Bitcoin Forum

What do you think about bitcoin as a Gold Standard?

In world economy, Gold Standard is no longer to use but in cryptocurrency world I think bitcoin is the new "Gold Standard" for other crpytocurrencies.

If you want to learn more about gold standard;

https://en.wikipedia.org/wiki/Gold_standard (https://en.wikipedia.org/wiki/Gold_standard)

bitcoin already is..

you cant really buy an altcoin unless you buy bitcoin first.. so all alt valuations are based on bitcoin.. ultimately
(give or take a few rare instances where some alts can be bought direct via fiat)

It may happen in very far future. But we first need to kill real paper money I guess.

He doesn't mean to replace gold as the gold standard, but for bitcoin to be the gold standard of the cryptocurrency age.

It will most likely stay the gold standard as it has significant first mover advantage.

You are absolutetly right. And bitcoin is also like gold because it is finite as gold in the world. On the other hand, if we find any gold in outer space like asteroids, gold price can decrease but bitcoin will still be bitcoin with 21 million units. :)

Bitcoin is far better than 'gold standard'. It is like the one and only viable cryptocurrency after all. Without bitcoin you can't really do anything in cryptoworld.
It is somewhat similar to gold, I agree. But is is at the same more crucial. Without bitcoin there is no altcoins.

OP, your post is very confusing and I suspect you're confused.

If you mean "gold standard" as a metaphor or whatever, then yes bitcoin is already that.

If you mean a literal gold standard, meaning btc being backed by gold--there's no need for that and it's already been dismissed as being a silly idea.

Or maybe I'm the one who's confused.

Yeah, that's how I read the OP as well... but I think he means for cryptocurrencies in general.  I truly believe though when it comes down to a point where fiat no longer is a viable option and everyone is buying into assets and other commodities, then it will come down to a point where bitcoin will be used for purchasing goods, that is not backed by the USD or any other fiat any more; but rather it would be priced in gold.

Fiat was always intended to represent something else other than "trust" in government.  It was originally designed to carry a specific amount of value in gold.  After this was dropped some time back, the only thing that keeps fiat like the USD around is trust in the government to control inflationary rates and so forth.  So when this system collapses, the only reasonable thing to do is to have bitcoin priced in gold like fiat was before hand.

It is the Gold Standard for digital currencies.

This isn't a question. BTC is the de facto gold standard for every other cryptocurrencies. There would not be any other if BTC hadn't come first. But BTC will never be a gold standard compared to fiat currencies. You may remember that the gold standard implies that it keeps in value whatever the circumstances, be it a war, or an earthquake which would destroy all power networks.

I've meant that bitcoin's characteristic is very similar to gold. There are many currencies like dolar, euro, yen but till 70s gold is a standard currency for all other currencies.

Yeah, America removed the gold standard from the dollar in the 1970s.
I think that was the turning point for modern currencies, because most currencies backed themselves on the USD...which was backed by gold. Now currencies are backed solely by trust.

Maybe in the future bitcoin will be something like a global standard. The internet can only continue spreading around the world. Bitcoin could become the de facto currency that unifies all of the commerce that takes place on it.

In my country there are 2 exchanges that sell LTC, dash and doge directly in fiat...

This is a far-fetched idea since most people are comfortable with fiat and governments are somewhat hostile against Bitcoin.

may , in the future bitcoin will become a very luxurious . and will become the global gold standard.

You still can buy altcoin without buying bitcoin first.

It's depend on the exchange. For example, c-cex allow to trade altcoin-fiat, and altcoin-altcoin.

Sure, but so was the internet itself back in the day.

If I want to do business with some guy in Ghana and I'm in Canada then neither of us is gonna have a clue about each other's currency. We could talk USD but it might be totally impossible for me to send any to him and it might take days or weeks. The idea of bitcoin for internet commerce makes total sense. 

Bitcoin can be crypto standart may be. Gold is more popular among old fashion bank users  ;)

You are very wrong about this because people are not trusting banks anymore since saving in banks will only make you lose money because of inflation rate but people that choose to buy gold usually save their money in form of gold as well so their money will not be lost due to the inflation rate

Unlikely. Gold became to a standard because of it's been widely know and everybody recognized it as a low-volatility store of value.
About 75% of the world population doesn't even know what the heck is bitcoin and a large part of that 25% doesn't take it seriously. At the current rate even baked beans have more chance to be a standard in the near future than bitcoin.

Bitcoin is already standard to set value for any cryptocurrency right now.I will go one step further by saying we are moving towards a cashless society in which we will be using digital currencies for those future's currencies too Bitcoin will be as standard.Bitcoin will play similar role what Gold played in fiat money to give them value till now.

Bitcoin is becoming standard and making its way towards digital currencies era.I do believe Bitcoin will be core currency because of its limited supply to set up value for other currencies.

Good point but we can go even further. We can use it as point of reference not only for the cryptos but for every kind of money, be it actual one and or be a  future one. For more we can go even over this. We can imagine a world with national money for every country a digital coin (centralized one by digital). Which can be used even out of internet. In various forms. I can name here for example the credit and debit cards. Maybe without having the need for a physical form of the national crypto money of every country. See (who want) something about that and comment (if like and want) whatever you think here in this thread created about three months ago: https://bitcointalk.org/index.php?topic=1191118.0 (https://bitcointalk.org/index.php?topic=1191118.0)

I think to be accounted as standard or noble everything should be perfect but regarding bitcoin there are lots of issue coming up these days including block size limit and speed of confirmation. There are some alts claiming 1min confirmation time, so bitcoin should first be perfect interms to handle massive transaction with speed than we can say as idle or standard cryptocurrency. However regarding value and popularity bitcoin is in top.

it doesn't happen in far future because bitcoin is virtual and Gold is tangible so bitcoin is not as gold standard.

That doesn't mean nothing. Bitcoin is totally identifiable. That mean that can be used as unity of measurement. Then have to many other qualities which make it a good competitor in this field. Don't exist any kind of possibility to be manipulated during its production. Everything in this action is ruled by the peer to peer and not from the desire of the will of someone. It can be developed and improved about every kind of weakness that can be discovered or created in time. Not only this but can be defined even its story and movements since its born. Other data this about its impossibility to be manipulated. So, this so totally identifiable "item" like is bitcoin, is much more credible as a point of reference for every kind of currency than every other subject. Including gold which very rarely exercise even this role about which is point of reference - so we have as a point of reference for the currencies something which rarely is currency (rarely use this role). It is like use the "meter" to measure the "weight".  Not totally so but near, yes.

Gold and Bitcoin have their flaws when it comes to the political realm. Gold has had a long history of government intervention, while Bitcoin is being put at risk by its own users. Neither political atmosphere seems to be more productive than the other; on the contrary, they both appear to be equally stifling. Fixing these problems would likely require solving the public choice problem, or altering man’s inherent desire to argue on the Internet. Neither gold nor Bitcoin win in the GAME of politics, which is the case for most things.