Bitcoin Forum

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People complain about the waste of electricity to produce Bitcoins. But it is unbelievable the waste of the various resources we spend or no we do not use to serve only as a store of value.

the evaluation of gold is purely mentall, it could quickly be replaced, simply by a non or even anti gold civilisational culture.

It's not just the mining resources required to mine all that gold, and the industrial waste produced, but afterwards it requires round the clock physical security. Bitcoin just needs a cold storage wallet

but bitcoin is no mater that can be used, for jewelry, surface goldening etc.

Wrong, there's no difference between a huge sum in gold or a huge sum in Bitcoin in terms of security, you need to protect both, because just like gold can be stolen physically, Bitcoin can be too - and no encryption will protect you if thieves will threaten you and your family with violence. Look up some stories about underground Bitcoin vaults that store some big wallets if you want to learn about how top-level Bitcoin security looks like.

I don't think the comparison of gold and Bitcoin is right. Gold is a mine. Bitcoin is something different. Also, if we are going to compare it with something, I think we should do it with USD and EURO.

seeing is believing! We see gold and that is the attraction. It is normal. Remember 'Thomas'. It is a celebrated statement all around the world. Bitcoin, on the other hand, is "elite gold". Because it is virtual, it takes an extraordinary eye to see its value. That is why the smart guys bought it 10 years ago with 'pizzas' and are swimming in $$$ dollars $$$ today.

The gold looks much more impressive than a paper wallet!
Unless you're moving and have to pick it all up.

The price speculation in gold investment can be said to be impressive and the move to thin profits is slow but sure, if the Bitcoin investment promises enough profit ability is large and fast the price is very sensitive, with USD 1.6 billion, the only thing that can be done in Bitcoin to profit 2 x fold of gold, but it's up to you to run.

It depends on how you look at bitcoin, but some(or most) people look at bitcoin as a store-of-value rather than a for-transactions currency, hence you mostly see bitcoin compared to gold, which makes perfect sense in my opinion due to both gold and bitcoin sharing a good number of characteristics.

Indeed. Gold is shiny and physically attractive as heck hence I can see the reason why most people like them. Goodluck getting them out of a country with a corrupt government though.

Whatever pleases the eye, gets some value and love for people, and gold fulfills that. They do not care about the tedious task to obtain it, more so the cost to mine it as long as it gets to their hands. Knowing that it is prized by most people and governments all over the world (and the most coveted precious metal too), surely why would one not want to have a bullion of gold on his/her disposal? But then again, you got to figure out how to move it from point A to point B without being questioned by the authorities and risk getting your life cut short due to the number of people wanting to take it away from you. ;)


Or you can add gold flakes on your paper wallet to make it look snazzy and glitzy  ;)

Not only electricity, but also the whole ecosystem of crypto is better for the environment, and it is evolving pretty well in this direction I must say.

I like the idea of the anti-gold-culture haha

But these gold bars are stored in vaults where few people can see its beauty. That is one of the points. Gold has several other usefulness, but its value is priced as store of value. It could be used for several other functions in the most varied industries, including jewelry. But the function he performed there in a shed surrounded by security guards and distant from the public eye can easily be replaced by Bitcoin.


https://www.kickstarter.com/projects/1173199625/cold-storage-wallet-for-bitcoin-and-cryptocurrenci

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in my opinion, 1.6 BTC is better than gold, gold is stable, but BTC is not stable, I like the extreme volatility of BTC.

I can get rich quickly, BTC growth is now very fast and good, although it is more difficult to predict.

Only somewhere in the region of 10-20% of gold produced is actually used in electronics, medicine, industry, food, etc. The rest is used solely as jewelry and as a store of value. Which means for all the energy that goes in to mining gold, 80-90% sits and does nothing, either looking pretty as bars locked in vault or looking pretty as a piece of jewelry. Always seemed strange to me.



We could easily discover a new alloy or compound tomorrow that improves on gold's conductivity or inertness, and renders the major real use of gold obsolete. Or as you say, any culture which moves away from shallow body ornamentation would place far less value in gold as an asset.

Reminds me of a scene from Anger Management (the one with Charlie Sheen)

-Look at how much work has piled up since you started slacking off. (tons of papers on the desk)
-Uh, these are all blank.
-Yeah, I know.
-I wanted to make a dramatic statement, but it's hard when everything's digital (shows him a tiny memory stick)


Yeah, but unlike bitcoin, it doesn't require that much energy to keep it safe.
And a funny thing, to keep the gold even safer, they could simply melt it into larger lingots.
An mc3 of gold weighs about 19 tons, good luck running away with it  ;D



None is better for the environment.
Let's not start it again, simply google coal and bitcoin and you would be surprised how much mining is done with coal-generated electricity.

Gold is used in a variety of electronics which holds a usability aspect of it. But just like bitcoin, gold is highly speculative. Bitcoin is nice, but the speculators ruin it. I think bitcoin would have been so much more successful if people didn't invest in it for 5 years after the creation of it. We need more time to actually build infrastructure that work on an adoptive level.

I totally agree with you. Gold and Bitcoin have nothing in common except both are investments. One being the world's most popular investment (gold) and the other being the world's fastest growing investment. Other than that, gold and Bitcoin have nothing much in common.

I don't agree with you. Gold has been the world's oldest investment and quite frankly, nothing has ever even challenged it's popularity as an investment. Bitcoin is like 10 years old and I don't think it's right to speculate it of replacing an investment which is like 10 centuries old, even longer for that matter. It is far more easy to replace Bitcoin than to replace gold in the global scenario.

If you think even deeper, gold is very dependent on oil. Both of these resources are tied to the value of the dollar, and therefore they are tied to each other. And what can we understand from here? The fact that any subject in its in-depth study is not what it really is.

Exactly. It's really an extremely poor argument against the use of bitcoins.

People don't realise that bitcoin has a function, and the energy that is going into bitcoin isn't wasted at all. In my opinion, bitcoin is just so much more portable, divisible and convenient than gold, while still having a capped supply which can't be manipulated (which is potentially even more decentralised than gold itself) which makes it a good store of value in the long term. And besides, bitcoin mining is generally using up excess energy that would otherwise have gone to waste anyways.

But I guess this comparison between the two just shows how much wealth can be stored and transferred with bitcoin with the same process. This will be a major point for adoption in the future, as gold investors and people seeking safe havens will potentially want alternatives that are more convenient and liquid, in which case, bitcoin would be amongst the top of the list.

Yeah and we also have to accept the fact that gold is also not as fast as Bitcoin, convenient and of course these two assets has differences as they are not intended for the same purpose gold for industrial and Bitcoin for digital purposes. It is so hard to have gold onhand than having Bitcoins. Robbers or any bad guys are looking for centralized assets not Bitcoin as most of them has no idea about crypto.

Gold is more valuable in bitcoin but bitcoin is more useful than gold. That is the logic of that two. We do not need to compare them both because they are all asset which have different usage. Bitcoin can be used in paying your liabilities, so on with gold. But it is more luxurious to see that you have gold than bitcoin.

you can have 1.6 billion worth of bitcoin without your wife knowing about it, but you buy 10 bars of gold and everyone and their cats knows about it.

a large part of security is anonymity, which Gold lacks.

gold and bitcoin are different forms of assets, I don't think we can compare the two to draw a conclusion. in terms of usability each has its own identity, when gold can be used as jewelry but bitcoin is not, but bitcoin offers convenience in storing assets that are different than gold. that's why the prices of both cannot be compared, especially related to the production costs that must be spent.

Gold is very impressive for me but bitcoin price is so huge but in the future no one can say if 1bitcoin go to 1cent's price, but gold is also stable in price.

Exciting.
But anyway, gold is still an existence, you can touch it, see it and it is one of the measures of wealth value.

I'll ask a question: what people do with that gold?  Gold is used in making electronic integrated circuits, it is the best contact metal for Silicon. Thus with that gold there could be made many, many, many, many, many Integrated Circuits.
Then, with those Integrated Circuits we can make many, many, many, many, many, many, many, many, many Electronic Devices (TVs, computers, etc).
Then these Electronic Devices need to be sold in the world, we sell them for USD and Euros and pay with PayPal and Bitcoin, isn't it?

After PayPal, Bitcoin is the best for doing payments in the World.

I'd like to have gold as it is shiny and precious but we have bitcoin now so in our generation, I'd choose to have my wealth in the form of crypto's so I can bring it everywhere I want.

And for those people that are complaining about the power consumption for generating and mining bitcoin, they have to look on their own backyard first and see on the collateral damage they get for mining gold and other precious stones in various landforms.

I do not understand why people are constantly comparing gold and bitcoin ! Bitcoin is a digital currency and gold is a physical object, they are not completely similar to each other !

there should still be a moderate difference in costs there---at least theoretically. the amount of value stored in a bitcoin vault is theoretically endless because cryptocurrency doesn't occupy physical space. the amount of gold that can be stored in any given vault is very limited due to its size.

your point is definitely well taken though. i wonder how much money companies like ledgerx (or ICE with their bakkt venture) are spending to securely hold coins in custody.

yeah but the difference is that if a thief wants to physically steal your gold they can search your home and technically find all the gold  you are holding/storing. but you can store bitcoin in a lot of different ways and the thief has no way of knowing how much bitcoin you own.
for instance one cool method Electrum uses is extending your seed words with a password. you can generate a seed, deposit some bitcoin in the address that it gives you, then extend the seed with pass1 and deposit bitcoin in the address this new seed gives you. the thief has no way of knowing which keys are the real deal. you give up your seed (not the extended seed) and there surely is bitcoin there which will be robbed. but your main stash remains safe :D

What is so beautiful about a shiny piece of metal? The only thing that is beautiful about Gold is when they create some nice shiny jewelry from it and then it increase the value, because it is a piece of art.

Yes, Gold is seldom seen in vaults by the majority of people, so it has little or no impact at all, when it is hidden in a vault. Most of the Gold that were supposedly stored in vaults cannot even be validated. <It could be fake or Lead coated with a thin layer of Gold.>

A Bitcoin CANNOT be faked or double spend.  ;)  

Never gets old...

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Probably you have no idea how talkative people get once they start losing fingers. I'm willing to bet that 99% of the people here will suddenly remember even satoshi's privkeys once they feel that amount of pain.

But, if you're really paranoid about your gold (and I mean really paranoid), you can do some tricks to keep it safer or make it close to impossible to steal. One way would be to totally cover it in a cheap and heavy alloy, and mold it in a huge once piece unopenable safebox. I think I saw this "solution" in one of those survival ideas channels on yt.
- Where is the gold
- It's in that 10 tons cube of lead  ;D ;D ;D ;D

We need to be accepted gold is a mine think, but Bitcoin another think.so there are many two between different think .but if we can convert Bitcoin into dollars I mean USD, Then maybe we can measure it.But in my opinion, one thing can be noticed.There are many types of false in the gold,but Which is not easy to catch this think.but Bitcoin one of them real ,and no have fake anything in the Bitcoin.

Such people are just hypocrites... How much of the world's resources and the environment has been destroyed just to kine the so-called gold and other metal ores?

that only happens if you're dumb enough to advertise that you own lots of bitcoins. armed robberies and home invasions are targeted crimes; they aren't random. and they apply just the same to fiat wealth (and jewelry etc) as they do to bitcoins. if you flaunt wealth, you might be targeted by thieves or robbers---that's a simple fact of life.

at least with bitcoins, they can be hidden in plain sight if a robber or burglar isn't aware of them. you can hide deterministic seeds in code spread around the house, or encrypted .dat files on DVD-R in your daughter's My Little Pony jewel case.

hardware wallets are much more obvious. they scream "i have money" which is one reason i don't like them.

I think that in the future, Bitcoin will completely replace gold in terms of value. it will happen soon

Again, only if you advertise that you are using one. I have a hardware wallet for cold storage, but it has never left my house. No one knows I own it. I would never dream of using one in public for that exact reason - it is drawing attention to yourself. Hardware wallets are small enough that you could hide them in a million places around your house that a burglar would never find, even if they knew exactly what they were looking for. If you are very paranoid, then you can always set up some hardware wallets with a "plausible deniability" second wallet.

yes, maybe if the value of bitcoin will defeat or replace gold, but if bitcoin gets rid of gold from the real world I think it's difficult because gold has been around since ancient times and its nature is also real.