Topic: Will Bitcoin replace Gold someday? - page 3. (Read 1298 times)

As it stands, it is still very early to say if bitcoin will replace gold.
It is however noteworthy to know that bitcoin has the potential to replace gold in the future.
The characteristics of bitcoin which gives it an edge over gold are it's portability and decentralization.
I think the edge gold has over bitcoin is it's general acceptability which is subjected to dwindle as more people adopt bitcoin. Gold's legality is also another advantage over bitcoin but we should know that with time, countries that deem bitcoin illegal will eventually come to terms with it.
So it is absolutely possible for bitcoin to replace gold in the future.

That's true, there is nothing to compete with them. There will always someone who like gold because its charsteristic and it can be happen to bitcoin. Indeed, bitcoin still young and there still many people who don't against bitcoin but sooner when all of stuff become digitalized many people will aware of bitcoin. Until there will no anyone who consider that bitcoin's price will not go to zero value because many people already who will buy it in the lower price.

Bitcoin is Bitcoin and Gold is Gold. Each asset class has different standards. I think the value of Gold is more stable and people love gold as well as Bitcoin. Countries that will buy gold have yet to see which countries put Bitcoin in their national wealth reserves. Remember that. Gold has been around for thousands of years in my opinion and gold will remain a better choice for governments and for all. Although they do not know anything about gold they can still keep them safe, but for Bitcoin, there is a need for knowledge, knowledge, and much more.

That's certainly true, mate. While Gold has been trusted for years by people worldwide, Bitcoin is still relatively new. Gold's best selling point, is that it can be used in emergencies when there's no electricity or Internet connection whatsoever. That's not possible with Bitcoin since transactions are valid only if they go through the Blockchain. This means that the person needs electricity and an Internet connection to be able to interact with Bitcoin in the mainstream world. If it wasn't for this, Bitcoin would've been even better than Gold itself.

For those who have access to the aforementioned resources, Bitcoin proves to be a great alternative to existing Gold. The fact that Bitcoin is portable, allows anyone to carry thousands or even millions of dollars in the smallest device possible to prevent unwanted attention. Imagine travelling to another country having to carry all of your physical Gold bullion. It would pose to be an extreme security risk that could be life-threatening as we know it. With Bitcoin, the person carrying it obtains full discretion of his/her funds. You can store it in a very small piece of paper, on a microSD card, a thumb drive, etc. Since none will suspect you're carrying Bitcoin using such methods (unless you personally disclose it), you can feel safe against theft.

Nonetheless, both Bitcoin and Gold have their respective advantages/disadvantages. Neither can replace the other since they're apples and oranges. Bitcoin will continue to be the "Gold standard of crypto", while Gold itself will be tokenized on the Blockchain. People can put both assets to good use in order to enjoy financial freedom. As Bitcoin's popularity grows, more people will recognize it as a store of value. Just my thoughts

In the earth, everything is changing. Gold use from many many years ago. But its honer not change Still same. bitcoin comes some years ago. it will change . It confusion bitcoin replace gold. 

This will be detable in the sense that we have different believes as to what's the most use in the future. In my view bitcoin will not be replace gold in the future and we cannot compared these two since it has different features and use. That's right market is volatile so it really differs from gold so bitcoin still be bitcoin in the future.

Gold may be valuable the same as Bitcoin but both are unstable.

We say that Gold is safe since the price increase of it is stable while Bitcoin is so volatile that it can change it price in a minute. But Gold is also affected by other things and it can also fall down, it is not always stable. Also, I don't think that a Gold-backed digital asset is a good thing, just based on experiences from some altcoins I invested in. All I know is that Bitcoin can possibly replace Gold.

Gold being the source of store of value of money since times immemorial.   It can be stored in its physical form as well as in the form of purchasing gold bonds.  In countries like India Gold has always been a safe investment because it can be kept safely being occuping little space.  People are also fond of keeping gold jewellery. In the emergency periods people used to sell it and get the desired jobs.

Bitcoin is very new subject.   Still most of the people are unaware of it.  Low education levels; non awareness and safety measures will keep people away from this option.  Always there is fear that these may be stolen by fraudsters.  One needs to be full aware and educated / informed how to keep this safe.

Though the more and more people will come into it's fold but I do not see bitcoin taking the place of gold in near future.

I don't think Bitcoin can replace gold, why?
This is the answer from me, namely gold is an item that has a physical and function
Gold in real life is used for luxury lifestyle or jewelry
The question should be more specific, if you ask about investing in gold vs bitcoin then it's possible that bitcoin can replace gold but it's different in other contexts

Good point. Without internet access, Bitcoin cannot be used as a safe-haven asset like Gold. There's no physical way to conduct transactions with Bitcoin in times of turmoil (despite being able to "hodl" it offline). One way or another, you'd need to be online in order for a transaction to become certified on the Blockchain. Gold's physical presence, allows anyone to use it regardless of internet access. Still, it's not portable which brings many inconveniences along the way. It's important to know that both assets have their respective advantages/disadvantages. It looks very unlikely that one asset will replace the other in the future. I think both Gold and Bitcoin will part their separate ways as an independent store of value anyone can use to protect their capital against decaying Fiat currencies.

With Gold being "tokenized" on the Blockchain, a new world of possibilities is opened. The premier store of value (Gold) will get the "best of both worlds" as it enters the Blockchain industry. Once that happens, Gold might be able to complement Bitcoin in every way. Serious investors will always choose Gold over Bitcoin because of its high level of trust over the years. The pioneer cryptocurrency (Bitcoin) is just getting started with only 11 years of age. Let's give it more time to mature, in order to determine if it could be an alternative to Gold or all the other way around. Just my opinion

John Pfeffer, a partner at UK-based Pfeffer Capital, made the remarks at the Sohn investment conference in New York. That event traditionally serves as a place for investors to recommend the best stocks to invest in – and has never seen anyone recommend cryptocurrency before.

“Bitcoin is the first viable candidate to replace gold the world has ever seen,” Mr Pfeffer said. "So if bitcoin becomes the dominant non-sovereign store of value, it could be the new gold, or new reserve currency."

Gold has been here since time immemorial. I don't think bitcoin will ever replace gold. And the chance that bitcoin will be obsolete someday is high rather than gold become obsolete. As gold is a tangible asset and with other usage aside from being wealth asset like the importance of gold in the electronics industry, replacing gold is very unlikely. So investing in gold is really worth for long term.

Bitcoin and Gold have equal values in their respective places.
Yes it's also true that Gold cannot be ever replaced by Bitcoins.
There are many reasons for it also.
In many countries Bitcoin is still Illegal. The Government doesn't support cryptos in their countries.
On the other hand Gold is popularly known by each and every person.
If we also see the price, then Gold price is more stable than that of cryptos, so more people will likely to hold Gold than cryptos IMO.
Nevertheless i hope we will surely see an era , where cryptos (BTC) will be given equal importance like Gold.

Bitcoin is futuristic, but gold is more real. The internet is indeed widely adopted by society today, but fiat money is still used and is always being taught by the government to always be used. One of the government's strengths to stop bitcoin domination is by digitizing FIAT money, but the weakness of FIAT currency lies in the difficulty of converting to make transactions between countries. And here the role of gold will be monopolized by the government and the rich beside it.

So it is impossible to get rid of gold with bitcoin without forcing the government to get rid of the gold itself

gold is still there but bitcoin will also grow. so this is not a deletion of a physical object such as gold, doing it will probably be a good correlation, so maybe one day gold can be bought with bitcoin, or bitcoin can be exchanged for gold.
So regarding the removal of gold, I think there is no time to answer because now the price of gold has also increased and gold is always needed

i dont think bitcoin will replace the gold, the reason why is gold physical and bitcon aren't. i don't know someday when there is disaster EMP Blast and the internet aren't working totally u just using gold  as the payment

Ps. Sci-fi things is all over my head 

but seriously bitcoin and gold are different things

Gold is associated with the economy because it is used by central banks of every single country in transactions of final settlement. Gold is relatively safe for these operations since no one controls price of gold, no one can easily debase its value, no one can significantly increase its total supply in response of increased demand. Of course, they can sell their gold reserves in order to control price of state fiat money, but this manipulation is usually short-term. Bitcoin can replace gold, it can be used for final settlements, because it doesn't require being physical moved accross the sea, for instance. We are still far from that, but advantages of bitcoin are obvious in this case, anyway.

Well said. I agree that one does not necessarily need to replace or surpass the other. I think that it would be more ideal for these entities to go hand in hand with each other and for people to see its unique functions in the society. These things are all existing because these are similarly providing something for the society.

My answer is a plain flat NO. Gold has been with us for several millenia and it's value and importance to humans never diminished until now. So no matter what we create as an alternative to fiat currency or precious metals, people will still be able to give tremendous value to gold and this will continue for a very long time. Whatever the culture, whatever economic policies will be created, there is no denying the power gold gives.

Its so impossible to happen. Because Gold is a precious tangible metal and bitcoin is just a digital currency. They may have similar store value but they are totally different in physical appearance, tangible and intangible things. So, even in more decades, I don't think Bitcoin could replace gold.