Would BTC replace gold/currency? - page 2.

TooM

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Quote from: bitchess on April 25, 2013, 10:10:34 AM

The US uses US dollar as it's reserve unit. It's not on gold standard.

The biggest problem with Bitcoin as a reserve currency is that the regulations around Bitcoin are extremely immature. That will be the biggest hurdle before any bank can lend bitcoins at the wholesale level.

if US government does not support US dollar as its currency and use its tax income as warrants, US dollars is no more than papers.

for BTC, there is no warrant at all. Consumption and demands are created out of nothing. It has value now only because more and more people are trying to benefit from it.

bitchess

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Quote from: ZKRiNG on April 25, 2013, 10:44:27 AM

i doubt so much, i don't see a really future to the BTC, if you don't have your payment in BTC, its little stupid to me, make a exchange vs €/$ or any currency to BTC for buy same items with the same price as if you buy with your currency without make anything.

Only with the mining how wining BTC form don't look to me the best way for make BTC a real currency

you lost me

ZKRiNG

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i doubt so much, i don't see a really future to the BTC, if you don't have your payment in BTC, its little stupid to me, make a exchange vs €/$ or any currency to BTC for buy same items with the same price as if you buy with your currency without make anything.

Only with the mining how wining BTC form don't look to me the best way for make BTC a real currency

bitchess

newbie

Activity: 42

Merit: 0

The US uses US dollar as it's reserve unit. It's not on gold standard.

The biggest problem with Bitcoin as a reserve currency is that the regulations around Bitcoin are extremely immature. That will be the biggest hurdle before any bank can lend bitcoins at the wholesale level.

TooM

newbie

Activity: 11

Merit: 0

Hi,

I am currently thinking whether the BTC would replace lets say Gold as kind of currency/reserve.

BTC has several natural properties similar like Gold:

1. They both would reach maximum amount.
2. They are both rare.
3. They are both too rare to scale, so that if people use them as currency, it would no doubt lead to deflation.

These attributes might be the reason why people think BTC would be a candidate for currency/reserve.

BUT.

In the real world, among all natural elements, gold is perfect maybe unique candidate as currency/reserve since it is reasonably rare.
In the virtual world, BTC coins are by some means not that rare if we think out of BTC system. There might be thousands of other possible algorithms which could generate other coin system which also have above attributes. We even already see for example, LTC, FP, XRP so on.

So, what is your opinion?

Topic: Would BTC replace gold/currency? - page 2. (Read 1379 times)