Is Bitcoin Cash or Gold now?

[MrSpasybo 1049]

When Bitcoin was created by Satoshi Nakamoto, Bitcoin was seen as an alternative to fiat that was heavily manipulated by the government. And the first official Bitcoin transaction as payment: 10K BTC for two pizzas. However, over time, under the influence of the media, of economic volatility, of the halving event, Bitcoin price has risen rapidly and is currently 1 BTC = $50K. Even according to PlanB's Bitcoin stock to flow model, Bitcoin price could reach $1M after the upcoming halving in 2024: https://decentrader.com/charts/stock-to-flow-model/

 

 

As such we will be very difficult to use Bitcoin in daily payments. I know that if BTC price reaches $1M, 1 satoshi = 1 cent, still completely meets the need for payment, but the transaction cost will also be huge, not just about 25 USD/transaction as currently. SegWit/Lightning Network is not currently able to help reduce the BTC transactions fee.
It can be seen that the higher the Bitcoin price, the farther Bitcoin is from the payment feature.

 

Now, when we fear that our current Bitcoin spending will turn into huge regret in the future, we can only consider Bitcoin as an asset to invest or to reserve, or to pay for large amounts between corporations and between countries. So Bitcoin is closer to gold than to cash.

 

Currently, the definition of "Bitcoin is digital gold" is widely accepted and makes Bitcoin more understandable to the community.

 

So is this the time for us to accept a new existing value of Bitcoin: gold, not cash? Do you think Bitcoin is ready to hand over the mission of cash to altcoins, including BitcoinCash, to become digital gold of global economy?

Edited February 25, 2021 by MrSpasybo

[MrSpasybo 1049]

1 hour ago, Malik imran said:

Bitcoin really gained a lot of attention when its price skyrocketed in 2017. But what a lot of people don't know is that there are currently three types of Bitcoin: Bitcoin BTC ,Bitcoin cash BCH, and bitcoin Gold BTG.

Which Bitcoin do you think is the best? And should Bitcoin be cash used for payments or gold used to store assets?

[MrSpasybo 1049]

10 hours ago, Ahmadd37 said:

Bitcoin truly acquired a great deal of consideration when its cost soar in 2017. However, what a many individuals don't know is that there are as of now three kinds of Bitcoin: Bitcoin BTC ,Bitcoin money BCH, and bitcoin Gold BTG.

What kind of BTC do you think is suitable to be used as cash, what kind of Bitcoin is suitable to be used like gold?
Do you think BCH & BTG will replace BTC in the future?

[Whited35 15285]

As you have said, Bitcoin can be widely regarded as the reserved or backed asset in future as its notorious scalability problem and energy consumptions problem to share computing powers can hamper it to be real-world payment solution. I even see the remarkable utilization of BCH and BTG in future. In my opinion, next level's PoS based altcoins like Polkadot( DOT),Cardano(ADA), etc. will win the race to be real-world payment solutions. 

[Goyaa 2414]

In my opinion Bitcoin will not replace fiat money, Bitcoin is the same as digital gold which has a high value. Predictions of the price of bitcoin can be up to 1 million, in my opinion it could happen especially now that the use of cryptocurrency is increasing, but indeed if the price of bitcoin becomes 1 million it is possible that we will find it difficult to use it. bitcoin as a transaction tool, but will function as an investment like gold. The use of transaction tools will use other altcoins that are cheaper in price, but altcoins will also increase if the price of Bitcoin goes up.

[PoKeMoN611 252]

Я считаю что bitcoin вполне можна чтитать цыфровым золотом которое будет только дорожать в будушем.

[selfmade 7]

I think bitcoin opened the door way to digital currencies but itself does not meet requirements to be considered a currency for payment. I think bitcoin is an asset that makes it a digital gold not digital currency, but there are actual digital currencies like the stable coins and coins with less volatile.

[PoKeMoN611 252]

Я считаю что Bitcoin нельзя равнять как золото но Bitcoin можна считать цыфровим золотом который в любом случае будет дороже золота.

[Sumon21 151]

I think bitcoin is more profitable than gold.  If we look at the period from today to a year ago, we can see that the price of gold has not changed much.  But Bitcoin has more than doubled.  That's why I prefer Bitcoin.

[PoKeMoN611 252]

Я считаю что Bitcoin нельзя сравнивать с золотом но на крипто рынке Bitcoin является цифровым золотом и довольно перспективный.

[MrSpasybo 1049]

On 2/27/2021 at 9:40 PM, Whited35 said:

As you have said, Bitcoin can be widely regarded as the reserved or backed asset in future as its notorious scalability problem and energy consumptions problem to share computing powers can hamper it to be real-world payment solution. I even see the remarkable utilization of BCH and BTG in future. In my opinion, next level's PoS based altcoins like Polkadot( DOT),Cardano(ADA), etc. will win the race to be real-world payment solutions. 

@Whited35@Goyaa@selfmadeAs you say, Bitcoin is moving away from its payment feature because of its slow speed and high transaction fees. It is becoming more and more like gold in terms of its store value.
Will Bitcoin be able to switch to using POS at a higher speed in the future after a hard fork?

On 3/15/2021 at 5:08 PM, Ais jon said:

Bitcoin is one which is not better than Gold. The reason for this is that the value of bitcoin is increased because so many people have invested in it. Bitcoins have value decries and increased. But the value of gold is increased and with the passing of this time, its price also increases. 

@Ais jon@Sumon21 USD is losing value more and more so we will see the price of things increasing, but it is clear that BTC price rises a lot faster than gold. Currently 1 BTC = 1 kg of gold ^^
My topic doesn't want to compare Bitcoin to gold, I mean Bitcoin may have been closer to gold than to cash. What do you think about this issue?

 

 

 

[Whited35 15285]

12 hours ago, MrSpasybo said:

@Whited35@Goyaa@selfmadeAs you say, Bitcoin is moving away from its payment feature because of its slow speed and high transaction fees. It is becoming more and more like gold in terms of its store value.
Will Bitcoin be able to switch to using POS at a higher speed in the future after a hard fork?

Very hard ! Bitcoin is the biggest public blockchain network with the highest number of participating nodes from all around the world and they are sharing an incredible amount of hashrate and reversing the hash function is impossible . It could be possible if all miners and users upgrade the newly released Bitcoin core software and it may take a very long time otherwise existing blockchain will be working to allow Bitcoin transactions. 

[Brimstone 44]

On 3/15/2021 at 10:08 PM, Ais jon said:

Bitcoin is one which is not better than Gold. The reason for this is that the value of bitcoin is increased because so many people have invested in it. 

That is the main reason why bitcoin is better than gold, if gold is better than bitcoin, why many people preferring bitcoin? Its because they can earned money for a short period of time, unlike with gold that you will get profit for how many years.

[Sumon21 151]

13 hours ago, MrSpasybo said:

@Whited35@Goyaa@selfmadeAs you say, Bitcoin is moving away from its payment feature because of its slow speed and high transaction fees. It is becoming more and more like gold in terms of its store value.
Will Bitcoin be able to switch to using POS at a higher speed in the future after a hard fork?

@Ais jon@Sumon21 USD is losing value more and more so we will see the price of things increasing, but it is clear that BTC price rises a lot faster than gold. Currently 1 BTC = 1 kg of gold ^^
My topic doesn't want to compare Bitcoin to gold, I mean Bitcoin may have been closer to gold than to cash. What do you think about this issue?

 

 

 

@MrSpasyboI understand what you mean. However, I mean that the rate of price increase is.  Bitcoin's rate of growth is faster than that of gold. 

[noman847 5]

yes i think in coming time bitcoin become one of the biggest crypto currency and it will become a gold.

[PoKeMoN611 252]

Я считаю что Bitcoin можна считать цифровым золотом которое будет только дорожать но никак нельзя его сравнивать з золотом так как золото материальное а Bitcoin цифровой.

[MrSpasybo 1049]

7 hours ago, Whited35 said:

Very hard ! Bitcoin is the biggest public blockchain network with the highest number of participating nodes from all around the world and they are sharing an incredible amount of hashrate and reversing the hash function is impossible . It could be possible if all miners and users upgrade the newly released Bitcoin core software and it may take a very long time otherwise existing blockchain will be working to allow Bitcoin transactions. 

@Whited35

Yeah, I understand this, but if the Bitcoin network reaches a consensus, or a hard fork happens and the majority moves to the new Bitcoin POS, things will get better for the Bitcoin community. There are some layer-2 analog solutions for Bitcoin right now, but I don't think they can increase Bitcoin's transaction speed by thousands of tps.

However, sometimes the choice of the community is very unpredictable. BitcoinCash has a faster transaction speed than Bitcoin, but people prefer Bitcoin 🙂

[PoKeMoN611 252]

Яьзя сравнивать Биткоин и золото как каждое по своему хароше.Биткоин является цифровым золото, а золото материальное.

[Whited35 15285]

11 hours ago, MrSpasybo said:

However, sometimes the choice of the community is very unpredictable. BitcoinCash has a faster transaction speed than Bitcoin, but people prefer Bitcoin 🙂

Definitely, crypto community loved Bitcoin instead of BCH as there is bitter reality behind the birth of BCH. The community has a power to change but it is extremely harder for Bitcoin blockchain network. I think all Bitcoin will be mined just by using the PoW protocol otherwise existing codes may not allow PoS to create the new blocks for Bitcoin blockchain network. 

[MrSpasybo 1049]

15 hours ago, Whited35 said:

Definitely, crypto community loved Bitcoin instead of BCH as there is bitter reality behind the birth of BCH. The community has a power to change but it is extremely harder for Bitcoin blockchain network. I think all Bitcoin will be mined just by using the PoW protocol otherwise existing codes may not allow PoS to create the new blocks for Bitcoin blockchain network. 

@Whited35I agree with your opinion, the immutability of Bitcoin blockchain that makes Bitcoin always the crypto King. Speed, friendliness, and customization are really cool, but it makes Bitcoin not truly existent in isolation from the crypto community.
We will be waiting for scaling solutions for Bitcoin in the future. Because even though Bitcoin is gold, the demand for Bitcoin payment among corporations, countries in the future is still very large.

Edited March 25, 2021 by MrSpasybo

[Alesxa 292]

i think bitcoin is more profitable than gold.Bitcoin is the biggest public blockchain network with the highest number of participating nodes from all around the world and they are sharing an incredible amount of hashrate and reversing the hash function is impossible . in coming time bitcoin become one of the biggest crypto currency and it will become a gold.

[Zrnabaly 179]

So dear in my opinion BTC is more profitable then gold . 

Because as you said that bitcoin price may increases in 2040 upto $1M . So people have to invest their money in bitcoin as compared to gold .

Because if btc price increases so btc is more profitable.

Thanks.

[MrSpasybo 1049]

9 hours ago, Riaz Hashmi said:

@Umar shah @Hamza 533 I am also thinking the same price as you predicted in this graph. It is good to invest more than 5 year in btc and after that your investment is double. Best of luck! Thank you for this good info.

@Riaz HashmiTo be honest, I don't want to compare the returns of Bitcoin to gold, I want to talk about the value of Bitcoin at this point closer to gold or to cash.
What do you think about considering Bitcoin as digital gold, instead of digital cash?

[selfmade 7]

2 hours ago, Aryankhan said:

Everyone knows that bitcoin is Cash and I also say that the bitcoin  is cash and Bitcoin is not Gold

Bitcoin is physical. so how can it be cash?? I think because gold is an asset and bitcoin is an asset as well only different is that bitcoin is digital, so I would call it digital gold.

[selfmade 7]

On 3/26/2021 at 12:47 PM, Zrnabaly said:

So dear in my opinion BTC is more profitable then gold . 

Because as you said that bitcoin price may increases in 2040 upto $1M . So people have to invest their money in bitcoin as compared to gold .

Because if btc price increases so btc is more profitable.

Thanks.

 I think when comes to profit bitcoin is yes profitable, but when comes to risk it is more risk than gold, gold price tends to increase slowly but straight ahead, while bitcoin can change direction at anytime and when it falls it falls hard.

On 3/26/2021 at 1:56 PM, Riaz Hashmi said:

@Umar shah @Hamza 533 I am also thinking the same price as you predicted in this graph. It is good to invest more than 5 year in btc and after that your investment is double. Best of luck! Thank you for this good info.

Just investing constantly for 5 years does not make it right, you may invest for 5 years or more and end up with the coin dropping and dropping, the best solution is to know which time is best to invest.

 

Edited April 5, 2021 by selfmade