Bitcoin Forum

With more and more countries moving towards gold, one major question has arisen: how exactly will we measure value in an increasingly digital world, and what will take the place of the “gold standard”. Some financial analysts are suggesting Bitcoin (BTC) as the obvious replacement, but what actually needs to happen for Bitcoin to take the place of gold, and is Bitcoin (BTC) actually up to the task?

Bitcoin: the cryptocurrency Gold Standard

Bitcoin is already recognized as a kind of Gold Standard for cryptocurrencies. Bitcoin (BTC) was started in 2008 by Satoshi Nakamoto, largely as a response to the need for a new, decentralized financial system. 2008 was a pretty difficult time for the world’s financial markets – with a global recession, bank bailouts and failing economies, Nakamoto realized that the need for a currency that was not controlled by a central entity (government or bank) would change the future of the financial world forever.

Until relatively recently in human history, gold was the ultimate commodity. Stable, scarce, and divisible – gold represented everything that makes up the principles of “good money”. Societies have risen and fallen, but gold has always remained constant.

How could Bitcoin replace gold?

In the 21st century, trade is no longer being driven by a physical exchange. Bank transfers, eWallets, and now cryptocurrency transactions mean that we hardly interact with physical cash at all. Modern society is a digital society, so wouldn’t it make sense for our new “gold standard” to be digital too?

A new report by  Grayscale Investments (https://grayscale.co/wp-content/uploads/2019/04/Grayscale-Bitcoin-the-Rise-of-Digital-Gold-April-2019.pdf), argues that Bitcoin actually possesses a “better composition of ‘good money’ qualities…”, almost tailor-made for the new, online economy. The report states that Bitcoin is scarce, verifiable, durable, portable, divisible, fungible and recognizable, just as gold is, only in ways that make more sense for a digital world.

With that being said, Bitcoin is still very much in its early adoption phase – it might not seem like that, but in reality, it hasn’t existed long enough to reach the level of recognizability that would be needed for it to become the new global gold standard. Bitcoin is still relatively volatile compared to gold, although it is still the most solid cryptocurrency.

Still, should Bitcoin reach the $300,000 mark, there’s no denying that it could very well become the new gold standard. And, quite frankly, a digital gold standard makes far more sense for a digital economy, than a physical gold standard does.

If you want to get really into it, here is a debate (https://www.youtube.com/watch?v=Wigz8z6Vm3U) between Anthony Pompliano and Peter Schiff. If you want to really, really get into it, you can buy Bitcoin through exchanges and trading platforms like eToro (https://www.etoro.com), Binance (https://www.binance.com/en) or Kraken (https://www.kraken.com).

So, what needs to happen for Bitcoin to take the place of gold

Bitcoin needs higher adoption rates, increased stability, and an increase in value before it will truly be able to take over as the gold standard – but that’s not necessarily far off.

Considering that more than $68 trillion in generational wealth is set to change hands in the next 25 years, and the majority of the new wealthy will be millennials who are more inclined to put their money into Bitcoin vs gold, we very well might see the rise of the Bitcoin gold standard sooner rather than later.

https://zycrypto.com/what-needs-to-happen-for-bitcoin-to-take-the-place-of-gold/

to "replace" something you have to be in the same category as that thing. bitcoin is a currency while gold is not. so it can never replace something that is not even similar to!
not to mention that the purpose of bitcoin has never been to replace anything in the world. it was always to offer the alternative decentralized payment system that nobody could control or shut down ever.

Ok. So let's say bitcoin did replace Gold and now we are having a price dump. If we will all be replacing gold reserves to "bitcoin" reserves, then it will all be falling down. Another thing, it can still be manipulated by a whale, and since bitcoin replacing gold is a big thing, we are not just talking about "whale" but "whales".

I think this could turn out to be another Bitcoin vs Gold thread but the reality is replacement of Gold can be a precious metal not a precious set of codes used as currency. Bitcoin is a currency and it's power is in sending the money immediately anywhere around the world with anonymity and enhanced security by almost no intermediary. While gold is nothing but a precious metal used to make ornament. I think your comparison with gold comes due to the fact that gold has been used as a standard of money in history but Bitcoin can never really be used for that as it's demand would fall if it's not used as a currency which is what it was created to be.

Bitcoin cannot replace gold. Bitcoin can replace fiat currency far off in the future but it can never replace gold. Gold has existed since ancient times and has existed up to today. Gold has proven itself for thousands of years to have a value and a symbol of wealth. Bitcoin is a digital gold but not real gold. In terms of disaster when all electric lines are cut off when internet connections is out of reach bitcoin cannot be accessed but gold can. Without government, without electricity, without computers gold will continue to exist and thus it can never be replaced by bitcoin. But I love bitcoin and I wish that the time will come when the price of bitcoin will be stable and that instead of US dollars it will be gold that will backed up bitcoin.

Why will you want Bitcoin to replace gold in the first place?  I really don't understand why people will think Bitcoin has the qualities of gold and think it is the digital version of gold.  First and foremost, people should understand that Bitcoin can never replace gold because bitcoin do not have what it takes to be a real investment asset. Bitcoin is just digital currency which is fortunate to have a good market value.

Very good question. If the banks too will start hoarding Bitcoin, the amounts available for average Joe, for transactions, will become tiny. Bitcoin will remain a store of value, but no longer a coin.
And if Bitcoin price will be less volatile, they may find out that's cheaper to hold/handle Bitcoin than physical gold.

Replace Gold on what actually? Just in case you haven't notice Gold being used as money is long gone now, the price increase/decrease we are seeing now are just brought by people actually buying it as an investment not some kind of money they will use in transactions. Bitcoin is on a different playing field which Gold isn't really a part of. They don't compete which other and the only thing they share is people buying them as a form of investment. Gold isn't a threat to Bitcoin's growth.

Your statement is pretty much right. The factors that will contribute to Bitcoin being a store of value are adoption, a lower volatility aka stability and of course we won't have that until Bitcoin reaches much higher heights. Personally I don't see it being a stable currency before the $1M mark because there are only so much BTCs to be mined. Considering that 4 million have been lost, we're left with around 17M for the entire planet. Statistics show us that there are over 36 millionaires in the world, but what about governments instituting reserves in BTC or big companies? Would they get only 1 BTC? Of course not.. That leaves us with a huge discrepancy between supply and demand balance. That's the main fundamental factor that makes me very bullish on BTC at these prices. I don't even consider GOLD to be a "standard" anymore.. It is just a metal with no portability and is only useful at jewelry and chip making..

I don't think this is a good idea for all of us, we should not compare Bitcoin to gold as gold has been part of our history and has a real value in this world, we should just focus on how our government will handle and accept crypto so we can legalize it to create awareness to people and for mass adoption, on our part we should also introduce crypto in our friends and relatives, with this way we are helping even in a little way.

We don't have to replace gold. It's not even the aim of bitcoin. No matter how much we try to replace gold, gold will still remain valuable to people since it was from the nature. Gold and cryptocurrency are diferent. Gold is the traditional one and cryptocurrency is the newest. In the future, crypto may surpass the popularity of gold but it doesn't necessarily mean that gold will be less valuable.

Yes, bitcoin can be used as currency and as investment. When we think of gold it is perfectly an asset that is valued with its global demand and years of history. There is nothing a replacement for gold, some users have stated bitcoin as digital gold which is not the reality. Bitcoin evolved as a transaction support system while gold is a physical asset and this way there is no need of replacement.

There's one, and only one, thing that'll nudge Bitcoin towards replacing gold in the near term and that's governments and central banks buying it.

Until they do that, and them doing that would be legitimising something they REALLY don't want to legitimise, the idea is a total non starter. Even then they're still fundamentally different even if they finish up claiming similar ish uses.

I have only met one person in my entire life who's owned some gold. I've genuinely never heard another person mention it as any type of option for them.

It's conceivable it could eclipse gold in market cap if it was embraced by enough real people. It would take many, many years.

Unless there is a nuke war inside the gold mine and all gold supplies are radiated in that process, there's no way Gold will be replaced by anything else! No matter how highly adopted the bitcoin will become or whatsoever great happens, Gold can't be replaced! That's not speculation, that's a fact!

Gold is the greatest hedge product that human race ever experienced! Let's not become over optimistic, rather be realistic!

This will promote argument about bitcoin and gold. But Gold is a tangible currency while the Bitcoin is just a digital currency. There's a lot of difference between these two, like its value. Bitcoin is less hassle because you can send it digitally around the world. Gold is just a precious metal and just keep in mind that the Bitcoin is much easier. Although you can store both of it, but Gold is more stable in value.

I look at bitcoin as commodity/currency while gold as a commodity only.
Maybe before they really use it like a currency to trade for goods but it is more like a barter exchange.

Now is a different era as you said it.
We are living in a world where it is like difficult to live without the internet specially when you are in the city.
They have created payment methods thru the internet but it is still the USD which is mostly preferred.

There is a need for a change. The merchants needs to come in and be part of it first but how?
They are risking their money for something with a value that moves too much.
That had always been the problem.

I think only the mass adoption of bitcoin by the people will help bitcoin replace the gold. People like bitcoin also, the only problem that makes people shy about bitcoin is the price volatility and lack of proper bitcoin regulations. I think for bitcoin to get mass adoption by the public we are going to need a bitcoin price regulations.   

It would only become a disaster if gold is replaced by bitcoin or we can say a financial crisis is to happen for sure in this case.
A lot of people hold thousands of bitcoins and hence it would make them super rich and it would become easy for them to manipulate the market or lets say gamble with thousands of lives. If gold needs to be replaced by bitcoin then bitcoin will first have to become truly distributed among the people.

Not just the price alone can help bitcoin replace gold. One must take into consideration the amount of support bitcoin needs to have in order to keep the fire burning and to have it replace gold completely as a store of value. It can always be valued into something incomprehensibly crazy but if only a few people and governments believe in that value, it is actually nonsense and serves little to no weight to the rest of the world. Gold stayed not only because of its scarcity and value but because people even in the olden times believed in its properties, like we are until today.

Why do you want bitcoin to replace gold though? To be a gold standard? I only think of bitcoin like gold because of how it is mined and how you already described it "scarce, verifiable, durable, portable, divisible, fungible and recognizable"

I think it is more of a hybrid currency. It is like gold but can be divided up into small parts and send digitally.



Price regulations like what? I think you right, all of the people I have spoken with about bitcoin sat they afraid to lose too much money since it is so volatile. But I'm a believer so I will use it no matter the price.


I ask the question.... Why does it need to replace gold to begin with?

That could probably be said about Bitcoin investors as well. Medium of exchange is only one of the three functions of money, anyway -- the others being unit of account and store of value.

Bitcoin's predictably limited supply arguably makes it a superior candidate as a store of value, assuming its other properties retain robustness.


Gold may have limited uses in industry and medicine, but its primary function is storage of value. Why wouldn't Bitcoin compete with it?

Bitcoin is a threat to gold, not the other way around. Not that I think gold is going anywhere, but Bitcoin could potentially eat into its market share vis-a-vis value storage.

Why are you people so obsess on Bitcoin replacing something?
First the Fiat then Gold and then the other forms of payment.
Don't you see that crypto and those things that you want Bitcoin to replace isn't the same.

Bitcoin can not replace gold. How about this?
Even if there is a massive adoption and usage of Bitcoin there will still à place for Bitcoin and Gold and they won't be on head against each other.
One aim of Bitcoin is to find a place, a permanent place between fait currency and gold, not competing with them or causing anyone of them to cease.

I don't understand people's obession with BTC replacing eveything like fiat currency, gold/sliver. They fair to see the difference between all 3 of those holdings and what makes them different.

Anyway, on the topic of bitcoin replacing gold, it'll likely never happen due to how unstable the investment is, especially when compared to gold (which represents stable, slow growth). Plus, a lot of the investors in a more traditional investment are not interested in new technical advances.

I think the real question is : Will Bitcoin replace gold in 20-25 years or will it reach gold's level and be the digital gold ? Because I don't think that there is a need for replacing. We can still continue to use both of them.

The main thing that Gold is known to be used primarily nowadays are from the jewelries, and not considering the day to day transactions that people are making.For me, what should happen for bitcoin to replace maybe the value of coin, is for people to sell their gold in lower value, and start buying bitcoin and hodling it to reach a profitable amount better than what gold has in the market.

It's just clear that some of us wants to separate things from one another like using cryptocurrency alone without allowing some third-party to get involve. But I don't really get it why someone wish to replace gold with Bitcoin since these two are totally different in terms of investment or usage.

You are comparing two different things bitcoin will not replace gold or any other assets because they are not on the same classification or category. Yes, it has the ability to pass gold marketcap I think gold has a trillion marketcap. Last thing I can say Bitcoin is not backed by anything.

if you want to replace something that already exists, then the replacement must be better than the previous one or at least balanced.
maybe for now bitcoin is still difficult to replace gold, because gold has been around for a long time and is a trusted investment tool, so maybe btc will be stable when the supply is up, and from there the price of btc starts to stabilize and not too volatile.
However there is a possibility that the BTC will not be stable when it reaches the max supply

Your last statement is the big difference between the two, Bitcoin is not controlled or backup by anything unlike gold which probably supported by the government all over the world, Trust already been established to this assets while bitcoin have a lots of doubt still.

Maybe in terms of store assets there's still different opinions between this two, better to let them coexist and be classified according to how users understand the worth.

I do not know why there are such an obsession with Bitcoin supporters for Bitcoin to replace everything from Fiat currencies to Gold and Silver.  ???  Gold has not been the standard for anything for years, because it is not being used to back Fiat currencies anymore.

Yes, it might be a good store of value and it is being used as a hedge against economic turmoil, but smart investors know other means to protect their wealth apart from using Gold.

Bitcoin is still too volatile to be used as a stable currency or even a good short-term store of value.  ::)

I totally agree on you with this one that Bitcoin doesn't need to replace Gold but coexist in the future even if they have in common in a form of investment, Bitcoin is still far for erasing Gold in our society in terms of it's usage such as jewelry, electronics and computers, dentristry and medicine, aerospace, medals and awards.

Source: https://www.sbcgold.com/blog/top-6-common-uses-for-gold/

How can bitcoin replace gold?? can you make ornaments out of bitcoin? Can you make biscuits out of bitcoin? gold is a metal and bitcoin is a digital currency. You may say it digital gold but it still is far away from being called digital gold.

True bitcoin can never replace of glod because it a digital currency and we use it only for online transaction. Gold is a valuable thing that we can sell anytime we want.
Bitcoin and gold are different so no one can replace both of them because they have different.

You hit it! Nothing possible needs to happen in order for Bitcoin to replace gold. Truth be told, Bitcoin and gold are nothing comparable, except perhaps as stores of value or assets. But even in that respect, Bitcoin cannot replace gold. Gold is never man-made, it comes naturally scarce directly from the earth, and such are reasons enough to say that Bitcoin cannot even rise at par with gold. And I guess no one can say that gold has no value. A lot can say that to Bitcoin, at least for now. Perhaps let's start from changing that.

What you need to understand is that it is too late for Bitcoin to replace Gold. Gold has been recognized as a store of value for over centuries now and it is still used as such.
Bitcoin has no chance of replacing Gold even if it acquires a stable level of market value and its volatile nature is disabled.  There are a lot of people in Gold investment than Bitcoin.

Bitcoin and gold have the same side just an investment, but for bitcoin replace as gold is not possible because both bitcoin and gold have different function as investment and legal payment, gold only take as investment assets and and could not be as digital currency payment except bitcoin have both function, impossible have different goal could replace gold by bitcoin.

What happens if Bitcoin replaces gold? I think it would be hard to replace gold because gold has been there for a long time and is an investment tool.
If you want to change something from the old days, then the bride must be better than the previous one.

Who said that bitcoin will replace gold? There's nothing need to be done cause we aint replacing gold. Both of then will exist together in our society. Both of them are good store value, but the thing is bitcoin is very volatile compare to gold. As a way of payment, bitcoin can be use for payment but we're now in the modern era, golds are rarely used for payment. So I see them as a veey different asset so bitcoin don't need to replace gold at all.

I don't get the point of replacing gold with Bitcoin when both of them is a great instrument in a profitable investment. They both have the capability to provide a good profit in both long term and short term investment. They also have differences that make them incomparable at times. As for me, it's better to let them do their part instead of making a huge competition between them.

Bitcoin is called by some experts as the digital gold because of some similarities and they are both valuable too but there are of course many differences. Can Bitcoin eventually replace gold as "safe haven" or good store of value and as reserve currency that nations can adopt and hold? Yes, there is a big possibility for that but first there are some things that Bitcoin has to achieve first before some countries can consider it to be a part of their holdings. One major concern is Bitcoin's volatility. First, Bitcoin has to achieve some stability meaning no more crashes, pumps and dumps as this is a major concern even by many merchants and institutional buyers. Second, there must be bigger adoption of the coin by the general population and institutional investments must be coming into it. Third, central banks must like and be in love with Bitcoin because no matter how good this currency is if those in the authorities will say no then there is nothing we can do therefore convincing political leaders can be the icing on the cake.

I agree with you on this idea. I believe that Bitcoin price will reach 300k dollars in 10-15 years. When it reaches that high, I think too that Bitcoin will be like a digital gold and people will prefer investing in both of them.

Bitcoin is a digital form that requires an internet connection to validate it.
Meanwhile, gold is a physic form, has inherent value and a lot of usefulness in daily life.
Bitcoin will never replace gold, the same thing in both is can be used as a store of value, being used as currency? Not really practical.

There's no need for bitcoin to replace gold because in the first place, bitcoin has indeed higher value compared to gold. But bitcoin isn't made just for a pure investment like we have nowadays because its real purpose is to be an alternative payment option. But since the government is not yet ready to adopt bitcoin legally, then people make use of bitcoin as a profitable investment.

I think if bitcoin is replaced by gold it doesn't matter, but bitcoin is not shaped and we don't need to carry a wallet just enough to capitalize your cellphone then it's complete, if we carry gold anywhere then it's very troublesome too.
I prefer bitcoin because, basically bitcoin makes transactions easier.
even though it is very vulnerable to the hacking of BTC wallets, therefore, as holders we must be smart so that they are not easily exposed like that.

^ So, how they relate that we are comparing them? Bitcoin is a form of digital currency with a high value and gold is a good stuff to use as an asset. So, nothing to do with comparing with these two valuable stuff. Bitcoin will become a number on digital currency that use on the internet as a form of payment and gold is also good as your asset. Nothing happens on comparing instead it is a good option if you have these as your assets.

I'm not sure why you want to compare between with the gold and why this Bitcoin need to replace gold.  Last year onwards I have seen the gold value going to next level but Bitcoin still fluctuations more than any product.

Volatility is the biggest weapon for Bitcoin that should allow to make more noise than anything.

To be in solid form to? LOL, just kidding. I mean, bitcoin will never replaced gold as a whole even bitcoin will receive every modification it needed. If you are talking about as a form of investment only, then yes, those you have mentioned can be the ways. But if you are talking about replacing gold as a whole, then no, it would never replaced gold. Gold has different important purposes other than form pf investment like it is used in medicinal equipments,  and etc, and on these purposes clearly bitcoin can replaced gold.

Indeed, this is what bothers me every day when I go into this forum people who keeps talking about bitcoin replacing gold but they haven't realized that bitcoin has its own scene and use and purpose and gold has too theres no need for bitcoin or gold replacing each other because they are superior in their own field.

The article starts with this assertion, which I believe is incorrect.  What countries are allegedly 'moving towards gold'?  That sounds like something Max Keiser would say, knowing he won't be challenged on it because he speaks in an echo chamber of gold bulls.

This bitcoin v. gold thing has been circulating on the forum ever since I've been a member here and probably ever since bitcoin was born.  It is not a fair comparison in my opinion.  Bitcoin is not a competitor of gold in the same way real estate isn't.  Bitcoin is a form of money like gold used to be, and its an investment tool like gold is, but the similarities end right there. 

Thus the question posed in the title of this thread is unanswerable.  It isn't rational to think a digital asset could replace something like gold.  You might as well ask when bitcoin will overtake Ford Motor Company stock.

This could not happen, in the first place bitcoin and gold has a different function. Every time I read some inputs here others really like to replace bitcoin into gold. Indeed, Bitcoin from the start has its own purpose as a currency and I cannot see to replaced into gold in the future.

OP already answered his/her own question in the title of the thread. However, there are already tons of topics about the comparison of gold vs bitcoin. It is just simple- bitcoin is digital investment while gold is a physical investment. The criteria of gold is far from btc's characteristics.

On the other hand, both have limited quantities that is why both are special as an investments. I don't think it is wise to compare those two with different uses in real life.

Tend to agree, these both are valuable stuff but it has different functions when it comes usage on it. Nothing replacement happens because Bitcoin is a form of currency. When it comes to investment choosing both of them is a good step to have a good asset. But here is the fact.
Well, maybe the best thing to do is wait to increase the value of bitcoin. Much better to double or triple the price to attract more investors and might be able to replace gold. That's the best thing to do so that many investors well now focus on bitcoin and might forget about gold.

You are talking of replacing two entirely different things as one is physical store of value in the form of gold and other is a digital programmed currency having some monetary value known as bitcoin.The gold can be replaced by some other metal or same type of material not by btc or any other coin and moreover the volatility of bitcoin is too high and government can't afford to loose all its reserves or funds with price dumps in the market.So gold will be safe standard for all the people as investment with less risk.Investments can be incresed in bitcoin or other coins but replacing is not a option available.

Is it really essential to get replaced Gold by Bitcoin? I don't think so, Bitcoin is a virtual currency and the Gold is not like this, so why it should be our concern? if you want to compare Bitcoin with Gold on the investment context then it will be a different thing, but in the payment method, Bitcoin is not related to the gold so replacement is not necessary for this aspect, I think the competition should be with Bitcoin and USD because USD is the most used currency in the current context so Bitcoin should be like, it will happen when an authentic regulation process will be established, then people will get interested and faith in this system, except regulation, the flourishment of this platform is really difficult.

then after?bitcoin already replaced Gold?in all aspect this cant be true guys.the existence of Gold is already  here from the ancestors and this is Physical that will remain forever even how many tiimes it will liquidized still its gold but what about Bitcoin>?a Digital Gold?what if there is a world war?or any massive attacks for humanity?how can you use Bitcoin?but Gold will be indeed can be use so better stop this fantasy because the two are very different in many aspect and cannot be replaced by each others

Yes, and we can't do something to replace gold as it has been existing ever since, gold is not like any other commodity, it has no significant uses, but gold will be a fiat commodity if to the extent that enough people believe that it has value. Also, it is regulated by government, so the price cannot be manipulated unlike crypto.

They are not supposed to be compared indeed, simply because bitcoin is a currency and can be an asset at the same time while gold is just an asset. Bitcoin is are meant to be used transaction while gold is physical and this only means they are not comparable. If you want to compare something it must be between the same function, for instance, currency to currency like Bitcoin into fiat currency.

in general, Bitcoin has the basic properties of gold, as rare, requires a process to mine and is quite difficult, and limited. In economic law, if supply is a little (limited) and high demand, it will increase prices significantly. That applies to gold and bitcoin, it's just that gold price movements are not as extreme as bitcoin.
It is only necessary to wait until bitcoin becomes more famous and functional to carry out various activities as a compatible alternative. Just like gold, bitcoin is a pretty promising investment, with greater risk, but provides greater opportunities as well.
However, to replace the position of gold that I feel does not make sense. Both are in different dimensions, and every investor has their own passion and tendencies in determining their investment. Both will be more beneficial if used together, complementary. Is not it?

I don't think they can replace bitcoin with gold because bitcoin is also gold isn't it? if only there was a coin of bitcoin it was gold.
And gold is also money, if you replace gold, it will be money, but if gold is just design for you then will it be money?

Despite all the posts in here farming postcount going "wow yes hope Bitcoin will replace gold very cool", the chance of Bitcoin ever replacing gold is zero.

Seriously, does no-one realize why gold has intrinsic value? It's not just because it's scarce, but also because it's physical, and throughout history its been a great physical asset to have. Nowadays that's even more true - gold is not only scarce and physical but has actual applications in computing and other industries. Unfortunately Bitcoin only meets the scarcity condition. That doesn't mean Bitcoin is bad, it fills a niche that gold does not fill, but Bitcoin will never replace gold because it fundamentally lacks some of the properties that make gold as valuable as it is.

Neither Bitcoin nor any other cryptocurrency can ever replace gold with itself. Gold, as a value and a means of payment, has existed for thousands of years and, probably, will continue to exist just as long. Cryptocurrency is a completely different financial asset and it must exist together with gold and national money of states. No one will replace anyone. Everything should work together and complement each other.

I pretty agree with your explanation but I think the answer to this question is more simple than this, to replace gold BITCOIN needs mass adoption (banks, investment firms, etc). What I think it this will happen Bitcoin has chances to replace GOLD but it is not that easy it will take time.

Replacing gold Bitcoin could get such an opportunity to become the number one in the whole world. But we know that it is not possible. Bitcoin is a mire digital thing, gold is a more physical one. They just are from different categories. They two are not equivalent. That is why one can not be replaced be the other. More over, Bitcoin for the larger part of the whole world still stays like something unknown, unpredictable and is not supported by some physical thing, that for the most part of the society plays a great role in choosing the direction for investments. Nothing will change untill the peoples' mind changed.

Everthing has their own purpose, and bitcoin can't replace gold? Is that your point?
Both gold and bitcoin was used as a means of investment, both are good for long term investment.
However bitcoin is still lacking in one thing, which is mass adoption. If ever that it will receive that massive adoption that we are aiming, maybe bitcoin will happen to surpass gold as the most used investment in the history.

Gold is no longer a means of payment and saying that something is good because it existed for years doesn't change anything. People were riding on horse backs for over a thousand years and then came cars bicycles and motorbikes.
I also don't believe bitcoin will replace gold but it will take a part of the market from it. If you give a young person a choice between 100 dollars in gold or 100 dollars in bitcoin most of them will choose bitcoin because gold doesn't grow in value as fast and people are gamblers in nature.

To be fair there are physical 'currencies' that work on the basis of containing a small amount of gold which are in circulation today. An example is the Utah Goldback - it's a thin note which contains a gold leaf inside equivalent to 1/1000 of a troy ounce of gold. Comes in denominations of 1, 2, 5, 10, 20 and 50 I believe? i.e. the largest note is the 50 Goldback note which contains 1/20 of a troy ounce in it.

There are shops in Utah which accept that - so while it's not common, saying that gold isn't a means of payment isn't true everywhere ;)

Bitcoin overtaking gold doesn't make sense. The reason being Bitcoin can't replace gold in its utility. Though overtaking gold in terms of investment size and volume could be possible as bitcoin can act as a store of value which can provide you with more returns than gold in terms of percentage but it is equally risky too. So, people like gold better when it comes to diversifying their investments. Bitcoin is still finding grounds.

Nothing has to happen. It's an ongoing process. Bitcoin has been on a mission to be digital gold from the beginning. Its price closing to the price of gold is a proof that this mission is going good.

I think it will be more used than gold in future. Gold will remain a metal used in jewelry and electronics and bitcoin will be a popular payment system.

I think that simple users of cryptocurrency and analysts have already spoken out on this issue many times, but I would like to say only one thing that sees on your neck, on your wrist or on your finger instead of a gold product, that what will be the equivalent of a cryptocurrency  ?  mgs should stop stirring up water in the lake, because cryptocurrency, in particular Bitcoin, will never replace gold.  Of course, if you look from the point of view of a profitable investment in cryptocurrency or in gold, then cryptocurrency and gold assets will still be very valuable to society.

Why are people so obsessed with wanting bitcoin to replace everything? I mean why? Why would they want that to happen? All they ask is when will bitcoin replace fiat, when will bitcoin replace dollars, when will bitcoin replace gold, when will bitcoin replace the universe and other bullshits. But, they never really know why they want crypto currencies to replace those. They don't even think about the advantages or the consequences.
Gold is a precious metal. Bitcoin is just a digital currency with no physical existence. How do you expect a non physical existent digital coin to replace a metal found from the earth?

I never thought bitcoin would replace gold. because both have different characteristics and functions, although the same in terms of investment. bitcoin is used for alternative payment tools and investment tools. but gold is used for jewelery and also industrial electronics. and the value of gold tends to be stable while the value of bitcoin is very volatile. and gold has existed since ancient times gold has advantages that can not be replaced by bitcoin.

I have read so many things like this, like replacing fiat, replacing PayPal now replacing gold, does it has to be this way, does it has to replace popular payment, precious metal, and monetary system, so we can finally say that Bitcoin has arrived, can all of these  co-exist, because there will be part of our society that cannot totally function without fiat,  and gold has a lot of uses since time immemorial and PayPal has a system that applies to some industry, can just Bitcoin arrive without disrupting anything.

However, Bitcoin cannot replace gold. Gold and bitcoin are thousands of years different in age. In terms of form alone, it's different, if gold is in the form of bars and coins, if bitcoin is a brilliant digital innovation called blockchain technology. But Bitcoin has a dream that someday is as great as gold so that its value is always the same, uniting a single currency that unites people around the world. Either gold or bitcoin, the value will be determined on the balance of supply and demand. This is the eternal law of economics.
But today if buying and selling must use gold as a currency will be troublesome. If you want to buy goods at online stores such as alibaba or ali express, you must send gold coin via shipping or courier service. Really not funny
While Bitcoin is digital money, it can be moved in real time only through clicks

Why everybody do compare bitcoin to precious metals like gold and silver? It is impossible for bitcoin to replace gold because precious metals like gold is not a digital currency like bitcoin. Both bitcoin and gold have a good value and good for long-term investment, but they have a big difference because gold can be considered as a physical money which you can use it for payment without converting it into fiat.

I did not understand you. And what is Bitcoin that cannot be physically evaluated as a product and converted into fiat money? Bitcoin is really digital gold. How can I argue here?

You certainly have a point - this is more looking at how Bitcoin could become a new gold standard, rather than actually "replace gold". As we move into a more digital world, could Bitcoin not potentially become more of a value indicator than gold is? Ultimately, this is a discussion that we should be having at this point in our history.

This could very well be the case - ultimately, the point is to look at how Bitcoin could become a global indicator of value as we enter an increasingly digitized space. Bitcoin might not "replace" gold, but it could take on elements of a new gold standard.

It's not so much that Bitcoin will replace gold, but rather that Bitcoin could take on some of the qualities of a new "gold standard". Ultimately, Bitcoin could reach the point where we look at it as more of an indicator of worth or value than gold. So no, it may never actually replace gold.

Hi, so you're absolutely right - as far as the physical element goes, Bitcoin can never replace gold. However, as a value indicator Bitcoin may eventually surpass gold. Until that point, gold will continue as the "standard" while Bitcoin acts as the "gold standard" in the cryptoassets world. Also, if you're into CFD trading BTC you should look into eToro. You seem to know a lot about crypto.

Many will agree with you. Although, it's not so much about Bitcoin completely replacing gold as it is about Bitcoin having value on its own, and being an indicator of value for other assets (digital or otherwise, eventually). Ultimately, this discussion is important as we are living in a very digital world.

No, the aim of Bitcoin certainly isn't to replace gold. Gold will always have value, but perhaps in the future Bitcoin could be more of an indicator of worth. Since we're living in an increasingly online world, would it not make sense for us to have an indicator of value that is also digital?

Ultimately, Bitcoin could become a better indicator of value than gold. It's trustworthy, accessible, and is potentially more appealing to inhabitants of a digtal world. It is still a long way off, and it wouldn't necessarily "replace" gold in the sense of the "gold standard".

Gold definitely used to be a means of exchange, but it has become more of a commodity. You're right, living without internet is nearly impossible for most of us - and our reliance on it is only going to increase as time goes on. Using trading platforms like eToro show us that Bitcoin is as much an asset as it is a cryptocurrency, but it will always remain a mode of exchange. Still, change is definitely coming.

For sure - we need to reach a late adoption stage, and have Bitcoin be fully distributed. This could only be in the future, but Bitcoin could eventually replace gold as an indicator of value - especially as we're moving into a digital future.

Bitcoin is still technically in the early adoption phase, so we're talking about the future. Bitcoin is kind of an ideal value indicator for a modern future, and many people already see the inherent value in Bitcoin because of its scarcity and its many uses.

I think bitcoin is doing very well to the level where it already replaces the gold in the mind of the youth and both me and you know that youth are the future. But if you are talking for the best way for bitcoin to fully replace gold in the public we are going to need bitcoin price regulations and where is the fun in that?

The purpose of bitcoin is also to be used as digital currency which you can also spend without having to converting it to fiat too first, and if you look at when gold was first released, it was not immediately acceptable, but it was later that people started getting used to its usage and started accepting it as means of payment with the support of the government.

I agree that bitcoin cannot completely take the position of gold because it cannot operate as a physical currency but as digital currency, and as digital currency, I think that bitcoin can actually take the position of gold digitally because it seems even more recognized right now digitally than any of those currencies that we have including gold and silver, and I know that over time, the stability of the coin will make it suitable for that.

Rather than replacing gold, I would like to see Bitcoin being held in a similar regard with respect to the former. Gold is now primarily used as a store of value. We can have Bitcoin also used for the same purpose. Unlike the fiat investments, Bitcoin is protected from inflation and therefore we are assured that the purchasing power will not go down over the time. This makes it similar to gold and can therefore be used to protect your wealth. Gold is in use for the past several thousand years and it may not be very realistic to replace it.

There no comparison of Bitcoin with Gold. Those who believe that Gold is more valuable, let them believe that. I was reading a tweet few days back in which they compared the value of Gold with Bitcoin. Here it is..

If you invested $100 into gold 20 years ago you'd now have $500

If you invested $100 into $BTC 9 years ago you'd now have $16,381,493

Only a fool will compare Bitcoin with Gold😀😃

Gold is one of the most reliable assets in the whole world because the value of gold is material. You cannot replace gold with anything, not even Bitcoin.

In terms of investment, it is possible that Bitcoin can replace gold, but in terms of the function of Bitcoin it cannot replace gold. Why, Gold is a real item that we can form in various models, while Bitcoin is a digital item that only we can find on the internet. these are two very different things.  If for gold and Bitcoin investments can be invested together, even Bitcoin has better potential.

Exactly, they are totally different form of investments. No matter what era or age we are, physical gold will always be here. But bitcoin is something that we can't have a physical grasp. I guess bitcoin can never replace the benefits of gold investments.

Yes everyone has said this. You cannot divide gold and you can with bitcoin. The OP is entirely wrong and misleading with their title for this topic. Gold is for HODL so mayeb a HODL currency will be better for replacing gold.
Truly though nothing can replace gold is it physical and beautiful and you can't fake that or copy that, only the real thing will do.

Bitcoin will not replace gold if you want "increased stability" it will not happen in bitcoin which has high volatility. You already understand the function of bitcoin and the reason why Satoshi created bitcoin and technology. is actually a wrong concept if bitcoin is considered an asset like gold.

Well... gold is being regarded as a stable asset which is suitable for usage as a store of value. Therefore in case Bitcoin becomes more stable, then it will be compared more with gold. But to tell the truth, I don't think that it is going to happen anytime soon. Bitcoin and gold are like polar opposites and there are few similarities in between these two assets.

One rare similarity that I could think about is the fact that both the assets are protected against inflation. Bitcoin is protected from inflation as a result of its controlled supply algorithm, while gold is being protected due to its scarcity in the nature. Other than that, Bitcoin is just the opposite to gold in each and every aspect, including form, nature and history. 

Too hard to replace in such short of time. even bitcoin gather a lot of useful uses. gold is still more profitable. bitcoin has no such big potential to use by everybody unlike gold whatever you do you can used it everywhere. bitcoin is not well known anywhere. so it's a bit silly to say now that bitcoin can replace gold. let's wait for the time when bitcoin is better known. and who will benefit the most.

actually we cannot equate bitcoin and gold because if I think bitcoi is a digital asset while gold is a real asset even though both of them have quite expensive prices which are good for investment, even though we know gold has better investment property in some cases compared to bitcoin but bitcoin is also like gold, although bitcoin and gold are basically almost the same but we can't equate bitcoin with gold because it's impossible in my opinion.

I don't think Bitcoin can replace gold, although the value of BTC is huge, it has a limited supply! Besides, the existence of gold is real, it is the metal applied in many fields around the world. With bitcoin, we only have decentralized blockchain platform!

Gold investment is indeed profitable, but the movement of gold prices is very difficult to rise quickly. The fact is that gold investment is more identical long term than short term investment. In contrast to bitcoin, the price of bitcoin is very volatile and in my opinion very quickly profitable if we understand how. Both the short and long term, bitcoin investment will remain profitable.
between these two types of investment, I still like both. But if I have to choose one, then I will choose bitcoin as a long term investment asset.

Aside from what you have quoted, the very first stepping stone for the bitcoin to replace gold in the future is the government acceptance. Once all the government will accept and use the crypto currencies there is a big possibility that they will create a law that will make the crypto currencies or bitcoin as legal money.

After that, adoption rate will surely increase and it's value will rise steadily and it will surely create a modern society where everyone can use bitcoin in every corner of the world.

Digital assets and goods assets, they have different benefits. Maybe in the concept they are equally valuable and have high selling points, it's just that they are in a different field. Actually I myself don't want to think of bitcoin as gold or replace it. Bitcoin is a currency not asset.

your wish op is something that is impossible to happen for now because gold itself do still exist yet . it still trendy in terms of accesory and its still minable ( there are still some supply left for gold )  but who knows ? in the future  . what if the trend phases out and the supply of gold have totally runed out because gold on the current age is now extinct while btc supply and fame is only getting started yet  . sooner or later btc will take the lead  

I think mainstream usage is the best idea now. One thing that has to be done is that, Bitcoin should be used like our fiat currencies if we really want it to replace gold. This can be done in such a way that, it should be used in shopping and also payment for goods and services.

both are mineable with different system escalations. If the gold supply is completely used up, it will also create a higher value because of the exclusivity of demand. until whenever gold is irreplaceable because the requirement to guarantee a value is to be in physical form with controlled circulation. Bitcoin does not have this, and also because it is bidirectional regarding its use as a currency. it will create confusion when entering the regulatory stage.

Gold has liquidity, practical functions and scarce supply, but Bitcoin barely satisfies two of them. First, liquidity. Investment instruments need to be traded on a regular basis, but Bitcoin is very illiquid, and investors in cryptocurrency tend to hoard Bitcoin because they believe that Bitcoin will appreciate.

Second, in addition to being widely regarded as a kind of value savings, gold actually has a functional use ,  from the application of computer boards to jewelry and dental appliances, all have gold. But the only purpose of Bitcoin is to store it as money and value, and now it is rarely accepted in actual commercial trading rather than speculative trading. Third, Bitcoin does supply scarcity, which is a necessary part of maintaining value. it will only generate up to 21 million Bitcoins, which is written into the code from the first day it is generated.

actually, gold will exist until someday, maybe until the earth is gone. you cant get rid gold of, and gold will always be gold. its different between crypto, crypto cant run without network. crypto need some tool to access, and i think it can replace gold.
and in a fact, the adoption of crypto can rivaling gold. crypto is more interest than gold, easy to earn, and give more profit

Bitcoin and Gold have an different use in tge market.

Gold is a traditional psychical investment and gold is use for the passion not an currency unlike bitcoin is a future new form of anonymous money came from the new technology so need to replace gold is gold as psychical investment.




Yeah I really agre with for that statement mate rich people buy Gold to use it for the passion decorative in the body and rich people collect gold is also an investment. And yes tume has cones bitcoin is more than expensive to gold in the future but not need to compare this two kind of investment because they have an own identity and use in the market.

I think it is not necessary and might not happen.
 Bitcoin and Gold have different uses.
Moreover, some crypto-currencies are already coming out to help me the trading if Gold easier.

 Gold has managed to survive through the medieval times, I don't think it will stop now

I tend to agree. gold and bitcoin don't need to compare with each other. They serve a different purpose and even they are both an investment tool, bitcoin is much more useful than gold. We can have an online transaction on bitcoin while in gold, we have to convert it to cash first before we may be able to use it as payment.

I think it cannot replace gold because gold and bitcoin are two different things. Maybe they will compete more on its value. Gold is a tangible asset while bitcoin is intangible asset. Both are assets with different usage and competing values. For now, bitcoin is somehow easier to get than gold since its a digital currency.

It is clear to me that under no circumstances can Bitcoin replace gold. For Bitcoin to replace gold with itself, this requires a decision by most states. However, even this can never be even theoretically. Now, huge reserves of bitcoins are held by unknown persons. If states decide to replace the gold standard with bitcoin, they will actually give their economies to the management of these unknown people, who now have significant amounts of bitcoins. Are governments so stupid?
What about the high price volatility of bitcoin? How to be with her? After all, it seems that she will never disappear. Are you ready to live constantly with sharply changing prices for everything material?

Bitcoin was not created in order to replace gold with itself and does not have such an opportunity for this. These are completely different, with almost incomparable financial assets. I do not even consider bitcoin as digital gold. It is also not suitable as a means of preserving value, since it has very high price volatility. And he will never grow in price forever.

I understand you that the main goal of bitcoin is to create an enabling environment where payment can be made between peers to peers easily without the interference of third party, but satoshi also knows that as demand of the coin increases, there is going to be constant increase in the value, which is why the second function of bitcoin is also to serve as asset, people can hold it while it appreciate in future.

Let us look beyond the volatility that is still present now, it will not always be like this, the coin is still highly volatile because its new and we are yet to still get to the peak point of adoption, once we get there, the volatility of bitcoin will surely reduce, making the price to stabilize which will make it to be reliable as store of value to holders.

Yes, they differ in purpose and I think we need both of them as a way of investment, we don't need to replace gold, as gold has been in industry for so many decades so it cannot vanish in the history. What we need now is to promote Bitcoin so people will likely to invest on it or use it in their everyday life.

Basically what is possible to be replace is the value of gold, not literally that we don't need gold, it is not just the market price that we are getting benefits from gold, as far as I know, gold is a good conductor, and even people will not gonna have a huge demand on it, it can still be profitable when it was being manufactured by many companies in the market.

Yes, another thing is that we should not focus on it, what we need is mass adoption and not eliminating gold for us to become famous as they are totally different so no need to compete with gold, as we can build our own market if we will just do our part too as a believer of Bitcoin.

gold is a precious metal that has become a valuable item and is used since ancient times until now. some people use gold as jewelry and as a store of value as well as investment. and bitcoin is a volatile digital currency. bitcoin can also be used as a store of value but if comparing the increase in value between bitcoin and gold of course bitcoin has a higher increase than gold. so in my opinion bitcoin is better than gold.

It is good to say or ask if what needs to replace fiat (a money that can touch either hold) because they are the same can be used as payment while the gold was an asset only.

I don't want to see Bitcoin replacing gold as they can work together or should i say they are far different from each other.
Bitcoin can't be a piece of jewelry to use for many women who admire using it. bitcoin is a currency we need to have secretly for us to be safe while gold are displayed for the public to precious its beauty.

We can only say that bitcoin will never replace gold, but bitcoin can still function as gold in the near future and if you look at the nature of gold too right now, don’t forget that holding gold as an asset is not only in the form of physical asset alone, but now you have digital gold which you see many people even holding more of digital gold right now than the physical one, and even though bitcoin has not physical appearance, but its digital appearance overtime is more than enough to actually make it grow in future and become more popular than the digital gold which definitely will be able to stand as store of value, but that would still not make the normal gold that we know not to be gold. It will still be very much relevance, just the way fiat also would, but we will still have bitcoin more popular than them.

It seems to me that you have formed a not entirely correct question, gold is precious metal, and bitcoin is a digital currency and only because of this, bitcoin will not be able to replace gold, because at least from Bitcoin you can’t make a bracelet, watch, jewelry, but from gold to make a Bitcoin coin is completely real, with a couar code on it or a private key to this Bitcoin.

both have their own investment channels, bitcoin has a network in the crypto world and until now it can still be used for payments and the price is not stable suitable for short-term investments. while gold is a precious metal that is more widely used for long-term investment. both have their respective advantages in place

And also I think that it is premature to say and quiet bold to consider that Bitcoin would replace gold in due time since if it would happen the that would far in the future. Gold had been traded for a very long time now ranging its uses from electronics but especially more in luxury jewelries as it increases its prices. This question is a matter of how much the Bitcoin would be adapted and at what rate would it be adopted to determine how long it would surpass the price of gold who has a massive market volume and is trusted more by the investors and the public.

Just because gold has not been used as money for some time it does not mean that it is not, precious metals were the main form of money for thousands of years and if fiat begins to weaken then gold can make a comeback, however that will require a change in the way people think, we are too used to the convenience of electronic money and transactions, if people cannot get over this then bitcoin could begin to get stronger as people will prefer it over gold.

Well nothing is impossible, maybe if a mountain of gold is discovered in some areas and you don't need to mine deeper just to get one. But what is the reason that gold needs to be replaced anyway? It should have been fiat money not gold, unless we go back to old ages that uses gold as a currency.