Will bitcoin replace gold? - page 87.

sapnu

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Quote from: [email protected] on October 05, 2017, 09:08:14 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.

I think, it's quite impossible. Gold and Bitcoin are different in different aspects. Bitcoin can be an investment and also a currency while Gold is not. Gold is legal in most of the countries while Bitcoin is not yet known or recognized in some places or countries. Gold has a physical form while Bitcoin doesn't. So maybe they are more likely to co-exist without replacing one another.

DevilSlayer

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Quote from: [email protected] on October 05, 2017, 09:08:14 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.

The price of the bitcoin is increase so high than gold. I think it is now better to invest our money to the bitcoin than gold. I know both of them can gave us profit but I think; bitcoin is more profitable than gold.

Kuchiyose

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Quote from: doblok on October 27, 2017, 08:06:52 AM

Maybe it could happen but if replacing the existence of gold I think not because gold is more popular in the community and many fans let alone among housewives, and bitcoin still few people who understand its existence and understand it takes time and much to learn about bitcoin.

Agree, for now it seems impossible that gold will be replaced by bitcoin because housewives still believe in gold from bitcoins that have no form or can not feel.
If the bitcoin is a perceivable thing it might happen. Wink

terbetet

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Quote from: [email protected] on October 05, 2017, 09:08:14 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.

You have the point upon saying that bitcoin has being strengthened and compared to gold but it is still not appropriate to state that gold is not better in general because whether we like it or not, still gold has a great value since it was the first basis of the international currency to be the one with the greatest value among all the existing currency. It just so happen that bitcoin can be easily accessed because it was generated and operated online compared to gold which has been taking too many processes to have. Maybe time will come that bitcoin will replace gold on the uppermost ranking but still gold has a great value.

doblok

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Maybe it could happen but if replacing the existence of gold I think not because gold is more popular in the community and many fans let alone among housewives, and bitcoin still few people who understand its existence and understand it takes time and much to learn about bitcoin.

intelligentdude

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It's just like comparing Bitcoin to Fiat currency. All of them has their importance.

Vanester2014

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I don’t think for a second that cryptocurrencies will ever replace gold. For one, cryptos are strictly forms of currency, whereas gold has many other tested in time, from jewelry to electronics.

I realy agree with you that gold is a deferent matter than bitcoin because gold is already exist from the bigining that fiat not tet exist in this world one thing that bitcoin cant do is via offline transaction unlike gold you can transact even without enternet

valentin68

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The gold market is huge compared to the bitcoin market. The gold is a good asset that we know it since thousands of years, maybe the price of the gold fluctuates with some tens of dollars on a year. The bitcoin market is at its beginnings, bitcoin is a new currency and not many people knows it. I have read some months ago, in this forum that bitcoin price was bigger than the gold price this year, and that its volatility was less than the gold volatility. This makes bitcoin a very good asset that could replace gold.

stepwilli

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Quote from: mikaeltomcruz12 on October 24, 2017, 10:59:54 PM

i think no,bitcoin and gold have big differences gold is material thing that can use as accessories and it can be pawn,while bitcoin is a digital currency that can only use in digital system.

I agree with you that both are absolutely different by features and replacement of one by other has no any meaningful sense. Gold is visible and is using for so many purposes across the world while bitcoin is just a currency which has not yet been recognized globally.

Both are valuable and have their own identity in the world but both have no any close link to fell into rivalries manner with each other but it is clear that value of bitcoin is so much high than gold in dollars.

beatleap

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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.

jak3

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Back at Old times Gold was the first currency which is used as a mode of payment. I think that was the best way of money transferring just except the only fact that there are chances of less security and all the other flaws. And in our generation, we have Bitcoin it in many times better than any other existed currency or asset. Even though Bitcoin is not compatible with gold, but still it cannot replace gold as because gold is also the most trusted investment for people and as we know people are the only thing which makes system like Bitcoin.

EmmanCryp

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But gold is a physical asset and bitcoin is a digital asset. So each should have their pros and cons and direct comparisons may not really be worthwhile

Mei1418

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in terms of price may be for now bitcoin can replace the value of gold, but in its use of gold more has many uses in daily life. such as for jewelry, medical devices and so on, so both can not replace each other because both have their respective roles in life Grin

ASICHEAD

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Quote from: South Park on October 26, 2017, 12:33:40 PM

Quote from: vampyren on October 24, 2017, 04:35:28 PM

Quote from: talkbitcoin on October 05, 2017, 09:36:56 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.

skylark001

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May be yes, may be no. Chances are 50/50.

Reason, Bitcoin is a cryptocurrency and though its gaining memento rapidly still only a few people know about it. These people are tech savvy and most of them are into investments.

Keeping Gold as an asset is still a top priority for most of the common man. Country to country ratio varies. In India, Gold is far more popular than Bitcoin, not only for investment but for showing off the assets.

HiringYou

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No i dont think Bitcoin will be able to replace gold .No doubt it provides more profit than gold but we cannot ignore the fact that it is more risky than gold .Moreover gold is more tursted and traditional way of investment so it is not easy for Bitcoin to replace a commodity like gold.

South Park

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Quote from: vampyren on October 24, 2017, 04:35:28 PM

Quote from: talkbitcoin on October 05, 2017, 09:36:56 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.

Fatso123111

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Quote from: Kamote_1102 on October 25, 2017, 12:45:20 PM

Not at all. Bitcoin can't replace Gold. First of all,Gold is a tangible,precious metal with a value.it's a treasure for all mankind.it can be found and can be use by anyone.Gold can be used as a resource too.since the beginning of the World, Gold is already there.however, bitcoin is a digital currency that can be used and traded by the use of the Internet. When the internet is gone, bitcoin is gone too. Bitcoin is not a treasure to keep.that being said,you can't really compare bitcoin and gold to one another.they their own value and purpose.

The internet can't really go away though. I don't really see what you're saying. Bitcoin has value because of the underlying tech but its value is still largely speculative. Many coins do what bitcoin does but better and are worth much less.

Kamote_1102

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Not at all. Bitcoin can't replace Gold. First of all,Gold is a tangible,precious metal with a value.it's a treasure for all mankind.it can be found and can be use by anyone.Gold can be used as a resource too.since the beginning of the World, Gold is already there.however, bitcoin is a digital currency that can be used and traded by the use of the Internet. When the internet is gone, bitcoin is gone too. Bitcoin is not a treasure to keep.that being said,you can't really compare bitcoin and gold to one another.they their own value and purpose.

ripti

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It is not uncommon for Bitcoin to replace gold. At present, Bitcoin will accept the value of gold standard. Both Bitcoin and Gold have their own characteristics and if not others and if you understand it, then only others will not be replaced.

Topic: Will bitcoin replace gold? - page 87. (Read 15661 times)