Bitcoin Forum

Governments all around the World Secretly start using together with banks the bitcoins.
Oil is done so They replace bitcoin instead of oil.

The btc volatility might go like daily 50k-100k price Changes.

Bitcoin will be instutionalized permanently.
The Global market prices Liqutation postion will be fluctuated by Bitcoin price.


I said this before but nobody didnt listen but now its here!!

No, Bitcoin will not replace oil and gold, even though we know that gold is no more flexible than Bitcoin. Currently the existence of Bitcoin is very small when compared to some resource businesses in the world. We can't force the will we like to be able to rule the world easily, it takes a long process, maybe even requires evolution first in Bitcoin to be able to completely replace oil and gold.

The scale of gold and oil production currently leaves Bitcoin because these natural resources are better known for a long time and ordinary people understand more about the resources that are mined by digging the ground. In addition, real results and also a large turnover have made big companies compete to get more natural resources with increasingly complex equipment.

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https://medium.com/currency-waves/bitcoins-energy-consumption-7c14f53dd059

The electricity used by bitcoin miners is only 0.1% when compared to the electricity used by some natural resource miners.

Will Bitcoin make my car run? Will bitcoin be used for astronaut helmet shields?

There is monetary value in bitcoin but that does not mean that it will replace these things, the prices will go up but that does not mean that oil and gold will devalue. Oil will have a place in economy, although the prices are plummeting for oil. Gold will always hold a value, it is used in electronic components and it has a lot of applications and not just as a monetary value.

It is never possible for bitcoin to replace oil and gold because bitcoin is so predominant in the world of decentralized crypto with oil and gold linked to the country's economy it will depend on the country's government. If the system of import and export trade is far away the price of these will increase at present the value of these items has come down a lot due to the fact that the country's economy has been hit by the epidemic and inflation has risen these natural resources cannot be replaced by any organization.

Gold and oil is more popular than bitcoin in the world. Gold and oil are centralized which is control by the government which it will be very hard for the government to allow bitcoin which is decentralized in the world to be replace gold and oil which is the oldest than bitcoin.
I guess it will be difficult for such to happen to gold and oil. Many investors are use to gold and oil for a long time which it will be very hard for them replace bitcoin with oil and gold.

Gold and Oil as it stands today are mainly commodity. Bitcoin is digital money. So their functionality differs. Therefore you cannot categorically expect that Bitcoin will replace Oil and Gold.

Let me know when they figure out how to make medical devices out of BTC. Or how to use BTC to make cargo jets and container ships run. :D

Bitcoin is just an alternative form of money. It isn't a replacement for every established asset that came before it, especially energy commodities like oil. I also see Bitcoin and gold happily coexisting together as store of value assets.

What you are saying is very impossible. yes bitcoin is becoming more and more popular today and its adoption in different parts of the world is spreading rapidly,especially in this time that covid 19 pandemic hit many businesses, and because cryptocurrency is not so much affected by it and it's demand increased even more. But still it will never be happen that bitcoin will replace gold and oil someday because they are totally different.

What you are saying is very impossible. yes bitcoin is becoming more and more popular today and its adoption in different parts of the world is spreading rapidly,especially in this time that covid 19 pandemic hit many businesses, and because cryptocurrency is not so much affected by it and it's demand increased even more. But still it will never be happen that bitcoin will replace gold and oil someday because they are totally different.

I don't think bitcoins can replace an actual commodity so easily. In my mind bitcoin is more of a currency than a commodity. Because you cant use bitcoins to fuel your car and plane. Same for gold, as long as we are using gold for jewellery there will be people paying a lot of money for it.  These two commodities have been used by humans for a long time. They can't just disappear.

What is more likely that we will see bitcoins as the main international currency, so all these commodities would be quoted in bitcoins rather than USD.

Commodities oil, gold, real money will not be replaced with bitcoin, bitcoin which is not necessarily a stable price in the future and could drop due to a group of people, therefore bitcoin is only an alternative and high-value asset.

The OP said that the government has established a relationship with the bak for the use of bitcoin. Is this any valid news? even as I know there are several countries that still block bitcoin as its use.

Oil is now a staple all over the world so it is irreplaceable for bitcoin to me this doesn't make sense.

I don't think that bitcoin will replace oil and gold, there are important things that both things can do in our country, without oil, we can have any transportation in our country, we cannot start any vehicle, we cannot do export and import which is good for the economy. Bitcoin is really good and valuable for everyone but it doesn't mean that it can replace both things. It is only good as an alternative currency for fiat currency. We can love without BTC but we cannot live without oil at all.

haha . you got a point bud but thats not what he mean to express  but he means that high valued people such as governments are said to drop oil on thier portfolio and replaced it with btc but isnt that a good thing ?

its not a big deal if they drop oil but oil will still be useful . when they drop it that means the price of oil will drop as well , thats even more amazing  . now we can now buy oil in a cheaper price but the btc value do sky rockets too at the same time  .

You are all wrong. because, Bitcoin will not replace oil, gold or any other thing. All these markets are having own reactions and own benefits for people and depending on people interest and usually patient and risk level they can chose a market. Considering the gold huge demand and incensing demand over time, it has a very huge, old and more stable market and nothing and replace gold at lest not that soon. But, in the other hand, bitcoin is a high risk and unstable market and ideal for long term holders, bitcoin market is defiantly rising but this can't get more marketcap than oil and specially gold.

Maybe he means in terms of investment government can decide by their own if they think that bitcoin can give them income for the next more years and will lost their investment in oil and gold they can move to other investment.
Its investment ,even individual persons or small investors do that and invest only to what they think is profitable for them. they are just securing thier money. if they know they will lose in other investment why would you continue supporting it?drop it and find other alternative that will be beneficial for you in long term.

I mean yes this!!
You are correct
The btc will not become oil or gold.

It just will replace the oil and Gold position in Investment area

What now its here you do say? Being optimistic isnt bad but to say up that Bitcoin would replace oil and gold? Its not really gonna happen
as long government do exist in time.You dont know on how these natural resources are valuable that cant really be easily
replaced by something digital like Bitcoin.It does have only a particular space but it isnt capable on taking the throne and do make oil
and gold be replaced.

They are clearly different in every aspect and no resemblance. Anything that can replace the other is what are the same maybe in shape or size, function and operation but bitcoin, gold or oil are not same. In talking about oil, how can oil be in same thing with bitcoin to be replaced? Not possible I think so.

I understand what you mean, here you explain that Bitcoin will shift the dominance of oil and gold prices as an investment.  I personally don't think so, why? because Bitcoin, oil, and gold already have their respective market enthusiasts.  you can not force me to buy Bitcoin if I like gold or oil and vice versa.  as the price grows and perhaps an interest in Bitcoin in the future world governments will inevitably make Bitcoin, gold, and oil an equal (a highly watched investment).  Bitcoin will become the equivalent of oil and gold instead of displacing both..

I don't think that this is what will gonna happen,

Oil, gold and bitcoin have their own respective market and investors. Investors on those investments have their own opinion, decision, and choices when it comes to their investment. And most of the time, investors do prefer to secure their investment, the investment where they can really earn.

Another day, another useless topic from Polo7.

Bitcoin will never replace oil and gold. Oil can be replaced only when you find out how to substitute it. Think can would run on bitcoin in future? Or electricity? Production of electricity to charge car pollutes air much more than exhaust gases. Gold - this is historically constant item that represents value, wealth and etc.

Of course there are item prices that are bond to oil and gold value. But there is also a so called bigmac index. Instead of measuring how much a thing or a service cost in comparison to oil and gold price, people compare ir to bigmac price. Sadly, no one screams that bigmacs will replace oil and gold.

Mate, this is so impossible to replace those stable and high valued commodities in our physical world with Bitcoin who is just a digital currency. However, I would agree with you when you are implying about the profits that it will brought to us people, to the economy and to the country. We can't deny that in this modern time, Bitcoin as the largest crypto currency in the market has extremely booms anywhere in the world and became a great and easy investment  to us. In some ways, it will exceed to oil and gold in terms of investment because of the modern individuals who are now preferred to use and invest on blockchain industry for an easy profits.

Bitcoin, gold, and even oil have different functions so we can't say one can replace one because they're all necessary and they're all playing their roles in the society or should I say in our daily lives. Bitcoin, despite being adopted can't be used as a substitute for gold or oil or vise versa and they all have different investors based on their demand.

There might be a correlation between oil and currency but that doesn't mean bitcoin as currency needs to replace any assets in the current world. Bitcoin is good with gold as store of value, let the dominance happens without replacing assets as they have their own market.

Since the beginning of 2020 until now MarketWatch reports Bitcoin has jumped up to 50.63%, while gold, to be exact, after early September reached 24.01%, it is quite significant in EXCHANGE, but year to date, it is skewed at 22.65%. So there was a deep correction, namely minus 5.49%. In addition, there was an increase in the oil market which was classified as very bad in the last 3 months by around 4.93%.

How is the logic behind this? How bitcoin will replace oil and gold. Don't see any option. Bitcoin can't help you to burn anything or run any engine. And also you can't use bitcoin to wear like gold. These two things are necessary for people but bitcoin is not necessary for people in general. So replacing this two things is not possible to me.

Bitcoin is just a global currency and how it can replace oil and gold. I think it is ridiculous for reasons of liquidity and practical use.
Oil for the energy sector and the processing of oil for other industries.
Gold serves high-tech industries such as aviation, space ...
It is necessary to properly appreciate Bitcoin's potential.

I don't want that change in the future. As an investment asset or other tradable asset. Bitcoin and gold have their own commodities and they believe they are profitable asset. Gold has been around for centuries, used as jewelry, traded, as currency and a store of value, how can bitcoin replace gold that is only 10+ years old. There are too many phases that bitcoin and the community have to go through to achieve that, and until now the government is still reluctant to accept it as a legal tender in most countries.

maybe elon musk can develop a car that works with blockchain power  :D.

By the way i do not believe bitcoin will take place of gold. Because there will be always some people that prefer traditional investments instead of new technologies. There will always be some people deposit their money to banks, invest in gold silver etc.

People are getting way ahead of theirs elves, oil is not going anywhere anytime soon nor does bitcoin sit in the same asset class so its a wierd statement.  Gold will also be around for a very long time as well.  People like physical assets way to much for everything to go 100% digital.  In my eyes bitcoin isn't competing with them, it is rounding out the asset class.

I am physically hurt by what is written here.
I would love to see how you will fill BTC in the tank of your car, refuel a plane or tanker with it. Or how are you going to use the BTC somewhere on the processors instead of gold.
What is the secret use of BTC by governments? Can you still say that cryptocurrency is a ZOG project that would take all the money in the world?
God, why...

It will not replace it. At least because BTC as such, let's be honest, it's still a magic digital money for the geeks .
No one professional trader/economist/etc will invest in BTC on a serious face with the hope that it will totally replace gold. It's like playing Russian roulette from a Glock and hoping that there will be a misfire.

The problem starts with this. Bitcoin, Gold, and Oil are different in many aspects including their function, price and usage accross countries. There is indeed an emergence of Companies and countries adaoting this technology but that doesn't make any sense to just set aside these two natural compounds. Keep in mind how greedy many countries are towards these minerals and they are not doing such things just for nothing. This is an enough reason why they won't leave these minerals behind just because blockchain technology arose. Bitcoin and other cryptos are really profitable as an investment but governments will more likely put their time in something which would generate "assured" profit, not to mention how volatile the market price of cryptos are.

It seems to me that the speed with which the international community is moving towards the full adoption of cryptocurrencies and bitcoin in particular is large enough and the full acceptance of bitcoin as a means of payment is a matter of the next few years. Of course, three countries will have to act as a leader and trendsetter in this regard - Japan, China, and the United States. It is in these countries that all the main innovations associated with Bitcoin take place.

I don't know if it is just the OP or everybody is trolling in the comments.

OP should note that several threads have been made concerning this topic already. It's only good that one should make the necessary research before creating a new thread.
However, to answer your question, bitcoin will not replace gold or oil. It should be noted that gold and oil have certain advantages over bitcoin and these give them an edge.
I do agree that the volatility of bitcoin makes it good for investment, but it is also its volatility that makes it risky as a form of investment.
Many investors will only invest in low risk investment and gold and oil serve as the best option for this

That's impossible to happen because those things have a huge difference although there are a lot of money in all of them.

Gold is very far different from Bitcoin because bitcoin is a digital asset which can be stored in an online platform of wallet. It is much easier to transact and to use compared to Gold that you need to undergo a lot of process before you benefit it. Also bitcoin is for a short-term investment and should be monitored every single day, compared to gold that is for a long-term investment and do not require a lot of attention. Both are profitable but they have differences so bitcoin can't replace gold and oil that easily.

If bitcoin can beat the performance of oil, gold and so on, I think it is possible and but cannot replace it and there are many real and unreal differences that existed before bitcoin existed in the world and many other reasons and differences.
Bitcoin can be said to be just a new, developing and attractive asset class that is in demand by many people or investors and is becoming the most popular because it promises good returns.

Yeah, I've been seeing this user posting a lot of unnecessary threads like this one coz it have been discussed for many times almost  every month in every year. Useless, as we describe it  ::)


But then again, opinion is this, bitcoin will never, ever replace gold in just a simple fact, people will never lose trust to a precious tangible thing, they would not trust bitcoin that isn't tangible, highly volatile and more prone to stealing than gold under the soil. It is just impossible for people to depriciate gold's value over bitcoin.

Nah, I guess that won't be happening. Nothing's more precious than oil and Gold, it'll always be a good investment tool for any government. It's usage alone makes it stand out every other investment in the market, and we're talking about daily use.
You want a solid proof how good oil is an investment?
Look back how Dubai looks like in 2000.
Bitcoin will be a good investment tool as well, but don't expect something like this to happen.

Bitcoin will remain as a cryptocurrency and it can’t replace oil and gold because those are a different assets where investors can also hold. Oil is very important and there’s no replacement for this one yet despite of the growing technology, and gold exist for many decades now and it will not fade away easily. If bitcoin reach that price, I’m sure Oil and Gold is still in the market, they have to.

He meant it by relevance, not necessarily replacing gold and oil literally because those things are arbitrarily different from one another. In the coming days, bitcoin may essentially replace both commodities especially now that the world is slowly turning away from environment-harming activities which both gold and oil partake in, this will be the best period for bitcoin to shine among investors.

I have the same though since imagine how could this thing happen? Those 2 are major commodity and it will not easily eliminated in the scene and also they are both so valuable. Maybe OP is taking to much thinking about Bitcoin and imagining those impossible things to be happen.

But one thing is for sure their Bitcoin will be added on the option and will compete on the trades with other listed.

Why is people always come into thinking that the existence of Bitcoin can replace the already existent things in the present and turning them into phase out when in reality both can still be existent without replacing anything. The wrong mentality of the people is that the existence of the latest technology makes it a point for the replacement of the old existing things and turn them into an innovative one on which not all are replaceable just like gold and oil that have their own unique usages and Bitcoin cannot accommodate such usage alone. Oil and gold have existed a long time ago and people are already familiar on using it, making it a point that Bitcoin cannot replace those.

Bitcoin is overhyped, it can’t replace those major commodity as easy as we think. Bitcoin can’t be use to run a building, a car or anything aside from Oil in the market and this is the reason why Bitcoin will remain bitcoin. As per gold, we don’t know how much supply of gold that we have in the market and in the underworld, its existence began since then and yet there’s more supply coming, it will remain as a valued asset and Bitcoin will become best digitally.

It sounds very weird for me. The gold and oil have been getting its value caused by the demand and both have needed by a lot of people. bitcoin has its own usefulness and there's no chance for bitcoin to touch the oil or gold.

You should know if anything has its own purpose. It will be more suitable if you were saying bitcoin will replace the fiat money to be a secondary payment system.
Im losing my mind if bitcoin will be replacing oil and gold.

That's something that totally nonsense.

non sense, how could it possible to replace oil with bitcoin? Oil come from the natural resources and bitcoin comes from nothing if this bitcoin has not been back up by gold or fiat currency then it could have no value at all.

You see you can't get bitcoin without buying it using fiat unless you know how to decrypt bitcoin and that will lead you to open some or get some by cracking it or decrypting it.

Most of the OP's posts actually don't make sense. Sometimes he criticizes bitcoin, and now this, he is pro-btc. But just to answer his post, bitcoin is no way gonna replace oil or gold. Those are tangible assets that you can't just pull out of nowhere.

I understand the bitcoin/gold comparison, but what are you trying to say about oil? Oil isn't an asset anyone uses to store wealth or value. Oil is a critical part of the world economy, it's used just about as fast as it is produced and there isn't a lot of infrastructure for storing oil long term when it's not needed to be used, which is why the world's oil producers constantly tweak production to match consumption. The comparison with bitcoin doesn't make any sense at all.

Gold and oil are the two dominant assets in the reserves of nations and banks. The world is shifting economic structure and keeping an eye on bitcoin. Bitcoin is new to investors, they look clean and not pumped. Maybe bitcoin will be the next pump.
Gold and oil have their own use-value and cannot be compared to bitcoin. I agree that in the future there may be more money flowing into bitcoin but not in the place of oil and gold.

No, Bitcoin won't replace gold and oil because both substances have a lot of use cases in many spheres of life. Bitcoin is just a virtual currency, it doesn't have any physical implementation. 

I don't think it's possible for bitcoin to replace these mainstream assets which are oil and gold. Many crypto users are having thoughts of bitcoin as a safe-haven asset which is because it's the new-gen assets we can invest right now instead of the traditional assets.

They are treating bitcoin as the digital gold of this era since they are capable of trading worldwide. Well, technically, bitcoin's price value can overly take or replace gold since many investors will choose its price potential in the market.

Logical! Bitcoin can't replace gold, or oil... we can't wear bitcoin around the neck, or drive a car on bitcoin. Bitcoin as virtual asset can be used as currency (medium of exchange)! I like to think about crypto as evolution, like the next level  on many fields, especially in the economical way! Current system is corrupted in the bones, we need changes and crypto can make those changes! You can compare btc (or some other coins/tokens) with anything else just in terms of value, and in that sense bitcoin is already more valuable than most raw materials and products that comes from raw materials!

I doubt Bitcoin can replace oil and gold, because both have been used for thousands of years. Indeed, for now investing in Bitcoin is
more profitable than investing in oil and gold, but because Bitcoin cannot be controlled by the government. So the government definitely
prefers oil and gold over Bitcoin. I think Bitcoin will probably only be used as an investment alternative, after all, Bitcoin's popularity is
still below oil and gold. There are still many people who don't understand Bitcoin, so it's too early to mention Bitcoin will replace oil and gold.

Actually, there is nothing wrong with this if in the middle of both situation has changed, because in history gold and oil is older than bitcoin but,  eventually, if there is a good combination in between I think its a good idea , but to the right place there's no one can break the goal of Bitcoin even in a long period I think it is fully protected, usually, you can buy oil and gold by using Bitcoin but to replace it is impossible.

You may think that gold and oil has a lot of use cases but the reality is they are getting more scarce and people are looking to remove them from the use cases and try to make them less relevant. For example oil is used for cars right? Probably used the most there?

Well, we are moving towards electric cars, instead of drilling for oil, we are getting wind turbines and solar panels and so forth to make it as well, renewable energy means you do not spend it and its gone, it means winds will always be there, and even though energy needs to be created from something, we do not need to replace the sun or the winds, they are natural so it will work forever. Hence oil will be replaced one day or another. Gold on the other hand has such a limited supply in reality that, the more you use it, the less there is so its replaced by many things already.

The reason why bitcoin will replace gold and oil is not because bitcoin will be demanded more, it would be because gold and oil will be demanded less.

It is widespread Bitcoin will not replace its position with anyone. Elegant in one's position, no one appears to seize someone's position. Gold is a very ancient myth of ours and also is oil. And Bitcoin is a cryptocurrency that is not sluggish. Their characteristics are also incompatible, so their posture is also greatly elevated from different positions.

Hey buddy, I like bitcoin, every idea and concept associated with it as a store of value but don't think bitcoin will replace Gold and Oil for now, it's not feasible perhaps in the future. The centralized Bodies/Government are watching bitcoin growth and every adoption, they know what they are doing and by the time it's no longer favourable for them, they threatened and use media to trash it value.
You must have seen how Bitcoin was so attached to  Gold and Dow Jones during the pandemic market sell, it was indeed a disaster because most investors in stock market, hold Bitcoin as well, a plunge in other market always has effect on Bitcoin.

It may not exactly replace them but as an investment those who used to buy gold may either have started to buy bitcoin or may think of buying it . In terms of returns or the use which bitcoin has is also needs to be considered and those who find it useful will shift their focus to bitcoin for sure. This may lead to some less demand for gold as compared in previous year.

We can't completely compared them because the had different usage that gives reason to investors invest.

Probably in making an assumption for Bitcoin replacing oil and gold is not a good thing. IMO, Bitcoin may dominate the two stocks (gold and crude oil) but it will never replace them, US only decided to go electric because they want to cover themselves from being the consumer of oils. This will then give them power and much stronger economy. Electrics will then become a source of economy. They will be monetizing it the way we didn't expect and will tell us that they only stopped consuming oil because of nature.

As you can see on these links, they had both different (Bitcoin, Gold and Crude Oil)
https://tradingeconomics.com/commodity/gold
https://tradingeconomics.com/commodity/crude-oil
https://coinmarketcap.com/currencies/bitcoin/

If you are so sure that Bitcoin will replace Oil and Gold, have you tried using it physically? Are you willing to place Bitcoin to power up your automobiles or engines that works? Or using Bitcoin as an accessory?

Bitcoin's value is really wonderful but replacing things in the physical world is not possible. I only think Bitcoin will achieve some value cap which will be its best value and people will realize how important Bitcoin is once its recognize by governments in a good way.

That is true and Bitcoin replacing Oil's value is quite possible BUT that can only happen if people will not rely on harnessing the power that Oil can produce. Oil is almost necessary within most power systems. If people can utilize Nuclear energy, there will be no need for Oil. Gold on the other hand is one of the most unique element because of its utilization and I guess Gold has been utilized to its maximum. Bitcoin can always surpass them and all we need to do is wait.

Oil and gold cannot be replaced, because they are real, and very useful in life,
whereas Bitcoin is an intangible asset, for now, we don't know how bitcoin is used in the future,
whether as a means of payment or just as an asset. and remember, OIL and Gold are not something that can be easily for replaced,

That's why it's impossible for bitcoin to replace other things like oil and gold because of it's decentralization. Do you think government will allow bitcoin to replace gold? How can a car run without gas and oil? What I mean is everyone of them have an special rule in our economy despite of their value. Also they have different features and uses , So  Bitcoin will not replace any other thing ,...if ever it will be a very long process.

I don't think bitcoin would replace everything, not even oil, gold, and other precious metals, because no one controls bitcoin due to decentralization. Unlike oil and gold, it is authorized by the government based on its currency. Oil and gold have a different purpose and uses, so it's unlikely for bitcoin to run a car and conduct electricity and make jewelry. Still, bitcoin might surpass gold and oil as an investment and a safe asset.

Nobody listens or no one will ever believe this statement even me. Bitcoin is too far behind Oil and Gold, mate.  This will never happen that it could replace this two stable commodities across the globe. Despite Bitcoin's popularity and being the largest cryptocurrency in the market, it can't still replace nor beat the stable value of Oil and Gold which is existing many decades ago until now. Bitcoin gives us too many different great features and profits but we can't deny the fact that it is decentralized unlike Oil and Gold which is tangible and proven stable in our lives since then.

The possibility is not in doubts because bitcoin has already trying to dominates all over the countries, the ambitions of op is quite clear that bitcoin can take cover of oil and Gold across the world, because the rate of people adventuring into cryptocurrencies especially bitcoin and other coin's in the name of trading is in higher frequency, so from my perspective its not something that bitcoin can actualised these year but it will take space within a period of time. Because looking at present things that's happens in cryto world people purchase and invest in Btc more than any other thing.

I think bitcoin cannot replace oil and gold those companies are very big compare to bitcoin. Oil are using everyday and gold used it everytime people they want so why we need to compare bitcoin to gold and oil. Maybe there are popular but not the same and bitcoin never replace that two.

No there, I don’t see it that there is going to be any replacement, although as the world keeps growing there are some changes that has been happening and a lot of things that are being powered by oil are now becoming electrical and less and less things now have to rely on the oil. Things are basically changing, and a similar situation for gold.

But, that doesn’t really mean that investments will now be going into Bitcoin just because of this, but a small percentage of their money will. It’s just like the company that invested 1 percent of its total assets in Bitcoin which is around $50 million or so. They will be investing in Bitcoin, they are having interest, but there are also other investments they will be going for.

Oil and Gold has come to stay and Bitcoin is not here to replace them but to complement them. All these commodities have different purpose which they serve in the world economy, Oil in particular is what drives wealth across the world, most Bitcoin whales do not want to part with it and I don't see how Bitcoin can serve that role, Bitcoin selling point is store of value which to me is a good selling point and will help it a lot unlike all these useless Altcoins that promises to change the world

I don't think what you say can happen, Bitcoin can replace the dollar but it is not able to replace gold or oil, although I am a bitcoin fan but that is illogical Bitcoin is unstable and cannot get the same confidence as people in gold. As for exchanging bitcoin for oil, this is really strange! I don't know how to exchange bitcoin for oil? Oil is an essential element in moving the wheel of the global economy and cannot be dispensed with at the present time. But if you mean to exchange Bitcoin for oil, this is something that happens in some countries that suffer from embargoes, but it cannot be generalized.

Bitcoin adoption is growing so fast that we aren't even realizing it but not the way op stated. We are having huge adoption from institutional investors rapidly, if we could recall how millions of tether were printed the day bitcoin fell to.$3.7k, it was pump back to 4k-5k range, they should be in 4x of their investment.
Coming back to Gold and oil, Its not feasible to make such comparism with Bitcoin. There are so many factors that will oppose bitcoin use for daily spending, volatility is a major problem for all and would make utilization difficult. Gold and oil were affected by this Corona pandemic which caused lots of havoc but only with regulatory we can utilize oil and Gold.
Let's make example,

Day 1, bitcoin cost 10k and a liter of oil will cost 0.001btc
Day 2, bitcoin cost 12k, what will should happen to oil price, will the value remain or hanged?
These are the big factors and I believe government will not sit and watch. I love Bitcoin as store of value and cryptocurrency in general than any other assets though.


This chart shows Bitcoin and macro assets Return this year and their volatility, this shows bitcoin can never be oil and oil can never be bitcoin. They may be correlated due to some economic factors and big players in price manipulation.

This is likely what said as "Bitcoin will replace fiat".
In my personal opinion, it will never happen.
Bitcoin will exist and will have much bigger involvement and also its power in this world. But, it really doesn't mean that BTC will replace gold and also oil. They may be influencing as per financial systems. But, they are real things and they are needed in this world. They are the same, limited. But here what makes it important is that they may be in line with BTC, but BTC doesn't replace it.

Let's think, people around the world most will need oil, what will they do or we do without oil? BTC can not replace the function of oil and also gold.
I am wondering in what case BTC will replace oil?   ??? ???

 Bitcoin can not replace oil and gold, because those three characters (bitcoin, gold, oil) are unique in different ways. Eg, oil is used in vehicles, and there's no way bitcoin can replace that, gold is obtained from the earth, people work hard for it. Gold and oil are very essential to mankind, so they can not be replaced by bitcoin.

I don't think so the bitcoin will replace gold and oil . Many people are using oild and gold and it already use for long time ago but the bitcoin is new only 1 decade and not all the people are using this.  But if a person are really want to earn more maybe it is good option for him to invest to the bitcoin , oil and gold to earn a lot of money because we know many peoe become rich because of these.

Bitcoin is an alternative payment system and even a good store of value but it won't definitely replace oil and gold because they have different usage of course. Oil and gold have been existing already for long long years and people were already using it in its advantage so bitcoin which is still in its 10 years from discovery is still not capable to replace them both.

Really bitcoin will replace oil and gold maybe that's oaky in your country here in my country bitcoin are not gonna replace oil and gold here bitcoin is our investment and bitcoin here can be your sideline if you want to have a money

Growth of bitcoin is tremendous, for the same we can't expect the natural resources be replaced by technology assets. Gold and oil has been serving as the revenue generator for more countries. The dependence level on oil and gold in economic development is very big in comparison to bitcoin.

Maybe in the future situation can change when more number of people prefer cryptocurrency for day to day needs. Maybe as bitcoin is co-existing with banking and large network firms we can expect mutual growth than replacement.

What a strange perspective haha
What is on your mind actually ? Oil is on different dimension and you put it on the same level as bitcoin?
This is too much non sense.
Bitcoin itself can never replace anything not even any currency that much more relatable.
It should have replace anything but as an advanced alternative bitcoin is here to develop.

Bitcoin is the most valuable and important  on the crypto world and people use it for digital  money transaction. So bitcoin never replce but most of the time it play pump -dump and panic...Pleople think bitcoin will be die or destroy but i saw it  always  comeback super..I was sell my btc when it was 8000$  and think  it will be replece other coin or meterial but bitcoin again pump and stay it 10000-12000$.So never dispointed if you are real crypro lover...

Crude oil is pretty new in terms of human history.  It wasn't a major part of the economy or of much importance at all until the industrial revolution.  Gold has thousands of years of history as a store of value. Bitcoin may eventually become a dependable store of value, but the use case for it is extremely low on a practical level. Almost nobody uses it for anything other than speculation at this point due to the wild price swings. It's just another form of gambling.

I'm not surprised by the title of this topic, because with Bitcoin's incredible performance in 2020, there must be many opinions,
especially from newbies, Bitcoin can replace oil and gold. Even though the reality is that it is impossible for oil and gold to be
replaced by Bitcoin in the near future. Moreover, the current use of Bitcoin is not yet maximal as a means of payment, Bitcoin is
only used to make profit from its volatile price. So for now Bitcoin is only a payment alternative in some countries, because not
all countries accept Bitcoin as payment.

In the past few decades bitcoin has been flourishing well but it’s wont be fair to compare Bitcoin to natural resources. Gold and oil is a old as man and it’s a natural gift from God to man. The awareness of Gold and oil is throughout the world unlike Bitcoin that is still been known and considered by some countries and government. The value for Gold and Oil can’t be overemphasized as its use is domestic and industrial.

A few questions to ask.can bitcoin move my car? Can bitcoin generate power supply? Can bitcoin be used for jewelry or ornaments? How long would it take a decentralized currency to be appropriated by the whole world?
Gold has been the store for value since ancient time and it’s use and value remains appreciated by everyone in the world. Oil remains an irreplaceable element to man and its purpose can’t be undermined as its uses is numerous and economical. Gold and oil is been governed and controlled by centralized government and many institutions has been formed from these products.

Lots of multinational companies has since been involved in oil activities, Oil as a natural product have been studied and mined since history. Oil has been the economic strength of some nations around the world, example Nigeria since her independent is dependent on their oil sector for her economic and structural developments. Gold as a natural substance is still being controlled by the centralized governments around the world and its value continue to increase even on a daily basis. The price of Bitcoin will continue to rise and fall based on market strategy so at what point would it be at equilibrium to  Gold and oil?

If you think about it, there's not much separating bitcoin and gold though.  Gold has some intrinsic value because it's used in certain applications even outside of jewelry, but gold basically has been a store of value for the same reason that people are hoping bitcoin will be, and that is that a large group of people all arbitrarily agree it's valuable. In this respect, gold and bitcoin are quite the same.

Replace oil and Gold? I hardly doubt that, compete yes, but replace nope. If only there was a single asset  in the market then there would be no market itself. Without any other competitor the value of Bitcoin would gradually diminish. The value of oil will never disappear as long as the potential for military conflict exists. No one can fuel the air-fighter with Bitcoin. Gold will stay in value due to the demands of many industries where it is used.

 

I agree, as long as there is demand for these physical commodities there will be a price and market for them. Bitcoin is already competing with gold as means to store value and as a financial asset class. But no one can really buy oil and store it at home as a form of saving, except if you are really rich and can afford to buy a hole tanker. I think we will see a long time of coexistence of these 3 asset types. Especially if most cars and planes still run on fuel.

Govt will never allow something that they can not control. Govt is a centralized thing and they need assets to maintain it. So they can not allow bitcoin as a primary financial source that is decentralized. But we could see a new form of digital currency that will be partly decentralized.


Oil could be replaced but Commodities like gold, diamond, platinum will not fade away. They will coexist because we will not find any better alternative to Gold, Diamonds. Those commodities are valuable not only for the investment they are valuable because people use them to decorate themselves. So no matter what their demands will not fade away until people stop using them.


Many car companies are focusing on the alternative power source of oil. We already have tesla. So oil will lose its value if the world finds a cheaper energy source besides oil.

I wholeheartly agree that oil will be replaced, I know it is huge right now and it would take decades before we could replace it as a whole, but for the past decade or even longer we have started to replace it. The problem is oil is an energy source and in order to replace it we have to find another energy source, whereas bitcoin is a financial currency, it could replace gold maybe but that would be few decades at least, but it can't replace oil at all since there is no way oil could be replaced by anything but another energy source.

It means our solar and wind energy resources are the things that will replace oil, those renewable energy ones are actually doing pretty good, back in the day they were a lot more expensive to worth a try but the price of them started to drop as well.

The statement is far from reality and there will be a digital version of Gold for economic transfers: BTC Oil and commodities have a specific value and replacing it with digital versions is impossible but we can hedge the value on financial markets. Like the CFDs, the price can be copied for trading or hedging but the real use case is a totally different theme. Fantastic and unrealistic views can harm the vision of the crypto industry.

No, it wont ever happen. Oil and Gold had been so stable in its place and proven -  tested for so many years, with our ancestors. Its proven to be the great and valuable asset, a back up to fiat before this modern high technology was introduced widely all over the world. Though, Bitcoin is much valuable now and called as the largest cryptocurrency in the market, it has still something much to prove to replace oil and gold. On the other hand, they are both valuable now and the only difference is that Bitcoin is decentralized and untouchable unlike oil and gas which is tangible by nature and existed million years ago.

Utility of oil and gold it is not same as the utility of Bitcoin show you can't expect them to replace one another. Eventually oil will be dried up up ine next few decades but there is no real replacement for gold and till now and it remains the in future as well. Bitcoin and gold can exist together at the same time and they will be king of their own region.

I understand that you are saying more money flows into Bitcoin, but there is a long way to go to replace gold and oil. The roles of these two assets are very important in industries. Gold is a store of value, it is also used in industries and everyday life.
Petroleum creates a variety of industries behind it such as thermal power, gasoline, oil, asphalt, fabric production ...
Bitcoin may be poured with extra money, but it is difficult to replace oil and gold because of these special uses.

Bitcoin could act as a replacement for gold in the sense that it could be a better store of value in future, but it's ridiculous to suggest that it could replace oil. Gold and oil have large amounts of physical, real world uses that partially drive the underlying price. Oil is a finite commodity and gold is a very rare material within the earth. The oil price is driven by supply and demand, while eventually running out which will push the price much higher than the lows that we see at the moment.

Tesla cars are so overpriced and selling so little compared to other car companies that they aren't going to influence the value of oil in the near future. When electric cars all over the world start touching at least 10% of global sales we'll talk about dropping oil prices due to other energy sources becoming popular. You might not be aware but in 2019 all electric cars combined accounted for 2.6% of car sales for the year. Only 1% of all cars around the world are electric. It will take at least 10 years before they really start affecting the prices if these rates don't change.

Bitcoin will not replace oil and gold but considerably Bitcoin is one of the best alternative investment of the century.  Bitcoin don’t need marketing to be recognised, its use cases and unique features will push towards mass adoption. If brand like reached a trillion dollar marketcap, don’t doubt the potential of underrated Bitcoin.

Oil is like something that is consumed every day, so how can oil be replaced with bitcoin because even bitcoin will only be stored because bitcoin is an investment asset and not a currency in full. That way, oil and gold will continue to have their interest irreplaceable but indeed, there will be another side that makes bitcoin treated the same because this is something that has value which would certainly be valuable if owned.

I do not think so.

Gold has been one of the conventional ways of investing money. Due to its innate and intrinsic value, gold will always be valuable due to the fact that people are willing to buy it at a given price. In addition, gold has been in existence since time immemorial and I highly doubt that bitcoin will replace it due to its price.
In terms of oil, it is an essential necessity as people use it for daily use.

Again, bitcoin may be an alternative way of investing money but I highly doubt that it will replace the conventional and traditional mechanisms of investing in the market.

This is where Bitcoin is heading, to the mass adoption and no goal to replace gold and oil because bitcoin is a cryptocurrency and they have a different purpose in these market, Oil is still important though. Many believes that Bitcoin will replace everything which I think is an over hyped, Bitcoin is the best alternatives to all of us and Bitcoin is still doing its best so it can be recognize all over the world.

That's how awareness will work. Through paypal announcement that they accept buy and sell bitcoin but you will never withdraw your bitcoin. I guess for the sake of awareness and popularity, that is all matter about.

Bitcoin will always think has a threat to any, just like banning crypto because they think that it had a threat in the government financially but the fact that is not. The same story the oil and gold, they think that it will replace but the fact it will not happen because they are different and also has a different function in the market. It does not have a correlative between the stock market and the crypto digital market price because bitcoin was based on demand and supply.

Gold and oil serve different purposes than Bitcoin. They are resources with industrial uses while BTC is meant to be a decentralized form of currency. But in the future we may see oil and gold traded more often with BTC.

You have made a valid point in your first paragraph but I have to strike the second line.
Bitcoin is not longer in the age of 2017 when the foundation was base on making 2x or 3x profits. The adoption is at tremendous level, an average man on earth has heard about cryptocurrency( bitcoin) once in their life time, the traction and It wide-spread sometimes get reduced by government policies that's what has been the main challenges and FUD.

You hardly see a stock trader without engaging in cryptocurrency, the correlation between global traditional market and crypto asset market was strong that it made investors sold off their bitcoin during the pandemic brouhaha
There have never been such a catastrophic sell off in the history of Bitcoin, though its has begin to move alone without stock market impact since September.

The future is bright for bitcoin and it will interest you to know that it will outperform stock market if and if the world use cryptocurrency without government interference. Some DeFi platforms are already on the rise.

The true purpose to innovate bitcoin is eliminate the third party involvement into any form of transaction and data sharing between two end users. Bitcoin isn't developed to take over the market of oil and gold. Bitcoin market volume might reach equal to the market of oil and gold, and this won't lead to replacing. Leading personalities of information technology have stated, bitcoin will replace gold as people have started to give importance to bitcoin as a saving asset and the same is scheduled as a long term process.

This is simply due to the misconceptions about cryptocurrencies. Since it is more often used as a form of investment, it is often compared to assets such as gold and oil. Investing into it is indeed beneficial but its main purpose is being set aside by many people who are engaging into this industry. But we cannot blame them especially at this moment wherein cryptos are not yet accepted to all countries, so the only way to make use of it is through invetsment purposes.
In this case, it will depend to cryptos further development. If its market value will be stabilized in the future, it will be more used as a currency and more likely that will happen when centralization took over this industry. But for now, more people are engaging into it as an investment, than in gold and oil due to the popularity. But things might still change in the future.

Sure. Very soon we will melt bitcoin for semi-conductors and jewelry, and will burn it in car engines to move stuff around  ;D

People tend to change the main purpose of bitcoin for many years. Nakamoto Satoshi would be very disappointed with the situation we are facing right now. Nevertheless, because of being controlled by everyone in the world, bitcoin soon turn into what people believe: "A digital asset which can generate an outstanding income in a short amount of time without using leverage". So in a specific time in the future, Bitcoin may have a chance to replace gold to become the number one asset.

Oil is a different story. The usage of oil appears mostly everywhere and humankind still depends a lot on oil to operate their machines. In my opinion, it is hard for bitcoin to fully replace bitcoin since it is extremely different from oil - a term of energy.

Not sure bitcoin will replace these things anytime soon, gold and oil are more popular than bitcoin, besides they are centralized and controlled by the government, its also tied to a country's economy unlike bitcoin that's forbidden to use in most parts of the world for being decentralized and uncontrollable by the government, so at the moment its impossible for that to happen.

Oil and gold have practical applications in life, and bitcoin is only a digital means of payment, so it will never be a substitute for gold and oil. As far as governments are concerned, I don't think bitcoin is the best cryptocurrency for the purposes described in the first post. Bitcoin is too outdated, alternative cryptocurrencies are far superior in all characteristics.

It seems like that you don’t know what you’re saying. You said it, but did it happen? No it’s not happening. Lol you thought of everything in the world and it’s oil that came to your head? What exactly does Bitcoin has to do with oil? The kind of posts some of you make shows that you have no clear understanding on the bitcoin. Bitcoin is not going to be replacing anything.

You people should just chill and accept things as it is, it wouldn’t change anything at all. Bitcoin has been around for years and we are happy using it, it has helped on so many levels, but you are still no satisfied, you’re still talking about what’s going to replace the other.

We can compare btc with other commodities on price basis but if we talk about replacing them it's impossible because btc is digital assest which acts store of value whereas oil is essential commodity in today's world as it is fuel for running all the transport services, machineries and making other mediacal supplies from it which bitcoin can never do.Can your run your car by filling notes in tank or make medicine with bitcoin.Seems possible to you?The prices can be compared like Bitcoin has fixed supply of 21 million coin and 18 million have been mined till date and it's scarce currency so prices will be high when demand will be more with less supply in market whereas oil and gold mines are available at huge level and still many are to be found under the ground which makes it prices cheaper as supply is not limited so comparison is possible in that manner but not in the way you are talking.

I don't think bitcoin will replace gold. Gold doesn’t require electricity to trade, Unlike cryptos. This makes it especially useful in situations such as hurricane-ravished Puerto Rico, where 95 percent of people are reportedly still without power. Right now the island’s economy is cash-only. If you have gold jewelry or coins, they can be converted into cash—all without electricity or WiFi.

This is not true. Bitcoin has so many and very strong use cases. it is all just matter of mass adoption. if Bitcoin get accepted widely by nations and govt. and gets to use in daily life then you can see how many benefits are there in using bitcoin.
and that mass adoption I am talking about is happening. Bitcoin already attracted millions of people. and recently paypal announced adding Bitcoin in its platform which means Bitcoin will gain another 26+ million potential users and that is just the beginning.

So don't think bitcoin as just a form of gambling it is a lot more than that. it cannot replace oil, gold or any other assets but it has it's on place and importance.

You started good: bitcoin can not substitute gold and oil in real world applications: I can't see using bitcoin to develop semiconductors and microchips, likewise you can't fuel your car tank with bitcoin.

I wouldn't be sure about this: go tell Iran no to use bitcoin to avoid economic sanctions. Bitcoin is really their best alternative right now.

Here I lost you. What do you mean by outdated? Please point me out which superior alternatives you have in mind.

Currently, people, especially investors, are looking for more secure assets. One of them is the precious metal gold.
Because in the global market the price of gold looks strengthened, making gold the best performing asset compared to other investment assets.
However, because they are too stable, gold and oil of course when viewed from a profit perspective, then bitcoin is more profitable, because bitcoin price rises and falls very quickly even in a matter of hours.
I don’t think bitcoin can replace gold and oil. Gold, oil and bitcoin have their respective markets.
So people are free to invest anywhere. It depends on each choice.

Another factor to consider is that bitcoin cannot be used as fuel, for the production of plastic, in industry, in jewelry, unlike oil and gold. Therefore, I agree with you that these are slightly different assets. Oil and gold are less suited to speculation because they have real uses in the real world.

Btc's volatility is exactly what makes it a bad one to replace gold.
It can't replace oil simply because it is a real physical fuel which bitcoin is not.
I honestly don't understand all those converstaion about "bitcoin is a killer of X" (fiat, oil, gold, put your one here).
No its not, it will live by side with all those things.

I don't know why you always say that bitcoin will replace oil and gold wherein fact they have all different in utility. Oil is using in transportation and gold is for luxury. Bitcoin can surpass them in prices but it won't never be replaced their utility. Stop comparing three different things because they are all usable for their use.

Yes, when bitcoin replaces our water and air, then perhaps it will be able to replace our oil and gold.  Considering that we will hardly be able to breathe bitcoin and drink it as well, it will also not work to replace gold with it and hang bitcoin for women instead of jewelry.  Cryptocurrency is nothing more than an alternative means of payment, which can exist only along with the currency of states and will not replace anything with itself.  These are all children's fantasies.

Agree, people have different preferences and things have different functions. We shouldn't compare things that are completely different, it's just a competition of a mainstream asset and both are growing. Gold have guaranteed profit as you wait for the price increase while bitcoin depends on the market, and sometimes can't predict due to volatility but can give you huge profit also for investing on the right time.

One of the well known comparisons I have seen is between the exchange rates of 1 BTC and one ounce of gold. A lot of cryptocurrency users went ballistic in 2017, when the exchange rate of BTC crossed the price of 1 oz. gold. But I had pointed out that the comparison is not right. You can compare the market cap of BTC with the market cap of gold. But you can't compare 1 BTC with 1 oz. of gold, because the units are different.

The fluctuation you mentioned contains huge differences.  that's why most people don't believe it.  bitcoin cannot replace oil for now.  We use oil as fuel in vehicles.  bitcoin has no physical counterpart.  We just expect it to be valued.

That's right, I'm also not sure that bitcoin can even be on their level as one of the primary businesses in some major countries. Gold and oil have a vital and strong position where they are the reserves of state assets

How come bitcoin can replace oil and gold? bitcoin is payment currency transaction and oil become most needed by many people to use for industry, airplane and many transportation need oil, how come if bitcoin replace with oil and gold. I think price or investing with bitcoin better than oil or investing in gold because bitcoin have fluactive price and look faster for growing up than gold, but bitcoin have risk with faster going down than gold where looks stable and have change to raise up about 5% every year. Bitcoin and oil have different function each other, people can live without investing in bitcoin but never have activities in the world without have oil, never use wrong ration between gold, bitcoin and oil function because each other have different function for the world.

When a crisis or great inflation happens, no one will invest in oil, it will be more precise that Bitcoin replaces gold. Besides, I admit that Bitcoin is currently the hottest asset class as it just went through the Halving event.  Therefore, it is attracting a lot of money from investment funds at the moment. I think Bitcoin was only in the bull run due to the Halving event; But without the Halving event I think gold prices would have skyrocketed this year :)

If you go over to youtube videos including the videos of Raoul Pal of Real Vision, they are saying that BTC will likely be a currency reserved when USD falls.  Some of the people mentioned it's going to replace Gold too. There is no telling when it would happen but holding BTC right now might just be the best to do than spending it now.  This is why users today will just see BTC as an investment, not a currency.

How do a digital currency will replace a natural resources like oil and gold?  Bitcoin is valuable enough no doubt but it is a digital currency that can be use as investment and payment method. Bitcoin, oil and gold has a different functions that's why it's difficult for bitcoin to replace gold and oil. People can live without bitcoin and gold but Oil is essential for daily living.

There is no possibility yet. Because gold and oil became the most necessary part of human life. But can't make this position that anyone will replace it with oil and gold. But no one can exactly say what happens next. We hope BTC will go far in the long run.

Bitcoin can never replace gold and oil no matter how promising its value may be. It won't replace gold and oil simply because the aforementioned are widely used in different purposes. Gold and oil have high value since time immemorial. Both are classified as nonrenewable, meaning cannot be replenished over time since these are formed after millions of years. Oil and gold serve so many functions on the field of technology, medicine, currency, investment, and manufacturing. Thus, bitcoin can't really replace oil and gold in terms of its role in the society.

On the other hand, bitcoin can match the pace of price movement of both gold and oil. Bitcoin has shown its potential earlier this year, and surely it won't be the last time for it to be bullish. The three are good investments in my opinion, so there's no need to pit them from one another since they have different roles and uses. You just have to pick what suits your preference and budget the best.

More countries are dependent on oil for their wealth. The economy of these countries used to fluctuate heavy when there is large scale changes in the oil market. With gold the scenario is different, as it is a rare metal it has gained value and the value is further increased as it is kept as reserve by every country.

In the coming years the usage of electric cars will increase, and the dependence over oil will drastically reduce. Already some countries like Bulgaria have increased their bitcoin holding high than gold. This increase will get followed by other countries.

Bitcoin can't replace oil or gold. Unlike the first crypto they have physical implementation and real uses cases. 

Even the price of bitcoin become very huge it cannot change the oil and gold. The uses of oil and gold is very important than earning of money using bitcoin. If the oil or even the gold will down our economy will also down cause it has big role in our society. And without bitcoin our economy is still growing. And some 1st world countries, the oil and gold is the primary source of income and because of this their economy is very rich. Also oil and gold is the one asset of powerful country.

I've had to answer this particular question several times. One would have thought my stance would have changed on the subject but no, it has not. I still hold the believe that oil and gold will not at any moment be replaced by bitcoin.
You should know that each of them have their own unique features that made them what they are. Yes, bitcoin might get to be popular than oil and gold as the years go by but it cannot replace them

There's been a lot of debate about how bitcoin compares to gold as a safe-haven asset, but one firm predicts that bitcoin won't replace gold or oil. I thinks that bitcoin's dominance among cryptocurrencies will be reduced in 2021.

Bitcoin will not be able to replace oil and gold, if only because it is impossible to make jewelry and plastic products from bitcoin, not to mention other applications in industry as raw materials ;) Therefore, gold and oil will always be taken into account in the price, a constant as a raw material, and not only as an exchange-traded asset for conducting speculative operations in the market.

try to simulate a global catastrophe for yourself, and think about how the value of cryptocurrencies and bitcoin will be formed? Formed? Now try to clarify - how in such a world will bitcoin be technologically present and functioning? Interesting question, isn't it? :)

I don't think so. Because Bitcoin is a digital currency. On the other hand oil is usable for daily needed. Gold is also usable for jewelry. Bitcoin can replace with local currency but not with oil or gold. If you tell that thinking about holding or investing money then Bitcoin can replace with gold but I don't think that bitcoin can replace with oil. Also you need to know that some government accept Bitcoin but not in all sector. Also some country banned Bitcoin because of decentralization.

It is undoubtedly possible to predict any situation when it comes to the superiority of Bitcoin over gold or oil on the market, since in real life the Philosopher's simple words can be valued much more expensive than any labor or commodity without which a person cannot live. But nevertheless, it must be borne in mind that the reserves of oil and gold on the planet are also limited, and the demand for them is constantly increasing. Thus, it can be assumed that the value of gold and oil, as well as bitcoin, will rise in parallel.

Therefore, at least they will continue on their own path without anyone needing to be replaced. Can't imagine when bitcoin is turned into a resource like oil, will it really work, because I don't think so. In addition, the treatment of bitcoin in each country is at least different so even though it is said that bitcoin can replace gold and oil, it can never be because different policies will definitely complicate it and it will not be possible because these are different resources that are equally needed.

The rise of cryptocurrencies in mainstream finance has come at the cost of gold. Since October last year, funds have flooded into Bitcoin funds, and in the long run, as more institutional investors hold cryptocurrencies, this trend will only continue. As digital currency becomes more and more popular as an asset class, if investors transfer a small part of their allocation from gold to cryptocurrency, this trend will give the gold market a long lead in the next few years. To trouble. The adoption of Bitcoin by institutional investors has just begun, and for gold, the adoption of Bitcoin by institutional investors has been very long.

So do you not think it's too late to invest in crypto? And if not, what digital currency would you recommend for a newbie investor? Thank you for your help.

I don't think that the gold prices were impacted by the Bitcoin bull run. The reason why gold prices went down is because of people selling their gold holdings, in order to survive the lockdowns and unemployment which resulted from the COVID 19 pandemic. So there is no relation with the Bitcoin rally. On top of that, the stock markets are at record highs, which discourages mainstream investors from accumulating gold bars and coins.

I completely agree with your opinion that there is no connection between the fall in the price of gold and Bitcoin, but at the same time I doubt that the supply for gold in the market has increased so much, due to the sale of personal savings, that its volume provoked a depreciation. It is possible that there are other factors affecting the gold market that we are not aware of.

I don't think is possible for bitcoin to replace oil and gold to be honest bitcoin have been doing well for the past few years and I believe bitcoin is still going to do more than like this in the nearest future but I just have the feeling and the believe that bitcoin can replace oil and gold, my first reason is that some people don't still believe in bitcoin.

For me it is not too late to invest in crypto since there are very big chance that the crypto is the future in this world even if in other countries bitcoin are illegal to use but somehow some of their country men are into mining, If you're going to invest  into crypto then you should try to research into exchange website like binance or if you have a good one then use it and try to research for more information and so on  because everything you wanna learn is in internet nowadays but if you really wanna do something about your money i should say ethereum and dodge coin has the good potential today. Since i already made up some profit from it.

It won't replace oil or gold.  Oil might fade but not because of bitcoin but because of less reliance on it as a commodity.  Gold is another asset class.  Its not about replacing something but complimenting it. Gold and bitcoin don't exactly do the same thing nor act the same.  They can both coexist peacefully.

Bitcoin will never replace oil and Gold even a decade or how many years may come. Gold will be gold and oil will be oil, nothing can replace these two. It is like a fiat currency that will not be replaced by bitcoin and it is a matter of fact. Although we all know that bitcoin is way more flexible than gold but at the end of the day gold will be the one that will be the basis of every money, and never bitcoin will be in front of it.

I didn't said that there is a depreciation in the gold market. With the devaluation of gold, we were expecting a corresponding increase in the gold prices. One of the reasons that has not happened till now may be due to the influx of gold in to the market from small scale individual holders. At this point, we also need to consider the fact that the mine production of gold has been decreasing for some time.

Objectively speaking, BTC has not yet undergone any stress test in the financial and economic depression and collapse. We are not sure how it will develop in the future, but fortunately each of us can see whether BTC can replace gold.

bitcoin has achieved all that now investing in bitcoin is faster and easier, it is very profitable for investors who have high patience it will be a big advantage later and it will get stronger because the price of bitcoin every year is always increasing and has a higher value and value. It's surprising that many rich people buy bitcoin to make bitcoin more famous. Of course, it has made bitcoin the main investment target.

There is no too late in investing in cryptocurrency, remember that in around a 2 to 3 year time frame the percentage growth of bitcoin prices in the market is exponential unlike other forms of investments which really takes a long time before you can clearly see the benefits and the profits. Bitcoin is still the most recommended, it is the most famous of all cryptocurrencies/digital currencies in the market which in theory would likely cause its prices to go higher than ever.

Government as a big institution just have to use as many methods to save their funds as possible, it was inevitable for them to inherit bitcoin and blockchain.
However, I don't see how bitcoin will replace both oil and gold

Since the price of Bitcoin has skyrocketed and historical records have been repeatedly set, some market views have believed that Bitcoin will replace gold and become the new king of safe-haven. In fact, the market has always compared Bitcoin and gold, but the current Bitcoin does not have the attributes of hedging, and has the shortcomings of large price fluctuations, poor liquidity, and small market value. The overall performance is far inferior to the hedging of gold.

I don't believe this on the contrary, I believe btc has come to stay, but the probability o been replaced oil and gold is not what I'm certainly sure of. These two thing oil and gold are natural resources that has been from generation to another generation. 50 years ago nobody ever thinks we can have something called btc. What if another stuff is invented and probably competing with the current crypto of a thing. We need to look beyond the present things now.
Oil and gold has been the major such of generating income for governments of the world for a very long time now, and I do not see them going fully into it anytime soon. Even if some banks and government are secretly buying btc to keep.

*I'm not very comfortable with the phrase 'Bitcoin will replace gold and oil'...
we all know that oil and gold are old investment assets that have been traded for decades and Bitcoin is only taking the market where gold and oil have dominated. gold will not replace oil, oil will not replace gold. gold, oil, and Bitcoin have the respective markets.

This is a very long process.  Perhaps it will start to take root in about two generations.  Everything happens because today the mature part of the population is not ready to accept the fact that bitcoin is more important to people than oil and gold.  In my opinion, in our time, about 70% of the world's population does not recognize bitcoin as a serious value that can really be needed in life.  It seems to many that bitcoin is just a currency that can be bought, and when the price rises, sell

There won't be any reason for bitcoin to replace an asset such as Gold and a commodity such as Oil. They're prices might differ a lot but it won't affect each other as those three things aren't the same. Oil is a commodity that had various usage throughout the world such as for cars and many more that involves engine and the like which bitcoin doesn't have any connections to. Same goes for gold which has a variety of uses that doesn't involve bitcoin on the process. They coexist but aren't related and doesn't affect each other.

Bitcoin is highly variable in character.  Not a very permanent one.  Prices fluctuate almost all the time.  So along with the profit, the issue of loss must also be kept in mind.  And from this side it is very risky.
Other hand, gold can be a very sustainable investment option.  For those who want to walk the path of long term and sustainable investment, gold can be one of the places of hope.  During the market downturn, even when the prices of all things go down, the price of gold goes up.  The price of gold does not fall much without the opposite situation.  So gold is a very reliable and trustworthy place to invest.
So Bitcoin will not replace gold. And i believe that its impossible.

It's not compulsory for Bitcoin to pass through certain sort of stress to be categorised among the word best.
It's about it serving it's through purpose. Government sanction along is enough stress for it. Anyway, still yet, Bitcoin, oil or gold can't replace each other, they have their purposes.

Was supposed to say the same thing and this had been an argument or discussion ever since about replacing this, replacing that without even trying to check or look
on what are their true usage or benefits in the first place.Why would really be needing that on replacing each other? They do have indeed their own purpose
and just literally trying to differentiate when it comes to form and characteristics then its just too obvious that there no point on making out some comparison
or some sort of competition.

All these conversations take place only within the framework of discussions on the topic, and what would happen if something happened and has not even close to any relation to the harsh reality ;) Gold has a multi-thousand-year history of circulation in the financial sphere and it is extremely naive to assume that some other object or concept will replace it in the near future. You can still somehow talk about parallel use, but it is about replacing gold with something that is out of the question.

Unless you can Put Bitcoin inside your car tank , or can make Bitcoin as your wedding ring then this is possible .

But if not , The forget about this stupidity ..

Bitcoin has His own purpose in the world .,same as Oil and also Gold , they will serve the world in different ways so stop hallucinating and Woke up.

You're confusing intrinsic value with monetary value. Oil and gold have an intrinsic value, which means that they are useful without having to compare them with other commodities. Oil for example is something necessary for the world, I don't care about its monetary value. It had reached really high in the past and in 2020 it made huge dumps.

Bitcoin has no intrinsic value. The agreement of its users is what gives its monetary value.

It's not too late to invest. We just starting yet :) bitcoin will be the most valuable thing for years to come.
First of all, you should read this forum. There is too many good posts about cryptocurrencies and investing. Don't make investment before read them.
You can buy some ethereum, bitcoin or something like that. Use binance to start, very easy to use. You will learn everything in a month :)

There is no too late for bitcoin investment because the price today might not be the price for tomorrow for the better. This forum is a good place to learn about bitcoin but you have to be careful because scams are not regulated in this place and any scammer wants someone that doesn't have that much knowledge about bitcoin to become their victim. I wouldn't recommend a month, take your time to learn a lot, go for a slow pace to sift through the BS and the truth because there are a lot of that here so I suggest to take it slow.

Indeed, this discussion carries too many impractical and unnecessary points when bitcoin has its own characteristics, thereby creating its value, gold and oil are not an exception, usefulness in life has helped both objects maintain and exist with a very long history, the more important thing is that gold and oil are a real product, bitcoin is a virtual product, the substitution and association between these two objects is almost zero. So the two will be used from now on, even in the distant future and without the harsh relationship and competition between each other.

Bitcoin will pump and dump at anytime so we can invest in current situation we see good growth of upcoming market. But oil and gold will more durable in asset of huge hunters, so big investors are already hold the gold and oil it is more convenient to maintain for long term. In reality most are expect short term profit, so we can concentrate Bitcoin and altcoin in this month it make rapid growth of further days and keep monitoring the market is must for all the hunters.

You are now really very correct about the comparison in the specific context of bitcoin, gold and oil. I believe that the time is not far away when food products and other raw materials, which are important for human life, will be placed on the same level with these valuable assets.

There are a lot of debates and statements about this. That bitcoin could replace gold when it comes to reserves and such but right now, that won't happen. But I do agree that bitcoin will never replace gold, oil, or even the fiat currencies that we are using right now. Bitcoin will stay as it is and will be the most and used crypto in the future.

Very lol, how come you can live without oil how ever almost you use right now need oil like your car, your motorcycle and many thing do you use have to need oil, you can't said with bitcoin will replace oil. Many people claimed as bitcoin is the king and I know bitcoin have higher but can't change the function with oil or gold, just bitcoin as investment assets and not be legal currency payment transaction right now because many countries not allow using bitcoin.

Ideally, what you are talking about is impossible mate. Bitcoin, Gold and Oil are not the same at all and should not be differentiate with each other! Oil was there ever since we discover machines. It is the main medium & reason why it works and definitely Bitcoin could not replace that. Gold in the other hand can be differentiate with Bitcoin in a lot of ways though do not forget that Gold has a very high market capitalization. Bitcoin, was there for just more than a decade yet it already exploded its name in the whole financial industry. That's what it is. Why? We are now in the digital age and Bitcoin is the closest one to use for our major developments especially in our daily financial transactions. Though Bitcoin has still its lapses, we can still consider the whole cryptocurrency ecosystem and look for alternative ones.

Even if it's about investment then I don't think that it can be happen in short time. Since oil is used by many industries and in our daily life then it still need a long time to see that happen, although many people start to use electric car. Gold will always valuable, although it's fluctuations price is more stable than bitcoin but it is one of the safest investment that exist. Gold holders are tend to gain profit rather than loss. Bitcoin is so volatile but this attracts investors to get involved in bitcoin market so they can get the chance to gain big profit in short term.

I think No, Bitcoin will not supplant oil and gold, indeed in spite of the fact that we know that gold is no more adaptable than Bitcoin. As of now the presence of Bitcoin is exceptionally little when compared to a few asset businesses within the world. We can't drive the will we like to be able to run the show the world effortlessly, it takes a long prepare, perhaps indeed requires advancement to begin within Bitcoin to be able to totally supplant oil and gold. Nature of gold and oil generation right now clears out Bitcoin since these normal assets are way better known for a long time and standard individuals get it more almost the assets that are mined by burrowing the ground,Bitcoin can be exchange of medium to get gold and oil but can’t replace due to its differ of nature.

Bitcoin is different to oil and gold they have different ways how to earn and how to used it. bitcoin is decentralized that we can use to transfer our money peer to peer. Unlike gold and oil that can manipulate of government, people. Bitcoin and oil will change the value depend to the market .Gold is have great value than this two we know that. But bitcoin is great than oil and gold because we used it online as we know that the technology now is upgrading.

Many traditional investor keep believe with gold and they not understand how bitcoin will increase their money as investment, so far gold keep become as investment way exactly for old investor make gold as good commudity investment assets, but bitcoin as digital without have any proof some one have bitcoin depend with traditional investor.

I think bitcoin at the moment does not have any foundation, the only use is speculation, so such products as oil, gold, etc.will not soon replace it. Only by capitalization. And then, again, at the expense of "whales" that have an impact on the market.

I still use gasoline for my car instead of bitcoin. It seems to me that you are overestimating the situation.

All commodities cannot be replaced with bitcoin because it existed before bitcoin existed in the world, bitcoin is just digital money as an alternative, and does not mean it can replace all commodities easily.
Very often bitcoin is associated with gold or something that can replace gold or something else, all of this often happens when the price of bitcoin goes up high and is always associated with what existed long before bitcoin existed.

No, none of this will happen. Bitcoin cannot replace the material objects of our world for us. These are numbers and signs, nothing more. How can bitcoin replace oil in general? They will do everything with bitcoin
what is made of oil? Can't Bitcoin replace bread and other food then?
  Also, the claim that governments are secretly buying bitcoins is nothing more than fantasy. States and their governments do not need bitcoins. In any case, I have not come across such information.

I agree with you but oil and gas is not limited we are getting more and more oil and gas in many places. But Bitcoin will not be re-produced after a time. But the user of bitcoin is increasing day by day. And I think comparatively user of bitcoin is increasing more than gold and oil day by day. Yet use of these 3 things are separate way so there will not be any chance to be replaced.

Bitcoin will no replace anything, not fiat, not oil and not gold. Bitcoin will be there to serve as another option or alternative means by which people can exchange money, or pay for goods and services. Bitcoin will co-exist with existing financial markets to further bring ease to all economic and financial transactions

How can bitcoin replace oil, is that possible? It is not possible. Oil are used by companies to runs powerful power engines, it is used by automobiles, aircraft and many of such. As of today's world, oil is very necessary. But what can happen is the fact that there can be a time when the world will move away from oil to hydrogen powered engines and other non-oil products, this will be a big fall for oil and oil producing countries.

Bitcoin has been what people are now using to compare gold, gold is still the strongest for now, but as people are moving digital, very possible in some decades now, bitcoin may dominate. There is no much value in gold than people are demanding for it which makes its price to increase as a result of scarcity. If people are later going digital may result to gold marketcap not increasing the way it suppose to be. Also, we can not just make conclusion, we do not know yet what the nearest future (like 50 years time) will bring up.

Well, that is just an assumption, there is no possible way for bitcoin to end Gold and oil dominance in near future. Let say Bitcoin will be adopted by masses still it will not be able to replace gold and oil as a trading option because of its limited supply and extreme volatility. 

Oil And Gold can't be replaced, but now we talk about the New source of investment, in 2015 the price of bitcoin was 0.5k $ and now after 6 years the price was multiplied 100 time, if i invested 1000 $ in 2015 i Will earn 100k $ now, this is crazy men !

Bitcoin is the king of all coins. So not easy to replace the bitcoin. Bitcoin is any time to hit the price. Bitcoin is the future currency. So oil and god not reach the bitcoin price. It everyday price increasing.

I do not think that anything is replacing anything or will replace anything. For example: bitcoin is not replacing oil, gas, gold, fiat or any other thing. Bitcoin can be used as an alternative/another method, nothing else.

I agree that all such hypothetical reflections usually do not take into account the fact that, for example, gold and oil are goods that have a physical embodiment in reality and have a very real use other than as objects of speculation. Therefore, it is worth talking more about the emergence of another new asset for speculation in traditional markets, rather than about a replacement that will destroy all existing assets.

Of course, I completely agree with your opinion that among the named assets, Bitcoin is a more speculative asset, but when comparing all such assets, their scarcity nature is considered most of all. At one time, even oil began to be called "black gold", although oil has a pronounced utilitarian use, and everything depends on how much oil is in demand in the industry. But with Bitcoin and gold, things are very different. In addition, today, many people consider Bitcoin a safer asset compared to other assets, and as an example, you can cite the whole of 2020, when the indices on the exchanges were falling and Bitcoin was rising. But this happens only for the time being, because when everything in the whole world begins to collapse, then everything in price falls.

Bitcoin may be able to overtake gold in the near future, in terms of acceptability and market cap. But I don't think that we can use the term "replace" here. And regarding oil, it is a matter of time before it is replaced with cleaner technology. One century of fossil fuel usage has destroyed the planet and within a few decades I believe oil/natural gas usage will be banned.

Speaking of raw materials like oil, I think banning it for decades, even the next century will still be difficult when the sources of clean fuels cannot be compared, we can also see cars that are powered by electricity and clean fuel, it cannot perform as fast as gasoline and diesel cars, and I haven't talked about cost yet, if I talk about it, oil still has too many advantages. Going back to bitcoin, its value started to collapse drastically, capitalization and liquidation happened very quickly, surpassing gold in value is only temporary, gold remains more stable with this era

I don't agree if you say that because until now so many people know that bitcoin is an investment instrument. and different from Oil or Gold. maybe if we say it is related to Marketcap I agree because now the market capitalization of bitcoin has reached 1 Trillion and this is breaking new records besides the price that reached the ATH point. Gold and bitcoin are different concepts and they are irreplaceable

I don't think that there will be a ban on gasoline any time soon. Electric vehicles remain extremely expensive compared to the diesel-driven ones, although their operating costs are low. Unless the EV manufacturers such as Tesla and Nissan find a way to make their vehicles more expensive, I don't expect the oil-driven vehicles to be replaced with electric vehicles in the next two or three decades. First of all, they need to find a better way to store electricity. The current bunch of batteries (Lithium-Nickel-Cobalt batteries of Tesla and Nickel-Manganese-Cobalt batteries of Nissan) are very inefficient and extremely unaffordable.

I disagree, bitcoin cannot be replace oil and gold. Oil and gold control by the government which the government can desire to increase the price of oil or not in the country while bitcoin is a decentralized currency, that is not control by the government.
Bitcoin will still stand as a decentralized currency because the founder of bitcoin which is Satoshi Nakamoto does not created bitcoin to replace oil and gold than to help the bitcoin users to be free from third party in the areas of transaction.
During the pandemic oil and gold price dump when bitcoin price was increasing, that make people to think BTC will be replace centralized currency.

Unlike bitcoin, we never know how much gold there is in the world,
gold is something tangible and is used for decorative purposes,

The question is whether after 21M bitcoin the bitcoin is compared as gold or not ? ???

I believe that national currencies should also be added to this question, since Bitcoin has already begun to compete with oil, gold, as well as national currencies, namely, when the prices of these assets fell sharply during the economic crisis, many investors made a choice in favor of bitcoin. It is in this vein that a certain competition between these assets can be viewed.

There might have comparison/competition between oil/gold with bitcoin but they are separate thing and they will never replace one/another. They may go in  parallel with each other.

I totally agree with you. I really don't think some people get it, just because we all like Bitcoin and we all are looking for financial freedom don't mean some Hundreds of years well established resources have to die off just to make a point. I don't understand why people will be saying Bitcion will replace Banks, Money Gold and the likes, these are resources that have actual human use, we are not going to mint bitcoin as a replacement for our gold rings, earrings and the likes or generate the power for your homes or fuel for everything that uses fuel. This shouldn't be about replacement but coexistence.

You cant blame some humans  ;D I believe it is the Cryptocurrency or should I say BITCOIN enthusiasm in them that makes them see Bitcoin as some thing that should or can replace things that they don't even have any form of correlation in real terms with. How would you be thinking Bitcoin would replace Oil and Gold? or may be the poster was trying to relate in terms of Money (Market Capitalization) if not, I don't see the argument here because these are different entities with different functions. 

Satoshi wanted to provide an alternative to ordinary people, who were being exploited by the banking sector. I don't think that he ever wanted a complete eradication of the mainstream economy. It is laughable to say that Bitcoin will replace oil and gold. You can say that electricity can replace oil, but how Bitcoin is going to replace it? And gold is being used as a store of value for many thousands of years. Even if Bitcoin becomes hugely successful, why the gold owners should dump their assets? 

Hummmm. Really?? It is difficult to compare bitcoin with oil and gold because the supply of oil and gold has not yet had a specific verified limit.  Bitcoin has a limited supply in circulation.  bitcoin becomes and looks like another entity that is known as digital gold.  It is highly likely that bitcoin could become a new role.  It will not replace gold or oil but a new ecosystem in which it will have a value called digital gold.  Symbolizes independence and highest value.

Bitcoin may become eligible for support around the world but bitcoin will not replace oil and gold by introducing bitcoin the government will be able to make a profit and grow the oil and gold sector. Bitcoin is not compared to any other sector bitcoin is a digital currency and its value changes with bitcoin the use of bitcoin will continue to grow and can help improve the country.

I agree that for governments and institutions Gold might be more important than bitcoins. But for the ordinary investors gold is not so attractive anymore. Personally I haven't bought commodities anymore in the last 5 years. It is just much more attractive to go into cryptos than buying commodities.

Yes in terms of Investments but not a placement as I believe some people talk about. Most young generation investors will most likely invest in cryptocurrencies like Bitcoin instead of Gold and Oil but we know this entities have their different function as in, fuel for all fuel purposes which bitcoin cannot replace and the physical Gold usage outside the monetary value it holds which cannot also be replace by Bitcoin.
So, if the poster was referring to replacement in terms of Investments then may be but not in terms of physical usage.
   

I don't think that it will replace any oil or gold.
Bitcoin is hype and a cryptocurrency that a lot of governments had banned.
Oil and Gold are far and will always be the money-making and government running tools and no one can deny that.

There might be competiton with gold/oil with bitcoin but replacing oil and gold for bitcoin is a different thing since there's some other use for oil/gold rather than it's fiat value.

I don't think the government and banks will ever embrace this decentralized digital money, we just have to get past that already, also I don't see how bitcoin can replace oil in terms of usage, bitcoin can't make an aeroplane go off the ground, nor can it make a car move or help turn on my generator etc, the price of bitcoin can go as high as $100k, but that doesn't mean these commodities should be over looked, I think maybe you are trying to say bitcoin will replace gold and oil in terms of marketcap, which is something that hasn't been actualized yet.

The OP just wants to make a joke that BTC will replace oil and gold.  Because of its very different nature.  And BTC was created not to replace anything but to provide a solution to human desires that the Central Bank does not want to regulate anymore.  Gold remains a valuable commodity forever and has been proven as well as oil which becomes fuel even though it is starting to be replaced by electricity and so on, but I don't think that BTC will replace all of that.  Too ridiculous.

True that. I think this talk will go on for some time with some crypto enthusiast but we all now that these things that their own different uses other than their monetary worth and some you just mentioned and there are many more and come to think about it, the government are the most we should worry about if I can put it that way, they will never allow for the full adoption and replacement of Fiat or any of this commodities mentioned because of control factor.

The problem is you don't fully know the meaning of replace and you use the word wrongly in your post,
I doubt you understand what you mean when you say btc will replace oil and Gold,  perhaps you mean the price of btc will be more higher than that of oil and gold, that is unarguably fact, btc is very pricy now because people place higher price on it, the price is speculative rather than actual value,

If fiat value is taken away from btc and it is not peg to any fiat, nothing to speculate about and nothing to manipulate,  no price pump and so on,  your story will definitely change,  all this talk about btc replacing gold, silver and oil is because there is a fiat value attached to btc which every upcoming analyst  ;) can measure against other items. But reality is different.

For me gold was already supplanted by bitcoin or crypto currency interms of price and being strong, because the value of bitcoin greater than the value of gold now, maybe because crypto currency is more convenient to use and buy because of the situation tht we're encountered.

The three might have different values and one may dominate the other at this time but we cannot disregard the fact that all of them plays a vital role in each country. Bitcoin might be making too much noise right now as its price continues to rise up but still, the gold and oil are still considered essential. There might be a chance that lots of countries are falling short in either of the two and some might be storing plenty of bitcoins for future purposes but still, I don't think one is replacing the other. Maybe time would come when one of this three would be on top but the other two would probably still exist.

Gold and oil play an important role in both economics and applied science. They are both an asset and a raw material for industries. Bitcoin just stops at a store of value and payments, and economic superiority is not comparable to oil and gold. The above lame comparison is completely unacceptable.

If the current trend of technology carries on, there's not gonna be any need for oil anymore, electric vehicles are spearheading this trend and so far, we're up to a good start. With more and more car companies forced to keep up with the contemporary needs of the people, it's not going to take a long time before we head to a greener planet, hence ensuring our survival as a species as well.

These two of the three in the form of gold and oil will exist in physical form in any case, because it seems that no one has come up with a way and so far does not even have plans to come up with a way to destroy gold and oil on planet Earth ;) Gold and oil have a bunch of ways to apply and no cryptocurrency will be able to cancel their application and therefore trade them. Also, any sane large state tries to have reserves consisting of different assets and no one will risk replacing all this with bitcoins.

Humans are intelligent creatures, therefore knowing that the use of oil is increasing, while the amount of oil is very limited and may run out.
And it has also been proven that the use of oil does cause environmental pollution problems, because of this we need a solution so that
the planet is safe. One way is to reduce the use of oil, now it has started mass production of electric vehicles. Even several large car companies,
began campaigning for their buyers to buy a hybrid car which is indeed available with two fuels. This is to socialize humans to start switching
to using electricity instead of oil.

I don't think one can replace another and they can co-exist. In the time of market capitalization, BTC cannot be compared to Gold and the adoption is just setting in. Maybe in the next decade, when we have universal adoption, this kind of topic will be more interesting to discuss.

Gold and Oil didn't replaced anything, and they will not be replaced, they are their own thing. Back in the day gold was very valuable not because of financial reasons but because people lacked it so much and it was used for things, eventually it turned into asset of course and now there are people who use it like just investment.

Same goes for oil, back in the day it was something that was used in many many many different places and these days it is still used like crazy, gold is not used "that" much anymore, even payments were made in gold back in the day but now there is limited places that uses gold, whereas oil is still used like hell but we still have people who own "oil" in assets, they do not actually own it, they just own it virtually and just sell it when it goes higher. Same could be said for bitcoin, people will either use it, or maybe just let it be an asset, doesn't need to replace anything, it could be its own thing.

I agree, but from what I have seen gold is losing its relevance in the investment circles. Immediately aftermath the pandemic started spreading (April/May 2020), there was a sharp spike in the gold prices. But now the prices have fallen well below the pre-pandemic levels. On the other hand, Bitcoin has increased by more than 500% since the first lockdowns due to COVID 19 were imposed.

It's impossible, these two products are from different areas of life. replacing gold and oil is simply unprofitable even for companies involved in their extraction and production. If anyone could replace oil, it would be Nikola Tesla lool

- Because economics was lost heavily during the pandemic, large profitable investments like bitcoin have been drastically increased due to overall demand but even with such a strong user contribution, the substitution of investment objects such as gold and oil has not occurred, do you see people using bitcoin as fuel for cars or have you seen bitcoin be treated as jewelry and sold publicly in stores. Absolutely not seeing such stories happen, Bitcoin leads the way only due to good conditions and trends, in the long run, the stability is probably not equal.

The price of oil depends on several factors, which consist of how quickly oil reserves are depleting, as well as the speed of humanity's transition to alternative energy sources. Based on this, it is these factors that will influence the oil price policy. As for gold, the demand for lettuce is always high, with the development of high technologies, but nevertheless, unlike oil, gold is already a fairly effective means of saving. But Bitcoin is an asset that can become not only a means of payment, but also a safe storage, while giving users complete financial Independence and Security. To summarize Bitcoin, oil and gold, it is the same investment asset that can be traded.

You are right, when you have the alternative energy to oil and its derivatives, bitcoin will gain ground widely, and with respect to gold itself, Powell is clear that it can replace bitcoin with gold, even knowing that bitcoin does not have a backing with gold or stones. precious it is very likely that he will, once he said it had a negative impact on the Bitcoin market, it is not known if the market at that time was down due to those statements.

On the other hand, bitcoin is future, oil some time ago fell a lot and had great losses for its investment, I do not see it very well to compare it with Bitcoin.

Bitcoin hasn't outperformed the best tech stocks, so the speculation has been driving up all speculative investments at the same rate.  There's no real "increase" in demand for bitcoin relative to other types of speculative investments.  I'll be interested to see what happens in the next large scale market pullback, because my prediction is bitcoin will crash in about the same proportion as speculative tech stocks.

i still need gold and oil and Bitcoin won't be able to replace it "lol".  the price of Bitcoin will continue to rise ^{(no debate)}, with the growing price of Bitcoin, it does not mean that gold and oil will be replaced.  after all, these two commodities will continue to be needed by humans.

if so far gold and oil have been the choice of investors, Bitcoin have steal investors' attention. Bitcoin takes part of the cake ^(market) which has been controlled by gold and oil not replaced it.

There seems to be an oversupply of funds and probably that is the reason why many of these assets are getting overpriced. But unlike the case with equities and real estate, I would say that cryptocurrency is still underpriced at these levels. Bitcoin is having 100 million to 200 million active users, and ideally it should translate to a much higher market cap compared to the current $1.1 trillion figure.

I agree that bitcoins are taking away market shares of investors who are looking for safe sssets
But both gold and oil are needed as a commodity for production and consumption. Bitcoins on the other hand is merely to store value for the future. So if there was another big crisis we could see gold and oil drop in price but there is a certain minium price for which the industry is going to buy all the resources they can get. Both oil and gold can just be stored for the future.

Bitcoin cannot replace these two, it is not even close to function and their objective differs right. Bitcoin will continue to stand on its own and stand tall. You can even try to compare it with gold but the Oil no way

I don't think that Bitcoin is used as a store of value by a considerable number of people, outside failed economies such as Venezuela. The competition from Bitcoin will be felt by more volatile assets such as equities, mutual funds and real estate. Stable assets such as bank deposits, treasury bonds and bullion may not witness much impact from the increased appetite for Bitcoin. The investment that is coming to cryptocurrency would have otherwise diverted to equity and real estate mostly.

Maybe what he meant is replacing those in term of market capitalization or in term of being an investment instrument.
I do agree that the funcitonality couldn't be replaced by crypto since they have physical form but in term of investment or tool for making profit these two could easily be replaced by crypto but thats just my 2 cents.

Gold, Oil, and Bitcoin have different markets. How can bitcoin replace gold and oil? the three of them are very different and their functions are also very different. although bitcoin has a high value, gold and oil are also valuable because humans still need them in life. nothing is interchangeable in all three of these.

I agree that the current government is starting to use bitcoin to increase revenue but if it is juxtaposed with gold and oil I don't think it's time for bitcoin to replace them.
I understand when talking about natural resources there are limits including gold and oil but I think it will take more time for bitcoin to replace them because they (oil and gold) are still at different levels for now. :)

I agree on that oil and gold is different from digital cypto curency we cannot used bitcoin to move a car from one place to another we need to used crude oil for that. So i think they have different function and it will not going o happen that bitcoin will replace gold because gold had different usage.

Bitcoin can't directly replace oil and gold but it may replace the demand and effectiveness of them. Oil and gold are most useful thing in the world but bitcoin is a digital currency that can be use instead of fiat. Bitcoin will accepted widely and it will handle the economy soon.

Bitcoin will not replace anything. Right now Bitcoin is struggling against banks. Bitcoin can only stop at a store of value and as a payment currency.
Gold and oil have many advantages that are difficult to replace in both industry and scientific value.
Gold has become a store of value for many years for nations and is good at fighting inflation.
The oil used in energy industries, indirectly serving many other industries.
Gold and oil ensure national security, global economic security.
Bitcoin is very new and cannot be compared to Oil and gold in many ways.

Someone who thinks Bitcoin can replace Gold and Oil is missing a few braincells. It has a purpose as part of a diversified portfolio, but gold and oil have actual psychical functions within the real world that cannot be replaced by a virtual currency. Oil powers a vast majority of the vehicles currently in use - planes, ships, aircraft - plus it has a multitude of other uses like the tarmac for roads or even compounds used to create plastics. Gold is primarily used for jewelry and is a centuries old method to store value, while also having some excellent properties like conducting electricity and being non-magnetic. Bitcoin is a perfectly good cryptocurrency but trying to pretend that it can replace these things is bordering on crazy and shows the original poster really needs to work on educating themselves.

It's just clickbait, and from the number of replies this thread has received, I can say that it worked really well.  ;D


Gasoline run vehicles will be phased out in the near future. With the level of global warming and atmospheric pollution that we are witnessing right now, I don't think that we can afford to have these vehicles for another two decades. The biggest possibility is that they will be replaced with EVs from Tesla and other companies (which in many cases can be purchased with Bitcoin). But right now EVs are not that affordable and this situation needs to change.

Even in my wildest dreams never have I thought Bitcoin will replace oil and gold. And I don’t think that’s Bitcoins purpose also when it was created. Although it had grown a lot and has been very in demand nowadays, but I don’t think it’ll come to a point wherein it’ll replace both of them.

I agree that it's the availability of cash pushing all speculative asset prices up. I disagree bitcoin isn't in the same boat as all the other speculative assets. At the end of the day, bitcoin is a speculative asset. It doesn't produce cashflow, it's not a business, it doesn't have valuation metrics. The only thing driving the price is a collective expectation that the price will rise. That's speculation in a nutshell. There is literally nothing else driving the price. If the collective expectation falters, this proves to be a bubble and it pops. Because this is an arbitrary distinction, it's a dangerous investment to put significant wealth into and expect guaranteed safety.

Because it will not. It is ridiculous to say that Bitcoin will replace gold. Both the assets can't even be compared. Gold is a physical asset that has been in use for thousands of years, while Bitcoin is a digital asset that is only a decade old. And even the talk of Bitcoin replacing oil is ridiculous. No one in their right state of mind would claim that Bitcoin will replace crude oil. It is like saying that HIV can be treated with aspirin instead of Abacavir.

How is that? Bitcoin has turned out to be a very useful entity that is making all the investors Rich if I may say so but replacing both Gold and Oil doesn't seem likely as those two items have their different uses as well. We can argue that BTC will over shine Gold and oil in price, if it hasn't already but it terms of what they all provide, I will say they all have their Unique and one cannot replace the other in that regard.   

They are a different things so I guess oil will still play a good role in the market. Bitcoin is a different one. But anyhow, as Bitcoin grows higher and higher, its price will pass the oil and gold price but that is okay. It is a currency anyway.

This topic is quite interesting and the comments I have read are convincing. Bitcoin comparing gold and oil is not a comparison to compare. There are many reasons regarding their actual use.
If comparing Bitcoin to currency or FIAT, it probably makes more sense.
I know that governments cannot manipulate the value of Bitcoin like gold and oil because they don't hold Bitcoin more than the people.

undoubtedly today in the world there are very relevant producers of technology for alternative energy sources, but nevertheless, oil is still in demand on the market and its amount in the world is decreasing every year. The same situation will be with gold, because with the growth of high technologies, the demand for this metal, due to its physical and technical properties, only rises. Based on this, both gold and oil will have a fairly high price on the market. The only difference today between these assets is that Bitcoin, due to its volatility, provides great opportunities for making huge profits. but today it is gold that is a reliable storehouse for its capital, although I agree that the safety of funds is more securely implemented best of all with Bitcoin.

nope, they will survive and cant be replace by other think. both of them have different skill, and you cant compare each other.
sometimes, people will agree that A is beauty than other despite have different appearances. main reason is how much people about this A

bitcoin will not replace gold or oil but rather but will grow side by side ,as bitcoin will forever remain relevant for monetary transaction, for instance those who will sale or buy the gold and oil will soon be buying and saleing there products using bitcoin as the safe means of transaction without involving the various financial institutions that will regulate or hinder them with there rigorous policies ,but rather with bitcoin there business will strive very easy and fast

Oil and Gold both are various things to use. Oil gets replaced by how people will drive their cars and bike.
Discussion about Gold, which is more famous than bitcoin, is unimaginable for bitcoin to supplant it.
Gold is more adaptable, and individuals favor it. The government is behind the Gold and oil, and they'll never wish to supplant it anything.

Can some infrastructures run in bitcoin? I don't think so. Can bitcoin be used as a protection film for astronaut's helmet? I don't think so too. Each has their own uses and it's not really a matter of hype that will cause this stuffs to be useless, in terms of investment, it's unlikely that they will ever be truly gone and if it is, it's going to take a long time.

Peak Oil will come. Peak Gold will come. Peak Bitcoin will come.

Which will remain money after mining ends?

Not oil. 04-20-2020 proves this.

No, I don't think Bitcoin won't replace oil and gold, although we know that gold is not more flexible than Bitcoin. Bitcoin's existence is very small at the moment when compared to some resource businesses in the world.Bitcoin has monetary value but that doesn't mean it will replace these things, the price will go up but that does not mean is oil and gold will be lost. Oil will have a place in the economy, even though oil prices are plummeting. Gold will always hold a value and it is the fact about the physical metal of the gold metal. higher value and but in terms of quality and applications in everyday life such as creating machine parts to serve production needs, BTC cannot be compared with gold.

This is like a mix between the real and virtual world, it will continue to last a long time all the time, also has its own advantages over the characteristics of the profits that can be obtained from it.
They won't replace each other, but there will probably be one at any given time that stands out more and is closer to a lot of people in terms of finances or income.

How on earth will Bitcoin replace oil op, do you really know you are talking about or you are just talking out over anxiety which no one can depend on to the bank if I should put it that way. Are you aware that oil is not own by every country of the world, i.e not every country is oil producing country and you should note that every country of the world can start mining Bitcoin if and only if every government want to do just that you know. And if you say yes to that then do you the economic effects of that on Bitcoin. So don't just compare oil and Bitcoin as they serve different purpose.

Maybe you're looking at a different angle the OP is referring to.
I think it's a matter of its importance in life, but substitute is a word that can be misunderstood by many.
The problem here as you talk about their different uses is about the nature of the common. But I think if you look at the fact that it's all things that serve a human purpose, so I just look at it as tools to solve life's problems and one day we might see the importance between them is the same.

Nothing wrong in what XCANA said. If the OP meant differently, then he should have clarified it in his post. The topic was not how Bitcoin will replace oil in terms of importance or in commodity trading. When you say just replacement, it naturally means substitution. And even in this sense, I am not sure how Bitcoin is going to replace oil, because the position of oil in commodity trading is secure, at least for the next few decades. And also let's not forget the fact that the oil prices have gone up by almost 100% in the recent times. It proves that oil is still very relevant.

I agree with your opinion. As for gold, Bitcoin is always compared to it, there are even rumors that Bitcoin can replace gold. However, for oil, I don't think that's possible. As you said, the purpose of oil and Bitcoin is different. Oil is a very important material for daily life, it will not be replaced by Bitcoin

Same thought as well, Even Electic cars will not mobilize using Bitcoin. Oil is essential not only for daily usage but as well to keep some Businesses alive. Not sure how will a restaurant operates without oil, it's quite absurd thinking, to be honest. But for Gold and Bitcoin, maybe we can have a discussion at least this one is debatable.

Talking Oil and Bitcoin is a bit Off-topic like one said they serve different purposes. Not sure how did Oil have a discussion within Bitcoin.

If many countries around the world legalize bitcoin of course this is a good thing, the value of bitcoin will skyrocket and make 1 btc holders become new rich people, of course this is still a big issue and I'm sure one day it can happen.

Can you use bitcoin the same as the uses of oil?. I don't think bitcoin can. Bitcoin have its own uses so don't just say that bitcoin will replace oil and gold. You may say that some people will accept bitcoin as payment for the gold they sell.

I'm actually looking for the ways on how btc will replace oil, and economics is the only thing I can think of, but how?

For gold, it is by means of investments where gold is stable but is nevertheless not better than btc.

Hey I feel like this has the same thought as this post.

I don't know if it's coincidental but hot damn that sounds almost the same. You're both right though, everyone has their own uses so it's not worthy trying to make the other superior and the other one inferior.

Bitcoin exists with opportunities that have brainwashed quite a few people, most of these people in the debate are trying to break down the wall between the so-called virtual and the so-called real but this narrowing is too biased and disdain for gold and oil and used personal creed to bring bitcoin to the forefront and impose poor standards on gold and oil, felt bitcoin could do what gold and oil contributed. Agreed that the virtual value of bitcoin contributes enormously to income but it's a shame about the real value when there is no jewelry or cars designed with bitcoin, this ambition is beyond bitcoin's original base

I don't think so that the gold neither oil can be replaced by bitcoin. Each one of them have their own functions in our economy and that can't be change anytime soon.

Gold can only be replaced by something that have a similar use like some rare metals or even diamond or something like that. Also for the oil, can be only replaced for something that have some similar use for the economy. Bitcoin can't make your stove or car engine running for basics.

Bitcoin have its own function, it can be an asset or investment and make multiple profits. Or even used as an digital currency for payments. So it's very impossible for now that bitcoin can replace gold nor oil.

Gold yes, but I don't think we have cars that run on Bitcoin yet.

Bitcoin obviously can't replace oil because in no way can bitcoin fulfill the uses of oil as a fuel or in industrial applications.  As for replacing gold, if you mean as a store of value this is also extremely unlikely.  A store of value with thousands of years of history as such is not going to go away because there's a no medium to store value.  Bitcoin could become a widely accepted a mainstream store of value, but in no sense will it replace it.

I agree on your first point. Bitcoin's utility is far different from oil. Over the next few decades oil's market cap will face a number of changes due to market dynamics driven by innovation, consumer preferences, government intervention etc. In terms of gold, I think it's very possible that Bitcoin and several other blue chip crypto assets will incrementally take some market cap away from gold. As a technology there are a number of benefits blockchain technology holds over precious metals as a store of value, and these benefits will likely only become more pronounced in coming years, especially with more institutional money adopting and championing digital assets.

How can Bitcoin replace oil? Isn't this technically impossible as they are two unrelated things? When it comes to gold, we will never know. Bitcoin still has a very big potential in itself. The price has a very bright future as long as people continue to demand it a lot and its adoption continues to reach bigger levels. Gold has been existing for too many years. Bitcoin is a cryptocurrency that has been existing for around 12 years. We don't even know whether Bitcoin will continue to exist forever. But maybe, it will really leave gold behind.

The OP probably meant that Bitcoin may replace oil as an option in commodity trading. But I agree. It is unlikely. First of all Bitcoin is not a commodity. And secondly, it's price movement is not similar to oil or natural gas. But I disagree with you on usage as store of value. There is no doubt that currently Bitcoin is a highly volatile asset. This may change in the future. The reason for the high volatility of Bitcoin is due to large fraction of the circulating supply being kept as free-float. As Bitcoin prices increase, more and more people would move their coins to cold storage and this would reduce the volatility.

No way.

As long as exchanges and whales fuck with the price as much as possible with their bots, it would be impossible for Bitcoin to replace Beanie Babies, let alone oil.

I think this kind of thinking is excessive, what are the advantages if we have bitcoin but no oil and gold? will everyone put their money in bitcoin investment and leave oil and gold? although very profitable but I'm sure people will not want to leave gold because it became an investment thousands of years ago and a sign of prosperity.

nothing can replace gold here. Even though bitcoin is in its current trend, this will not eliminate the value of oil and gold. Different functions, moreover bitcoin replaces oil, obviously oil is a much-needed fuel. While bitcoin can not fulfill it . If what you mean is an investment context, I think oil and gold will have their respective investors because not everyone likes bitcoin.

What happens is that from the point of view of utility, gold and oil are very different from each other, oil represents money and has a market very different from that of bitcoin, because it obeys many stability standards that governments and banks seek. , Gold is by definition the best option to get out of crisis,. Bitcoin currently represents technology and guides a new path to what will be a more moved future that can replace many things, but oil such as gold cannot be compared with BTC, nor can they compete, the 3 represent money, and with very different applications that offer different utilities, from that point of view we can evaluate it that way.

Nah, the volatility doesn't have anything to do with the "float" and everything to do with it being a speculative asset.  All speculative assets are volatile because there is no definable value so people buy on the assumption that someone else will find it more valuable in the future.  It doesn't matter the medium, all speculative assets are subject to the same predisposition to volatility, be it unproven tech stocks, bitcoin, NFTs, or other assets with no intrinsic value.

bitcoin will not replace oil and gold, nor will gold and oil replace bitcoin. oil is used as engine power, gold is used as a store of assets as well as the safest investment today, while bitcoin is used as an investment in the digital world which has big risks but also has great returns. they have their respective roles so they will not replace each other.

Oil is one of the most traded commodity (in and outside stock markets). The OP probably meant about the speculative trade, but most of the thread was not very clear and as a result it created a lot of confusion among the users. There is no such confusion with gold, because everyone knows that gold is used as a store of value, and in speculative trading. But the question is whether BTC will replace the role played by oil and gold in trading. As far as I am concerned, the answer is no - at least for the near term.

Bitcoin is a digital currency that is not control by the government. Bitcoin cannot replace oil and gold because gold and oil is control by the government. Government are in control of centralized currency in the country which they have the power to maximize oil or gold profits and also minimize gold or oil in the country.
Despite bitcoin price really demonstrated during the pandemic does not mean it can replace oil or gold in the country.Bitcoin is a decentralized currency that can pump and dump  at anytime wither the economy is good or bad in the country.

There is a car of my design that runs on bitcoin I saw in my dreams  ;D ;D
I agree that Bitcoin may replace gold and be a more profitable investment than gold, but Bitcoin cannot replace oil, but it is similar to it in its high value, and certainly Bitcoin will outperform oil and gold in terms of its high price Insane way and its market value, Therefore, we have to collect large amounts of Bitcoin and hold it to the future, as it is a currency that has proven its efficiency over the past years.

https://i.imgur.com/l2QITbw.jpg

Bitcoin replace gold and oil does not mean that gold and oil will not be in used but it means there value might be reduced because more investors will be invested in bitcoin cause of the frequent profit that could be made from it. Bitcoin is becoming the most valued asset in the world and when the price get to $100k then I don't think any other investment could be compared to it.