Topic: Will Bitcoin replace Gold someday? - page 7. (Read 1298 times)
I don't think that's possible. This is also not necessary.
Bitcoin cannot replace gold, but it is possible for people to rely more on bitcoin instead of gold. As for storing the currency, the price of gold is more stable compared to the price of bitcoin, which is constantly fluctuating in the price, so if we want to store the currency safely, it is better to buy gold.
Honestly, I think it wouldn't be possible because both things are different, gold will still be there even though bitcoin becomes more powerful in the future, gold is a physical asset and bitcoin is online money so I think both things will not overcome each other. Both things should stay being valuable. Both things are good for investment purposes.
Some people wish the gold backed dollar returned, but that is actually bad. Its good that your fiat isn't backed on anything, so that you can easily appreciate its volatility. Unless the coin itself is made of gold, its garbage; nothing more than a peg perhaps backed by your trust to an entity, usually the State...
Returning to the gold standard is much better than what we currently have: papers worth close to nothing. The thing about gold that makes it irreplaceable with currencies such as BTC is the physical features of it. You can't mine BTC and use it to create better electricity conductors, for instance. This is what will make Gold maintain its value over time and also why it's not very easy to be replaced. Otherwise, it'd be worthless. 
There are so many who equate Bitcoin with Gold, even though the opinion is wrong. Bitcoin and Gold are two different things,
the price comparison alone is different. Bitcoin has a volatile price, while Gold has a more stable price. So Gold is more suitable
as an asset, because Gold is a store of value. While Bitcoin was created from the beginning to become a currency. So until
whenever Bitcoin is not possible to replace Gold.
the price comparison alone is different. Bitcoin has a volatile price, while Gold has a more stable price. So Gold is more suitable
as an asset, because Gold is a store of value. While Bitcoin was created from the beginning to become a currency. So until
whenever Bitcoin is not possible to replace Gold.
In my viewpoint, Bitcoin can never replace Gold. Because Gold is a thing that is not only our demand but also our myth. Their place in the market may be competitive but not alternate.
I don't think bitcoin will ever replace gold because they both serve different purposes.
Though both of them are also used as investments these days they both have different utilities.
Gold is used as a jwellery while bitcoin is used for payments. So it's quite expected that they both will survive throughout and will probably last decades from now.
Though both of them are also used as investments these days they both have different utilities.
Gold is used as a jwellery while bitcoin is used for payments. So it's quite expected that they both will survive throughout and will probably last decades from now.
The thing is, gold is physical; and this has many drawbacks. Even if not a single new gram of gold is ever found again (which i doubt, the universe is infinite).
So it gets heavy, it occupies volume, it needs to be heavily guarded, it could be confiscated (as America's history teaches us), etc.
You could argue that Bitcoin is better than gold. In fact i believe so myself. Of course gold doesn't need power or communications at all, so that is that. And since the ancient world, humanity has used it as means of wealth.
Of course most people don't even "own" gold, but some form of paper that says they do... Not unlike what gave origin to fiat. And that is even worse. Some people wish the gold backed dollar returned, but that is actually bad. Its good that your fiat isn't backed on anything, so that you can easily appreciate its volatility. Unless the coin itself is made of gold, its garbage; nothing more than a peg perhaps backed by your trust to an entity, usually the State...
With Bitcoin, there is no need to trust anyone, and its not pegged, that makes it even more valuable than some paper stating it some amount of gold, a "promise" that would need to be fulfilled by someone...
So it gets heavy, it occupies volume, it needs to be heavily guarded, it could be confiscated (as America's history teaches us), etc.
You could argue that Bitcoin is better than gold. In fact i believe so myself. Of course gold doesn't need power or communications at all, so that is that. And since the ancient world, humanity has used it as means of wealth.
Of course most people don't even "own" gold, but some form of paper that says they do... Not unlike what gave origin to fiat. And that is even worse. Some people wish the gold backed dollar returned, but that is actually bad. Its good that your fiat isn't backed on anything, so that you can easily appreciate its volatility. Unless the coin itself is made of gold, its garbage; nothing more than a peg perhaps backed by your trust to an entity, usually the State...
With Bitcoin, there is no need to trust anyone, and its not pegged, that makes it even more valuable than some paper stating it some amount of gold, a "promise" that would need to be fulfilled by someone...
How I wonder it could be but it's all been impossible and has nothing to do with that. And to the fact that we can't see a close comparison in both things metal and digital currency, it is more likely they can replace each other. Many investors investing crypto but it was different from how they approach gold. We can't make use Gold to buy goods and any kind of stuff, but Bitcoin can do. And it is clear enough to say that they don't have a way to make them the same and probably there is no reason to do it even in the future.
They are in different purpose and also people consider them differently.
They are in different purpose and also people consider them differently.
Can anyone send me some gold? To my public address please 
In these times of turmoil, Gold is reaching new ATHs in price. But Bitcoin doesn't leave behind, as it quickly recovered to its "pre-COVID" prices on the market. It's today where Bitcoin prices are relatively stable. With a limited supply of only 21 million coins, hardened security, and a focus on decentralization, Bitcoin is often viewed by many as the successor of Gold. One of Bitcoin's greatest benefits on top of Gold, is portability. You can virtually carry your Bitcoin with you safely when travelling, without anyone noticing. That's not the case with Gold, as you'd need to carry physical bullion with you. Other than portability, Gold and Bitcoin are very much alike.
Do you think that Bitcoin will be able to replace Gold someday? As we shift into the "intangible" world, people will "ditch" physical stuff in exchange for digital items. Bitcoin can become the new digital Gold which serves as a safe-haven asset (store of value) in times of need. COVID-19 will greatly encourage people to adopt Bitcoin over Gold as their next store of value of choice. Thoughts?
Do you think that Bitcoin will be able to replace Gold someday? As we shift into the "intangible" world, people will "ditch" physical stuff in exchange for digital items. Bitcoin can become the new digital Gold which serves as a safe-haven asset (store of value) in times of need. COVID-19 will greatly encourage people to adopt Bitcoin over Gold as their next store of value of choice. Thoughts?
Bitcoin is taking a lot of ground financially, it can no longer be compared to gold, nor in the form of competition, since gold is a safe haven by nature.
Bitcoin has a lot of progress, technology, it should also be seen in the future as a safe haven as it has more adoption, for that it takes time, so far everything is on the right track.
Over and over I see the comparison of bitcoin and gold, and it really needs to end. Bitcoin and gold are not like items, they have different functions from one another. Gold is still in use in today world to make all sorts of things from machinery to jewelry. Bitcoin is a digital money transacting system. They do share in common a bit of the "store of value" objective, though physical gold is very different than gold equities. Gold is often used as a hedge, not an investment, and when you don't hold it in physical form, such as with the gold equities, it tends to move right with the market, taking away the whole point of it, it's hedge ability. Bitcoin still tend to move with the markets as well. Own both.
Gold has a market cap of 8 trillion dollars (from what I found). That would mean BTC will have to trade constantly above $50k to get to the same point.
And that is just taking into account that gold is used as collateral for money printing (more or less).
To me feels like comparing apples to oranges.
I would hope BTC replaces actual currencies, not jus used as a store of value. It is a cryptocurrency after all
And that is just taking into account that gold is used as collateral for money printing (more or less).
To me feels like comparing apples to oranges.
I would hope BTC replaces actual currencies, not jus used as a store of value. It is a cryptocurrency after all
Well, I have heard this so many times here and it is already discussed.
Perhaps you were right that the digital cryptocurrency had a great impact and have mass adoption during the pandemic but I did not see any reason that it will replace gold. Gold and bitcoin have different characteristics that should exist. This rare metal has a different purpose not only for holding as your valuable asset. Jewelry is the most common stuff that made by gold, --they are both useful, they had different comparison and I don't think will able to exist as their role.
Perhaps you were right that the digital cryptocurrency had a great impact and have mass adoption during the pandemic but I did not see any reason that it will replace gold. Gold and bitcoin have different characteristics that should exist. This rare metal has a different purpose not only for holding as your valuable asset. Jewelry is the most common stuff that made by gold, --they are both useful, they had different comparison and I don't think will able to exist as their role.
They will both co-exist and will have more precious value in near future but bitcoin doesn't have the capability to replace the gold. Gold has its demand not only because it's a store value but as a metal it is rare, have some major usage in building electronic devices. Billions of People all over the world use gold as an ornament, jewelry. So it's totally impossible.
Absolutely right! Gold has vital usage in the electronics industry and other industries, the reason why it is not only for storage vaults to keep. So even if I am pro-bitcoin, I don't think bitcoin can replace gold. Gold has intrinsic factor that is needed in specific industries and you can't replace it with bitcoin.
It cannot replace its function in the industry but it can replace it as a store of value
Imagine what would happen if a big deposit of gold is found somewhere. Gold is worth a lot because it's useful and rare. If you dump a lot of cheaply mined gold on the market it will no longer be rare.
Imagine what would happen if a big deposit of gold is found somewhere. Gold is worth a lot because it's useful and rare. If you dump a lot of cheaply mined gold on the market it will no longer be rare.
I think that summarizes how gold is not in anyway can be replaced by bitcoin.
It cannot replace its function in the industry but it can replace it as a store of value
Imagine what would happen if a big deposit of gold is found somewhere. Gold is worth a lot because it's useful and rare. If you dump a lot of cheaply mined gold on the market it will no longer be rare.
Imagine what would happen if a big deposit of gold is found somewhere. Gold is worth a lot because it's useful and rare. If you dump a lot of cheaply mined gold on the market it will no longer be rare.
Never. Bitcoin cannot replace Gold. We have to admit it. It may compete with Gold as a store of value and perhaps even become the preferred option for a short time but it will never replace Gold. Gold will always be gold. The preciousness of Gold is as old as civilization itself. And Bitcoin is not the one to make it worthless.
Bitcoin as a store of value can and will replace gold, not in the near future but 40 to 50 years from now we will definitely see bitcoin as a store of value that will replace gold. Bitcoin is a better investment if we compare it to gold, it is the new digital money that everyone should hold. Bitcoins is having a limited supply just like gold and is also easy to keep, you can even keep any amount of bitcoins in your pendrive too. The best part is, it gives more profit than investing in gold if you are an investment minded person.Bitcoins is having a limited supply ... wait till Satoshi stash is on a sell wall.
On the other hand, big gold owners may have disposable stash too.
If the world enters dark ages due to Corona, peopel will need food and medicines more than gold, nobody would buy gold anymore, gold price will collapse.
You never know by how much gold or bitcoin is overpriced.
In these times of turmoil, Gold is reaching new ATHs in price. But Bitcoin doesn't leave behind, as it quickly recovered to its "pre-COVID" prices on the market. It's today where Bitcoin prices are relatively stable. With a limited supply of only 21 million coins, hardened security, and a focus on decentralization, Bitcoin is often viewed by many as the successor of Gold. One of Bitcoin's greatest benefits on top of Gold, is portability. You can virtually carry your Bitcoin with you safely when travelling, without anyone noticing. That's not the case with Gold, as you'd need to carry physical bullion with you. Other than portability, Gold and Bitcoin are very much alike.
Do you think that Bitcoin will be able to replace Gold someday? As we shift into the "intangible" world, people will "ditch" physical stuff in exchange for digital items. Bitcoin can become the new digital Gold which serves as a safe-haven asset (store of value) in times of need. COVID-19 will greatly encourage people to adopt Bitcoin over Gold as their next store of value of choice. Thoughts?
Do you think that Bitcoin will be able to replace Gold someday? As we shift into the "intangible" world, people will "ditch" physical stuff in exchange for digital items. Bitcoin can become the new digital Gold which serves as a safe-haven asset (store of value) in times of need. COVID-19 will greatly encourage people to adopt Bitcoin over Gold as their next store of value of choice. Thoughts?
In value, maybe Yes BUT the two things can coexist. Gold's value as one of the worlds valued element will not surely go away since its use is still being utilized in the Physical world and on the other hand, Bitcoin is doing its own utilization in the Digital World. Bitcoin is not just lifting up the Cryptocurrency Industry because it is the face of Cryptocurrency. Both their security is also high-end which is a really good sign if we want to invest on them.
They will both co-exist and will have more precious value in near future but bitcoin doesn't have the capability to replace the gold. Gold has its demand not only because it's a store value but as a metal it is rare, have some major usage in building electronic devices. Billions of People all over the world use gold as an ornament, jewelry. So it's totally impossible.
Bitcoin can't just replace gold, bitcoin price can get better than gold price but that doesn't mean the gold will be taken out of the markets, since gold will stay will his own market is impossible to see a replacement at all.
I have seen people using their bitcoins to buy gold and then regret about that move.
I have seen people using their bitcoins to buy gold and then regret about that move.
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