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Dark Shadow

Bitcoin will not replace gold

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There are many discussions in this forum about whether Bitcoin will replace gold or not. I personally think that they will both run side by side and neither of them will replace each other because:

 

  1. Both are equally rare
  2. Both have liquidity
  3. Both are safe
  4. Bitcoin is a good short term investment while gold is a good long term investment
  5. Both are mined
  6. Both are equally accepted in their sectors (i.e both are considered safe-havens by investors)
  7. Both are decentralized 
  8. Both depend on the supply and demand rule
  9. Both have popularity
  10. Both of them can not be corrupted or no fake copies can be produced

 

What do you guys think? Do you agree with me or not? Let me know.

Edited by Dark Shadow
Point number 6 was incomplete
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10 hours ago, khalilmd said:

gold:
There are many factors that make gold a strong safe asset.

They are valuable as items for consumer goods such as jewelry and electronics, and are rare.

Regardless of demand, supply is still disproportionately low.

Gold cannot be manufactured as if a company issues new shares, or if a federal bank prints money.

Bitcoin:
Bitcoin is a blockchain-based cryptocurrency that shares some properties of gold.

Some have even called it "digital gold" because of its weak relationship with all other assets, especially stocks.

Market participants may remember the year 2017 when the price of one bitcoin exceeded the price of one troy ounce of gold for the first time.

You are right @khalilmd Gold is a strong and safe asset and is very profitable for long term investments while Bitcoin (also known as digital gold) shares some properties with gold like its rarity, high price etc. These points show that gold and Bitcoin will both be valuable as investments and neither will replace the other.

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Both @Dark Shadow and @khalilmd has raised valuable points that clearly defines that both gold and Bitcoins has good future. my personal opinion is that only time would tell which would turn out to be better than the other or whether both would have equal value and acceptance in the world. I cannot neglect the fact that potential of Bitcoins are really huge. But for Bitcoins to match up with popularity of gold is going to take really long time because for centuries gold has been accepted worldwide. Let's see how these turn out to be.

Edited by Nicole018
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43 minutes ago, Nicole018 said:

Both @Dark Shadow and @khalilmd has raised valuable points that clearly defines that both gold and Bitcoins has good future. my personal opinion is that only time would tell which would turn out to be better than the other or whether both would have equal value and acceptance in the world. I cannot neglect the fact that potential of Bitcoins are really huge. But for Bitcoins to match up with popularity of gold is going to take really long time because for centuries gold has been accepted worldwide. Let's see how these turn out to be.

You are right @Nicole018 only time will tell what will happen. But we have to keep an open mind here because Bitcoin's popularity is rising exponentially. Yes, it is not that popular in some countries but it is getting there. It is going to catch up with gold at some point and then both of them will be equally important.


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Although they are very similer as you pointed, but i don't think that bitcoin will replace gold, and for a good reason that gold have been there for ages and it is value is still increasing, but u can say bitcoin is like a virtual image of gold. 

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@Semen Levshunov You have provided some great points highlighting the importance of Gold and how it is a safe investment 👍. Gold has been there for centuries while Bitcoin is fairly new. But Bitcoin has many benefits that gold doesn't like transferring Bitcoin is very easy since it is digital while gold needs to be transported through automobiles, planes or boats etc. Making it hard to transfer and it also takes a long time while Bitcoin can be transferred in a matter of seconds to any corner of the world. This and many other benefits make Bitcoin an ideal investment although it may be beneficial in the short term but still everyday it is proving more that it can be an equivalent to gold and someday I am sure that it will be stand side by side with gold.


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Hello my friend, I agree with you to some extent, but gold remains a tangible substance that has a presence on the ground, and people will still feel more secure in dealing with it, but no one knows what the future holds for us.

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3 minutes ago, Captin said:

Hello my friend, I agree with you to some extent, but gold remains a tangible substance that has a presence on the ground, and people will still feel more secure in dealing with it, but no one knows what the future holds for us.

You are right @Captin Gold is tangible but it can be stolen by theft either from your home or you are walking down the street with a gold watch, ring, necklace etc and someone takes it by force .

Bitcoin on the other can not be stolen so easily. You have to be like a really really good hacker if you want to steal someone's Bitcoins

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no it wont, the long time gold has been here , I have never seen any exchange system that overtakes it, gold has been there since the beginning of the world or at least since the monetary system adopted the system of wealth creation gold did remain and it still will remain and let nobody tell you that its going to change  its important we know that bitcoin is here to complement and nothing else

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Yes you are right. Both gold and bitcoin have their own position and value in market. As bitcoin is not accepted in some places so it can not be used in place of gold as gold has released much before of bitcoin and it cannot be replaced by bitcoin.

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2 hours ago, talo122 said:

Although they are very similer as you pointed, but i don't think that bitcoin will replace gold, and for a good reason that gold have been there for ages and it is value is still increasing, but u can say bitcoin is like a virtual image of gold. 

 

3 minutes ago, Mwangi said:

no it wont, the long time gold has been here , I have never seen any exchange system that overtakes it, gold has been there since the beginning of the world or at least since the monetary system adopted the system of wealth creation gold did remain and it still will remain and let nobody tell you that its going to change  its important we know that bitcoin is here to complement and nothing else

@talo122 @Mwangi I understand that Gold has been there for centuries and it can't be replaced by Bitcoin. So I am not saying that Bitcoin will overtake Gold. I am just saying that in the future is is possible that both of them will be considered as equals and both will be good investment ideas. Both of them will get their fair share of popularity and importance.

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Bitcoin and gold appeared to be good as store of value and despite th fact that bitcoin has a bright future ahead doesn't mean it will dethrone gold because gold has been in existence for many centuries which is why i think bitcoin cant do that but one can make use of them for investment so that he/she can earn some profit after sometime of holding.

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Both gold and bitcoin have their similarities but they will not overtake one another and will run side to side. People consider gold and bitcoin as safe but more of them prefer gold because of it is trusted for centuries. Bitcoin is rising but it will take some time to reach the level of gold.

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42 minutes ago, Oxygen99 said:

one can make use of them for investment so that he/she can earn some profit after sometime of holding.

You are right @Oxygen99 both of them are good investments and people will have to hold both of in order to get good profits.

29 minutes ago, Edwin john said:

People consider gold and bitcoin as safe but more of them prefer gold because of it is trusted for centuries. Bitcoin is rising but it will take some time to reach the level of gold.

@Edwin john You are correct that Gold has been trusted for centuries and it will take Bitcoin some time to reach the level of Gold but eventually I am sure that it will reach that point.

 

21 minutes ago, Tasnima_Hamid_002 said:

Gold is a long term investment. But Bitcoin is a short term investment.

@Tasnima_Hamid_002 Gold is considered a good long term investment because of its relative stability as compared to Bitcoin which is very volatile and is considered a good short term investment.


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Well its time that tells , nobody thought that there is going to be a problem when we are making sure that we are able to follow strategies that are there to adopt if we adopt then we are going to make sure that we take on the second stage of replacing the new kind of systems

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@Oxygen99 your views is real, Bitcoin only came to existence in 2009, while gold has been in existence for many decades , and it value is still strong, and as you said ,we can invest with gold and also with Bitcoin to earn more. The two are two great things that has come to the world

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There is no doubt that Bitcoin still has a long way to go to replace gold. However, there are critics who believe that Bitcoin will never achieve this distinction, based on a few points in particular.

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Gold can be faked, there are so many stories of people getting scammed when they were cheated into buying fake gold, but there is no faking bitcoin, as it can only be accessed through blockchain and a corresponding wallet. Although both has similarities, but its like comparing apples to peaches. 

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On 10/30/2020 at 9:33 PM, Dark Shadow said:

What do you guys think? Do you agree with me or not?

I totally agree with you @Dark Shadow.Bitcoin and Gold both have their respective positions in the world.We can not compare Bitcoin with gold on the basis of money.If we do Gold will beat Bitcoin because it is more powerful then bitcoin because of it's stability and it has been used by humans for years.So we should not compare them .


                                   

 

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Certainly, they will be used together because gold will not be dispensed with in the event that Bitcoin spreads because it will remain of very great value due to the difficulty of obtaining it, and bitcoin needs a lot of time until it is officially approved

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Bitcoin can never replace gold mainly because gold is hardware while bitcoin is software. No matter how hard you try none of them can replace the other and they both need to work together to accomplish a common gold which is store value

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Bitcoin and gold are not equal...  There  are two kind of things.. Although both them are very precious.,. Bitcoin is a digital currency and gold is metal things.... So i think bitcoin will not replace in gold.... Thank you bro...      

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15 hours ago, babaji said:

Gold can be faked, there are so many stories of people getting scammed when they were cheated into buying fake gold, but there is no faking bitcoin, as it can only be accessed through blockchain and a corresponding wallet. Although both has similarities, but its like comparing apples to peaches. 

@babaji Gold can be faked but there are still tests that let you separate real gold from fake one like the:

  • Ceramic test
  • Magnet test
  • Nitric acid test etc

So you can not create a fake copy of gold that will be the same as real gold.


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I think, in my personal opinion, that it is a false comparison, and we can never compare gold and digital currencies!
Yes, digital currencies is a successful project so far, but it will never match gold!
Gold is a tangible rare commodity! Everyone in the world needs gold for several reasons, so the demand for it by countries is great!
Digital currencies are not rare! Anyone can have it! For the fans and fans of the digital currency project, they are considered to be a small percentage of the entire world!
So I think there is nothing like gold or diamonds

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15 hours ago, Flying11Horse said:

If we do Gold will beat Bitcoin because it is more powerful then bitcoin because of it's stability

@Flying11Horse Bitcoin also has an advantage that is price volatility. People prefer Bitcoin because it could bring them a lot of profit even if its price rises by 2-3%.

14 hours ago, basel23 said:

Certainly, they will be used together because gold will not be dispensed with in the event that Bitcoin spreads 

@basel23 You are right that they will be used together because neither of them could overthrow the other and they will both remain equally important


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