Why do many people call Bitcoin "digital gold"? - page 5.

velosepur

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Quote from: taufik123 on July 24, 2021, 01:07:10 PM

Quote from: kawetsriyanto on July 23, 2021, 03:40:14 PM

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.
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.

taufik123

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Quote from: kawetsriyanto on July 23, 2021, 03:40:14 PM

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.
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.

Shasha80

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Quote from: bandungan on July 23, 2021, 11:33:33 PM

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

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.

Semar Mesem

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Quote from: verita1 on July 23, 2021, 04:20:25 PM

I agree as some of the members think. In the answer that is because investors see bitcoin as a store of value.
Just as we believe in bitcoin, we are supporting the fact that blockchain is disrupting finance and technology.
We have displaced the PC Internet for the mobile Internet because we spend most of the time using it.
Digital gold reminds us of physical gold that is money and has value that is why people call it that.
Peer to Peer or P2P is the main characteristic of bitcoin in its beginnings as we know but it is more common to associate it with the "store of value", digital gold, active digital.

For now bitcoin deserves to be called digital money, but we have full control and a high level of security, I never worry about keeping large amounts of bitcoin because I have a private key to make bitcoin safe from robbery like gold.

Alisha-k

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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

bandungan

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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

maxreish

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Since many were comparing it with gold because of it's special value and many were considering bitcoin as an asset value like gold, they came up with "digital gold" as bitcoin only existed and transacted online. The newest era already been improved as cashless society begun to use by many of us, thus digital transactions are already been widely operated.

As those people already proved that the value of bitcoin can help us to financially grow, like gold who increases its value and considered good investment. Digital asset like bitcoin can also proved that it can keep up with gold in terms of being a good investment.

verita1

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I agree as some of the members think. In the answer that is because investors see bitcoin as a store of value.
Just as we believe in bitcoin, we are supporting the fact that blockchain is disrupting finance and technology.
We have displaced the PC Internet for the mobile Internet because we spend most of the time using it.
Digital gold reminds us of physical gold that is money and has value that is why people call it that.
Peer to Peer or P2P is the main characteristic of bitcoin in its beginnings as we know but it is more common to associate it with the "store of value", digital gold, active digital.

kawetsriyanto

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Quote from: taufik123 on July 23, 2021, 10:37:32 AM

Investing in gold also has risks, but the risks involved are not as extreme as Bitcoin.

Yep. That's exactly what I mean above. Investing in Gold has a risk, too. But the risk should be much smaller because the price change of Gold isn't as significant as Bitcoin. Also, Gold investment is always popular every time, it is already proven for many many years. And it is also supported by all parties in the world, including the government. This makes Gold is safer for a long-term asset than Bitcoin, now. However, Bitcoin may be like Bitcoin too in the future. Wink

Quote from: taufik123 on July 23, 2021, 10:37:32 AM

All types of investment certainly have risks but with different levels.

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.

SaShiRaJaVu

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Quote from: mk4 on July 23, 2021, 09:18:28 AM

~
I disagree slightly. I don't think most people even know the monetary uses of gold, other than it's shiny and it looks good for bracelets, rings, and necklaces. So when you say digital gold, it would make zero sense to most people because you can't physically see nor touch bitcoin.

This is just a marketing pitch that Bitcoin is the digital gold by many and for a normal individual it does not make any sense and all they see is people spending money for bits and bytes and you cannot complain them either and anyone who is involved in the stock market will not understand it either as all they look for is underlying valuation of a business and how they are progressing.

The best part is to not compare these investment markets and then it would be easier for anyone new to understand.

Shawn20

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Reason can be many but i think, It is the main Hero of the crypto world and people believe that it can give them more profit than physical gold. As it is the digital money and can give more profit than gold.often called as digital gold. Though there may be some risk but most of the people who believed in Bitcoin previously, were winner

batako

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Quote from: mrongoz_imut on July 23, 2021, 10:04:35 AM

why do many people call bitcoin as gold in digital,,?? because bitcoin has a fantastic price, while gold has a stable price, the risks experienced by bitcoin and gold are very different, because we can see gold does not have any risk because the price is stable, but if bitcoin has a big risk, but the profit we get can be said to be very large..

People call it digital gold because of the similarity of properties with gold in the real world where we can get big profits when we keep it for a long time. What makes a little difference is, if gold in the real world tends to be stable and safe to use as an investment, while in bitcoin the risk will be higher which of course has the opportunity to get a much bigger profit as well.

Issa56

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Seriously bitcoin is obviously the digital gold because is the number one digital currency and the demand for bitcoin is really high. Currently bitcoin is getting scared and the price is getting high which makes it digital gold whenever you talk about digital currency the first coin you will talk about is bitcoin so bitcoin is definitely digital gold.

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Quote from: bitzizzix on July 23, 2021, 10:28:11 AM

Bitcoin extraction and mining is limited to 21 million coins based on its source code

Actually, the coins will be 21M, because the people say so. That's more powerful than a bunch of C++ lines. The people are the ones who will install the software and be in favour of keeping it that way. The people are the ones who have no incentive on increasing the circulating supply. The people can double those 21M coins very easily, but they don't because they don't find a reason to. Because, the remaining people won't agree upon their change.

Bitcoin is a decision made by people for the people.

BOAEDAN

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maybe in terms of prices that almost have a lot of similarities contained in it, especially regarding prices that are constantly changing for the future, with many almost all similarities that are not much different in it for something that causes almost the same with pure gold at this time

taufik123

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Quote from: kawetsriyanto on July 22, 2021, 06:30:10 PM

Quote from: taufik123 on July 22, 2021, 05:50:40 PM

Bitcoin thrives during “risk-on” conditions, while gold prefers “risk-off”

Does it mean Gold has no risk?
I don't think so. Gold value can decrease, too.
But if you look at the price history, the change is not very significant as Bitcoin value.

Investing in gold also has risks, but the risks involved are not as extreme as Bitcoin. The value of gold can indeed go down, but fluctuations in gold prices are very slow and will not be detected in the next 1 year, it will take years. Gold is used for long term investment. Another risk of investing in gold is the high risk of loss, because gold is a precious stone that has value.

All types of investment certainly have risks but with different levels.

bitzizzix

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In my opinion, what is meant by digital gold because bitcoin has characteristics like gold does not mean that bitcoin is pure like gold that has a shape or form, and many industry players and analysts refer to Bitcoin as "digital gold", because gold and Bitcoin have a limited supply, so potentially maintain value in the market.
and gold is limited by physical supply and difficulty Bitcoin extraction and mining is limited to 21 million coins based on its source code, which are both valuable and rare, and bitcoin is dubbed the new gold and which is much more portable, transporting and owning Bitcoin is much easier than having gold bullion in your pocket.

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Quote from: BlackHatCoiner on July 23, 2021, 09:26:36 AM

It is then judged by yourself if that's true. It's up to you to define what's Bitcoin. In my opinion, it may not be touched, but it can be seen. In this cryptographic world we've dive, proof speaks for itself. A signature of a message may be considered intangible, but not invisible. I confirm that the signature is authentic by observing it.

To me, Bitcoin is a visible currency where each coin can be represented with a valid signature.

Precisely. If you really want to make a great explanation, the way you're going to define Bitcoin will completely depend on who you're talking to. Using the "digital gold" narrative might kinda work on a younger dude who are used to trading game currencies and items whereas probably a "uncorrelated asset" narrative would work better for an older finance dude, etc.

mrongoz_imut

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why do many people call bitcoin as gold in digital,,?? because bitcoin has a fantastic price, while gold has a stable price, the risks experienced by bitcoin and gold are very different, because we can see gold does not have any risk because the price is stable, but if bitcoin has a big risk, but the profit we get can be said to be very large..

Gcrypto786

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Quote from: marine4u on July 23, 2021, 09:46:56 AM

Believe that, in the coming years, bitcoin will be used more than gold!

At some point you are right but there is a huge difference between Bitcoin and Gold as Bitcoin is not stable and any time the BTC can be down to earth and on the other hand, there is some price fluctuation in Gold but not like BTC.

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