Will bitcoin replace gold?

[GreenBits]

Gold in general is no better. The value of gold is nothing more than a result of a global consensus - at the moment everyone agrees to consider gold a measure of value, simply because this measure is in some form or another necessary. If we assume a utopian situation, that tomorrow everyone agrees that gold is not such a measure, then it will be good only for the production of quality wires and trinkets.
The btc is gaining momentum for exactly the same reason - the global consensus towards the btc is constantly being strengthened. In this case, unlike gold, the cue-ball is not only a measure of value, but also a settlement system, and gold is not a competitor for this parameter.

Wouldnt the gold price be lower today if massive amounts of money were flowing from it to BTC? Both of them are favored as safe havens. They are decentralized, accepted all over the world 24 hours a day. and most importantly anonymous. Supply is limited. SO why dont they compete with each other because they serve the same function?

they dont appeal to the same class of investor.



the physicality and utility of gold actually means something to the older school investor. and as far as trust, gold is THE most trusted form of payment, if not just because it is one of the oldest. how in the hell is something less than a decade old going to compete with that?

[mk4]

Yes. Bitcoin is already replacing gold, look at the price. The is not for no reason either. It is because Bitcoin is a better store of value than gold for storing long terms of wealth.

Nope. Like most people are saying, bitcoin and gold are different. Bitcoin can be used online, by sending funds globally without any borders. Gold can be used to make jewelry. The only similarity is that both are sometimes being used as store value. Also, price is not a factor when deciding if bitcoin replaced gold or not. The iPhone 8plus is slightly more expensive than the Galaxy S8, but it doesn't mean the iPhone is better; it just depends on people's opinion/s.

[Hotel_Prodeo]

I think bitcoin and gold are two different and separate things, bitcoin is not a gold competitor because market share is different, if any say bitcoin can replace gold then it will never happen, gold until whenever will be accepted and price stable while bitcoin not necessarily can last 100 years.

I agree with you, Bitcoin and Gold are not related to dropping between Bitcoin and Gold because gold is longer found than bitcoin

Yes true, do not compare something different, gold will forever be used man until doomsday, there is never a problem with gold, everyone agrees and can accept gold, but bitcoin still takes time to be like gold.

[krisnt80]

At the moment we do have investment being split into bitcoin and gold, in the past only gold had big investment into it, countries will keep using gold at store of value, while we people will use bitcoin as store as value due to its potencial, soo no it wont happen a replace from one to the another but a split at the interest and investment between both.

[pari20777]

This is similar to asking ‘Will the US dollar replace gold as the standard store of value for investors’.

Most people (even myself at times) are making Bitcoin an A vs B proposition, when really it’s an A + B + C. EYou can invest in Gold, Silver, Bitcoin, Oil, the Yen and so many more ‘standard stores of value’ right now.

Bitcoin isn’t replacing any major store of value, it’s giving another option. http://www.stockmaster.in/btc-xau-bitcoin-gold-price-chart-live.html

[Lecam]

Gold in general is no better. The value of gold is nothing more than a result of a global consensus - at the moment everyone agrees to consider gold a measure of value, simply because this measure is in some form or another necessary. If we assume a utopian situation, that tomorrow everyone agrees that gold is not such a measure, then it will be good only for the production of quality wires and trinkets.
The btc is gaining momentum for exactly the same reason - the global consensus towards the btc is constantly being strengthened. In this case, unlike gold, the cue-ball is not only a measure of value, but also a settlement system, and gold is not a competitor for this parameter.

I really think this is possible because bitcoin price is volatile and it already surpassed gold price. On the other hand, gold price is stable and it only increase or decrease a little, and it takes a long time before it changes price.

[BlackRacerX]

It is impossible for bitcoin to replace gold and vice versa. I think it is naive to think that it would even happen. If you're only basis for bitcoin to replace gold is its value or price then you clearly have the wrong idea here. Both bitcoin and gold has their own perks which the other does not have and if you understand this then that alone is more than enough to justify that one will not replace the other.

Totally agree with this one. Both gold and bitcoins are at different point of comparison. Bitcoins can never replace gold just because bitcoins will probably be more expensive than gold. For fiat money, it's possible, but with gold, it's impossible. They're not at the same category of material to begin with.

[apumaycry]

yes for payment bitcoin is better than gold because yeah you just have to use your phone to pay/buy something ex car you just need to send btc from your phone to car dealer and its very different with gold you have to carry much gold which is very weight

[rainbow169]

There will be some feature of Bitcoin that overlaps with Gold as a reserve or storage medium driven by difficulty to mine and stable in supply. Although bitcoin has also been heavily used as a speculation tool.

[darthmayday]

These days you will find many debates regarding categorising BTC as commodity (gold, silver, etc) or currency (cash). Definitely something to take into consideration if we are to remark on the long term viability of BTC as gold or cash.

[CryptoRobert63]

I think it is a matter of evolution in society and mentality. It requires time, maybe 30-50 years to accept cryptocurrency as a standard.

[Granxis]

These days you will find many debates regarding categorising BTC as commodity (gold, silver, etc) or currency (cash). Definitely something to take into consideration if we are to remark on the long term viability of BTC as gold or cash.

No need to categorize, there is a coin called Bitcoin gold, it's not possible to match Bitcoin at the end of this effort.

[qxo35]

I think gold will be there for ever. Even when there will be no crypto nor us.

[South Park]

first bitcoin has to gain a much more stable price.
second it has to be adopted by a very large percentage of the world and be known by everyone.
finally gold has to become obsolete so that people want to look for an alternative!
(not necessarily in this order)

then bitcoin can become kind of a reference for measuring value.

Once Bitcoin marketcap reaches 1 trillion level it will have stable price. Just like gold it has to little market cap now and can easily be manipulated but its growing fast.
See how Gold market was back in the day, very volatile like BTC. People think gold has always been stable whic is not true.

The price of gold moved a lot in the past, but thanks to markets that are very interconnected then the price of gold has stabilized but there are times when the price of gold skyrockets immensely and gold holders are waiting for that to happen similar to what we are doing with bitcoin.

But Gold never increases strongly and fastly like Bitcoin, it can not change more than 10% per day like Bitcoin. Even, Bitcoin can changes its value ~20% per day. That is the interesting of the Bitcoin market while Gold has not it.

You need to study history my friend, the price of gold can be even more volatile than bitcoin, the price of gold can change very abruptly in a matter weeks and months, those that are holding gold are waiting for that day since they can make 20 or 30 times their investment in a very small time frame.

[HarryFlashman]

I like gold and silver as well as Bitcoin. I decided to find best physical gold buying scheme and opportunity. Maybe there is something out there that merges the both. With profits I taken in holding Bitcoin I guess I can spend some of it on acquiring real gold.

[avia]

I don't think bitcoin can replace gold since they are both of different forms. Gold for one is a physically mined metal while bitcoin is a digital currency and its volatile. Though they both are good for investment, but they are of different categories. However, the disadvantage for gold is that the price difference or profit gained is not that high since its value isn't fluctuating unlike bitcoin.

[SureLockLoans]

It's unlikely to replace gold as this would require Bitcoin becoming mainstream and the government backing their fiat currency by Bitcoin or completely embracing Bitcoin.

[ennovy22]

Bitcoin and gold is called as a money but the difference between the two is, bitcoin is only for internet/cyberworld. It is a digital money. While gold or let's say as a fiat money that we use for our everyday life. It is what every person wants to buy our basic needs. Well bitcoin can't replace a fiat money/gold because a lot of people needs it while only a few person wants bitcoin.

[yusupjatigumilar]

Bitcoin will not replace gold, I think the two things can not replace each other because it has different variables and dimensions, but when viewed in terms of bitcoinlah price developments that will be selected as a commodity for trading or investment.

[rockie2000]

Bitcoin will not replace gold, I think the two things can not replace each other because it has different variables and dimensions, but when viewed in terms of bitcoinlah price developments that will be selected as a commodity for trading or investment.

I agree with this. Both will co-exist and have different applications, for example gold can be used as jewelry, decorations... while bitcoin is perfect for online transactions...