Will Bitcoin replace Gold someday? - page 8.

Quidat

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Quote from: Abiky on July 24, 2020, 09:17:01 PM

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? Huh

When in talks of both things then i dont really consider on comparing it up since you cant really differentiate a cryptocurrency into a precious metal that do exist for a long time being.
They do have their own grounds and when it comes to support and talking about replacing? Its somehow not really that relevant because we know that gold is precious and so as with Bitcoin
but when it comes to foundation? I doubt that Bitcoin would have it. In this case then it would be just good if we dont mind about this replacing issue. Why not just let these two things exist and
make it as an option?

Swordsoffreedom

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I don't think it so. yes, Bitcoin is easily portable and it is less likely to be stolen or robbed than gold. but gold is considered as a symbol of nobility. it is used to ornaments these we cannot do with bitcoin, but if we think economically, then I wanna say, yes bitcoin can replace gold, the value of gold is not stable but it stays around a certain price and you know that, bitcoin's price is also unstable but it is limited and its demand is increasing every moment so we can hope its price will increase more. As it is easily portable than gold that's why its price is more than gold if we think about this side. In future Bitcoin will be better alternative of gold.

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Quote from: Fundamentals Of on July 24, 2020, 09:48:49 PM

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.

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Quote from: AniviaBtc on July 25, 2020, 10:55:23 AM

For me, Gold is the best as a safe haven asset because bitcoin can bring you losses that will make you regret that. -snip-

It is not wrong if Gold is said to be an asset "Safe Haven". Because gold is an asset that is expected to be in line with long-term inflation. World economic standards or countries may not be related to the value of gold, but the value of gold will ultimately be the basis of the real value.

Bitcoin still has a lot of weaknesses, especially about the very high price and very risky votality. Bitcoin and gold have different characteristics, so they cannot be equated just like that.
Even investing in gold in the form of physical gold bars also has risks, such as loss or theft. if you have a lot of gold bars it costs more to store it in a bank safe which is certainly safer.

Maybe we will agree that,
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Kez1817

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Quote from: arayde on July 25, 2020, 02:49:39 AM

Gold is a synonim of stablity with a long and great history. I dont think that something could replace it

Gold is stable and tangible while bitcoin is digital currency and volatile.Those differences are the reasons why it's difficult for bitcoin to replace Gold. Although they are both valuable but gold is already exist long time ago while bitcoin is just starting to grow and develop in many aspect.

DoubleEdgeEX

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There is no Bitcoin vs Gold and there is no Bitcoin vs Alts! We are all in this together against fiats, stocks and bonds. BTC and Gold are the alternative and both are good for what they are. I wanna live in a world were Peter Schiff and Satoshi Nakamoto can walk down the streets, together, hand in hand! ;-) Seriously, the enemies are sitting on Wallstreet and in the governments

GDragon

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Quote from: pooya87 on July 24, 2020, 11:21:28 PM

*snip*

bitcoin provides the option to make payments without any middle man in a completely decentralized way while gold is a metal that is used in many different industries from common jewelry to electronics and medicine.

This is what I've thought too, it can never replace an object that is used for different materials here. Unless we found a place where gold is overflowing for it to lose its value. Or maybe people will lose interest in material things in the future, where they will prioritize digital assets more, then it will be possible for btc to replace a material thing.

It will not replace gold, both will co-exist with each other in the future. We need them both.

fiulpro

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Quote from: Abiky on July 24, 2020, 09:17:01 PM

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? Huh

Gold
Bitcoins
Fiat
Stocks
Etc...

All of them are separate markets and therefore some entanglements might be present they will never replace each other.

There are always people who will prefer one over the other and therefore your question : Will BTC replace Gold ?
-No

Few things to keep in mind :

Gold is more stable and less volatile
It's acceptable all around the world as a means of investment
It has both cultural and religious significance in many countries
It's prefered by women all around the world and even some men for jewelry and other ornaments

I would prefer Bitcoins anytime over old as a means of investments but it's not about our personal opinions.

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Quote from: Fundamentals Of on July 24, 2020, 09:48:49 PM

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.

It is a good thing for us to have an option to choose between the two or invest on them together. They have different benefits as an asset, although they are both good as a store of value but the only difference is that, Bitcoin is volatile and it can change its price immediately depending on the market. Bitcoin should be manipulated in a short period of time, while Gold is only for a long term holding.

Quote from: cryptoaddictchie on July 24, 2020, 10:13:39 PM

Quote from: Abiky on July 24, 2020, 09:17:01 PM

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.

I must say BTC is more convenient and literally you can spend it on but only few accept this digital currency compared to gold right. Maybe give or take a few more years, but the idea isnt possible to happen as everything evolves as we go forward.

For me, Gold is the best as a safe haven asset because bitcoin can bring you losses that will make you regret that. I don't think this Covid-19 will help them engage to the use of cryptocurrency as long as we promote it so that they know its advantages during this pandemic.

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Quote from: Abiky on July 24, 2020, 09:17:01 PM

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? Huh

Bitcoin is having many advantages over gold as you told us and is indeed a better option to opt if given a choice between the two. But those old school investors would love gold to park their money and not choose bitcoin because for them it isn't a safe heaven as it isn't regulated and thus their money isn't safe in it. But for the speculators and the newer investors, bitcoin is way better as it is easier to send and receive and carry around without anyone noticing, imagine you would have to carry about a million dollars in gold, it isn't practically possible, but if you want to carry as much bitcoins you can in just your smartphone.

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It's more likely that Bitcoin buyers will replace gold buyers as they die off. For retail buyers I can see Bitcoin becoming ever more compelling.

But that doesn't really matter as it's governments and central banks who really set the pace. I can't see them ever giving it up and why would they? It'll still be there long after they're all dust.

I'm not a gold fan at all but you can't deny its history and that informs its future too.

Bes19

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Bitcoin can compete by price but No bitcoin will never replace Gold as gold has been here for a very long time and it is something valuable that most people treasure.

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This topic is often on this forum and the fact is that to date bitcoin cannot replace gold and indeed it will never happen, bitcoin can only compete in price with gold and have real and unreal differences that have many different reasons and explanations here .
so I declare that bitcoin will not replace gold.

Twentyonepaylots

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Bitcoin and gold are already in a competition for a store of value these days, bitcoin has seen some significance after it reaches an astonishing all time high, gold on the other hand has been used for ages valuing its intrinsic composition as a metal. Will bitcoin replace gold? in my opinion, it wont, although bitcoin is pricy you can't compare it to gold there is no amount of bitcoin that you can compare with any amount of gold and that is because of the volatility. Among these two, even I'm bitcoiner I would still choose gold for securing my monetary value than bitcoin.

AjithBtc

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Bitcoin replacing gold won't happen in the short. In my opinion bitcoin and gold were entirely different in terms of its existence and the way of functionality. Gold gained its value with the rare availability and the increased demand. Also it has got the years and years of history.

With bitcoin the scenario is different. It is technology based functioning and the availability count is known. This causes the value pumping. So, there is contradiction which makes gold and bitcoin move on its path and never replace each other.

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For me personally, itâ€™s not too smart to compare gold to Bitcoin, although of course some parallels can be drawn between the two. Gold will always be valuable because it is something that is rare, has various applications (not only as a store of value), but also as a status symbol (jewellery), in various industries ("production of quality high value connectors, relays, printed circuit boards or bond wires on circuit boards and microchips."), medicine and even in "as an additive in food".

Bitcoin is something completely different, and I don't think it will ever be able to replace gold even as an investment instrument, but it will certainly be something that will interest new generations as the world moves towards the digital age. We should not forget that gold is not something that has limited quantities, because apart from the Earth, it will probably be found on other planets of our system.

We can say that gold and Bitcoin will coexist together, of course assuming that Bitcoin manages to stay on the scene and position itself as an important player in the financial markets.

ohyeahhaha122

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I don't think bitcoin can replace gold because it has a holdable property on hand, and doesn't depend on the internet, and it's a long-standing exchange, I think these two things will parallel development and
offset the limitations of each other

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This is never apparent. Because their usage is completely different. In terms of quality, they may be compatible with each other, or some may be more or less, but BTC will never be worthy to replace Gold. BTC is just a cryptocurrency. All in all, it has not spread yet, it may happen in the distant future. But Gold demand and place are far above both. This has been our tradition since ancient times. Gold and BTC can compete in terms of price but not replace.

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Quote from: Insanerman on July 25, 2020, 01:21:37 AM

I don't really think that there would be a chance despite the Bitcoin's good sides. With it's volatility and being a "digital"-currency (as it depends on internet connection to be transacted),

Sure. In contrast to gold? You can't transact with it online without internet either. And sure, you can transact with it physically, but good luck cutting up pieces of gold.

Quote from: Insanerman on July 25, 2020, 01:21:37 AM

it would be impossible to defeat such stable and growing price of gold. Also, gold is for long term trading and aren't constantly changing price that wasn't going down whereas bitcoin's price always fluctuates and sometimes fells down to its half price in a year.

Yes. It's because gold has been existed since forever hence it's market liquidity. Bitcoin could also reach that point of liquidity some time in the future.

Quote from: Insanerman on July 25, 2020, 01:21:37 AM

Also, keep in mind that Bitcoin's maker Satoshi still has huge amount of holdings in his block, in which we wouldn't know whether he would dump its price or not. The assurance in Bitcoin is still larger compared to the solid opportunities of gold.

And? Sure gold is A LOT harder to crash when dumping huge amounts, but it's not as if there aren't people who own a crap ton of gold too.

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Quote from: Abiky on July 24, 2020, 09:17:01 PM

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? Huh

I suppose it makes sense that gold reached ATH because investors of traditional markets had to minimize losses and gold seemed like a good option. Nevertheless, it seems to me that gold tends to be very stable, whereas Bitcoin is more volatile. And honestly, it seems to me that gold won't ever go out of fashion. It's been considered valuable in the oldest human civilizations, and I don't think this is likely to change. Bitcoin cannot replace gold, but gold cannot do things that Bitcoin is capable of (worldwide secure transactions of something that cannot be faked). They are just different, I believe.

Topic: Will Bitcoin replace Gold someday? - page 8. (Read 1298 times)