Will bitcoin replace gold? - page 86.

bobitza

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Quote from: Loopper on October 27, 2017, 08:18:21 AM

Quote from: Joshapat on October 27, 2017, 07:51:58 AM

I think bitcoin and gold are two different and separate things, bitcoin is not a gold competitor because market share is different, if any say bitcoin can replace gold then it will never happen, gold until whenever will be accepted and price stable while bitcoin not necessarily can last 100 years.

I agree with you, Bitcoin and Gold are not related to dropping between Bitcoin and Gold because gold is longer found than bitcoin Wink

This is exactly what I want to say, bitcoin and gold are not related, they are completely different. Gold is a precious metal, it has real value, while bitcoin is just a product of technology, and there is no platform to determine the specific value.

gurunanakji777

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Gold and Bitcoin both are different different entities, there is no comparison between both of them. I don't think so bitcoin can replace gold. Gold is very stable to trade as compare to bitcoin. Bitcoin fluctuates too much even Bitcoin is not regulated it is decentralize currency. But at present people prioritize to invest in btc instead of gold because of high return. Gold is an asset that many banks around the world hold in their vaults. On the other hand bitcoin is a virtual currency that can not be granted as secured. Bitcoin is not a physical commodity. Gold is traded in organized market so gold is safe haven asset.
Conclusion: In my opinion bitcoin can't replace gold.

wxa7115

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Quote from: Al Amin on October 18, 2017, 06:05:15 AM

Obviously gold and bitcoin are different. Gold is a precious metal and bitcoin is Cryptocurrencies both play their respective roles. So each other can not replace the other. Although gold is cheap in comparison with bitcoin but gold is still luxurious because gold remains noble.

The market cap of gold is a lot bigger than the market cap of bitcoin, bitcoin still has a long way to go if it wants to replace gold, just to give you and idea of how small bitcoin is compared to gold bitcoin market cap is only 1.5% or 2% of the market cap of gold, however this is good news since that means that bitcoin still has a lot of room to grow.

OrangeII

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Quote from: Shenzou on October 27, 2017, 11:53:17 AM

Quote from: MotulDiesel on October 27, 2017, 11:41:15 AM

I don't think bitcoin will replace any kind of local money or gold. In the end, gold still a premium metal, a physical thing and it is a standard of material. Bitcoin can be seen as gold 2.0 in the internet and the price of bitcoin higher than gold in general. However, it is almost impossible gold can be replaced by bitcoin. Bitcoin is banned from many countries and i just hope in the future bitcoin can become popular and be accepted by government

Indeed it might be that bitcoin and gold are simillar in many ways but we forget the most important thing and that is that we use gold in other things rather than investing, gold is used for jewlery and elctrnics so there is a constant demand on it, a demand that we won't see go away for a long time, bitcoin is still a new thing and has so much potential but i don't see it replacing gold any time soon,

yes, I agree with you. bitcoin is something that is still so new among big investors. although it has various functions, but it can not replace the gold that has been used for a long time. besides gold always has a high price from time to time. whereas bitcoin, we do not know it will last for how long.

Shenzou

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Quote from: MotulDiesel on October 27, 2017, 11:41:15 AM

I don't think bitcoin will replace any kind of local money or gold. In the end, gold still a premium metal, a physical thing and it is a standard of material. Bitcoin can be seen as gold 2.0 in the internet and the price of bitcoin higher than gold in general. However, it is almost impossible gold can be replaced by bitcoin. Bitcoin is banned from many countries and i just hope in the future bitcoin can become popular and be accepted by government

Indeed it might be that bitcoin and gold are simillar in many ways but we forget the most important thing and that is that we use gold in other things rather than investing, gold is used for jewlery and elctrnics so there is a constant demand on it, a demand that we won't see go away for a long time, bitcoin is still a new thing and has so much potential but i don't see it replacing gold any time soon,

MotulDiesel

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I don't think bitcoin will replace any kind of local money or gold. In the end, gold still a premium metal, a physical thing and it is a standard of material. Bitcoin can be seen as gold 2.0 in the internet and the price of bitcoin higher than gold in general. However, it is almost impossible gold can be replaced by bitcoin. Bitcoin is banned from many countries and i just hope in the future bitcoin can become popular and be accepted by government

lucifochrome

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In my opinion, that will actually depend, while gold have many uses basically jewelries and to electronics, mechanical etc. bitcoin only act as a currency which is the main purpose of it. But bitcoin is gaining value because of its use and the support of the community. It is really just digital money though you can trade it for gold or other stuff the value only increase if there is support. If there is no transaction using bitcoin then it will not gain. On the other hand gold have many uses but still the value depends on the community that is supporting gold. For example if these people do not see gold as Gold like they see it just as bronze or silver then the value will decrease. My point is the people decide which have more value.

azril fauzan

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Could be, because btc the longer its price continues to increase, while the price of gold msih spelled stagnant, even if there is no significant price increase like BTC

Flodemaga

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At the moment bitcoin is very small if we compare each one, gold is supported by countries and used by a lot people as store of value, bitcoin is used for a few people around the world, if bitcoin achieve legalization wordwide we will see the big concentration around gold swithing to bitcoin due to its big potencial to accumulate value in the short period.

jyotianand01

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Those who know about bitcoin already shift their part of investment from gold to bitcoin as it proves its strength of higher gains in last one year rather then any other investment option. Still 90% people not aware about bitcoin as it is not a fiat currency. Gold is a low earning stable investment and bitcoin is highly volatile to any speculation as no one have control on it.

FJNuñez

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Yes. Bitcoin is already replacing gold, look at the price. The is not for no reason either. It is because Bitcoin is a better store of value than gold for storing long terms of wealth.

coinfinger

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Quote from: beatleap on October 26, 2017, 04:24:05 PM

Don't be silly governments use gold to back up their fiat currencies and the governments will never accept Bitcoin and especially not to back up their existing currency. Gold will always be of value and used in modern times.

Yes that is right that governments are not in the favor of bitcoin and most of them are favoring gold and fiat for their state but as the time passes they will know that bitcoin is a currency which has more power than any other currency or any other asset so in the future it is sure that bitcoin will replace gold in hat matter.

Loopper

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Quote from: Joshapat on October 27, 2017, 07:51:58 AM

I think bitcoin and gold are two different and separate things, bitcoin is not a gold competitor because market share is different, if any say bitcoin can replace gold then it will never happen, gold until whenever will be accepted and price stable while bitcoin not necessarily can last 100 years.

I agree with you, Bitcoin and Gold are not related to dropping between Bitcoin and Gold because gold is longer found than bitcoin Wink

mjnick01

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Do not put bitcoin in gold
because bitcoin value is higher than gold

jaocoincrypto18

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Quote from: [email protected] on October 05, 2017, 08:08:14 AM

Gold in general is no better. The value of gold is nothing more than a result of a global consensus - at the moment everyone agrees to consider gold a measure of value, simply because this measure is in some form or another necessary. If we assume a utopian situation, that tomorrow everyone agrees that gold is not such a measure, then it will be good only for the production of quality wires and trinkets.
The btc is gaining momentum for exactly the same reason - the global consensus towards the btc is constantly being strengthened. In this case, unlike gold, the cue-ball is not only a measure of value, but also a settlement system, and gold is not a competitor for this parameter.

Bitcoin will not replace gold simply because gold is a physical thing in which we could trade it instantly to anyone especially in the difficult situations like chaos unlike bitcoin it will need to rely on internet to do trading transactions in which in times of chaos like wordwars the internet will be gone or temporary disable in which bitcoin will become useless for a while or forever.

Joshapat

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I think bitcoin and gold are two different and separate things, bitcoin is not a gold competitor because market share is different, if any say bitcoin can replace gold then it will never happen, gold until whenever will be accepted and price stable while bitcoin not necessarily can last 100 years.

alexsando

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I think bitcoin is more valuable than gold. Over the years, bitcoin has a very high growth rate. Bitcoins are becoming scarcer. Bitcoin replacement is indispensable. I believe this.

nethan1btc

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Quote from: bigboybitcoin on October 27, 2017, 07:25:04 AM

Quote from: ASICHEAD on October 26, 2017, 01:11:32 PM

Quote from: South Park on October 26, 2017, 11:33:40 AM

Quote from: vampyren on October 24, 2017, 03:35:28 PM

Quote from: talkbitcoin on October 05, 2017, 08:36:56 AM

first bitcoin has to gain a much more stable price.
second it has to be adopted by a very large percentage of the world and be known by everyone.
finally gold has to become obsolete so that people want to look for an alternative!
(not necessarily in this order)

then bitcoin can become kind of a reference for measuring value.

Once Bitcoin marketcap reaches 1 trillion level it will have stable price. Just like gold it has to little market cap now and can easily be manipulated but its growing fast.
See how Gold market was back in the day, very volatile like BTC. People think gold has always been stable whic is not true.

The price of gold moved a lot in the past, but thanks to markets that are very interconnected then the price of gold has stabilized but there are times when the price of gold skyrockets immensely and gold holders are waiting for that to happen similar to what we are doing with bitcoin.

But Gold never increases strongly and fastly like Bitcoin, it can not change more than 10% per day like Bitcoin. Even, Bitcoin can changes its value ~20% per day. That is the interesting of the Bitcoin market while Gold has not it.

This is a positive but gold have its own positive gold have some base value and some limited quantity.
Everyone in the world knows about gold .and we can exchange anything with gold.
While in bitcoin its only known to few people although in future there is a possibility that bitcoin beats gold when it will be known by all.

Gold is a kind of metal that can be found on earth, not a digital thing just like bitcoin. So there is no reason that bitcoin will replace gold, only they are fighting on price in the market as both of them are competing to become top. They are both profitable and when it comes to the choice many are into bitcoin now because of the popularity of it's pricing and while others are staying to gold.

ihsanskanzaone

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is also very interesting and can be used as luxurious jewelry but for in bitcoin investment is very
similar to gold because the price is not specified by government and any bank but if seen in terms
of investment I think bitcoin will be able to replace gold because its price increase is much higher than in gold.

bigboybitcoin

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Quote from: ASICHEAD on October 26, 2017, 01:11:32 PM

Quote from: South Park on October 26, 2017, 11:33:40 AM

Quote from: vampyren on October 24, 2017, 03:35:28 PM

Quote from: talkbitcoin on October 05, 2017, 08:36:56 AM

first bitcoin has to gain a much more stable price.
second it has to be adopted by a very large percentage of the world and be known by everyone.
finally gold has to become obsolete so that people want to look for an alternative!
(not necessarily in this order)

then bitcoin can become kind of a reference for measuring value.

Once Bitcoin marketcap reaches 1 trillion level it will have stable price. Just like gold it has to little market cap now and can easily be manipulated but its growing fast.
See how Gold market was back in the day, very volatile like BTC. People think gold has always been stable whic is not true.

The price of gold moved a lot in the past, but thanks to markets that are very interconnected then the price of gold has stabilized but there are times when the price of gold skyrockets immensely and gold holders are waiting for that to happen similar to what we are doing with bitcoin.

But Gold never increases strongly and fastly like Bitcoin, it can not change more than 10% per day like Bitcoin. Even, Bitcoin can changes its value ~20% per day. That is the interesting of the Bitcoin market while Gold has not it.

This is a positive but gold have its own positive gold have some base value and some limited quantity.
Everyone in the world knows about gold .and we can exchange anything with gold.
While in bitcoin its only known to few people although in future there is a possibility that bitcoin beats gold when it will be known by all.

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