Bitcoin Forum

Bitcoin is often referred to as “digital gold”. This description of the digital asset is likening its characteristics to that of the precious metal.
Bitcoin came into existence just over 10 years ago. How it resembles a commodity that has been around for almost as long as money, is indeed a subject of interest. It is obvious that the underlying factor that holds these two assets apart is their function as money and a value exchange system. Let’s break this down.
Read more here: https://medium.com/@official_83664/uncovering-bitcoin-and-golds-not-so-secret-relationship-32dfcda391ff

As you said, it is no secret that Satoshi based the whole concept of Bitcoin on the same features that gives Gold it's value, namely scarcity. Yes, Gold has multiple uses because of it's physical characteristics and that adds to it's value, but Bitcoin can also be used for other things like Smart contracts.  ;)

Gold are not really being used as a payment method anymore, because it is not used to back fiat currencies since the 1930's, but you can still trade Gold for fiat currencies and that is very similar to the "currency" use case that Bitcoin share with physical Gold.

Bitcoin is just better, because it is more practical for global transactions.  ;)

Bitcoin is simply better because it is decentralized. Because no matter when you invest in it, in time you will become richer

In an investment point-of-view, yes. For monetary point-of-view, yes, as gold is bulky and is harder to transport. But then again, neither of this things are the main uses for gold. For one, store of value is its primary use-case, IMO. Second is being a standard of value: no matter what era you are in and wherever you are, gold will always be considered as money, and can therefore be replaced for goods and/or whatnot. Both (bitcoin and gold) has its pros and cons, and I'm pretty sure we have been through this time and time again.

And gold can be tampered with, unlike Bitcoin where the blockchain takes care of that automatically.

For gold, you need to inspect it. Even ingots have been known to be faked, taking out some of the gold inside. You could recreate gold coins, but counterfeiting will thrive, and not everyone has the capacity to detect the fakes. Like the ingots, all it takes is some metal that weights about the same and cover that with actual gold.

The Roman Empire actually started their inflation by literally reducing the amount of gold used in their coins, until there was no gold in them anymore :P

See how gold is not so convenient anymore? Can you ever certify the gold reserves are 100% gold? Almost no one is allowed in, you have to trust the word of a select few. Going back to backing fiat with gold is simply lying to yourselves. Besides they also practice fractional reserve, you can bankrupt a central bank.

Of course, in the event of a natural development of events, as it was conceived by the founder of Bitcoin, this coin will be of tremendous value over time. This will be due to a shortage of Bitcoin and global economic factors.

Gold in physical form is even more decentralized than Bitcoin. It also offers a true peer to peer experience when transacting. The only thing it doesn't have going for itself is that there is little to no convenience.

That's an argument with no relevance in relation to Bitcoin being decentralized or not. Bitcoin is so new that it grows organically over time, while gold has already gone through that initial stage of growth.

Eventually Bitcoin will become a 'boring' asset class too. Don't assume that Bitcoin will keep going through +1000% bull runs indefinitely. Be happy that you are part of this revolution at what I consider still an early stage.

I love both, they each have their uses.

he relationship between Gold and Bitcoin seems very interesting. Over the past year, crypto improved sharp jumps while the gold market slumped.
Along with the growth of the crypto world over the past year, researchers have seen an inverse relationship between the Gold and Bitcoin markets.
The reputation of bitcoin as the most popular cryptocurrency is often compared to gold, some even claim it better than gold in times of market uncertainty and upheaval. Bitcoin and Gold have often shown interesting correlations as long as the market is plagued by turmoil and uncertainty because fundamental issues have a high impact. Some of the increases and decreases between the two assets appear to be inversely proportional, but those relationships often disappear immediately when market conditions return to normal. The price of gold is influenced by some fundamental news, some of which are inflation rates, monetary policy, and the value of the US Dollar (Also read: Factors Affecting Gold Prices). In addition, another strong indicator that has an impact on Gold prices is a global factor which is generally called uncertainty. This is where the reputation of gold as a safe haven asset comes into play, because investors usually choose to 'take refuge' in the value of Gold when the market is hit by geopolitical anxiety and instability.
On the other hand, the relatively new Bitcoin market does not yet have a mathematical mechanism and continues to fluctuate in its pricing. Even so, those who monitor crypto currency movements have found three main factors driving the price of Bitcoin, namely media coverage, political risk and regulation.