Would you consider Bitcoin a Digital Gold? Why Yes or why not?

dancingnancy

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Quote from: savinggrace28 on November 29, 2017, 12:53:10 PM

according to strategist, Tom Lee, Bitcoin is 'digital gold' for millennials and could reach the '$100,000 range,' says strategist Tom Lee.

With the rise and popularity of Bitcoin,it is being viewed as the next big thing in terms of investment,functionality and commodity which drives people interest as day passed. As it is increasingly growing in terms of value and usage, How do you think BTC being considered as Digital Gold? Would you rather keep it or use it? Thanks

In terms of an intangible asset I wouldn't say it's exactly as gold because gold is far more popular has a larger market cap and can be traded almost everywhere . I treat bitcoin as a digital investment used for warming profits though trading. It can be called a currency as well.

knotnissan

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Predictions like that are just that predictions- if you want to stake your future on one man's "prediction that is a matter of personal preference.

MotulDiesel

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i consider bitcoin is a real digital gold at least in general. The similarities between real gold and bitcoin are they are limited in resource, valuable and being mined by people. The differences of bitcoin are bitcoin is not under control by any one or any government, no inflation and much more valuable than gold. Beside, the price of bitcoin is unsteady so i think many people will not prefer bitcoin to gold. Gold is a standard of material and this is the level that bitcoin look forward to reach.

savinggrace28

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Quote from: penig on November 30, 2017, 10:29:14 AM

Quote from: 8270thNinja on November 30, 2017, 03:20:48 AM

He is a strategist, should i believe on this guy? the answer is no, obviously he is just riding up on the fame of Bitcoin and Cryptocurrency, clearly he has no idea on what's going on the cryptoworld. To answer your question, for me no, it is a currency and satoshi created it as a currency and i will consider Bitcoin as a Digital currency, no more no less.

What did you last buy with bitcoin?

I was going to buy something in the summer, thought i'd pay with cash instead. Apart from other cryptos and ICO I don't believe there's much actual spending of bitcoin.

Indeed thats why some would really keep it instead of spending it otherwise you can still convert it to the normal currecny if you profited from your btc. from where i am, btc is not yet accepted though cashless transactions are encouraged as well.

savinggrace28

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Quote from: dothebeats on November 30, 2017, 09:56:48 AM

It's quite sad to think that most people just see bitcoin as a mere investment that is greater than stocks but is somehow inferior to gold. The main point of the creation of bitcoin is to be used as a currency and to also serve as an asset to hold value over time, but the latter seems to be the case for bitcoin in the current times. Also, there seems to be no serious development in making bitcoin the king of micro-transactions and I'm still hoping that the Lightning Network would really solve that and be able to put up bitcoin into its rightful state: the king of micro-transactions and new digital gold.

I think reason for this is the value of bitcoin unexpectedly rose and tremendously grew since its inception and if converted to the normal currency it gives you an instant value or should i say leverage of wealth. Where as, i understand that initially, it is meant to substitute the current governed currency in each country thus with its popularity, demand and characteristics, it is now more of being kept than used. Though trading is alive and kicking. At teh end of the day, one is always enthusiatic in earning growing the amount of btc or cryptos in his wallet. We look forward in the future that most of the commodities will be used using BTC or digital money alikes.

Lambo-san

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Quote from: savinggrace28 on November 29, 2017, 12:53:10 PM

according to strategist, Tom Lee, Bitcoin is 'digital gold' for millennials and could reach the '$100,000 range,' says strategist Tom Lee.

With the rise and popularity of Bitcoin,it is being viewed as the next big thing in terms of investment,functionality and commodity which drives people interest as day passed. As it is increasingly growing in terms of value and usage, How do you think BTC being considered as Digital Gold? Would you rather keep it or use it? Thanks

I think the term "digital gold" is not the right term to be compared to Bitcoin. It could be a "digital gold" but you are saying only a fraction of what Bitcoin is. Gold does not behave like a currency but as a store-of-value and as an investment (most of the time) while Bitcoin is not just that. Bitcoin is also a currency who is widely accepted and is highly divisible.

Since Bitcoin behaves more like as an investment rather than a currency, I prefer to hold them as long as I do not need 'em. Lately a withdrew my BTCs since I need them but in general, I would rather hold them than use it.

mrcash02

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I don't consider it a digital gold. For now it can be digital gold because it's profitable for everyone, almost no one loses money with BTC investment, but at any time Bitcoin can start crashing and then it won't be digital gold anymore, as it won't be profitable or store of wealthy...
Without physical value there isn't how to be "gold".

penig

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Quote from: 8270thNinja on November 30, 2017, 03:20:48 AM

He is a strategist, should i believe on this guy? the answer is no, obviously he is just riding up on the fame of Bitcoin and Cryptocurrency, clearly he has no idea on what's going on the cryptoworld. To answer your question, for me no, it is a currency and satoshi created it as a currency and i will consider Bitcoin as a Digital currency, no more no less.

What did you last buy with bitcoin?

I was going to buy something in the summer, thought i'd pay with cash instead. Apart from other cryptos and ICO I don't believe there's much actual spending of bitcoin.

Kprawn

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We need to maintain a fine balance between using Bitcoin as a commodity and using it as a currency. You cannot only use it

as a commodity or a store of value, because it will not retain it's value if it cannot be spend as a currency too. You do not want

to convert bitcoins to fiat, every time you want to spend it. Merchants will stop accepting Bitcoin, if people only use bitcoins to

trade as a commodity. You should hoard a percentage of all the coins you buy or convert your entertainment budget into BTC,

and use it as a currency. Wink

Cloud27

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I would consider bitcoin as a digital gold, I think 2017 and 2018 are in an era of digital gold rush. More miners and users are involved in getting bitcoin. I considered bitcoin as a 24 carat gold while altcoins are considered the less carat gold. Just like gold we trade and invest in bitcoin, but I rather hodl it than use it.

dothebeats

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It's quite sad to think that most people just see bitcoin as a mere investment that is greater than stocks but is somehow inferior to gold. The main point of the creation of bitcoin is to be used as a currency and to also serve as an asset to hold value over time, but the latter seems to be the case for bitcoin in the current times. Also, there seems to be no serious development in making bitcoin the king of micro-transactions and I'm still hoping that the Lightning Network would really solve that and be able to put up bitcoin into its rightful state: the king of micro-transactions and new digital gold.

ajmapalo22

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Yes, I would consider bitcoin as the new gold of the generation. Gold is being part of the market for a long period now and really has a good value as of today, it has out its position on a stable investment surely many people would like to have. Today bitcoin gives a very promising value appreciation and was expected to increase more in the coming years I think bitcoin will be valued high and became as stable as gold and will be the next thing that investors will be holding in a long run

Miles123

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Yes, I would consider Bitcoin a digital gold because it's has a big value and high price. If you invest here no doubt you will be rich because it's value is getting higher everyday. You can earn and save money for your secure future. If I have many bitcoin I will save it here and make a money more.

infinity33

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Quote from: A1exander on November 30, 2017, 03:42:34 AM

Quote from: ebliever on November 29, 2017, 08:06:19 PM

I believe when all is said and done, Bitcoin will play the role of "digital gold" (that is, a store of value) while other coins take on the roles of hundreds of other financial niches. This would include everyday purchases as a cash replacement, which might be covered by Litecoin or Dash or several other possibilities.

Probably. Maybe not hundreds, but only a few other coins. Bitcoin with its history and reputation on the one hand, but small capacity, slow transactions and high fees on the other hand is suitable for the role of "digital gold", but not for replacing cash or cards.

Yes agree on it i may not see this for replacing the cash but can be n alternative to pay online transaction it can be use but for the term of replacing it this are not can be done for this currency.

lyks15

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Yes I'am considered bitcoin as a digital gold. It has a big comparisson,gold and bitcoin are a good investment. Literally speaking we can say that bitcoin is already a digital gold,everyday it's value is change and going stronger. And when you invest your money in to bitcoin it is more likely a investment in gold. But the problem of bitcoin as a digital gold, there is a big chance of being loss in case that bitcoin's price is fall down unlike in gold there is only a minimal change in it's value or price.

rasho321

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It depends on how everyone as an individual makes use of Bitcoin. I personally see and use it more as something that can be seen as Gold. I am not really interested in using my coins for spending purposes. I use it as a store of value, where my main motive is to keep a large portion of my wealth outside the banking and governmental system. At the same time, the volatile nature of Bitcoin lends itself perfectly for investment/trading purposes, which is also what I am using Bitcoin for. For me the right term is indeed digital Gold.

A1exander

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Quote from: ebliever on November 29, 2017, 08:06:19 PM

I believe when all is said and done, Bitcoin will play the role of "digital gold" (that is, a store of value) while other coins take on the roles of hundreds of other financial niches. This would include everyday purchases as a cash replacement, which might be covered by Litecoin or Dash or several other possibilities.

Probably. Maybe not hundreds, but only a few other coins. Bitcoin with its history and reputation on the one hand, but small capacity, slow transactions and high fees on the other hand is suitable for the role of "digital gold", but not for replacing cash or cards.

Crypto_Zone

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Quote from: JamesIV on November 29, 2017, 09:24:47 PM

Certainly, there are many people buy Bitcoin for the future, they dont trade it in shor-term. So, we can consider Bitcoin is the gold of cryptocurrency

Very true!! The most of peoples are purchasing BTC as a long term investment.
Because it is very demand in nowadays.

wjchong

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Bitcoin is gold in cryptocurrency because Bitcoin is raising and many people get interested in Bitcoin. And the main reason for Bitcoin is gold is its high and increasing value.

Pursuer

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yeah bitcoin can function as the digital gold, store of value, .... but at the same time it is a currency and that is w here it gets its real value that bitcoin is capable of keeping it and not just lose it when the speculators leave.
the price rise is also a part of that in my opinion. people invest in bitcoin long term because it is a decentralized currency. otherwise they would claim to be holding long term when they actually dump when the price rises and they fear losing their fiat value.

Topic: Would you consider Bitcoin a Digital Gold? Why Yes or why not? (Read 482 times)