Topic: Why do many people call Bitcoin "digital gold"? - page 4. (Read 1372 times)
I think bitcoin is considered as digital gold because bitcoin is the largest digital currency, attracts world attention and is considered an anti-inflation asset, bitcoin is comparable to the value of physical gold traditional substance.
The comparison to gold is primarily as store of value...
Gold is not used as a medium of exchange or currency... and in the same way bitcoin doesn't need to be used for payments... it can grow tremendously from here just with the current narrative of being the world's first and best digital store of value.
Gold is not used as a medium of exchange or currency... and in the same way bitcoin doesn't need to be used for payments... it can grow tremendously from here just with the current narrative of being the world's first and best digital store of value.
Gold is the most popular metal in all over the world. And Bitcoin works same like the gold. It can be used in all over the world. It is not any country currency. It is now become a global currency that anyone can use from anywhere in the world. That's why many peoples say Bitcoin the digital gold. But gold is a metal and bitcoin is currency both have difference. But both can be used for exchange of goods.
A global currency that has not been recognized by the rest of the world. I think only a few countries recognize it as a means of payment. It also goes against World Bank rules. They do not recognize bitcoin as legal tender. Therefore, access is still limited.Regarding the name I think it's only in some circles this is seen because of the special value of Bitcoin. If in the real world gold then in crypto bitcoin. It's just a parable because of its value alone. IMO
Gold is the most popular metal in all over the world. And Bitcoin works same like the gold. It can be used in all over the world. It is not any country currency. It is now become a global currency that anyone can use from anywhere in the world. That's why many peoples say Bitcoin the digital gold. But gold is a metal and bitcoin is currency both have difference. But both can be used for exchange of goods.
You pretty much covered most of it; and I totally agree that Bitcoin's total addressable market is huge, even bigger than gold's. It's just that a lot of people are skeptical of Bitcoin solely because of it being intangible(besides some other things that's mostly because of ignorance). While digitization definitely has it's advantages, it's just that people like shiny good looking things.
My friends around me question Bitcoin mainly from two aspects:
- The attitude of the national policy is very restrictive and unfriendly to Bitcoin. Most people trust the government for whatever reason.
- The second aspect is their lack of knowledge, they are not good at Bitcoin investment, and the price of Bitcoin is very volatile and easy to be guided by individual people, such as Musk. The final point is that Bitcoin is not in their control. It is better to be a restaurant and have some income every day.
Yes, this is also the current attitude of most ordinary people towards Bitcoin. They believe more in the government's propaganda of Bitcoin. But I believe that this is short-lived. Bitcoin is fundamentally different from gold. The government can pass laws to prohibit the circulation of gold as currency, but the government cannot prevent the circulation of Bitcoin. Bitcoin is truly decentralized and no one can control it.
Just like gold, bitcoin is scarce and durable. In addition, bitcoin exhibits high portability, is easily transactable and programmable. What it lacks relative to gold, of course, is a long history of being perceived as a store of value.” “As digital gold
Bitcoin certainly has a lot of disadvantages compared to gold, but I use bitcoin to get big profits. gold has been used since thousands of years ago, 100% of the world's people know gold so that everyone is always looking for it, besides that gold has always been the standard of wealth so that everyone will save gold
From the beginning of my understanding of cryptocurrency i notice that many people give definition of cryptocurrency especially bitcoin to whatever they feel like to call it, so therefore anyone that's into crypto will give a preferential meaning of bitcoin base on the person's perspective, bitcoin is a currency and is decentralized, it's not something that we can argue about, that, BTC is a digital gold or not, everyone can stand to make a hate speech to any circumstances of everything but when you make a research or carry on research you in conclusion without accepting wrong or embracing negative name btc people tagged it.
Just like gold, bitcoin is scarce and durable. In addition, bitcoin exhibits high portability, is easily transactable and programmable. What it lacks relative to gold, of course, is a long history of being perceived as a store of value.” “As digital gold
Bitcoin is referred to as digital gold because of it's high volatility and demand just as gold. Bitcoin gets scares as the years goes by and since it's not readily handy it's storage value keeps appreciating and depreciating based on the state of it's demand and supply curves which causes fluctuation in price. And this is on of the attribute bit shares with gold that's why it's referred to as digital gold
Bitcoin deserves to be called gold because of many similarities, but I think bitcoin is safer and certainly profitable than gold. Bitcoin is increasingly popular and the influence of bitcoin makes many parties especially banks afraid. The presence of bitcoin that does not require storage and delivery services, fast and small transaction fees make it easy for anyone to make everything easy.
In the past, many has called bitcoin a digital gold, due to it weak relationship with other assets/stock especially. Bitcoin is also like gold and at that it's not issued by federal government or Central Bank.
I am of the opinion that bitcoin is called digital gold because it has some of the characteristics of gold and other characteristics that make bitcoin even better. One must wonder why bitcoin wasn't called 'digital diamond' in terms of value, I believe it is because unlike diamond, it can be sold in smaller units which makes it affordable for almost everyone just like gold.
I believe it is also called that because of the fact that both of them can be used as a store of value.
I believe it is also called that because of the fact that both of them can be used as a store of value.
since the year before I was born and now people prioritize gold as an asset that helps in an emergency. Gold is also loved by women, even in my country many women decorate themselves with gold, besides gold can also be exchanged easily through banking and other financial services. It used to be not an easy task to exchange bitcoins, now with increasing adoption and access to more exchanges it is making it easier than in the past. This seems to be the reason bitcoin is referred to as digital gold.
for me virtual bitcoin almost has similarities with virtual gold as it relates to the issue of prices that continue to change in a short period of time, and like some other things we can find similarities, therefore many people call bitcoin almost like gold virtual, but we also recognize that gold is a common thing for people to save their money in the form of gold, of course if bitcoin has received permission from various countries it is not impossible that this will be able to compete with virtual gold
You pretty much covered most of it; and I totally agree that Bitcoin's total addressable market is huge, even bigger than gold's. It's just that a lot of people are skeptical of Bitcoin solely because of it being intangible(besides some other things that's mostly because of ignorance). While digitization definitely has it's advantages, it's just that people like shiny good looking things.
My friends around me question Bitcoin mainly from two aspects:
- The attitude of the national policy is very restrictive and unfriendly to Bitcoin. Most people trust the government for whatever reason.
- The second aspect is their lack of knowledge, they are not good at Bitcoin investment, and the price of Bitcoin is very volatile and easy to be guided by individual people, such as Musk. The final point is that Bitcoin is not in their control. It is better to be a restaurant and have some income every day.
It's been so long since they called it that way when they compared it to the gold where you don't need to worry about long-term investment since it's always on demand in the market. That's how the traits of bitcoins until now, didn't change at all because, after more than 10 years, it still dominates the market and the assurance is high compared to the other cryptocurrencies. Gold on the other hand has some kind of stable prices compared to the volatility in the crypto market but the way they compared bitcoins to gold is the assurance that anytime you can sold it whenever you want.
If you check the returns spread out during the last 100-120 years, then you can see that gold has given the best returns for any asset. You can cherry-pick individual stocks such as AMZN, MSFT or TSLA and claim that their return is good, but the stock market is full of ups and downs during this period. Gold is one asset that has given good returns on a consistent basis. Also, it is one of the few assets which has maintained it's purchasing power. If you check the USD, you can see that it's purchasing power decreased by almost 99% during the same period.
they say bitcoin as digital gold because i think it has a good selling value in the future like gold. but the reality is not like that. bitcoin can't even be as stable as gold, where bitcoin still has its ups and downs.
so I think those who mention it don't understand what is bitcoin
Those who judge like that, only focus on investment matters, which indeed both provide profit opportunities in terms of investing, even though both have different characteristics and advantages+disadvantages.so I think those who mention it don't understand what is bitcoin
bitcoin is like a big hope that has more potential to spread the future
they say bitcoin as digital gold because i think it has a good selling value in the future like gold. but the reality is not like that. bitcoin can't even be as stable as gold, where bitcoin still has its ups and downs.
so I think those who mention it don't understand what is bitcoin
so I think those who mention it don't understand what is bitcoin
Many compare Bitcoin with Gold, because Bitcoin is very similar to Gold. Not only is the selling value high, but the way to get it is also the same
as mining, and the amount is limited. So I can understand that many people refer to Bitcoin as digital Gold, but when compared correctly,
both Bitcoin and Gold have differences. The most striking difference is that Bitcoin has a very volatile price, while the price of Gold is relatively
stable. Therefore we should learn about Bitcoin properly, that way you will know that Bitcoin and Gold have some differences. Therefore I prefer
to say Bitcoin as a digital asset.
Indeed. No investment has no risk.
Sometimes the risks reflect the profits potential. For example, Bitcoin offers potential big profit but it has a big risk as well. While for Gold, the potential profit probably isn't as big as Bitcoin, but the risk is relatively smaller.
A simple explanation may be like the image below.Sometimes the risks reflect the profits potential. For example, Bitcoin offers potential big profit but it has a big risk as well. While for Gold, the potential profit probably isn't as big as Bitcoin, but the risk is relatively smaller.
Low Risk Low Return and High Risk High Return
Gold is indeed a low risk investment.
There is no type of investment that is "Low Risk High Return", even if someone offers it, usually the investment will end up being a fraudulent investment or investment fraud.
Yes, thats it, simple. If someone invest in high risk solution and trying to get fast and big profit that is way of gambling. nothing to add, fully agree.
Yes,there is no type of investment that is "Low Risk High Return".The risk and return of any of our investments are directly proportional. This is the most basic law. If we want to obtain the safest investment, we should not expect it to bring us high returns. The main reason why the crypto world attracts many people to participate is that it can create very high returns, but high returns also mean high risks. In the process, many people lose all of their funds. The control of investment behavior has a very high relationship with everyone's cognitive level. For us, the only way to reduce risk is to continuously strengthen our own learning and improve our cognitive ability.
Bitcoin is not 100% comparable to gold. I'll give a few points:
Gold:
You have something in your hand, not on the „internet“
Hard to transport + delivery expensive
Risk of loss in case of transfer
Storage space necessary
Purchase must be registered
Difficult to divide into small quantities
Bitcoin:
Easy, fast and cheap to transport
Small area of storage necessary
Easy to divide into small quantities
P2P tradable without registration
You do not have it physically in the has, but an access to the blockchain
Gold:
You have something in your hand, not on the „internet“
Hard to transport + delivery expensive
Risk of loss in case of transfer
Storage space necessary
Purchase must be registered
Difficult to divide into small quantities
Bitcoin:
Easy, fast and cheap to transport
Small area of storage necessary
Easy to divide into small quantities
P2P tradable without registration
You do not have it physically in the has, but an access to the blockchain
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