Please, Stop Calling Bitcoin "Digital Gold"

[Bit_Happy]

EDIT:
I recently saw a different topic where someone was clearly calling BTC "digital Gold" to avoid facing the reality of high fees and 'merchant despair'. I am now better informed (from this thread) about why people think a "useless" Bitcoin (unusable for small to medium transactions) still has value.
Thanks.
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I have seen people start to call BTC "Digital Gold" in a delusional attempt to ignore serious issues.
Please pay attention to this fact:
"Bitcoin: A Peer-to-Peer Electronic Cash System" ~Satoshi

BTC is not "Digital Gold" as our founder clearly stated.
Bitcoin is an amazing experiment which is currently on life support, despite the rush of fools who insist on recreating a Tulip Bubble Ponzi Mania.

Please, Stop Calling Bitcoin "Digital Gold".
Thank you.

ps. (Unanswered from a previous thread)
What "store of value" is relevant when suddenly ~ hundreds of thousands of merchants worldwide can no longer accept BTC due to high fees?

True or False?
"Digital Gold" is a BS claim from people who deny the reality of the current crisis?

True or False?
Do you want BTC to be only for rich people?

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[ktabb]

I have seen people start to call BTC "Digital Gold" in a delusional attempt to ignore serious issues.
Please pay attention to this fact:
"Bitcoin: A Peer-to-Peer Electronic Cash System" ~Satoshi

BTC is not "Digital Gold" as our founder clearly stated.
Bitcoin is an amazing experiment which is currently on life support, despite the rush of fools who insist on recreating a Tulip Bubble Ponzi Mania.

Please, Stop Calling Bitcoin "Digital Gold".
Thank you.

ps. (Unanswered from a previous thread)
What "store of value" is relevant when suddenly ~ hundreds of thousands of merchants worldwide can no longer accept BTC due to high fees?

True or False?
"Digital Gold" is a BS claim from people who deny the reality of the current crisis?

True or False?
Do you want BTC to be only for rich people?

They just call it digital gold because it has similar traits to gold in that there is a finite amount available, you "mine" it, and they are both good safe haven investments during a time of financial crisis. Idk why it bothers you so much. Seems to make sense to me.

[darklus123]

Great fact indeed. People is now being not properly educated when it regards to bitcoin how ever i may think that those are their opinions.

Q1:
Hmm maybe not so sure about tho

Q2:
Obviously not but instrad i wanted people to be rich thru bitcoin

[FlightyPouch]

I have seen people start to call BTC "Digital Gold" in a delusional attempt to ignore serious issues.
Please pay attention to this fact:
"Bitcoin: A Peer-to-Peer Electronic Cash System" ~Satoshi

BTC is not "Digital Gold" as our founder clearly stated.
Bitcoin is an amazing experiment which is currently on life support, despite the rush of fools who insist on recreating a Tulip Bubble Ponzi Mania.

Please, Stop Calling Bitcoin "Digital Gold".
Thank you.

ps. (Unanswered from a previous thread)
What "store of value" is relevant when suddenly ~ hundreds of thousands of merchants worldwide can no longer accept BTC due to high fees?

True or False?
"Digital Gold" is a BS claim from people who deny the reality of the current crisis?

True or False?
Do you want BTC to be only for rich people?

I think you don't need to dig deeper why people call it a Digital Gold, As said in the first reply, it has a traits the same as Gold which is also as the best investment, and also the time it surpasses Gold's price, it is always compared to Gold, but the only difference is that Gold is tangible and Bitcoin is not.

[thecodebear]

it has features both of a payment system/currency and digital gold, additionally it's also like a stock. And right now it is used more like a stock, in which people are investing it in expecting big payouts.

People buy gold to safeguard against inflation and economic uncertainty. That is part of what bitcoin can serve as.

People invest in stocks to grow their money, recognizing that during economic collapse this will collapse too, unlike gold. Bitcoin doesn't follow the global economic trend like stocks do, because it is more like gold here, but since bitcoin is still in the very early phases it will grow exponentially so people are investing in it as though it is a once in a lifetime stock to buy up.

People use money as a payment system. That is what bitcoin does but right now I would say this falls behind its investment potential. Which is to say it is extremely stupid to buy anything using bitcoin right now because you're giving away huge future profits by doing this. Once it has reached mass market adoption and is worth lets say $50k or $100k or more then using it as a payment system will make more sense. When the market is large enough to not move very much (low volatility) its use as a currency will take center stage. Until then people will mostly use it like gold or a stock.

[Pearls Before Swine]

I don't worship the founder, and his take on what bitcoim should be is irrelevant.   "Digital gold' describes bitcoin better than "cash" because it's a lousy currency for multiple reasons.   It's far more volatile than gold but I think it's an apt metaphor.   Sorry that you don't like it.

[GreenBits]

it has features both of a payment system/currency and digital gold, additionally it's also like a stock. And right now it is used more like a stock, in which people are investing it in expecting big payouts.

People buy gold to safeguard against inflation and economic uncertainty. That is part of what bitcoin can serve as.

People invest in stocks to grow their money, recognizing that during economic collapse this will collapse too, unlike gold. Bitcoin doesn't follow the global economic trend like stocks do, because it is more like gold here, but since bitcoin is still in the very early phases it will grow exponentially so people are investing in it as though it is a once in a lifetime stock to buy up.

People use money as a payment system. That is what bitcoin does but right now I would say this falls behind its investment potential. Which is to say it is extremely stupid to buy anything using bitcoin right now because you're giving away huge future profits by doing this. Once it has reached mass market adoption and is worth lets say $50k or $100k or more then using it as a payment system will make more sense. When the market is large enough to not move very much (low volatility) its use as a currency will take center stage. Until then people will mostly use it like gold or a stock.

To me, gold and btc couldn't be more dissimilar. They are literally the ideological opposites of one another. One the one hand you have gold, a real substance, pretty heavy, and you can actually use it for more than just a store of value (we use gold for art, electronics, medicine etc). Bitcoin, inversely, isn't real, doesn't have substance, isn't tangible, and has no real world use outside of value transfer and information storage. If anything, bitcoin is akin to paper gold. But despite the differences of character, they serve the same purpose for investors; a place to flee when Fiat/stocks go to shit

But if the shtf, I'd rather gold.

[ufaiz50]

you are too deep about it. I think why people call bitcoin as digital gold? maybe because gold is precious. gold is a good investment place in the real world and people will usually buy gold as their savings. they just want to tell everyone that bitcoin is also valuable and can be an investment and even its value will go up over time. it's just a parable that's worth the bitcoin.

[Argon2]

I don't worship the founder, and his take on what bitcoim should be is irrelevant.   "Digital gold' describes bitcoin better than "cash" because it's a lousy currency for multiple reasons.   It's far more volatile than gold but I thik it's an apt metaphor.   Sorry that you don't like it.

Agreed. Bitcoin is horrible at acting as cash but excellent as a storer of long term value. The white paper is irrelevant now...

[myternity]

I think it's just a matter of time. In a few years people will become more and more educated!

[pooya87]

strangely enough this is a new thing that has started recently for some reason!

looking back, people have always treated bitcoin mostly as an investment but they never said it is not a currency. even those who have never spent a satoshi and just traded bitcoin knew that it is a currency. but recently it seems like a social media wave that wants to force feed people that bitcoin is just a store of value, digital gold or whatever and not a currency.

the messed up part is people are starting to believe it just because fees are higher now!!! as if low fees were the only thing bitcoin was offering as a currency!

edit:

[ladydark]

I have seen people start to call BTC "Digital Gold" in a delusional attempt to ignore serious issues.
Please pay attention to this fact:
"Bitcoin: A Peer-to-Peer Electronic Cash System" ~Satoshi

BTC is not "Digital Gold" as our founder clearly stated.
Bitcoin is an amazing experiment which is currently on life support, despite the rush of fools who insist on recreating a Tulip Bubble Ponzi Mania.

Please, Stop Calling Bitcoin "Digital Gold".
Thank you.

ps. (Unanswered from a previous thread)
What "store of value" is relevant when suddenly ~ hundreds of thousands of merchants worldwide can no longer accept BTC due to high fees?

True or False?
"Digital Gold" is a BS claim from people who deny the reality of the current crisis?

True or False?
Do you want BTC to be only for rich people?

I think you don't need to dig deeper why people call it a Digital Gold, As said in the first reply, it has a traits the same as Gold which is also as the best investment, and also the time it surpasses Gold's price, it is always compared to Gold, but the only difference is that Gold is tangible and Bitcoin is not.

People have started to buy bitcoins just like gold to get huge returns.The only difference between bitcoin and gold is that gold can be touched and bitcoin could not be.Since people have started to buy bitcoins instead of gold,people have started to call it as digital gold.

[Celsiuss]

I believe people like to call it digital gold because you're mining it, just like you mine real gold. Also there is a fixed amount of bitcoins, once they're all mined out, that's all you get. Kinda similar to real gold. Maybe it's dumb to call it digital gold still, but I think it's a good comparison.

[batang_bitcoin]

Well we can't stop people on calling bitcoin as "the new gold or digital gold". The characteristic that people describing it as digital gold, is that the worth or value of bitcoin is comparably with gold. But I got your point since the description made for bitcoin is a p2p cash. Oh well, gold is an investment, bitcoin is too.

[mindrust]

People name bitcoin as digital gold for two reasons.

1-To most people, bitcoin is the safest one of the bunch. Just like gold is being the safest PM. That's very goldlike to me. Being the safest comes with being a store of value, results in constant value increases in time.

2-As a cash system bitcoin failed big time. Bitcoin works when you buy smth for 2500$ but it doesn't if you buy a coffee. That's also very goldlike. People don't buy coffees with gold neither. Even if that's a rare situation nowadays, they would buy expensive stuff like a very big house or a fullblown business with their gold.

Bitcoin resembles gold more than you think. If we solve the fee problem however, bitcoin can become the ultimate cash system just like satoshi said.

[prieaji]

 Gold is a good investment place in the world and people will usually buy gold as their savings, and bitcoin is the digital money that dominates the world today and it's a wonder. Both are great for the future.

[SimmonenY]

In terms of storage, trading and investment it can be called digital gold, but we can also use it in everyday life for small purchases and gambling which you can't do with gold. So, for me it's more like an asset than gold.

[sportis]

Even OP and maybe some other bitcoiners don't like the name 'digital gold' and see it only as payment system would have to think about its price. Nowadays high price is due to investors see it firstly as safe haven and secondly as internet money. Therefore, if we want the mass adoption and high price would have to accept the double nature of bitcoin as currency and as commodity too.

[shamzblueworld]

ps. (Unanswered from a previous thread)
What "store of value" is relevant when suddenly ~ hundreds of thousands of merchants worldwide can no longer accept BTC due to high fees?

True or False?
"Digital Gold" is a BS claim from people who deny the reality of the current crisis?

True or False?
Do you want BTC to be only for rich people?

To first question: Yes, I agree, high fees are now a dangerous problem. Low fee won't transfer in time or won't transfer at all, and high fees cannot be afforded especially when small amount is being transferred.

True.

False.

[Boseda]

I have seen people start to call BTC "Digital Gold" in a delusional attempt to ignore serious issues.
Please pay attention to this fact:
"Bitcoin: A Peer-to-Peer Electronic Cash System" ~Satoshi

BTC is not "Digital Gold" as our founder clearly stated.
Bitcoin is an amazing experiment which is currently on life support, despite the rush of fools who insist on recreating a Tulip Bubble Ponzi Mania.

Please, Stop Calling Bitcoin "Digital Gold".
Thank you.

ps. (Unanswered from a previous thread)
What "store of value" is relevant when suddenly ~ hundreds of thousands of merchants worldwide can no longer accept BTC due to high fees?

True or False?
"Digital Gold" is a BS claim from people who deny the reality of the current crisis?

True or False?
Do you want BTC to be only for rich people?

I totally agree with your point of view.

Bitcoin was created by Satoshi mainly as a payment system (and a currency as well). But the fact is that, unfortunately, it has becomed more like an asset, just an investment tool for most of its users. In my opinion is is very sad it happened, I'd say Bitcoin users raped Satoshi's original and revolutionary view just to make (quick) profits.

So, it's sad but true, but right now Bitcoin is more a digital asset rather than a payment system.