Bitcoin will not replace gold

[Dark Shadow 295]

1 hour ago, Martin17 said:

In my opinion, gold is a rare thing since ancient times and still maintains a distinct value for all people, and that investing in gold is considered profitable, but with a small percentage.  Bitcoin is the currency of the future, so Bitcoin will be more profitable and more valuable than gold in the future, because storing and keeping gold is something more difficult than owning and storing Bitcoin, which is in minutes.

@Martin17 Investing in gold is considered profitable but only in small amounts and mostly people choose gold as an investment because of its stability so that they can benefit from it in the long term. You are right that Bitcoin has an advantage that it is easy to store as compared to Gold because it doesn't require any physical storage space.

55 minutes ago, Md shah said:

There is no doubt that Bitcoin still has a long way to go to replace gold.gold can be fake, there are so many stories of people getting scandal when they were cheated into buying fake gold,but there is no fake Bitcoin .this is the difference between gold and Bitcoin. 

@Md shah Gold can be fake but there are many test that can let you tell real gold from fake one like magnifying glass test, sound test etc. So if you test gold before buying it then you will not scammed.

36 minutes ago, maatalla said:

As for owning Bitcoin in my opinion
In light of its lack of legalization so far, it remains fraught with risks even if it has security that is difficult to penetrate or forge ... Therefore, gold remains distinguished by confidence among investors for a long time or short ... unlike Bitcoin, whose lack of legalization still poses a problem for the investor

@maatalla Bitcoin is illegal in only some countries of the world so I don't think it will be much of a problem for majority of the investors. Maybe someday those countries will see the benefits of crypto and accept them as well. Maybe then Gold and Bitcoin will gain an equal status.

[Dark Shadow 295]

56 minutes ago, Ayyan786 said:

Well its time thats tells. 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 turnout to be.. 

@Ayyan786 You are correct that only time will tell what will happen. Gold has been there since ancient times but Bitcoin is catching up to it and sooner or later it might be on the same level as that of Gold. Nothing is for certain that is just my opinion.

[TuRi3369 137]

Among the cryptocurrency coins, the price of Bitcoin is the highest in the current market. Its price is increasing every day. But the demand for gold is different. It is never possible to replace Bitcoin with gold.

[Jaafar Fahad Hassan 114]

3 hours ago, Zafarwaheed said:

Thanks my fried for these kind of important points for the members. But I would say that the gold is the decentralized and it is not controlled by the government, they have the hold on the only on fiat currency. I think that the both will be accepted by soon all the countries. And the Bitcoin and gold will be worked to gather soon. 

Your thoughts about both Bitcoin and gold to be accepted soon by all countries is genuine, many countries including the under developed countries are embracing the bitcion rapidly. So I honestly agree with you that someday ,the two will work together and improve the world massively

[Ivanvlad4 0]

Both are good and have their profits. But I think the future of Bitcoin is more promising, remembering that bitcoin is currently not accepted as gold, but if we note the visibility that bitcoin has been gaining, in my opinion bitcoin will be, superior to gold.

[MuhammadSh 3067]

Each one has its importance in my opinion.. and we can't even compare between both of them! but the thing which i am sure about is that we are talking about two of the most affective things on the current financial international system! we may see people believe in bitcoin and gold more than fiat money in the near future.. 

[Dark Shadow 295]

@Umardhahir Sorry friend, I didn't quite understand what you were trying to say. Could you try asking the question in a different way please.

17 hours ago, Robert Crawford said:

In my opinion, investing in gold has become traditional and old, and you cannot earn a lot of money, so I prefer to invest money in Bitcoin and cryptocurrencies instead of gold because Bitcoin is a modern currency and it will have a better future than gold, especially if dealing in Bitcoin becomes permissible in all countries.

@Robert Crawford I share the same opinion because Gold does not bring much profit to its holders and investors while on the other hand Bitcoin brings tremendous benefits. But still some people prefer Gold because of its stability.

[Dark Shadow 295]

17 hours ago, mostafa926 said:

Bitcoin won't have the potential that gold as of now has for quite a while. Just in the inaccessible future would we be able to expect that Bitcoin and other cryptographic forms of money can shake the authority of gold. For this situation, valuable metal may in reality be feeling the squeeze. However, it is as yet far starting there.

@mostafa926 Of course Bitcoin does not have the same status as that of Gold. But Bitcoin is progressing very fast and we can't say if it will reach the level of gold or not. Only the future can decide that.

[Oxygen99 1930]

23 hours ago, Jaafar Fahad Hassan said:

Yeah , it indeed a good value to invest ,but am sure like you said, bitcoin owners should endure and hold till end of the year before selling because there is many possibilities that the price will rise by the end of the month

Yes my friend because bitcoin is a good coin which has good potential in the Cryptocurrency marketplace and since it is promising coin then holders need the excercise patience so that they can be able to gain more profit in few months time and I will suggest anyone that have huge capital invest in the likes of litecoin and ethereum now because bitcoin influence there value which will make one to make some extra income.

[Dormilon 2183]

On 10/30/2020 at 12:33 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.

@Dark Shadow Gold has a long history as an asset reserve in the world, countries rely on this mineral to protect their financial reserves, BTC is newer, but the two are very different in their essence, gold requires a great expense of money for its extraction, it is even dangerous in many cases, when it is done without minimum safety rules, bitcoin entails an expense in electricity, but it is less dangerous than gold to be mined, however, as an asset reserve the Gold has a greater projection, it is already within the governments for this purpose, I do not see the BTC as to be taken by governments as an asset reserve, perhaps many people individually if they take it and will take it, but countries do not, that's why they attack it so much and try to ban its use.

[GalaxyGuard 352]

Yes, you're right, the gold will keep its value ..

Cryptocurrencies will never replace gold because cryptocurrencies derive their presence and power from the presence of the Internet .. So what happens to Bitcoin if it is internet or for some reason it was destroyed? What if the technology is destroyed by a strong solar electromagnetic storm, for example? ... What if the electricity or communications cut off in a global catastrophe ?

 

Cryptocurrencies exist as long as communication technology exists, but gold is always exist , whether civilization and technology were exist and advanced or collapsed and was destroyed in a catastrophe of some kind .. In any case, gold will never lose its value and will continue to retain this value because it has preserved this value over time. The ages.

[koynayak 1923]

I dont know for sure but in the future bitcoin will became a stronger than now. The price will go up gradually but i cant say the samething for gold as we know gold has a long history. I guess time will shows us the answer.

[Wanderdark 2178]

I think bitcoin will overpower the gold in the future because it has even more limited supply than gold. In its current status, it already started to overpower gold because most of the gold traded is on paper and they are just numbers on accounts  they have no real counterpart in physical gold. for example if all the people who has gold in their accounts wanted to withdraw it, there isn't enough gold in the world to pay them all. so, with gold, there is virtually no real supply limit. On the other hand BTC supply and limit is real.  

[Jaafar Fahad Hassan 114]

1 hour ago, Oxygen99 said:

Yes my friend because bitcoin is a good coin which has good potential in the Cryptocurrency marketplace and since it is promising coin then holders need the excercise patience so that they can be able to gain more profit in few months time and I will suggest anyone that have huge capital invest in the likes of litecoin and ethereum now because bitcoin influence there value which will make one to make some extra income.

Bitcoin the God of cryptocurrency, so what you are saying now is that ,there is tendency that the price of litecoin and ethereum will rise massively soon, well I will urge those with capitals to try and invest in the the coins stated above, thanks mate for the important message

[Oxygen99 1930]

4 minutes ago, Jaafar Fahad Hassan said:

Bitcoin the God of cryptocurrency, so what you are saying now is that ,there is tendency that the price of litecoin and ethereum will rise massively soon, well I will urge those with capitals to try and invest in the the coins stated above, thanks mate for the important message

I only listed those coins out because they have good potential in the Cryptocurrency marketplace and since they are not affordable for most people that is why i recommend litecoin and ethereum since they have less value compared to bitcoin which is currently the most expensive Cryptocurrency.

[Dark Shadow 295]

16 hours ago, Ivanvlad4 said:

Both are good and have their profits. But I think the future of Bitcoin is more promising, remembering that bitcoin is currently not accepted as gold, but if we note the visibility that bitcoin has been gaining, in my opinion bitcoin will be, superior to gold.

@Ivanvlad4 I am also seeing that Bitcoin is becoming more and more popular each day and sooner or later it is bound to catch up to Gold. But I don't think that Bitcoin will be superior to Gold because they are both important in their own ways.

 

 

[Dark Shadow 295]

5 hours ago, Gomez12 said:

@Dark Shadow you are right,Bitcoin is not much popular than gold I think it's matter of time we still believe bitcoin will also become popular currency in the world as gold because now as we know bitcoin it's a modern currency market and demand by traders,I think bitcoin will have bright future. 

@Gomez12 We can only predict that one day Bitcoin will also have the same popularity that Gold has. Because of may reasons Bitcoin is not very popular and some people don't trust it very much. But still the future looks bright for Bitcoin and we hope that someday it will carry the same status that gold has.

[Jaafar Fahad Hassan 114]

1 hour ago, Oxygen99 said:

I only listed those coins out because they have good potential in the Cryptocurrency marketplace and since they are not affordable for most people that is why i recommend litecoin and ethereum since they have less value compared to bitcoin which is currently the most expensive Cryptocurrency.

Okay mate, now I get you, I didn't get your previous comment right, thanks for making me understand with your brief explanation. Some will ignore my post of not understanding ,but you instead reconstruct the post to the level of how I can easily accumulate. Thanks once again mate, I really appreciate you

[Mike1515 2977]

There are a thousand reasons why we need to work to really be sure that we are able to really be working in this world of this crypto currency because when you look at what is happening we are trying to look for freedom and bitcoin represents that, gold represents value   , you know what is the value of bitcoin and thats what happened

[George10 9932]

On 10/31/2020 at 6:44 PM, 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. 

Well said mate I agree with your point of view thou I don't deal in gold but yeah I think you are right Gold can be faked while bitcoin can not because it is controlled on blockchain under one operational system that can not allow any fake created bitcoin to pass through and for this reason I too think bitcoin is good over gold.

[mohamedpc1 2213]

Nicely stated mate I believe your factor of view thou I do not deal in gold but yeah I assume you are right Gold may be faked at the same time as bitcoin can't due to the fact it's miles controlled on blockchain beneath one operational system that cannot allow any faux created bitcoin to pass thru and for that reason I too assume bitcoin is good over gold.

[Dark Shadow 295]

3 hours ago, Dormilon said:

@Dark Shadow Gold has a long history as an asset reserve in the world, countries rely on this mineral to protect their financial reserves, BTC is newer, but the two are very different in their essence, gold requires a great expense of money for its extraction, it is even dangerous in many cases, when it is done without minimum safety rules, bitcoin entails an expense in electricity, but it is less dangerous than gold to be mined, however, as an asset reserve the Gold has a greater projection, it is already within the governments for this purpose, I do not see the BTC as to be taken by governments as an asset reserve, perhaps many people individually if they take it and will take it, but countries do not, that's why they attack it so much and try to ban its use.

@Dormilon You are correct that gold mining is a difficult task and many countries depend on gold to protect their financial reserves. But Gold and Bitcoin are both valuable assets in their own sectors and they both have their own importance. The only advantage gold has over Bitcoin is that it is accepted by the government. If the government was to legalize Bitcoin then they would both have an equal status.

[gbfisher 1815]

Yes,  your post is very useful because its telling clear points about btc and gold. Both have their importance because gold was accepted worldwide and its usage is more then btc because it has oldest money and it has also a physical financial asset so thats why mostly people believe in gold but in very short time btc make their own importance. Day by day countries accept it and its a digital money used for online transactions so working of both side by side is better for the latest generation and one more both are used for long term investment but btc also used for short term as well... 

Edited November 2, 2020 by gbfisher

[Dorjoy12 8962]

3 hours ago, Oxygen99 said:

i recommend litecoin and ethereum since they have less value compared to bitcoin which is currently the most expensive Cryptocurrency.

@Oxygen99  if a investor or trader has less capital in crypto world then i think it will be better for him if he start trade on low value coin as you mentioned litecoin, eth.. I have calculated many time that if you use the same usd  to buy ltc or another currency  instead of want  to buy btc    then you can have more good profit.. So i dont prefer btc in low capital..         

[Dark Shadow 295]

17 hours ago, GalaxyGuard said:

Yes, you're right, the gold will keep its value ..

Cryptocurrencies will never replace gold because cryptocurrencies derive their presence and power from the presence of the Internet .. So what happens to Bitcoin if it is internet or for some reason it was destroyed? What if the technology is destroyed by a strong solar electromagnetic storm, for example? ... What if the electricity or communications cut off in a global catastrophe ?

 

Cryptocurrencies exist as long as communication technology exists, but gold is always exist , whether civilization and technology were exist and advanced or collapsed and was destroyed in a catastrophe of some kind .. In any case, gold will never lose its value and will continue to retain this value because it has preserved this value over time. The ages.

@GalaxyGuard You are right that it is possible that all technology could be destroyed by a solar electromagnetic storm. But as long as there is technology and the internet stands then Bitcoin will also keep it's value. Gold however doesn't depend on technology so it won't be affected by this.