Bitcoin as digital gold

[Handhy 39]

Bitcoin as digital gold

Since centuries ago, gold has been seen as a high-value object by many groups of people in the world. It is important to know that gold itself has no value - gold is just a shiny stone. The value of gold comes from the fact (which is somewhat confusing) that everyone agrees that gold has a certain value, and therefore gold is considered valuable. The reason why people choose gold over other objects is important to understand - because gold has certain characteristics that make it a better store of value than other objects:

First, gold is rare. That is, the amount of gold is limited (there is only so much gold in the world - if it is too much then everyone can have it and gold will not have any value). Gold is also soft (gold can be melted and shaped into various small units such as coins, and more importantly when you change its shape into smaller units, it will not lose its value - unlike diamonds). Gold is also stable and does not experience degradation, is easy to recognize and difficult to imitate (made a fake imitation).

Bitcoin has all the same characteristics as gold. The number of Bitcoin is limited (there is only a certain amount to be produced), Bitcoin can be broken down into smaller units without losing the value of that unit (1 Bitcoin = 100,000,000 Satoshi - the smallest unit of Bitcoin, just like cents in Dollars or pennies in Pounds, so we can buy less than one Bitcoin), Bitcoin technology is also stable and will not experience degradation, also impossible to make fake Bitcoin. In addition, unlike gold, you can move Bitcoin anywhere in the world in minutes, regardless of the amount of Bitcoin. That is why people refer to Bitcoin as digital gold, but digital gold is better.

Bitcoin also has value as a payment system. The more people use Bitcoin for payments, the more valuable this payment system will be. Buying Bitcoin is like buying Visa shares, then using these shares to buy soda at 7-11. Because you pay with your Visa stock, the place to use Visa more and more, (payment system) Visa is increasingly widespread and more valuable, so that the value of Visa shares will become even more valuable (including the value of your own Visa shares!).

The value of Bitcoin comes from these gold-like characteristics, and also functions as a payment system such as Visa.

Bitcoin is like gold, but better.

[Khan 1414]

May be Bitcoin is seen as a gold in future because it is currently very high in price as compared to Gold and the reason of BTC is not in good position is that it is not stable.

[duncun007 3577]

unless bitcoin start having mass adoption in countries around the world we cant really call it gold, its liquidity is still so low compared to other companies, but trust me guys once its adopted we  wont see these gains in crypto again..

[Bitxalt 452]

3 minutes ago, Mohs3n71 said:

does this names really matter, I don't think it does really matter what we call the bitcoin, you like it to call it gold ? so be it

the only thing matters is the technology and value of it

I think he just likened bitcoin to gold as a cryptocurrency, and maybe ethereum is silver, xrp is bronze and so on. I have also thought the same thing LoL

[bestprofi 372]

I personally do not agree with the claim that bitcoin is like gold and I want to contradict you.
Bitcoin has no intrinsic value, we in the crypto world value it. Gold has an intrinsic value given to the characteristics and use of the metal.

[Rounak sarkar 117]

Yes many year ago the gold will be used as a money to buy something, but when the paper currency started, the gold will be stop and then it used to make jewellery, but as a future of digital coins the Bitcoin is the real currency compare by the golds. Here I cannot say about Bitcoin !!

In our Indian rupee you can saw they are not real rupees or real money, it just a paper where you can see the RBI write. " I promise to pay the bearer the sum of two hundred rupees " 

I think you all understand about it !! It's Will happening on very currency .

[sdsonjoy50 886]

Bitcoin is a digital currency and worth more than all coins, so Bitcoin is called digital gold, many people call bitcoin digital gold for the value of bitcoin will increase day by day.

[Migo 7946]

In the current time many people or even some of us are seeing bitcoin as a valuable currency, I think he can move farther than this in the future 

[yifnt 666]

Apparently not, because there have been new projects created and they are equivalent to the price of gold. So we can buy these coins and hold them like gold because they really have the same price as real gold.

[kizz 3370]

Well, maybe we can see bitcoin as gold 'important' but there are diference with the gold and bitcoin. But in the internet that is the bitcoin, it was very helpful for us and a good profit that's why we consider it gold because of its value

[Naylor89 1223]

Bitcoin is the a currency and method of payment, but it can be called a digital gold in terms of market value and stability and very precious treasure. It is also an asset but digital in nature.

[bliznec 22268]

Analysts believe that the cryptocurrency Bitcoin will soon overtake in terms of gold. Bitcoin has the properties of a change in price from the difference in gold. Bitcoin is much more interesting and better than gold. I think that in the future bitcoin will bypass gold. 

[I-KUN 422]

they have the similarity, you should do some mining to get them and make a market to trade to make them valuable. but the problem in bitcoin is the security issues, most of exchangers and wallets are getting hacked. so a lot of people don't trust bitcoin for their investment. 
also there is stablecoin called "digital gold". you can find it here : 

https://coinmarketcap.com/currencies/digital-gold/

[duncun007 3577]

i think bitcoin is definitely digital gold and in the future we will know that those who didnt buy bitcoin at these low prices will regret it because i see big potential for bitcoin as payment in the future.

[Emma 611]

When we pronounce the word gold, It always effect on us because it is a precious metal. But bitcoin is more precious than gold, so it is digital gold.

[Naylor89 1223]

The amount of bitcoin is limited and the popularity of bitcoin makes bitcoin more valuable, with the more valuable bitcoin, bitcoin can be called digital gold which is very desired by all crypto citizens.

[Sumayya 493]

Gold was around for many century, that is what makes it rare, if Bitcoin can be around for lone it will also be a rare currency.

[CryptoMaxim 3829]

On 27.11.2019 at 21:21, Chy944 said:

Gold is stable and where else bitcoin fluctuates a lot as a result it is highly risky to be consider gold as the Bitcoin .beside this Bitcoin can never be a future gold.

I agree with you. Gold and bitcoin are not comparable things. One of the main differences is that gold has a physical shell. And the second important difference is that bitcoin depends on the Internet.

[tienda 8776]

Maybe yes is a good idea to cooperate Bitcoin with Gold as a digital Gold, means the physical Gold dont move from countries to others but the payment will be digital with Bitcoin, and the buyer receive his Gold locally.

[Pearls Before Swine 815]

On 10/17/2019 at 7:55 PM, Wrath said:

Bitcoin is digital coin, even worth the same if you look at one bitcoin to be equivalent to kilogram gold then their prices are not that far, people are invest more into bitcoin, soon it will be worth more the gold.

Well you could pick any specific weight of gold an call it equal to 1 bitcoin if you really wanted to, but that's meaningless.

 

Bitcoin is *not* digital gold.  Bitcoin is bitcoin.  Gold is a physical thing that's considered a safe haven asset, which bitcoin is neither one of.  This comparison has been made so many times on bitcointalk that it makes my head spin, and it's an unnecessary conversation to have.  The two things are completely different and will always be.

[Akbor 1042]

I think bitcoin is more than digital gold. the price is very high of btc then gold. but holding gold is a sfe way than holding btc. because btc price is not fixed. you may loss or you make huge profit from it.

[Fatihgani12 348]

Well bitcoin is a highly valued digital asset with gold does not differ much, many people agree bitcoin to be traded many also convert gold for sale.

[Naylor89 1223]

Since the creation of BTC, it has proven beyond doubt that it's one of the best cryptocurrencies ever to be created even overtaking gold. now it can be taken as a digital gold.

[PiroSense 2681]

On 10/18/2019 at 12:17 AM, Handhy said:

buy soda at 7-11

Which is as of now, is not viable. Bitcoin's confirmation takes some minutes before being validated, and that makes microecononics, such as buying a single soda, inefficient and slow.

 

The point is true, it indeed acts like a digital gold due to similarities in characteristics (deflationary, limited supply). But as of now, Bitcoin is having difficulties catering the needs of smaller transactions faster.

[SyntaxEr. 709]

On 12/17/2019 at 5:49 PM, Fatihgani12 said:

Well bitcoin is a highly valued digital asset with gold does not differ much, many people agree bitcoin to be traded many also convert gold for sale.

Yeah bitcoin is a very highly valued asset that is why they calling it the gold of cryptocurrency and in terms of price comparison bitcoin is much expensive compared to gold.