Topic: Will Bitcoin replace Gold someday? - page 4. (Read 1310 times)

Bitcoin and Gold are similar but different, therefore Bitcoin cannot replace Gold. And I am surprised that many people do
assuming that Bitcoin will replace Gold or fiat, such thinking is misleading. Bitcoin was created by Satoshi Nakamoto
not to replace anything, but to provide other options. So Bitcoin becomes an alternative payment and investment.

Yep, Bitcoin is likely to not replace Gold and it also doesn't need to replace Fiat, mate. Why Bitcoin must replace them? I think Bitcoin is made to support Fiat and not to be a Gold competitor. Bitcoin will be always a digital payment tool, and it has nothing to do with Fiat which is used in real life. So, actually they have no problem survive together and they don't compete with each other. While for Gold, it is a real commodity and people need it all the time. You can see, it has survived for too many years and even it has always good value. In this matter, people won't replace it with any other things. 

Bitcoin can never replace gold, as gold is not a currency, but something that supports the value of any currency. Bitcoin is more likely to replace fiat money - this is more likely. However, its decentralization makes this dream a utopia so far. Think about whether you need bitcoin to become a legalized currency? Will it then carry the same value as now?

Definitely, gold has a lot of usage in this world, it's a mineral/physical thing that mostly used in electronics. Major companies are still buying it and some rich people think it as one of the greatest luxuries that exist in this world so I doubt that it will be replaced by Bitcoin.

Agree that gold's price is more stable and bitcoin is not because of volatility, so for sure safe haven, gold is the key. And besides, both things have a different function on this world, no one can definitely replace each other because they have unique features that can't dominate each other.

It seems highly unlikely that Bitcoin will be able to replace Gold sometime in the future. Even now, Gold is enjoying high gains in price, while Bitcoin is relatively stagnant. People seem to trust Gold more than Bitcoin for a very good reason. It's the world's premier store of value that has established itself for years. Bitcoin, on the other hand, is relatively new to the mainstream world with only 11 years since its inception. There's a lot of room for growth in order for Bitcoin to become mature enough as a store of value for the whole wide world to rely on. As long as there's extreme fluctuations of Bitcoin's price on the market, I don't see it becoming a real contender of Gold. Both assets have their distinct use cases that can give anyone financial freedom if used correctly. The future of Gold will rely on "digitalization" as it'll become represented as a digital token living on various Blockchain networks. COVID-19's spread in the mainstream world, will make this happen one way or another.

Nonetheless, anything could happen in the future. Everything will depend on how far people are willing to trust Gold over Bitcoin in the mainstream world. If Gold is getting all the spotlight, it's very unlikely Bitcoin will be able to take its place anytime soon. Of course, Bitcoin mimics Gold in the sense that it's scarce and censorship-resistant. But its many limitations makes people think twice before trusting it as a serious long-term investment. Just my thoughts

With Gold that is more than 2000 years old I think it is impossible to replace it by Bitcoin. Because Gold definitely has
loyal users, and surely many gold owners have felt the profit. After all, the price of gold is more stable in comparison
Bitcoin has a volatile price, so Gold is more suitable as a safe haven. So until whenever gold cannot be replaced by Bitcoin.

Gold-backed digital assets aren't safe in my point of view, because they require continuous audit. What if backed asset is no longer fully backed by gold and hidden inflation occured. Digital asset creator become richer while holders suddenly become poorer. Centralized assets all have point of failure, because someone is issuing them almost with no cost, with no skin in the game. Unlike all centralized assets backed by something precious, bitcoin is backed by pure energy that has cost by default, there is no way to get energy without hard work. Who has done more work recieve the right to issue new bitcoins, there is no free way to print them.

Bitcoin, or any other altcoins or any shitcoins , will never ever replace gold.
Cryptocurrencies could be more expensive than gold but the fact that they are mot tangible, they can't replace gold.
Gold is metal while Bitcoin is digital. Bitcoin will never be able to be used like what gold is being used.

Gold is a safe commodity and a valuable asset for investment. Bitcoin is a volatile digital asset that can surpass the Gold price or vice versa, whereas Gold is a physical asset. Gold-backed digital asset - precious metals trading is the new trend in the crypto industry where you can trade gold worldwide.

it is true that currently gold is experiencing a significant surge, but it seems that this has nothing to do with bitcoin. gold will remain a real asset and bitcoin will be a digital asset. if you still think bitcoin will one day replace gold, then the answer is "maybe", "someday", or even "never". gold has been the prima donna for real assets since ancient times, even before bitcoin was present.

Are you stupid or something? Gold is gold and bitcoin is bitcoin.

It has been debated for a long period of time already whether Bitcoin will likely to replace Gold someday or in the future. The chances are not zero
but if you are going to ask if when it will happen exactly then the answer is not yet there as no one can really predict it.

Gold is doing fine as of this moment and bitcoin and other currencies are having a problem with regards to the goverments acceptance therefore in my opinion,
only the goverments can decide to this one as I am not sure that they will use a currency that they have no control over to it as it is how the government works.

Ex. China and other countries, they will create their own currencies rather than using bitcoin as they have no control to bitcoin.

And I think a important reason is Gold is created by natural so the amount is limited but Bitcoin is created by human so no one know if in the future have anyone can break the security of bitcoin's blockchain to create more bitcoin or not .

One of the more interesting things will be watching confirmed gold fans slowly ponder bitcoin.

In many ways it does what they want from gold but adds things it can't match.

https://twitter.com/RaoulGMI/status/1291442867462955008?s=20

The narrative that bitcoin will replace gold as a safe haven asset one day has attracted various responses from many parties, especially in the cryptocurrency circle (cryptocurrency). But many people say: Bitcoin is not a substitute for gold for the following reasons:
1. Bitcoin is a risky asset.
2. People know gold for more than 3000 years, while Bitcoin is only 11 years old.
3. Gold prices are stable while Bitcoin is Volatile.
So I think Bitcoin can be a safe haven or replace gold if Bitcoin mining is complete, and spread Bitcoin evenly throughout the world, so that the price of Bitcoin will be more stable.

Probably yes, because Bitcoin as a digital currency is much easier to move and to use without having physical interaction than gold, and with the current instability of the economy in various countries due to the pandemic and millions of people become jobless affecting businesses. We might probably see the world shift to digital currencies soon and also Ecommerce and other online services without having to leave their homes, making it possible for a cashless society.

Hello to all. I think that bitcoin has already taken its strong place as digital gold, and gold is gold. Despite the inconvenience of transporting this precious metal with you, there are many ways to invest in various banking structures. I agree that Bitcoin has many advantages, but there are also quite enough disadvantages, take at least the price per transaction. Of course, over time, when the digitalization of the planet reaches 100%, I admit the complete replacement of gold with bitcoin, but, most likely, by that time, something else will be invented that will be much more valuable than bitcoin and gold combined. And the owners of precious metals will be looked at as cranks. Seriously though, I don't think it makes sense to compare the concepts of gold (precious metal) and digital gold - Bitcoin. Each of them has its own special value and plays a special role.

Probably not, I think bitcoin has a big potential in the future becoming a top digital currency as we can see the bitcoin adaptation.

But I think gold is especial replacing gold is difficult and I don't think bitcoin could do that even when bitcoin is already at the top currency in the future. Having a physical thing like gold is the difference of both, owning bitcoin is just owning an imaginary gold that is just depending in the demand of the investors.

Exactly. Both Bitcoin and Gold are two completely different things, investment-wise. Gold exists in a physical form, whereas Bitcoin lives in the digital realm. On the other hand, Gold is much trusted in the mainstream world, whereas Bitcoin is not. The pioneer cryptocurrency still has a long way to go before most people recognize it as a store of value just like Gold. Its main problem is the price volatility on the market. Extreme fluctuations in price makes Bitcoin a terrible alternative to Gold. Bitcoin only mimics Gold in the sense that it has a limited supply of coins and it's the most secure Blockchain network to date. Sometimes Gold is better option than Bitcoin as a safe-haven asset, because of the many issues the pioneer cryptocurrency has.

To balance between both assets advantages/disadvantages, it's best to hold both of them for the long term. They prove to be a great store of value for preserving wealth in these times of turmoil. As Fiat becomes debased by governments and central banks worldwide, both Bitcoin and Gold will shine as alternative assets to the existing monetary system. In this COVID-19 world, they've experienced increased demand which has resulted in higher prices on the market. Neither Bitcoin will replace Gold or vice versa because of their respective advantages/disadvantages from one another. Just my thoughts

Why do we always talk about replacement when these two can just work together as an option for store of value, the only difference of these two are just the price and volatility of the price so it just depends on the people if what they are going to choose among the options. We are pushing bitcoin for quite long yet we haven't realize the huge thing in front of us.

Gold has been there for ages, you can't just tell them " hey bitcoin is better switch to it" , and as far as intrinsic value is concerned gold is way better than bitcoin, people buy gold not just because they into it.