even worse. What makes you think that the next update won't break bitcoin for good? We can't know that. No matter how many hours you test the software before the launch, there is still a chance that you will find a bug later on...

Every new update makes bitcoin more complicated and more prone to the new attack vectors. Segwit was cool but now the btc network is starting to look like a total mess.

Gold on the other hand has been running the same software (which is physics) since day 0. Never had an update because it never needed any. I think that's a big achievement over crypto.

If God had made Bitcoin, he would have made it so perfect that it wouldn't need any updates in the future...

LittleBitFunny

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Quote from: BenCodie on June 10, 2023, 09:48:44 PM

Quote from: atuzai660619 on June 10, 2023, 04:00:36 AM

There are two reasons. First, Bitcoin is a non-credit currency ten times stronger than gold. So unless Bitcoin is replaced. Otherwise he must surpass gold. Second, Bitcoin is close to being the ideal non-credit currency, and it is basically impossible to have another non-credit currency beyond Bitcoin. Combine these two points and Bitcoin is bound to surpass gold

That's right...not to mention its use-case. Gold thrives on its scarcity, limited supply and certain physical properties that supersede other metals, and it will also thrive at the time that worthless paper money meets its propelled demise. Draw-backs include storage, transfer of ownership, and availability to purchase/sell. Bitcoin solves what gold lacks in, so I agree with you strongly that Bitcoin will surpass the market cap of gold.

I've said before in another thread, one day the main pair of bitcoin will be against the value of gold, instead of the value of the dollar or other fiat currencies. Alongside the pair of UM (Universal Money) which will probably supersede all fiat (at least in the west) and BRICS (if this actually comes to fruition) over the next 2 - 5 years.

Interesting times!

Yes, bitcoin solves some of the limitations of gold such as being easier to store and transport, in addition, bitcoin can also be used for ultra-fast cross-border payments, which no other asset can do. But that doesn't mean it will overtake the gold market because gold offers many other benefits that bitcoin doesn't, such as jewelry use, and is gold's biggest advantage by far. The future is unpredictable, and right now, bitcoin is not yet comparable to gold when there is such a big difference in capitalization.

landheer

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bitcoin of course definitely surpasses gold, because bitcoin has a limited supply of 21000000, while the supply of gold is very lots.

but both also have advantages and disadvantages. if bitcoin is the drawback, it could potentially drop in price because btc has a fluctuating nature.

but if gold doesn't have a high risk but the profits our get from gold are not as big as those our get from BTC investments.
and also some people say that gold is only a store of value.

BenCodie

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Quote from: atuzai660619 on June 10, 2023, 04:00:36 AM

There are two reasons. First, Bitcoin is a non-credit currency ten times stronger than gold. So unless Bitcoin is replaced. Otherwise he must surpass gold. Second, Bitcoin is close to being the ideal non-credit currency, and it is basically impossible to have another non-credit currency beyond Bitcoin. Combine these two points and Bitcoin is bound to surpass gold

That's right...not to mention its use-case. Gold thrives on its scarcity, limited supply and certain physical properties that supersede other metals, and it will also thrive at the time that worthless paper money meets its propelled demise. Draw-backs include storage, transfer of ownership, and availability to purchase/sell. Bitcoin solves what gold lacks in, so I agree with you strongly that Bitcoin will surpass the market cap of gold.

I've said before in another thread, one day the main pair of bitcoin will be against the value of gold, instead of the value of the dollar or other fiat currencies. Alongside the pair of UM (Universal Money) which will probably supersede all fiat (at least in the west) and BRICS (if this actually comes to fruition) over the next 2 - 5 years.

Interesting times!

crypticj

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It's hard to say right now how it's gonna turn up.

Right now, it seems like BTC won't surpass gold because it's fluctuating too much. And I think it's connected with the fact that people trade it like an asset very actively. So right now I don't see how bitcoin will reach the stability needed for surpassing gold.

I think silver will surpass gold faster than BTC at this point because demand for it is rising every year.

bussybuddy

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Bitcoin and gold both have value to hold and grow in value because of their scarcity, however, Bitcoin has advantages that gold does not. Bitcoin is completely credit-free and is managed through blockchain technology, which makes it difficult to be controlled by governments or financial institutions. Bitcoin is very convenient for online transactions and often has faster and cheaper transactions than traditional payment methods.

The comparison between Bitcoin and gold to determine the average value in the future is quite difficult. Factors such as price movements, global economic conditions, new projects and technologies can affect the value of both assets. With its advantages, it is not unrealistic for Bitcoin to surpass gold in the near future, but cannot be underestimated nor easily derided. And OP also needs to review his own evidence, it just seems to be imaginary.

Husires

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Bitcoin against gold is one of the topics that have been analytically discussed for several years, and perhaps the topic that is being discussed has been repeated here since 2013, so if so, you will find more details instead of guesses like 10 times better.

What makes Bitcoin and gold valuable is that most of the supply is available in distributors that have the right to add it to the market or withdraw it. all the gold in the hands of people and central banks is greater than the gold that is produced, and therefore the user is the one who controls the price of the currency. The same applies to Bitcoin. The number of bitcoin that will be mined is less than the bitcoin currently in existence, and then it is the users who will give the price a value if the demand increases. Increased demand is what will determine the future direction of Bitcoin just as it did for gold.

SquirrelJulietGarden

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Quote from: atuzai660619 on June 10, 2023, 04:00:36 AM

There are two reasons. First, Bitcoin is a non-credit currency ten times stronger than gold.

Prove it please. Ten times stronger than gold is a too arbitrary conclusion.

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So unless Bitcoin is replaced. Otherwise he must surpass gold.

Non sense. Like altcoins, they are here, survive, except dead altcoins, but lively altcoins don't surpass Bitcoin.

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Second, Bitcoin is close to being the ideal non-credit currency, and it is basically impossible to have another non-credit currency beyond Bitcoin. Combine these two points and Bitcoin is bound to surpass gold

Again, I disagree with your logic.

The bullish case for Bitcoin. This article from Vijay can help you to understand Bitcoin better and believe in it more but it can help you to stop your baseless opinion like above.

Onyeeze

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Quote from: atuzai660619 on June 10, 2023, 04:00:36 AM

There are two reasons. First, Bitcoin is a non-credit currency ten times stronger than gold. So unless Bitcoin is replaced. Otherwise he must surpass gold. Second, Bitcoin is close to being the ideal non-credit currency, and it is basically impossible to have another non-credit currency beyond Bitcoin. Combine these two points and Bitcoin is bound to surpass gold

What do you mean by non credit in bitcoin, the only thing of bitcoin is that Bitcoin is digital currency that operates digital and it's a virtual currency, secondly bitcoin can not be controlled by the government like the way they controlled a flat currency that only thing I know that is higher gold, gold is a tradeable currency that has been use for a long time so I believe that both have different role to play

Wend

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Quote from: atuzai660619 on June 10, 2023, 04:00:36 AM

There are two reasons. First, Bitcoin is a non-credit currency ten times stronger than gold. So unless Bitcoin is replaced. Otherwise he must surpass gold. Second, Bitcoin is close to being the ideal non-credit currency, and it is basically impossible to have another non-credit currency beyond Bitcoin. Combine these two points and Bitcoin is bound to surpass gold

I don't know if what you say is true and what the future of bitcoin will be. But as of now, the capitalization of gold is 20 times that of bitcoin so it is definitely safer than bitcoin. Moreover, why does bitcoin surpass gold? While both are different, one is a physical asset, and the other is a digital asset. And both also have different use cases. Bitcoin doesn't need to surpass anyone to prove anything, given what it has and gives us, suffice it to say it's amazing.

hatshepsut93

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Quote from: atuzai660619 on June 10, 2023, 04:00:36 AM

Bitcoin is a non-credit currency ten times stronger than gold.

Why Bitcoin is 10 times stronger, why exactly 10 times and not 100 times, and in what sense it is stronger?

Quote from: atuzai660619 on June 10, 2023, 04:00:36 AM

Bitcoin is close to being the ideal non-credit currency, and it is basically impossible to have another non-credit currency beyond Bitcoin.

Bitcoin is not perfect, nothing is. In some ways gold is better than Bitcoin and will always be. Gold doesn't depend on software, on computer networks, on cryptography, gold can't be stolen by malware, gold will not be useless during blackout.

atuzai660619

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There are two reasons. First, Bitcoin is a non-credit currency ten times stronger than gold. So unless Bitcoin is replaced. Otherwise he must surpass gold. Second, Bitcoin is close to being the ideal non-credit currency, and it is basically impossible to have another non-credit currency beyond Bitcoin. Combine these two points and Bitcoin is bound to surpass gold

Topic: Why Bitcoin must surpass gold - page 5. (Read 651 times)