Bitcoin will not replace gold

[Dark Shadow 295]

1 minute ago, riazpakistani said:

Dear @Dark Shadow somehow I am agree with you that BTC could not replace the gold. But I hear from many resources that BTC will replace gold as it getting popularity day by day. As it's demand increasing so it's could be that BTC will replace the gold because of btc demand increasing.

@riazpakistani You give a valid point friend but some points about Gold are:

• It is one of the oldest forms of currencies and it has been there for centuries
• It is a rare and precious metal
• It is legal everywhere
• It has a higher demand as compared to Bitcoin

So, due to these factors I don't think the Bitcoin could replace Gold

[annayks 2314]

I don't think that either. Bitcoin is said to be replacing gold by many because of the similarities but it doesn't need to and the investors in gold will always be there as governments are also invested heavily in this asset. Bitcoin could be one asset that governments will invest too and there are thoughts about it coming from some of them already.

[Lo97 52]

Bitcoin, has written protocols that dictate as many as 21 million coins can be mined. However, it is not impossible that these protocols could be changed to allow more mining. You do not have the same exact factors and rarity as gold. It would be practically impossible to try to live outside of Bitcoin given that few retailers and companies accept the digital currency. Since it is not a physical commodity, gold, being a tangible asset that is traded in regulated financial markets, is not a concern for regulators. There have been a number of cases over the past two years of cyber attacks and criminals using Bitcoin for their gain. In other words, there is almost no chance of exchanging Bitcoin for gold as it is a safe haven.

[Dark Shadow 295]

1 hour ago, TheMonster said:

Yes dear friend you are right both are rare.And both can be mine.But i dont know why i choose bitcoin more best then the gold.The reason is that the price of bitcoin is more than the gold and it is increasing day by day dude.But some time i think that gold is rare then bitcoin.I got stuck between the gold and bitcoin dude.

You are not the only one who thinks this way @TheMonster 😄. There are many factors that push both Bitcoin and Gold to the top of investor's lists. You are right that  price of Bitcoin is high but some investors don't like it's volatility and and that is why the prefer Gold which has a more stable price. Also some don't invest in Bitcoin because it is not legal everywhere. So, they are both preferred/liked almost equally.

[Sharif4847 277]

I think Bitcoin will go much further than Gold and Bitcoin is compared to Gold.  Bitcoin will replace gold and the price of bitcoin is going up as the price of gold is going up.  Bitcoin is gaining popularity like gold now and it will replace gold when the time usage increases.

[Abideen 659]

To my own view, both gold and bitcoins are birds of the same coin. As they are of the same value, they are both mine, and they both have many other features which are the same. Lastly to my own view, hence almost all there features are the same they can replace each other but not in all aspects. @Mubarak Salihu Ahmed

[Dark Shadow 295]

18 minutes ago, Kenan12 said:

@Dark Shadow

Yes, my friend, there are currencies that have a very high price and have a prominent position in cryptocurrencies, including Bitcoin and other other currencies, I think that most currencies have a great position in terms of price and taxes except for dead currencies

Exactly @Kenan12 Bitcoin and many other altcoins (which are not dead) are rising in price and BTC has even broken the 20,000$ barrier! This price is higher than that of Gold and there is no telling how far it will go before a drop. Maybe this will give Bitcoin the fame it requires to stand as an equivalent of Gold.

[buttler88990 619]

We want to know a lot about Bitcoin because we don't know what is going on here. In fact, if you know, please share it with us. We can learn a lot about Bitcoin because we want to know a lot about Bitcoin.  We want to know a lot here so that we can do something better if you can. You will cooperate, brother

[alaarami 103]

Of course, dear, I agree with you. Both of them cannot be dispensed with, as Bitcoin has advantages and gold has advantages where supply and demand are in the process of controlling the price of a collision and a decrease in gold and Bitcoin

[Mrbeen890 5]

No matter how hard you try none of them can replace the other and they both need to work together go accomplish a common gold and because for centuries gold has been accepted worldwide.

[Ali Haider 72 276]

Oh yes bitcoins never replace the gold because gold is hardware and bitcoins are software. Gold can be restore but bitcoins need to electricity and internet connection . but both have great value .

[M.bello 1015]

Hello mate it will replace gold because the price is always increasing everyday while for gold it normally increase and decrease, the fastest and affordable coin is bitcion which has the highest market odd in the global market for now @Abideen @Prince MS @Shantos @Mubiflow

[Mubiflow 1771]

29 minutes ago, M.bello said:

Hello mate it will replace gold because the price is always increasing everyday while for gold it normally increase and decrease, the fastest and affordable coin is bitcion which has the highest market odd in the global market for now @Abideen @Prince MS @Shantos @Mubiflow

It's true that bitcoin is a valuable assets but unlike gold that is rear and unique material which is not comparable to anything to me bitcoin cant replace gold because gold has been in existence for a very long time and its considered a safe heaven gold can't depreciate in value unlike bitcoin that fluctuate @M.bello  

[Rubaba99 433]

Thank you mate for sharing this post. I have come to know the uses of both coins. Both of the coins are perfect in their own place. They can't replace each other and their uses are also very certain. This information will help to know the difference between both coins to the beginners.

[M.bello 1015]

2 hours ago, Mubiflow said:

It's true that bitcoin is a valuable assets but unlike gold that is rear and unique material which is not comparable to anything to me bitcoin cant replace gold because gold has been in existence for a very long time and its considered a safe heaven gold can't depreciate in value unlike bitcoin that fluctuate @M.bello  

Exactly friend is valuable unlike gold because BTC has more market value than gold because the price  of BTC is increasing everday while that of gold it always increased once in a while, the increase in gold normally rise once while that of BTC is everyday 

[_maryspoppin_ 171]

I agree with u but here's what i have to say: bitcoin is new and unstable while gold has been here for centuries and the value has been only increasing. As for now it's difficult to predict what's gonna happen to bitcoin, but I'm pretty sure that bitcoin won't be able to replace gold for a long time as for now and the current situation.

[Dorjoy12 8962]

19 hours ago, Dark Shadow said:

Exactly @Kenan12 Bitcoin and many other altcoins (which are not dead) are rising in price and BTC has even broken the 20,000$ barrier! This price is higher than that of Gold and there is no telling how far it will go before a drop. Maybe this will give Bitcoin the fame it requires to stand as an equivalent of Gold.

 Recently bitcoin ATH break is really unbelievable and within some hours it has hit up around 23k usd plus..   No one Imagine it would be happen this year  @Dark Shadow..  By the way,  this is not altcoin season so if not bitcoin get stable now then altcoin will drop too sharply soon in my own idea..       

[Ahmad746 432]

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

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.

Dear friend both are equally rare and precious. No one replace the other one.

Gold is precious at his own place and bitcoin is valuable at his own place. They both run with one another side by side. 

 

[Johermi 1170]

I do not think that Bitcoin will replace gold will the two go together, Bitcoin has its advantages I think it is a durable mechanism that could replace gold to a great extent? Yes I say it is because it is much more functional than going with a gold bar around 

[Dark Shadow 295]

9 hours ago, Sadia Batool said:

Yes dear friend you are right but I think gold is better then the bitcoin. Because we don't know that bitcoin has a much higher price and we don't know that when it's price will fall. And gold price is confident in it's price dude. That's why I like hold for investment dude

 

Ah so you prefer stable investments @Sadia Batool. Well that is good choice and you can benefit a lot from it but only in the long term. Bitcoins lovers go for Bitcoin for a very different reason i.e they usually want big profits in a short term. So, both Gold and Bitcoin are almost equally preferred for their own benefits.

@Dorjoy12 Yes, Bitcoin recently broke it's ATH and it's price is still skyrocketing. Many did not expect the price to go to 23k in 2020 but it actually happened. Now we have to see for how long it will keep rising.

Edited December 17, 2020 by Dark Shadow

[Pereira 2303]

The bitcoin would never replace the gold, since if we can observe the gold is a mineral and the bitcoin in a digital currency, despite the fact that the bitcoin today has a value of 21,600 dollars, the gold will always be valuable to the world , because if at some point the bitcoin falls through the floor, gold will always remain the same, being a very strong asset in the market.

[Dorjoy12 8962]

1 hour ago, Dark Shadow said:

Now we have to see for how long it will keep rising.

@Dark Shadow in my own idea i dont think btc can be stable in this position for long time brother but we still can hope that it may hit up 25k usd then there will have huge dump..  But some altcoin really showing great such as xrp,ltc, dot and so on.. Time to invest on them..   

[Dark Shadow 295]

5 minutes ago, Dorjoy12 said:

.But some altcoin really showing great such as xrp,ltc, dot and so on.. Time to invest on them..

Yes, some altcoins are affected by the price increase of Bitcoin but I don't know if I would choose to make big investment right now because as you mentioned that Bitcoin is expected to dump after 25k $. And if this happens then these altcoins will also fall in price. But if we look at Gold at this time it is in no way affected by the price of Bitcoin. They are both independent of each other. This shows that they both have their separate status and none of them could dominate the other.

[Roman Wickler 1021]

I don't think so bitcoin will replace gold. Gold is the precious metal on earth and it is really expensive and attractive to others. Bitcoin also expensive but not that much. So i don't think bitcoin will replace gold. 

[Ryan_07 610]

I don't think bilcoin will ever replace gold, for a number of reasons. For one, cryptos are strictly forms of currency, whereas gold has many other time-tested applications, from jewelry to dentistry to electronics.

Unlike cryptos, gold doesn’t require electricity to trade. This makes it especially useful in situations such as hurricane-ravished Puerto Rico, where 95 percent of people are reportedly still without power. Right now the island’s economy is cash-only. If you have gold jewelry or coins, they can be converted into cash—all without electricity or wifi.