Why do many people call Bitcoin "digital gold"?

Reatim

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Quote from: zaesvlas on October 28, 2021, 08:11:56 AM

Is not it so? As for me, now for investment this is a really worthy option, which can be quite profitable.

have you read the thread or even the title? i see no direct connection in your post and this sounds funny lol.

Quote from: kopijos on October 28, 2021, 08:51:16 AM

actually it is not correct if bitcoin is called digital gold.

WHy ? what is not correct on this to be called as digital gold? mind explaining please?

Quote

because the nature of bitcoin is easy to increase and decrease drastically, in contrast to gold which is always stable and increases even though slowly.
this is actually just a designation but for the nature of the two are very different

they may be different because one is digital and another is physical but it is indeed best to have them both for future use.

breathlessz

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I think this is because bitcoin is a potential investment tool like gold, while the difference is that gold has a physical form, while bitcoin does not. so bitcoin is widely said to be digital gold. actually investing in bitcoin is very profitable as long as we are patient to hold it, many of the investors who see the wild movement so panic sell

rizqoAD

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In my opinion, the reason Bitcoin is called digital gold is because Bitcoin has characteristics like real gold, even though in digital form Bitcoin has a limited amount and cannot be counterfeited. In addition, the price that continues to rise makes Bitcoin more valuable like gold, so it is often referred to as digital gold. Bitcoin is the only cryptocurrency that has the highest value compared to other cryptocurrencies, this makes Bitcoin an alternative investment other than gold because it is more economical to store in a digital wallet.

ChiBitCTy

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I for one have always been someone who has gotten VERY annoyed by all of the bitcoin vs gold or bitcoin or gold talk, because the two are very different things. That being said they of course also have some properties in common that make them somewhat comparable, but that being said there are plenty of things you can compare from one to another so it still annoys me a bit. However the book Digital Gold is fantastic and a highly recommended read!

kopijos

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actually it is not correct if bitcoin is called digital gold.
because the nature of bitcoin is easy to increase and decrease drastically, in contrast to gold which is always stable and increases even though slowly.
this is actually just a designation but for the nature of the two are very different

Wawa2013

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Quote from: Alert31 on October 28, 2021, 07:55:45 AM

I think because of it's value which is precious like gold. Digital because bitcoin was created as digital currency which comparable to gold. You know the only thing that’s great about bitcoin that isn’t in gold is that every person in the digital community can have bitcoin even smaller. Many people have bitcoin in their wallet but no gold.

Apart from both having a value which is precious, Bitcoin and Gold also have several other things in common. Like getting it by being mined,
then Bitcoin and Gold are also limited in number. Because Bitcoin is only used in the digital world, therefore many call Bitcoin as digital gold.
In fact, when compared again, both Bitcoin and Gold have several differences, because they are indeed different. There is no need to compare
which is better between Bitcoin and Gold, because both are very worthy of long-term investment. If both are equally good, why should we choose one?.
I even now invest in Gold and Bitcoin.

worldofcoins

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I don't call it digital gold but it has some similarities but isn't the same!
There's a coin named "Bitcoin Gold" and if I'm not wrong then it's backed up by real Gold and there's a smart contract on it where you pay a percent every "x" days as a tax cut from real gold.

I don't know what to say about it but in simple words, Bitcoin isn't real gold or Backed up by real gold.

zaesvlas

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Is not it so? As for me, now for investment this is a really worthy option, which can be quite profitable.

rozak

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Quote from: marilynmanson21 on October 28, 2021, 07:53:19 AM

Bitcoin has all the same characteristics as gold. That's why people call Bitcoin digital gold, but better digital gold. Bitcoin also has value as a payment system. The more people use Bitcoin for payments, the more valuable this payment system becomes.

I don't like having to equate the two. although I have both for investment, Gold is like a very passive asset to save money when we need it in the future.
but bitcoin is an asset that can give us money whenever we want. I mean, daily, monthly, or maybe yearly. It all depends on our planning.
both are different. but maybe many give the term because they see a very large increase in the price of bitcoin.
as a means of payment, both have their history. because in the past, we could recognize gold coins (gold coins used for transactions). now everything has been made simpler and cheaper.
while bitcoin is currently struggling, or maybe only a few commodities are accepting payments using bitcoin.

Alert31

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I think because of it's value which is precious like gold. Digital because bitcoin was created as digital currency which comparable to gold. You know the only thing that’s great about bitcoin that isn’t in gold is that every person in the digital community can have bitcoin even smaller. Many people have bitcoin in their wallet but no gold.

marilynmanson21

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Bitcoin has all the same characteristics as gold. That's why people call Bitcoin digital gold, but better digital gold. Bitcoin also has value as a payment system. The more people use Bitcoin for payments, the more valuable this payment system becomes.

peter0425

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Do we really need to elaborate that, if you are here and believer of Bitcoin you will understand why we are calling this as digital gold.
Not like Fiat that has been provided by the government , Bitcoin is like a gold that needs to go in process of Mining and the stocks are limited, it may be mined in future and the value will surely increase to the max.
so meaning that either Gold or Bitcoin both are very valuable in physical and digital world.

Imran232

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How do I understand these things? What do people call bitcoins as digital gold? But there is a simple thing. No one says bitcoin is digital gold. They just compare it with gold and conclude that bitcoin can be a value like gold in the digital world. Gold is a valuable thing in the physical world, where bitcoin has value like gold in the virtual world. Though people can now invest gold virtually, like they don't need to hold gold, they just need a wallet where they can get an amount of gold virtually. That is the reason people are almost saying bitcoin is a version of gold, digitally, all because of its value.

rodskee

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Quote from: eXtremal on October 27, 2021, 11:09:45 AM

It's a parable. But it really looks like real gold. Gold is non-renewable, supply is limited,
scarce, and valuable. It also exists in bitcoin but bitcoin is the digital version. This makes the times more interesting.

Indeed here mate, Bitcoin named digital gold because Like gold both characteristics are the same though Gold may still regenerate after 2070 yet this will take long years again not Like bitcoin that after mining the 21 million btc there are no other to be mined forever.
and besides the use of Bitcoin and Gold are almost the same.

Gyfts

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Quote from: Welsh on July 22, 2021, 01:05:48 PM

However, despite us wanting to hold a physical item, modern times are changing quite quickly, most people are becoming accustomed to handling their finances online, where as 5-10 years ago, most people thought of it as insecure. So, while at the moment people like shiny physical things, it is quickly changing. Several challenging banks are now operating entirely online, and don't even have any local branches that you can go too. Bitcoin will most certainly benefit from this psychological shift in our culture.

It's a bit of a double edged sword because it's hard to make the case to someone that Bitcoin should replace traditional currencies when it isn't a tangible asset. Granted, currencies shifted away from the gold standard anyways so there is nothing supporting traditional currencies anyways.. And, most modern banking is just digital numbers shown as a balance on an account, but the idea is that the number on the screen can be exchanged for physical cash. With Bitcoin, there is no such concept.

MIner1448

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This is, of course, a hackneyed topic for discussion, but it is called digital gold for the main reason, and this is its market value and its capitalization, now it is difficult to imagine or find a digital value that would be so worth it, perhaps there is no such value anywhere and never will will. Bitcoin took the lead in digital asset and will be there for a long time.

eXtremal

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It's a parable. But it really looks like real gold. Gold is non-renewable, supply is limited, scarce, and valuable. It also exists in bitcoin but bitcoin is the digital version. This makes the times more interesting.

habebe

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:)well about the bitcoin crypto asset was a digital currency but many people they don't know about bitcoin and they think is like an expensive gold they compared gold to bitcoin and nown as always gold but about bitcoin i know is a higher than gold but the truth is bitcoin are the most popular crypto currency, in the world

syedakhlaque

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The people rightly call Bitcoin "digital gold".Because it was Gold that was used as the main trade matter in the history of the world.
After Gold on the world level, This is bitcoin that is been used For the last decade. Bitcoin business is growing day by day without any border or country limit. The flow of this business cannot be controlled by any country. So it is expected that Bitcoin will take place of Gold in future world trade. So we can say it is "Digital Gold".

anil07

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Bitcoin is an digital currency and it's value very high BTC growth day by day like gold. we can called btc digital gold. we store it for the future like gold
in the future btc give us more profit so people says btc digital gold.

Topic: Why do many people call Bitcoin "digital gold"? (Read 1380 times)