Topic: Will Bitcoin replace Gold someday? - page 9. (Read 1298 times)
It is very impossible for bitcoin to replace gold. Because they are different in many aspects. The price of gold is stable and continues to rise as time goes on,but bitcoin is volatile. Yes of course we all know that bitcoin adaption is increasingly in different parts of the world but still cannot be replace gold that has been known from the very beginning.
Gold is a synonim of stablity with a long and great history. I dont think that something could replace it
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?
Gold is Gold and will remain a great and costly asset, it's value is beyond replacement. Yes Bitcoin is getting adoption more rapidly and has become a store of value, but won't and can't replace gold, as this two are a different entity. Bitcoin will remain digital for it's price and value to be retained, Gold can never go digital, this a great difference between the two treasures that cannot be bridged. Bitcoin can't conquer all other valuable asset less we all go bankrupt if it fails.
Gold is too old to compare with bitcoin. And always, a digital of its kind is always better than its physical kind.
They might have the same feature as a store of value but bitcoin is far more better than the former.
They might have the same feature as a store of value but bitcoin is far more better than the former.
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), 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.
Hmm.. we can't easily compare bitcoin and gold in terms of price stability. bitcoin is still in its infancy where price volatility is one of the main hindrance why it cannot be a good unit of account. It just need a lot of development of infrastracture and adoption in order to attain a good price stability similar to gold.Moreover, I am not a maximalist, it's just that it would be better to broaden your asset not only with one straightforward spectrum on bitcoin but also in gold. It is also not a practical solution to stay under 1 asset that will rule all the possible values in financial market because if that one asset fails..we're DOOMED
No. As compared to gold, Bitcoin is a lot more volatile. Bitcoin being an intangible currency isn't as stable as compared to gold.
As compared, to being a store of value, I feel Bitcoin is more like a currency and gold is like the former. You're probably never supposed to use gold as a transaction method. Bitcoin, in comparison, is more suitable to be a replacement of traditional payment methods.
Exactly it will not replace gold, but if you look at the other purposes of gold there is a variety, gold is not just valuable as a backer for a currency but also there are other application that you can use it for, this can be used to create space suits for space exploration or other things. If you look at it from a different perspective, gold has more uses than bitcoin in other aspects aside from finaces. As compared, to being a store of value, I feel Bitcoin is more like a currency and gold is like the former. You're probably never supposed to use gold as a transaction method. Bitcoin, in comparison, is more suitable to be a replacement of traditional payment methods.
Bitcoin cannot replace gold because bitcoin and gold have a different function. Gold is available in real life, while bitcoin is available online, but soon, bitcoin will be available in real life, and that depends on each government approve bitcoin or not. Besides that, most people still believe gold is a safe haven for them, and they don't use bitcoin right now because they don't have enough information. If the government can approve bitcoin, that can encourage people to use bitcoin, and we will see a mass adoption from people from many countries.
No. As compared to gold, Bitcoin is a lot more volatile. Bitcoin being an intangible currency isn't as stable as compared to gold.
As compared, to being a store of value, I feel Bitcoin is more like a currency and gold is like the former. You're probably never supposed to use gold as a transaction method. Bitcoin, in comparison, is more suitable to be a replacement of traditional payment methods.
As compared, to being a store of value, I feel Bitcoin is more like a currency and gold is like the former. You're probably never supposed to use gold as a transaction method. Bitcoin, in comparison, is more suitable to be a replacement of traditional payment methods.
This is really going to be very very debatable, but it's really possible in my opinion. Bitcoin's accessibility, self-custody, "uncensorability", and portability(to name a few) characteristics are just so great but the masses tend to overlook it. People think that letting companies hold your gold for you is fine, completely ignoring the fact that these companies can simply just not give them access to the gold some time in the future.
But then again, there are no guarantees in life. Bitcoin isn't guaranteed to replace gold; but I think there's a good chance. It's just that people haven't realized how much they need bitcoin's characteristics. It's one of those things people won't realize until it's too late.
But then again, there are no guarantees in life. Bitcoin isn't guaranteed to replace gold; but I think there's a good chance. It's just that people haven't realized how much they need bitcoin's characteristics. It's one of those things people won't realize until it's too late.
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), 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.
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.
People who buy Gold at such times for safe-keeping are not really worried about ways to move it but only concerned about hoarding enough for an apocalyptic scenario. Apocalypse not in the full Mad-Max mode but in a kind of instability where governments are unable to function properly and there is a dearth of services and goods. Bitcoin replacing this doomsday utility is a little unlikely as of now because not enough people know about it. For those of us who get it, this is just a good time to spend time in investing and learning about it.
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BITCOIN-An Odyssey: SETTLING INTER-PLANETARY TRANSACTION SINCE 2050
i'm pretty sure question like this pop up here and there, and the majority of the answer is always gonna be "no, they're different". i bet some of gold functionalities can be replaced or substituted with bitcoin, and that probably only happened when the inflation rate is higher than bitcoin. such as for storing your wealth. it's been done already, but the number of people who do that could increase. who knows.
If we are talking about replacement as a store of value, then there is no reason why this can't happen. The only advantage that gold has is that it has been used in this role for millennia. The advantages of bitcoin have been discussed many many times. If this does happen, then likely it is many years away, and gold will likely always retain value too - unless perhaps commercial asteroid mining becomes viable and there are suddenly vast amounts of gold everywhere, but again, if that does happen it is many years away.
Bitcoin is already competing with gold,but it will never replace it.
Gold is used as an central bank reserve asset.Bitcoin can never be adopted by any central bank in the world.
Gold is an completely anonymous asset(nobody knows if you are hiding some gold treasure in your backyard)
,Bitcoin transactions can be tracked on the blockchain.
To be honest,Bitcoin doesn't have to replace gold or any other asset.Having a diversity or assets and having a choice about in which asset to invest is great.
Both play a distinct role in everyone's life, it will depend on user and does not too compete with each other and yet can be acquired together. Some invest in gold while still having bitcoin, it's like not investing in one basket so if prices of BTC falls sometime then we still have gold to depend with, gold is been proven for too long that it can own and still benefit many in long term same with BTC but prices falls sometimes. We just need to monitor and see how they progress and don't give up when price drops at the short time since it can recover as they both a good investment. Gold is used as an central bank reserve asset.Bitcoin can never be adopted by any central bank in the world.
Gold is an completely anonymous asset(nobody knows if you are hiding some gold treasure in your backyard)
,Bitcoin transactions can be tracked on the blockchain.To be honest,Bitcoin doesn't have to replace gold or any other asset.Having a diversity or assets and having a choice about in which asset to invest is great.
Of course, Bitcoin can never replace gold. Despite the arguments presented here for their similarity, in fact they are more diametrically opposed than similar. Therefore, it is most likely that they can complement each other well and exist together. Gold has existed since the birth of our civilization and has always been a generally recognized value.
Bitcoin is already competing with gold,but it will never replace it.
Gold is used as an central bank reserve asset.Bitcoin can never be adopted by any central bank in the world.
Gold is an completely anonymous asset(nobody knows if you are hiding some gold treasure in your backyard),Bitcoin transactions can be tracked on the blockchain.
To be honest,Bitcoin doesn't have to replace gold or any other asset.Having a diversity or assets and having a choice about in which asset to invest is great.
Gold is used as an central bank reserve asset.Bitcoin can never be adopted by any central bank in the world.
Gold is an completely anonymous asset(nobody knows if you are hiding some gold treasure in your backyard)
,Bitcoin transactions can be tracked on the blockchain.To be honest,Bitcoin doesn't have to replace gold or any other asset.Having a diversity or assets and having a choice about in which asset to invest is great.
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?
We cannot really compare Bitcoin and Gold as both have its different use and purposes. Bitcoin was made as a digital currency while Gold can only be traded mostly by physical transaction (somehow). And with regards to the price, Bitcoin could never ever defeat gold as it is volatile and still a bubble that still can be dumped by Satoshi and his holdings. While, Gold doesn't depend on someone and has a constant growth in price, in which is mostly for long term purposes and had its assurance that it will continue rising.
If ever that Bitcoin would be centralized (we all hope that it would not yet it depends on its developer, Satoshi) OR it would have a certainty that its price will be stable and would be on constant growth, it might reach the price of Gold yet could only be possible for a short period of time.
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Nothing can replace gold. It's the precious metal with intrinsic value. Unlike Bitcoin gold is more than a store of value, an investment and a medium of exchange. That's why none cryptocurrency is a competitor to gold.
no because bitcoin and gold are not just investments to make money! they are providing utilities that are very different from each other. 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.
i believe that both bitcoin and gold will remain viable investments too with bitcoin probably becoming more stable in a decade or two when the number of new coins created is a lot less and the adoption is closer to be considered "mass adoption".
i believe that both bitcoin and gold will remain viable investments too with bitcoin probably becoming more stable in a decade or two when the number of new coins created is a lot less and the adoption is closer to be considered "mass adoption".
This is really going to be very very debatable, but it's really possible in my opinion. Bitcoin's accessibility, self-custody, "uncensorability", and portability(to name a few) characteristics are just so great but the masses tend to overlook it. People think that letting companies hold your gold for you is fine, completely ignoring the fact that these companies can simply just not give them access to the gold some time in the future.
But then again, there are no guarantees in life. Bitcoin isn't guaranteed to replace gold; but I think there's a good chance. It's just that people haven't realized how much they need bitcoin's characteristics. It's one of those things people won't realize until it's too late.
With that said, even if I think bitcoin could replace gold in terms of a "hedge" asset, I don't think that gold is going anywhere any time soon.
But then again, there are no guarantees in life. Bitcoin isn't guaranteed to replace gold; but I think there's a good chance. It's just that people haven't realized how much they need bitcoin's characteristics. It's one of those things people won't realize until it's too late.
With that said, even if I think bitcoin could replace gold in terms of a "hedge" asset, I don't think that gold is going anywhere any time soon.
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