Gold Is Yesterday, Here Comes Bitcoin As A Reserve Currency

[Hydrogen]

Peter Thiel – PayPal co-founder and billionaire venture capitalist, for a long time now has been a backer of the virtual currency Bitcoin. Thiel did again indicate out the ‘real potential’ of BTC at the Investment Initiative in Riyadh, Saudi Arabia, pointing out that people are truly underestimating it.

Peter Thiel has long been one of the early proponents of Bitcoin. As early as 2013, he stated that Bitcoin has the potential to change the world. As one of the co-founders of PayPal, he recognized the ability of Bitcoin to revolutionize the monetary space. He had long held the view that monetary sovereignty’s time is limited and encrypted money would be the future. Earlier Peter Thiel did comment on how Bitcoin unlike PayPal, was really able to create a currency.

Bitcoin BTC could very well be the virtual gold of our time and replace it as a reserve currency – according to Peter Thiel. Many ‘similarities’ were compared between the two by Thiel like it is mineable and its limited supply.

“It’s like a reserve form of money, it’s like gold and it’s just a store of value. If Bitcoin ends up being the cyber equivalent of gold, it has a great potential left.”

On the other hand, Peter did not really have any enthusiastic feel about the other virtual assets and altcoins which could be discouraging for altcoin followers which have put their hopes for most part of the year on them.

While Peter Thiel is pretty bullish on the potential of Bitcoin, in Riyadh, a certain Saudi prince has a different view. Prince Alwaleed bin Talal, the richest Arab in the world, believes that Bitcoin will implode like Enron. While Bitcoin trading is allowed in Saudi Arabia, the Saudi Arabian Monetary Authority has warned people about the risks of investing in Bitcoin. The Middle East is a region teeming with billionaires and if Peter Thiel has managed to convince a few people to invest their oil-dollars in Bitcoin, the price of Bitcoin could receive a boost.

http://ethereumworldnews.com/gold-yesterday-comes-bitcoin-reserve-currency/

Tired of "is bitcoin is a bubble"?

Now you can enjoy the wonders of "is bitcoin a reserve currency"?  

On a serious note, it is possible bitcoin could eventually become a reserve currency to replace gold. This paradigm could represent the natural evolution of cryptocoins with limited supply if it is established that limited supply and algorithmic based regulation are best methods to promote stability and long term value.

Would be interested to know public opinion on this. Would people feel safer having bitcoin as a reserve currency than they would having fiat like the dollar or euro as reserve?

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[BitcoinRapid]

Well the US has already proved they can have a currency without a gold reserve backing it. So the idea of bitcoin being the backing instead of gold isn't to absurd.

[soham]

Gold has not been used as a reserve currency anymore in majority of the countries. So there is no question of replacing gold by bitcoin as a reserve asset. Also I believe bitcoin is not structurally built for such kind of investments. It is a decentralized currency and the legal status of bitcoin is not yet clear in majority of the countries. Also the use of bitcoin is still questionable. It can be very easily used for money laundering and terrorism funding transactions without any hint. So bitcoin can't become a reserve asset for any of the fiat currencies. Bitcoin is good at its current place and the fluctuating nature of its price made it popular to the young & aggressive mass. Reserve asset is a very serious matter and bitcoin or blockchain is not yet ready for such big responsibility.

[dali_masmoudi]

When we tolk about reserve we talk about a whole budget of a country. Which needs a good management.
But here, we Don't have to forget that Bitcoin stills a virtual currency.
Maybe after being a real one we can dream it to be the reserve instead of money and gold.

[BitcoinRapid]

Gold has not been used as a reserve currency anymore in majority of the countries. So there is no question of replacing gold by bitcoin as a reserve asset. Also I believe bitcoin is not structurally built for such kind of investments. It is a decentralized currency and the legal status of bitcoin is not yet clear in majority of the countries. Also the use of bitcoin is still questionable. It can be very easily used for money laundering and terrorism funding transactions without any hint. So bitcoin can't become a reserve asset for any of the fiat currencies. Bitcoin is good at its current place and the fluctuating nature of its price made it popular to the young & aggressive mass. Reserve asset is a very serious matter and bitcoin or blockchain is not yet ready for such big responsibility.

This is such a good point. It is hard to use a decentralized currency as the backing of a country's currency.

[Hydrogen]

This is such a good point. It is hard to use a decentralized currency as the backing of a country's currency.

The theory behind central banks creating policy guidelines on how nations run their economies is: privately owned banks which are independent of a state promote decentralization in a way which leads to greater economic stability and reduced conflict of interest.

The federal reserve (central bank) of the united states is a privately owned institution rather than a socialist, state run, enterprise.

If decentralization between privately owned central banks and state run governments is a good thing.

It may naturally follow that a more decentralized currency such as bitcoin being utilized as a reserve currency could be superior to a private central bank, as crypto is more decentralized than central banks. Decentralization is a main argument for central banks having as much power and influence as they do. It could mean that decentralized currencies have a historical precedent for performing roles traditionally taken by central banks. This could be evidence for crypto performing well as a reserve currency.

[BartS]

Peter Thiel – PayPal co-founder and billionaire venture capitalist, for a long time now has been a backer of the virtual currency Bitcoin. Thiel did again indicate out the ‘real potential’ of BTC at the Investment Initiative in Riyadh, Saudi Arabia, pointing out that people are truly underestimating it.

Peter Thiel has long been one of the early proponents of Bitcoin. As early as 2013, he stated that Bitcoin has the potential to change the world. As one of the co-founders of PayPal, he recognized the ability of Bitcoin to revolutionize the monetary space. He had long held the view that monetary sovereignty’s time is limited and encrypted money would be the future. Earlier Peter Thiel did comment on how Bitcoin unlike PayPal, was really able to create a currency.

Bitcoin BTC could very well be the virtual gold of our time and replace it as a reserve currency – according to Peter Thiel. Many ‘similarities’ were compared between the two by Thiel like it is mineable and its limited supply.

“It’s like a reserve form of money, it’s like gold and it’s just a store of value. If Bitcoin ends up being the cyber equivalent of gold, it has a great potential left.”

On the other hand, Peter did not really have any enthusiastic feel about the other virtual assets and altcoins which could be discouraging for altcoin followers which have put their hopes for most part of the year on them.

While Peter Thiel is pretty bullish on the potential of Bitcoin, in Riyadh, a certain Saudi prince has a different view. Prince Alwaleed bin Talal, the richest Arab in the world, believes that Bitcoin will implode like Enron. While Bitcoin trading is allowed in Saudi Arabia, the Saudi Arabian Monetary Authority has warned people about the risks of investing in Bitcoin. The Middle East is a region teeming with billionaires and if Peter Thiel has managed to convince a few people to invest their oil-dollars in Bitcoin, the price of Bitcoin could receive a boost.

http://ethereumworldnews.com/gold-yesterday-comes-bitcoin-reserve-currency/

Tired of "is bitcoin is a bubble"?

Now you can enjoy the wonders of "is bitcoin a reserve currency"?  

On a serious note, it is possible bitcoin could eventually become a reserve currency to replace gold. This paradigm could represent the natural evolution of cryptocoins with limited supply if it is established that limited supply and algorithmic based regulation are best methods to promote stability and long term value.

Would be interested to know public opinion on this. Would people feel safer having bitcoin as a reserve currency than they would having fiat like the dollar or euro as reserve?

Bitcoin is way better than fiat so having bitcoin as a reserve currency will be better in my opinion the only issue with it is that countries will never allow that unless they got a complete control of bitcoin so if that scenario came to happen that will mean that bitcoin is already under their control and that is something that I find disgusting.

[Razick]

It should be noted that Bitcoin is not the only potential reserve currency. All cryptocurrency is, especially more anonymous ones like Monero. A lot of people are switching to Monero as I type this, because it is actually 100% anonymous, whereas Bitcoin is only pseudo-anonymous which means if the government wants, they could track you, but with Monero it isn't possible.

[krauzzer02]

Yes that is the fact and a great article to read, it is actually a future gold not physically but the way how we value it and how limited it is. by the time when bitcoin were almost mined by the year 2140 and just circulating to the market it will become scarce and limited due to its limited supply and the increasing demand of the growing population of the bitcoin community it will increase its value from time to time surpassing the value and price of gold.

[noictib]

I agree with OP and I also follow the bitcoin to make life more profitbale with bitcoin only and also I am making successful earnings with the bitcoin and also I know there is no chance to have another cryptocurrency as an bitcoin to be a main thing in this field , but still here it is a bitter truth that gold and fiat like system are part of our life and we can't ignore such things in comparison of bitcoin Because gold and fiat are having much importance in our life like the bitcoin have in our life.
Currently we can say that fiat are uses by us to make the small shops payment ( who don't want to know bitcoin anymore ) second thing gold have values ( regardless of the factor of increase and decrease in the price ) are using by the people to make jewelry.

[BTCevo]

I agree with OP and I also follow the bitcoin to make life more profitbale with bitcoin only and also I am making successful earnings with the bitcoin and also I know there is no chance to have another cryptocurrency as an bitcoin to be a main thing in this field , but still here it is a bitter truth that gold and fiat like system are part of our life and we can't ignore such things in comparison of bitcoin Because gold and fiat are having much importance in our life like the bitcoin have in our life.
Currently we can say that fiat are uses by us to make the small shops payment ( who don't want to know bitcoin anymore ) second thing gold have values ( regardless of the factor of increase and decrease in the price ) are using by the people to make jewelry.

Somehow, we can't seperate fiat to bitcoin since most of us always take some profit into our own currency, I do not think if we can take bitcoin without any value in it. But to compare it with gold, I believe bitcoin have much more better future to get some profit with but in case we have more money we should have some gold too

[markj113]

Why would any country want complete transparency of their finances?

How much gold is in Fort Knox?
When was the last audit?

[pitiflin]

Peter Thiel – PayPal co-founder and billionaire venture capitalist, for a long time now has been a backer of the virtual currency Bitcoin. Thiel did again indicate out the ‘real potential’ of BTC at the Investment Initiative in Riyadh, Saudi Arabia, pointing out that people are truly underestimating it.

Peter Thiel has long been one of the early proponents of Bitcoin. As early as 2013, he stated that Bitcoin has the potential to change the world. As one of the co-founders of PayPal, he recognized the ability of Bitcoin to revolutionize the monetary space. He had long held the view that monetary sovereignty’s time is limited and encrypted money would be the future. Earlier Peter Thiel did comment on how Bitcoin unlike PayPal, was really able to create a currency.

Bitcoin BTC could very well be the virtual gold of our time and replace it as a reserve currency – according to Peter Thiel. Many ‘similarities’ were compared between the two by Thiel like it is mineable and its limited supply.

“It’s like a reserve form of money, it’s like gold and it’s just a store of value. If Bitcoin ends up being the cyber equivalent of gold, it has a great potential left.”

On the other hand, Peter did not really have any enthusiastic feel about the other virtual assets and altcoins which could be discouraging for altcoin followers which have put their hopes for most part of the year on them.

While Peter Thiel is pretty bullish on the potential of Bitcoin, in Riyadh, a certain Saudi prince has a different view. Prince Alwaleed bin Talal, the richest Arab in the world, believes that Bitcoin will implode like Enron. While Bitcoin trading is allowed in Saudi Arabia, the Saudi Arabian Monetary Authority has warned people about the risks of investing in Bitcoin. The Middle East is a region teeming with billionaires and if Peter Thiel has managed to convince a few people to invest their oil-dollars in Bitcoin, the price of Bitcoin could receive a boost.

http://ethereumworldnews.com/gold-yesterday-comes-bitcoin-reserve-currency/

Tired of "is bitcoin is a bubble"?

Now you can enjoy the wonders of "is bitcoin a reserve currency"?  

On a serious note, it is possible bitcoin could eventually become a reserve currency to replace gold. This paradigm could represent the natural evolution of cryptocoins with limited supply if it is established that limited supply and algorithmic based regulation are best methods to promote stability and long term value.

Would be interested to know public opinion on this. Would people feel safer having bitcoin as a reserve currency than they would having fiat like the dollar or euro as reserve?

Reserve currency,sounds fancy. That could be possible surely. Few years ago a lot of people ignored bitcoin and thought it was a ponzi scheme and stuff,well if they had done their own research properly and not just assumed and judged it by now they could have been a millionaire by now. Reserve currency would be possible if there is mass adoption,probably bitcoin will be one probably not. Gold is still way beyond domination and its extinction is going to take quite some time.

[lordquanta]

Peter Thiel – PayPal co-founder and billionaire venture capitalist, for a long time now has been a backer of the virtual currency Bitcoin. Thiel did again indicate out the ‘real potential’ of BTC at the Investment Initiative in Riyadh, Saudi Arabia, pointing out that people are truly underestimating it.

Peter Thiel has long been one of the early proponents of Bitcoin. As early as 2013, he stated that Bitcoin has the potential to change the world. As one of the co-founders of PayPal, he recognized the ability of Bitcoin to revolutionize the monetary space. He had long held the view that monetary sovereignty’s time is limited and encrypted money would be the future. Earlier Peter Thiel did comment on how Bitcoin unlike PayPal, was really able to create a currency.

Bitcoin BTC could very well be the virtual gold of our time and replace it as a reserve currency – according to Peter Thiel. Many ‘similarities’ were compared between the two by Thiel like it is mineable and its limited supply.

“It’s like a reserve form of money, it’s like gold and it’s just a store of value. If Bitcoin ends up being the cyber equivalent of gold, it has a great potential left.”

On the other hand, Peter did not really have any enthusiastic feel about the other virtual assets and altcoins which could be discouraging for altcoin followers which have put their hopes for most part of the year on them.

While Peter Thiel is pretty bullish on the potential of Bitcoin, in Riyadh, a certain Saudi prince has a different view. Prince Alwaleed bin Talal, the richest Arab in the world, believes that Bitcoin will implode like Enron. While Bitcoin trading is allowed in Saudi Arabia, the Saudi Arabian Monetary Authority has warned people about the risks of investing in Bitcoin. The Middle East is a region teeming with billionaires and if Peter Thiel has managed to convince a few people to invest their oil-dollars in Bitcoin, the price of Bitcoin could receive a boost.

http://ethereumworldnews.com/gold-yesterday-comes-bitcoin-reserve-currency/

Tired of "is bitcoin is a bubble"?

Now you can enjoy the wonders of "is bitcoin a reserve currency"?  

On a serious note, it is possible bitcoin could eventually become a reserve currency to replace gold. This paradigm could represent the natural evolution of cryptocoins with limited supply if it is established that limited supply and algorithmic based regulation are best methods to promote stability and long term value.

Would be interested to know public opinion on this. Would people feel safer having bitcoin as a reserve currency than they would having fiat like the dollar or euro as reserve?

Reserve currency or not that is long gone. Because many countries dont have gold backed currency. However the gold is known for its stable price history. Thus many investors find it useful when bears enter in the market. That is put money in something pumping up and when dump moment is about to start or just started move the value to the gold. Why because gold keeps price almost steady. If we look at bitcoin from that point of view then anyone can notice that person is trying to use petroleum or hydrogen gas to control the fire. Bitcoin is that pumping entity where  people investing heavily. When prices starts to crumble people cash out from the bitcoin.
However this status of stable currency is enjoyed by bitcoin in alt-currency world. Because same people invest in altcoins and when specific profit is earned it is converted in to the bitcoin.

[Beerwizzard]

On a serious note, it is possible bitcoin could eventually become a reserve currency to replace gold. This paradigm could represent the natural evolution of cryptocoins with limited supply if it is established that limited supply and algorithmic based regulation are best methods to promote stability and long term value.

First of all gold is not a currency (at least after the gold standart was cancelled) but it is a "safe heaven" for investments where your investments will be safer than in all other currencies / assets. Because of volatility and many other things BTC still can't be called safe comparing it with gold that already have long and proven history behind it. Not everyone will take such risks right now but it seems to be a smart move later. Or maybe  some small country will guarantee its currency in BTC by having the necessary amount of btc in reserve.

[The Sceptical Chymist]

Gold isn't a reserve currency, it's a store of value and a hedge against inflation.   It's also an investment asset.

Bitcoin is a speculative asset, and it sucks as a currency because of the fees and confirmation times.  I don't get all these threads that compare bitcoin to gold--they're two completely different things that happen to share some of the same attributes.  And there really aren't many. 

Unless bitcoin's volatility goes down significantly, it'll never be a reserve currency, because it's not safe to keep any money in bitcoin, as opposed to something like the USD.  That's a good reserve currency because it's stable.  Bitcoin is anything but stable.

[Skyborn]

Gold isn't a reserve currency, it's a store of value and a hedge against inflation.   It's also an investment asset.

Bitcoin is a speculative asset, and it sucks as a currency because of the fees and confirmation times.  I don't get all these threads that compare bitcoin to gold--they're two completely different things that happen to share some of the same attributes.  And there really aren't many.  

Unless bitcoin's volatility goes down significantly, it'll never be a reserve currency, because it's not safe to keep any money in bitcoin, as opposed to something like the USD.  That's a good reserve currency because it's stable.  Bitcoin is anything but stable.

Bitcoin isn't solely a speculative asset. People speculate but that is beyond bitcoin's technology and only a fraction of the value it stores. Bitcoin is a mathematically proven store of value, the only reason it's so volatile right now is because the market is still tiny compared to the market cap of, let's say, the US dollar. But that doesn't make it a legitimate. If bitcoin reaches a trillion dollar market it will be less volatile than it is today.

[realr0ach]

Garbage article.  Bitcoin has a reverse Schelling point due to being designed to function only as a settlement network with high fees and low scalability, not to mention ease of cornering the entire market since most of the whole thing is mined on all these coins in a couple years.  You are incentivized to create "altcoins" in other words rather than the entire world trying to fit on a single chain and be extorted with low scaling usury fees and already cornered markets.  

Since bitcoin can only function as a settlement network, it's only real function is doing something like replacing SWIFT, but  proof of work/stake, proof of anything are all designed to centralize, meaning there's no real difference in a centralized bitcoin and a centralized SWIFT network rendering the entire exercise pointless and a giant scam once it reaches endgame.  Bitcoin also has built-in rent seeking middlemen (transaction validators) and doesn't remove counter party risk, making it inferior to metals regardless of these other problems.

Once you extrapolate everything to the endgame, bitcoin doesn't actually have a single fundamental going for it whatsoever, which is why morons claiming it's better than metals are just scammers.

[Koadharber]

Gold isn't a reserve currency, it's a store of value and a hedge against inflation.   It's also an investment asset.

Bitcoin is a speculative asset, and it sucks as a currency because of the fees and confirmation times.  I don't get all these threads that compare bitcoin to gold--they're two completely different things that happen to share some of the same attributes.  And there really aren't many.  

Unless bitcoin's volatility goes down significantly, it'll never be a reserve currency, because it's not safe to keep any money in bitcoin, as opposed to something like the USD.  That's a good reserve currency because it's stable.  Bitcoin is anything but stable.

Bitcoin isn't solely a speculative asset. People speculate but that is beyond bitcoin's technology and only a fraction of the value it stores. Bitcoin is a mathematically proven store of value, the only reason it's so volatile right now is because the market is still tiny compared to the market cap of, let's say, the US dollar. But that doesn't make it a legitimate. If bitcoin reaches a trillion dollar market it will be less volatile than it is today.

Bitcoin is a mathematically proven store of value? No its not. Even though it would reach trillion dollar market it doesnt mean it will still able to patch up anything. Gold will still remain no matter what and i dont see that bitcoin as a reserve currency.Assurance isnt their because price is too volatile and does depend on adoption or investor to bitcoin but yet it is somehow good for investment purposes and its benefits on new way payment system.

[Don Pedro Dinero]

Gold has not been used as a reserve currency anymore in majority of the countries. So there is no question of replacing gold by bitcoin as a reserve asset. Also I believe bitcoin is not structurally built for such kind of investments. It is a decentralized currency and the legal status of bitcoin is not yet clear in majority of the countries. Also the use of bitcoin is still questionable. It can be very easily used for money laundering and terrorism funding transactions without any hint. So bitcoin can't become a reserve asset for any of the fiat currencies. Bitcoin is good at its current place and the fluctuating nature of its price made it popular to the young & aggressive mass. Reserve asset is a very serious matter and bitcoin or blockchain is not yet ready for such big responsibility.

This is such a good point. It is hard to use a decentralized currency as the backing of a country's currency.

He is not talking about gold being a reserve currency for any certain country, he is talking about a reserve currency in general, and he doesn’t talk about fiat currencies being backed by bitcoin either.

He is saying bitcoin is used as a reserve currency now and it has the potential to be even more used as a reserve currency in the future, which I think is correct unless fees for low payments drop drastically and confirmation times speed up.

[Zackgeno96]

It should be noted that Bitcoin is not the only potential reserve currency. All cryptocurrency is, especially more anonymous ones like Monero. A lot of people are switching to Monero as I type this, because it is actually 100% anonymous, whereas Bitcoin is only pseudo-anonymous which means if the government wants, they could track you, but with Monero it isn't possible.

Agreed with you, bitcoins could be considered as pseudo-anonymous but it will be really difficult for the government authorities to trace the origin of the bitcoins transactions, though it is a peer to peer network. Yes, there are many other cryptocurrencies, but only bitcoins has the potential to became a reserve currency.

[yoseph]

Well the US has already proved they can have a currency without a gold reserve backing it. So the idea of bitcoin being the backing instead of gold isn't to absurd.

Not all countries currencies are backed by their gold reserves, if that was indeed the case, then countries with the most gold will be the richest in the world but that is not really the case in this scenario at all. But i don;t think bitcoin can be a used a reserve currency especially since it 's not tangible.

[btcbrother]

Gold is yesterday, today and tomorrow. It will always be a reserve currency, and so will cryptocurrencies like Bitcoin.

[_Dawid_]

I don't agree with your point of view.
In spite of fact that gold is (currently) much more known and appreciate than bitcoin it is a thing which is substiantial, what is more can be used in many different ways from decoration to usable stuff. Bitcoin has a value right now but it seems to be a little imagined for common people.
Majority thinks that bitcoin is a bubble mainly because you can go with gold to an shop and buy sth, with bitcoin not really. May it will change soon, then it won't be a bubble but accurate prediction.

[TTITA]

In fact, the movement of profits from gold investment is very slow.
The bitcoin set is moving fast in the up / down condition.
It is not wrong if we think bitcoin is the present with all its advantages to invest.

[trecore4]

I don’t understand  why is limited supply a stability for long terms? I mean that could actually collapse the economy of bitcoin due to the fact that in the the near future supply and demand will be needed on enormous amounts. What would the reserves will do in such cases? How they will contribute to the national needs.


Like in the real world currency or fiat in short, reserve banks of nation will produce more money for the sake of fulfilling the national emergency needs and normal trades too.

[Yuhee]

I don’t understand  why is limited supply a stability for long terms? I mean that could actually collapse the economy of bitcoin due to the fact that in the the near future supply and demand will be needed on enormous amounts. What would the reserves will do in such cases? How they will contribute to the national needs.


Like in the real world currency or fiat in short, reserve banks of nation will produce more money for the sake of fulfilling the national emergency needs and normal trades too.

It maybe limited as it seems to be stated, it could actually take more than out generation for all the bitcoin to be mined, even though in the near future more btc will be needed, the same time currencies and prices will also go up, so 1 bitcoin maybe go at 10k$. That could mean you will just need small portion of bitcoin to at least buy many decent things. The higher the price lesser btc would be actually needed.

[Jeger]

Strangely I do think that Bitcoin is really the future medium where we will store our asset, more like the digital gold of the world. Because Bitcoin is not a physical asset which means Bitcoin is physically impossible to destroy, or to be stolen. The practicality also comes in mind.

[hase0278]

Strangely I do think that Bitcoin is really the future medium where we will store our asset, more like the digital gold of the world. Because Bitcoin is not a physical asset which means Bitcoin is physically impossible to destroy, or to be stolen. The practicality also comes in mind.

I agree with you that bitcoin is the future medium where we will store our assets, but always remember than bitcoin, albeit physically impossible to be destroyed, can be stolen using some means. All system have their flaws, including bitcoin therefor,e there will always be a loophole that will let one steal bitcoin even if it is hard to do. Still, I believe that gold will also continue to be a reserve currency even if bitcoin becomes one.

[eekkaa]

this could happen if this is great for future developments then bitcoin will become the major international currency

[ynatopak14]

definitely ! bitcoin is the life and investment for today as gold will remain in the past !!
investing in gold is like having an alternative fiat that will not increase the price that volatile thought bitcoin is and will rise above !

[buwaytress]

Tired of "is bitcoin is a bubble"?

Now you can enjoy the wonders of "is bitcoin a reserve currency"?  

On a serious note, it is possible bitcoin could eventually become a reserve currency to replace gold. This paradigm could represent the natural evolution of cryptocoins with limited supply if it is established that limited supply and algorithmic based regulation are best methods to promote stability and long term value.

Would be interested to know public opinion on this. Would people feel safer having bitcoin as a reserve currency than they would having fiat like the dollar or euro as reserve?

Never been tired of that talk, my friend. I think it's good to have that talk come up every now and then as a constant reminder never to risk all.

Bitcoin may very well be a reserve currency, one day. But that day is far into a future impossible to predict right now. It's taken gold a long time to achieve its current status, and Bitcoin is but an infant technology. Sure, many like myself are holding, shoring up reserves, and hoarding as much as we can - but these are all banking on Bitcoin. It needs global recognition as a reserve. That's many decades from now.

Even the US dollar is a better store of reserve now, and will be for at least a decade, I think. Of course, I will be too happy to be proven wrong!

[bitjoin]

In fact, the movement of profits from gold investment is very slow.
The bitcoin set is moving fast in the up / down condition.
It is not wrong if we think bitcoin is the present with all its advantages to invest.

Gold is not going to move up very quick at any point like bitcoin because its been around for like 10,000 years as money. Its a very good stable store of value and time tested which is something bitcoin cant say.  But yeah bitcoin is much better for the next 10-20 years for sure.

[Hydrogen]

I don’t understand  why is limited supply a stability for long terms? I mean that could actually collapse the economy of bitcoin due to the fact that in the the near future supply and demand will be needed on enormous amounts. What would the reserves will do in such cases? How they will contribute to the national needs.

Limited supply greatly reduces prospects of hyperinflation/devaluation and also poor money management. For real world application the bolivar in venezuela hyperinflating, as it prints increasingly higher volumes of paper currency, might serve as an example.

Venezuela's currency now worth so little shopkeepers weigh vast piles of notes instead of counting them

Inflation in Venezuela is expected to reach 720 per cent this year, with the largest bolívar bill now worth just five US cents on the black market.

Some shopkeepers have reportedly taken to weighing rather than counting the wads of cash customers hand them, and standard-size wallets have become all but useless in the socialist South American state. Instead, many people stuff huge volumes of cash into handbags, money belts, or backpacks, in scenes analysts have said are suggestive of "runaway" inflation.

In 2014, plummeting global oil prices decimated Venezuela's economy. President Nicolás Maduro responded by fixing the official exchange rate and ordering banks to print more cash, which ultimately devalued the currency further, while goods prices soared.

“When they start weighing cash, it’s a sign of runaway inflation,” he said. “But Venezuelans don’t know just how bad it is because the government refuses to publish figures.”

Oil makes up a staggering 95 per cent of Venezuela's exports, and accounts for a quarter of the country's economy, with oil-related revenues having historically supplied roughly half the government budget. This kind of over-reliance on a single export notoriously depresses all other industries in a country, in a phenomenon known by economists as "Dutch Disease".

http://www.independent.co.uk/news/world/americas/venezuelas-currency-hyper-inflation-oil-crisis-devalued-shop-keepers-weigh-notes-a7443596.html

Crypto currencies which have no limit on supply could choose to raise their cap by 5 million tomorrow, then reduce it by 10 million the next day.  They could choose to adopt policies which increase the value of a currency, or do the opposite and adopt policies which devalue it. The reasons and motivations for changing the cap can be political or agenda based, or there could be no reason at all. Having a variable supply opens the door to all forms of manipulation and scams. This is why crypto coins which have limited supply are generally viewed as being more reliable and less prone to negative circumstances than coins which have no predetermined plan for handling supply.

Currencies with variable supply operate heavily on trust. Currencies with limited supply greatly eliminate the trust factor from the equation. You know what you're getting which makes it easier to calculate how much something is worth and what the expected print rates will be.

[Smarty14392]

In fact, the movement of profits from gold investment is very slow.
The bitcoin set is moving fast in the up / down condition.
It is not wrong if we think bitcoin is the present with all its advantages to invest.

Gold is not going to move up very quick at any point like bitcoin because its been around for like 10,000 years as money. Its a very good stable store of value and time tested which is something bitcoin cant say.  But yeah bitcoin is much better for the next 10-20 years for sure.

Yes gold is a investment of people from many years and bitcoin has reached this heights in very less time span like few years. gold invest will not lead a person to a instant profit but bitcoin investment can do this just in some days as bitcoins price is not so stable and people can hold bitcoins as a investments and use the later when prices are high.

Bitcoin has high profit to investment ratio than gold as gold price increases very slowly and bitcoin has already proved its speed of increase in value.

[bummm]

Yes, recently the group of enthusiasts made an experiment.

There were several people trying to pay for goods and services. One of these guys had to pay only with gold and failed. The other one used only cash and his cash was stolen. The winner — the woman who paid for everything with BTC — said everyone was happy to get Bitcoin for their services and products. Gold is in past - haha

[MakeMoneyBtc]

I dont think bitcoin can be compared with gold as a currency cause bitcoin price can easily decrease ina couple of second while gold price is very hard to decrease in a short time. Gold exists on the world since the planet was created and it is known by every single person. There is a limited resource of gold so the price is getting higher so as with bitcoin. The difference is that bitcoin is not a tangible thing and the price can be easily controlled while with gold is a lot harder

[jimn]

Both Gold and Bitcoin are the best as a reserve currencies. Bitcoin nowadays have a high price and a very promising future, and its growing up daily almost. But gold is also really valuable and trusted by everyone around the world. So saving both is the best choice.

[TheAndy500]

This moment is what was announced a few years ago, that bitcoin becomes a better currency and coverage than other things and means, thanks to its development.

[mrcash02]

I think people still feel more safety with Dollars or Euros. It could be very easy to sabotage a nation with reserve currency in BTCs. A rival country could invest hard on Bitcoins, then provoking a dump right after what would impact the country holding BTCs as reserve currency. For now Bitcoin is just a speculative currency and it will only change when it becomes more stable.

[NelfiNovita]

for now bitcoin as the reserve currency, but someday bitcoin will become the main currency across the country. I am very sure bitcoin will take over the world currency, because bitcoin is beneficial for all human beings on earth.

[cydrix]

Peter Thiel – PayPal co-founder and billionaire venture capitalist, for a long time now has been a backer of the virtual currency Bitcoin. Thiel did again indicate out the ‘real potential’ of BTC at the Investment Initiative in Riyadh, Saudi Arabia, pointing out that people are truly underestimating it.

Peter Thiel has long been one of the early proponents of Bitcoin. As early as 2013, he stated that Bitcoin has the potential to change the world. As one of the co-founders of PayPal, he recognized the ability of Bitcoin to revolutionize the monetary space. He had long held the view that monetary sovereignty’s time is limited and encrypted money would be the future. Earlier Peter Thiel did comment on how Bitcoin unlike PayPal, was really able to create a currency.

Bitcoin BTC could very well be the virtual gold of our time and replace it as a reserve currency – according to Peter Thiel. Many ‘similarities’ were compared between the two by Thiel like it is mineable and its limited supply.

“It’s like a reserve form of money, it’s like gold and it’s just a store of value. If Bitcoin ends up being the cyber equivalent of gold, it has a great potential left.”

On the other hand, Peter did not really have any enthusiastic feel about the other virtual assets and altcoins which could be discouraging for altcoin followers which have put their hopes for most part of the year on them.

While Peter Thiel is pretty bullish on the potential of Bitcoin, in Riyadh, a certain Saudi prince has a different view. Prince Alwaleed bin Talal, the richest Arab in the world, believes that Bitcoin will implode like Enron. While Bitcoin trading is allowed in Saudi Arabia, the Saudi Arabian Monetary Authority has warned people about the risks of investing in Bitcoin. The Middle East is a region teeming with billionaires and if Peter Thiel has managed to convince a few people to invest their oil-dollars in Bitcoin, the price of Bitcoin could receive a boost.

http://ethereumworldnews.com/gold-yesterday-comes-bitcoin-reserve-currency/

Tired of "is bitcoin is a bubble"?

Now you can enjoy the wonders of "is bitcoin a reserve currency"?  

On a serious note, it is possible bitcoin could eventually become a reserve currency to replace gold. This paradigm could represent the natural evolution of cryptocoins with limited supply if it is established that limited supply and algorithmic based regulation are best methods to promote stability and long term value.

Would be interested to know public opinion on this. Would people feel safer having bitcoin as a reserve currency than they would having fiat like the dollar or euro as reserve?

Bitcoin is way better than fiat so having bitcoin as a reserve currency will be better in my opinion the only issue with it is that countries will never allow that unless they got a complete control of bitcoin so if that scenario came to happen that will mean that bitcoin is already under their control and that is something that I find disgusting.

\
It would be disastrous if bitcoin will associate on any country so i think it is a good measures to put up a decentralized currency for the first time in the history this has been done by Bitcoin. I think bitcoin as a reserve currency would not be a good idea first bitcoin will has limits of whatsoever in the future and that would offend our freedom to grow independently.

[Bitcoincole]

Peter Thiel – PayPal co-founder and billionaire venture capitalist, for a long time now has been a backer of the virtual currency Bitcoin. Thiel did again indicate out the ‘real potential’ of BTC at the Investment Initiative in Riyadh, Saudi Arabia, pointing out that people are truly underestimating it.

Peter Thiel has long been one of the early proponents of Bitcoin. As early as 2013, he stated that Bitcoin has the potential to change the world. As one of the co-founders of PayPal, he recognized the ability of Bitcoin to revolutionize the monetary space. He had long held the view that monetary sovereignty’s time is limited and encrypted money would be the future. Earlier Peter Thiel did comment on how Bitcoin unlike PayPal, was really able to create a currency.

Bitcoin BTC could very well be the virtual gold of our time and replace it as a reserve currency – according to Peter Thiel. Many ‘similarities’ were compared between the two by Thiel like it is mineable and its limited supply.

“It’s like a reserve form of money, it’s like gold and it’s just a store of value. If Bitcoin ends up being the cyber equivalent of gold, it has a great potential left.”

On the other hand, Peter did not really have any enthusiastic feel about the other virtual assets and altcoins which could be discouraging for altcoin followers which have put their hopes for most part of the year on them.

While Peter Thiel is pretty bullish on the potential of Bitcoin, in Riyadh, a certain Saudi prince has a different view. Prince Alwaleed bin Talal, the richest Arab in the world, believes that Bitcoin will implode like Enron. While Bitcoin trading is allowed in Saudi Arabia, the Saudi Arabian Monetary Authority has warned people about the risks of investing in Bitcoin. The Middle East is a region teeming with billionaires and if Peter Thiel has managed to convince a few people to invest their oil-dollars in Bitcoin, the price of Bitcoin could receive a boost.

http://ethereumworldnews.com/gold-yesterday-comes-bitcoin-reserve-currency/

Tired of "is bitcoin is a bubble"?

Now you can enjoy the wonders of "is bitcoin a reserve currency"?  

On a serious note, it is possible bitcoin could eventually become a reserve currency to replace gold. This paradigm could represent the natural evolution of cryptocoins with limited supply if it is established that limited supply and algorithmic based regulation are best methods to promote stability and long term value.

Would be interested to know public opinion on this. Would people feel safer having bitcoin as a reserve currency than they would having fiat like the dollar or euro as reserve?

Bitcoin is way better than fiat so having bitcoin as a reserve currency will be better in my opinion the only issue with it is that countries will never allow that unless they got a complete control of bitcoin so if that scenario came to happen that will mean that bitcoin is already under their control and that is something that I find disgusting.

\
It would be disastrous if bitcoin will associate on any country so i think it is a good measures to put up a decentralized currency for the first time in the history this has been done by Bitcoin. I think bitcoin as a reserve currency would not be a good idea first bitcoin will has limits of whatsoever in the future and that would offend our freedom to grow independently.

There's no question that someday bitcoin will become a reserve currency considering its increasing value right now but this doesnt mean that gold will never be used up and will just be part of the history. Bitcoin has still a long way to go to comapare its usage value to most countries worlwide. Bitcoin must be legalized first before it can become a reserve currency for the safety of its users and investors.

[ss890]

It should be noted that Bitcoin is not the only potential reserve currency. All cryptocurrency is, especially more anonymous ones like Monero. A lot of people are switching to Monero as I type this, because it is actually 100% anonymous, whereas Bitcoin is only pseudo-anonymous which means if the government wants, they could track you, but with Monero it isn't possible.

Agreed with you, bitcoins could be considered as pseudo-anonymous but it will be really difficult for the government authorities to trace the origin of the bitcoins transactions, though it is a peer to peer network. Yes, there are many other cryptocurrencies, but only bitcoins has the potential to became a reserve currency.

I think bitcoin gives us more stability and security as compared to other market currency. This is why people choose it more often. Not everyone will start agreeing to put the money into Monero for reserving it in first place because it might not as safe as bitcoin is. The market cap also plays a role while doing this because it makes sure which currency will sustain longer than the other to call it as actual reserve. The more the market cap the longer and safer zone we capture here. So now we are having bitcoin as the potential candidate and believe it will be same throughout all the years.

[ashfer]

Gold is no longer been used in as a reserve for currency in majority of the countries but still there are countries which use gold as their reserve for their currencies which are known to me anyway nothing can replace gold as it has it own value from centuries as it is one of the precious metal which is so valuable and a question does not arise gold being replaced by bitcoins because bitcoins is virtual currency which has no fixed rate its price keeps changing from time to time and it can be considered as good form of investment where as gold is also a good way of investing  money but it is also considered as showing pride and prestige and the price does not change faster like btc .Being reserve asset is something which is so big and bitcoin did not reach that level yet to replace gold.The sudden growth of the btc is that which made it popular in the world and it completely depends on the trust which is being build by the people in it.

[criz2fer]

Peter Thiel – PayPal co-founder and billionaire venture capitalist, for a long time now has been a backer of the virtual currency Bitcoin. Thiel did again indicate out the ‘real potential’ of BTC at the Investment Initiative in Riyadh, Saudi Arabia, pointing out that people are truly underestimating it.

Peter Thiel has long been one of the early proponents of Bitcoin. As early as 2013, he stated that Bitcoin has the potential to change the world. As one of the co-founders of PayPal, he recognized the ability of Bitcoin to revolutionize the monetary space. He had long held the view that monetary sovereignty’s time is limited and encrypted money would be the future. Earlier Peter Thiel did comment on how Bitcoin unlike PayPal, was really able to create a currency.

Bitcoin BTC could very well be the virtual gold of our time and replace it as a reserve currency – according to Peter Thiel. Many ‘similarities’ were compared between the two by Thiel like it is mineable and its limited supply.

“It’s like a reserve form of money, it’s like gold and it’s just a store of value. If Bitcoin ends up being the cyber equivalent of gold, it has a great potential left.”

On the other hand, Peter did not really have any enthusiastic feel about the other virtual assets and altcoins which could be discouraging for altcoin followers which have put their hopes for most part of the year on them.

While Peter Thiel is pretty bullish on the potential of Bitcoin, in Riyadh, a certain Saudi prince has a different view. Prince Alwaleed bin Talal, the richest Arab in the world, believes that Bitcoin will implode like Enron. While Bitcoin trading is allowed in Saudi Arabia, the Saudi Arabian Monetary Authority has warned people about the risks of investing in Bitcoin. The Middle East is a region teeming with billionaires and if Peter Thiel has managed to convince a few people to invest their oil-dollars in Bitcoin, the price of Bitcoin could receive a boost.

http://ethereumworldnews.com/gold-yesterday-comes-bitcoin-reserve-currency/

Tired of "is bitcoin is a bubble"?

Now you can enjoy the wonders of "is bitcoin a reserve currency"?  

On a serious note, it is possible bitcoin could eventually become a reserve currency to replace gold. This paradigm could represent the natural evolution of cryptocoins with limited supply if it is established that limited supply and algorithmic based regulation are best methods to promote stability and long term value.

Would be interested to know public opinion on this. Would people feel safer having bitcoin as a reserve currency than they would having fiat like the dollar or euro as reserve?

Gold reserve is really important in every country for its economy. In history,  nation's gold reserves were considered its key financial asset and a major prize of war. If bitcoin has a potential as gold and overcome fiat money, I think no one would really benefit a war specially if gold reserves as a target. But nothing can replace a gold because of its importance to the world.     

[onrise]

for now bitcoin as the reserve currency, but someday bitcoin will become the main currency across the country. I am very sure bitcoin will take over the world currency, because bitcoin is beneficial for all human beings on earth.

BTC can never become the main currency as no govt has issued this currency. Only which govt issues and controlled by them can be your main currency and since very country has their own currency so no one will accept this as main currency unless the country is the very poor and their currency does not have any value.

[Fatunad]

It should be noted that Bitcoin is not the only potential reserve currency. All cryptocurrency is, especially more anonymous ones like Monero. A lot of people are switching to Monero as I type this, because it is actually 100% anonymous, whereas Bitcoin is only pseudo-anonymous which means if the government wants, they could track you, but with Monero it isn't possible.

Agreed with you, bitcoins could be considered as pseudo-anonymous but it will be really difficult for the government authorities to trace the origin of the bitcoins transactions, though it is a peer to peer network. Yes, there are many other cryptocurrencies, but only bitcoins has the potential to became a reserve currency.

I think bitcoin gives us more stability and security as compared to other market currency. This is why people choose it more often. Not everyone will start agreeing to put the money into Monero for reserving it in first place because it might not as safe as bitcoin is. The market cap also plays a role while doing this because it makes sure which currency will sustain longer than the other to call it as actual reserve. The more the market cap the longer and safer zone we capture here. So now we are having bitcoin as the potential candidate and believe it will be same throughout all the years.

I do believe on security but on stability i would say we cant still be sure since we do know that bitcoin isnt backed by something like on other fiat currencies on the world and even on gold too.The thing we can rely on is that bitcoin do have a strong community support which we can really somehow trust bitcoin to sustain for longer years to come as long community would really make use of it. Reserve currency? Wont really be fit on bitcoin but yet it is a good digital currency which can possibly give us future profits if the trend would still continue.

[wdnj]

I dont think bitcoin can be compared with gold as a currency cause bitcoin price can easily decrease ina couple of second while gold price is very hard to decrease in a short time. Gold exists on the world since the planet was created and it is known by every single person. There is a limited resource of gold so the price is getting higher so as with bitcoin. The difference is that bitcoin is not a tangible thing and the price can be easily controlled while with gold is a lot harder

I think not only that female but there are so many people who have believe in bitcoin to be the best in future times. even in present times when you are making something better for your future you need to see and observe whether it will benefit you or not. Like gold, it has been a fantastic investment in past but bitcoin have override the situation now in international market.

[Gudhal Untu]

Exactly, gold is yesterday and of course the bitcoin users are not interested in investing to other places even gold. better to sell gold and buy bitcoin that proved more profitable.

[supercanada1]

I don’t understand  why is limited supply a stability for long terms? I mean that could actually collapse the economy of bitcoin due to the fact that in the the near future supply and demand will be needed on enormous amounts. What would the reserves will do in such cases? How they will contribute to the national needs.

Limited supply greatly reduces prospects of hyperinflation/devaluation and also poor money management. For real world application the bolivar in venezuela hyperinflating, as it prints increasingly higher volumes of paper currency, might serve as an example.

Venezuela's currency now worth so little shopkeepers weigh vast piles of notes instead of counting them

Inflation in Venezuela is expected to reach 720 per cent this year, with the largest bolívar bill now worth just five US cents on the black market.

Some shopkeepers have reportedly taken to weighing rather than counting the wads of cash customers hand them, and standard-size wallets have become all but useless in the socialist South American state. Instead, many people stuff huge volumes of cash into handbags, money belts, or backpacks, in scenes analysts have said are suggestive of "runaway" inflation.

In 2014, plummeting global oil prices decimated Venezuela's economy. President Nicolás Maduro responded by fixing the official exchange rate and ordering banks to print more cash, which ultimately devalued the currency further, while goods prices soared.

“When they start weighing cash, it’s a sign of runaway inflation,” he said. “But Venezuelans don’t know just how bad it is because the government refuses to publish figures.”

Oil makes up a staggering 95 per cent of Venezuela's exports, and accounts for a quarter of the country's economy, with oil-related revenues having historically supplied roughly half the government budget. This kind of over-reliance on a single export notoriously depresses all other industries in a country, in a phenomenon known by economists as "Dutch Disease".

http://www.independent.co.uk/news/world/americas/venezuelas-currency-hyper-inflation-oil-crisis-devalued-shop-keepers-weigh-notes-a7443596.html

Crypto currencies which have no limit on supply could choose to raise their cap by 5 million tomorrow, then reduce it by 10 million the next day.  They could choose to adopt policies which increase the value of a currency, or do the opposite and adopt policies which devalue it. The reasons and motivations for changing the cap can be political or agenda based, or there could be no reason at all. Having a variable supply opens the door to all forms of manipulation and scams. This is why crypto coins which have limited supply are generally viewed as being more reliable and less prone to negative circumstances than coins which have no predetermined plan for handling supply.

Currencies with variable supply operate heavily on trust. Currencies with limited supply greatly eliminate the trust factor from the equation. You know what you're getting which makes it easier to calculate how much something is worth and what the expected print rates will be.

You are right now the bitcoin and the gold is the thing that is being discuss by the people and the bitcoin has the high value as comp-are to the gold, the value and the income of the bitcoin is high aw compare to the gold in the past all the people were applying the gold as the payment and they were not using the bitcoin because the value and the price of the bitcoin is not low now and the price will be the profit.

[Gozie51]

Gold has not been used as a reserve currency anymore in majority of the countries. So there is no question of replacing gold by bitcoin as a reserve asset. Also I believe bitcoin is not structurally built for such kind of investments. It is a decentralized currency and the legal status of bitcoin is not yet clear in majority of the countries. Also the use of bitcoin is still questionable. It can be very easily used for money laundering and terrorism funding transactions without any hint. So bitcoin can't become a reserve asset for any of the fiat currencies. Bitcoin is good at its current place and the fluctuating nature of its price made it popular to the young & aggressive mass. Reserve asset is a very serious matter and bitcoin or blockchain is not yet ready for such big responsibility.

You have a brilliant angle. The era of Gold being reserved assets is fast disappearing as many people prefer to keep their money in fiat , estate or mortgages.

Thus, presently ; trying to push the role of reserved assets is a misplacement. As you have rightly submitted, nothing in bitcoin gives it that level of operation. "Commodities" that could be used as that are those not characterized primarily with fluctuation.

[Isaak Bitcoin]

Gold will never go away. Gold is a proven value for thousands of years.

[amaral1977]

IMO opinion its more likely that BTC becomes a store of value asset than a widespread use currency. So for the post above i like the words of the paypal founder in terms of being bullish about BTC but i think we will see something other than BTC to emerge as a widespread currency for everyday use. so alts are not dead but has in any inovative or "startup" projects 90% wont thrive...

[bebtc]

I highly doubt this point of view. At least in the next 5 to 10 years, I think it will not become a world-wide recognized normal currency.

[Swopon]

Since bitcoin's price is growing too much high we can observe that gold is past and old asa reserve currency.Bitcoin is new reserve currency.If you invest on bitcoin today you will be rich

[scott1]

I truly believe that BTC is still in its early innings. Having worked in the investment industry for several years, I know how much capital is floating out there that hasn't even touched bitcoin. However, to say that we're close to having BTC as a reserve currency is probably not a strong statement. After all, the volatility of BTC alone would deter most countries. Though, that doesn't mean it couldn't happen. It just means, more institutional money needs to flow in over the years and the ownership structure would probably need to broaden. Currently about 700,000 people own about 96% of all BTC, and the top 2000 holders own about 40%. I'd argue that this structure poses too much risk for any large government to peg their currency to at this time. But again, who knows what could happen 5 years from now.

[Coffee135]

Since bitcoin's price is growing too much high we can observe that gold is past and old asa reserve currency.Bitcoin is new reserve currency.If you invest on bitcoin today you will be rich

You are very mistaken. A reserve currency can only be stable currency. Any reserve Fund should be reliability. Bitcoin is not a predictable asset. No one can give compelling evidence that he will not be a bubble. Such currency is a Paradise for speculators, but absolutely not suitable for the reserve Fund. I think gold still a long time will remain the leader for the reserve.

[thunderbitz2717]

for now bitcoin as the reserve currency, but someday bitcoin will become the main currency across the country. I am very sure bitcoin will take over the world currency, because bitcoin is beneficial for all human beings on earth.

I know that bitcoin was a big full of potentials particularly it surpassed the gold value anyway, but still gold is not bitcoin and there not similar to one another and it is much more closed that bitcoin can possibly become the reserve currency for now but not so sure if this could be the world currency like what you just mentioned above.

[WannaCry]

I really think that bitcoin already had surpassed gold. Even if gold is a good and sure investment, it's price is not as volatile as bitcoin. Bitcoin is profitable because of it's volatility, so I think that's the reason why a lot of people are investing on it. It's really good to have bitcoin because it's a good long term investment.

[cryptoDARO]

Bitcoin is the digital gold.

[maydna]

i think in out there, people still believe and trust with gold because they are familiar with gold only and only few of them that know bitdoin is exist. i think if there are many people is join and many of them adopt bitcoin, perhaps bitcoin will be use as gold too. but when there is no appreciation for bitcoin and people is still using gold, then bitcoin can not defeat gold.

[Osarman]

Yes, recently the group of enthusiasts made an experiment.

There were several people trying to pay for goods and services. One of these guys had to pay only with gold and failed. The other one used only cash and his cash was stolen. The winner — the woman who paid for everything with BTC — said everyone was happy to get Bitcoin for their services and products. Gold is in past - haha

No doubt the gold was used by the world for a very long time for investment and business purposes but it is also a fact to be admitted that now bitcoin is replacing gold. Since gold is a physical currency and have multiple issues while transporting and making payments, in which the security of the physical currency being at the top. Bitcoin has replaced gold in a remarkable way keeping in view the security. It is very amazing to see.

[goldchain]

Bitcoin is the digital gold.

Many people always say that Bitcoin is the "digital gold". I may somehow agree and disagree for this statement. The thing I agree is Bitcoin is gaining its value day after day (we all know that it's several times well worth than gold's value now)

The one I disagree is gold price is control and manipulate by government, while Bitcoin is not having this issue at all - thanks to the decentralized feature.

[Kingofbitcoin12345]

Many will disagree on this one not because it is not true but because they don’t want bitcoin to be controlled and managed by the government and the mainstream.. Even me I have this doubtful feeling of sharing this to this corrupted government officials and bankers greediness.. Bitcoin must be a decentralized currency if taking it to be reserved only the rich will have access to it not like now..

[xebecstyx]

Gold has not been used as a reserve currency anymore in majority of the countries. So there is no question of replacing gold by bitcoin as a reserve asset. Also I believe bitcoin is not structurally built for such kind of investments. It is a decentralized currency and the legal status of bitcoin is not yet clear in majority of the countries. Also the use of bitcoin is still questionable. It can be very easily used for money laundering and terrorism funding transactions without any hint. So bitcoin can't become a reserve asset for any of the fiat currencies. Bitcoin is good at its current place and the fluctuating nature of its price made it popular to the young & aggressive mass. Reserve asset is a very serious matter and bitcoin or blockchain is not yet ready for such big responsibility.

This is such a good point. It is hard to use a decentralized currency as the backing of a country's currency.

It can be replaced; however, before that can happen there should be a great change in how people view and accept bitcoins. Right now, there are so many negative ideas about like it being a scam or it's not a strong currency since there is no government backing. However, many people nowadays are turning onto bitcoin as an alternative currency to transact and invest. Hopefully, in the future it can have a bigger role in the market.

[CuriousGeorge]

Bitcoin is the digital gold.

Many people always say that Bitcoin is the "digital gold". I may somehow agree and disagree for this statement. The thing I agree is Bitcoin is gaining its value day after day (we all know that it's several times well worth than gold's value now)

The one I disagree is gold price is control and manipulate by government, while Bitcoin is not having this issue at all - thanks to the decentralized feature.

I don't think so, the market of gold been spreading across the entire world, maybe government could control its price but only in some region. The unfortunate thing happen to gold is that the government have the right to reserve every gold for printing money so that there's no deflation for their monetary system and by that i still prefer bitcoin.

[Vritesh]

Bitcoin is a modern currency but gold is a traditional asset.Bitcoin cannot replace gold so easily because the amount of security gold provides , Bitcoin cannot provide.

[eternalgloom]

Bitcoin is a modern currency but gold is a traditional asset.Bitcoin cannot replace gold so easily because the amount of security gold provides , Bitcoin cannot provide.

Bitcoin is actually looking less like a currency these day, I mean how could you use something that's so volatile as a currency?
It shouldn't have to replace gold completely, both Bitcoin and gold could easily coexist.

What do you mean by security btw?

[LeGaulois]

When we tolk about reserve we talk about a whole budget of a country. Which needs a good management.
But here, we Don't have to forget that Bitcoin stills a virtual currency.
Maybe after being a real one we can dream it to be the reserve instead of money and gold.

It doesn't work like this. The budget of a country is not based on the reserve owned, otherwise, most countries would have a very low budget.
The budget is determined by the loans countries to get and the capacity of the country to return back the money to the banks. Each country makes a loan request on a daily basis.
Most countries don't have a good management by the way, no matter what they do. That's the reason most of the countries are in negative
http://www.nationaldebtclocks.org/

[supandi wiharja]

It is true that the current fact is like that.
Bitcoin now has a better investment value than gold, because bitcoin is circulating in limited quantities.
While gold until now has not known the exact number, so the price can be manipulated.
Now the existence of bitcoin much predicted, will replace the fiat currency and become a reserve currency, and this can happen we are still waiting for when the situation will happen.

[Paul Pogba]

it looks like the golden era is coming to an end, throw away and sell immediately the gold we have and then switch to bitcoin, then a month we can get profit more than 20%, everything is up to you.

[Paecga129]

That is correct, gold is yesterdays standard, but Bitcoin is coming as a superior standard for sound money. This is what is necessary in a world's reserve currency, a universal ledger if you will. It is vastly superior than gold because we mine more and more gold each year and it's extremely hard to transport and divide. It is also easy to melt it out and add other metals.

[Pytbo]

it looks like the golden era is coming to an end, throw away and sell immediately the gold we have and then switch to bitcoin, then a month we can get profit more than 20%, everything is up to you.

Gold is gold evetime and everywhere.
BTC sometimes equal to 1/10 000 pizza, sometimes to 100 pizzas, sometimes bitcoin cash, BTG, etc...
So real thing is gold.

[keenjester]

Yeah, totally agree, Bitcoin is the future which could lead us to the bright view and golds can't bring it. Stock Bitcoin is the most profitable work that earn good profit than other things else in the world.

[BartS]

It should be noted that Bitcoin is not the only potential reserve currency. All cryptocurrency is, especially more anonymous ones like Monero. A lot of people are switching to Monero as I type this, because it is actually 100% anonymous, whereas Bitcoin is only pseudo-anonymous which means if the government wants, they could track you, but with Monero it isn't possible.

But a reserve currency needs to be the most widely circulating currency and out of all the cryptocurrencies bitcoin is the most widely used so if another crypto wants to become like that it needs to surpass bitcoin and that is not something that is easy do to, while the anonymity of monero is great that is not the most important requirement from a reserve currency.

[butrsukumpanumet]

Yeah, totally agree, Bitcoin is the future which could lead us to the bright view and golds can't bring it. Stock Bitcoin is the most profitable work that earn good profit than other things else in the world.

I think, we better stocks both of them, Golds are not potiental as Bitcoins but they are the stable valuable thing of this world. So maybe somehow you could keep your money's valuation can be kept by golds and increasing by Bitcoins.

[trinhdinhthang20007]

Often when the gold price war has risen, will BTC do so if the BTC is considered as a common currency, as reserves.

[centralbanksequalsbombs]

Peter Thiel – PayPal co-founder and billionaire venture capitalist, for a long time now has been a backer of the virtual currency Bitcoin. Thiel did again indicate out the ‘real potential’ of BTC at the Investment Initiative in Riyadh, Saudi Arabia, pointing out that people are truly underestimating it.

Peter Thiel has long been one of the early proponents of Bitcoin. As early as 2013, he stated that Bitcoin has the potential to change the world. As one of the co-founders of PayPal, he recognized the ability of Bitcoin to revolutionize the monetary space. He had long held the view that monetary sovereignty’s time is limited and encrypted money would be the future. Earlier Peter Thiel did comment on how Bitcoin unlike PayPal, was really able to create a currency.

Bitcoin BTC could very well be the virtual gold of our time and replace it as a reserve currency – according to Peter Thiel. Many ‘similarities’ were compared between the two by Thiel like it is mineable and its limited supply.

“It’s like a reserve form of money, it’s like gold and it’s just a store of value. If Bitcoin ends up being the cyber equivalent of gold, it has a great potential left.”

On the other hand, Peter did not really have any enthusiastic feel about the other virtual assets and altcoins which could be discouraging for altcoin followers which have put their hopes for most part of the year on them.

While Peter Thiel is pretty bullish on the potential of Bitcoin, in Riyadh, a certain Saudi prince has a different view. Prince Alwaleed bin Talal, the richest Arab in the world, believes that Bitcoin will implode like Enron. While Bitcoin trading is allowed in Saudi Arabia, the Saudi Arabian Monetary Authority has warned people about the risks of investing in Bitcoin. The Middle East is a region teeming with billionaires and if Peter Thiel has managed to convince a few people to invest their oil-dollars in Bitcoin, the price of Bitcoin could receive a boost.

http://ethereumworldnews.com/gold-yesterday-comes-bitcoin-reserve-currency/

Tired of "is bitcoin is a bubble"?

Now you can enjoy the wonders of "is bitcoin a reserve currency"?  

On a serious note, it is possible bitcoin could eventually become a reserve currency to replace gold. This paradigm could represent the natural evolution of cryptocoins with limited supply if it is established that limited supply and algorithmic based regulation are best methods to promote stability and long term value.

Would be interested to know public opinion on this. Would people feel safer having bitcoin as a reserve currency than they would having fiat like the dollar or euro as reserve?

Ofcourse, Bitcoin protocol miners and users have formed nearly an uncorruptable system. Centralbank/Fiat based systems have had centuries history of horrid corruption.

Its a matter of educating the public with truth and understanding.

[darkangel11]

I don't have any gold. I never felt attracted to it and I don't know what people see in it. I always prefered things that look nice and have a purpose, like watches. Gold bars are just so crude. Bitcoin on the other hand is easy to handle and store, easy to hide and doesn't degrade. You just can destroy it, it's forever. I'm waiting for the first country to accept it as a currency. What will it be? Zimbabwe maybe?

[cynical]

Peter Thiel – PayPal co-founder and billionaire venture capitalist, for a long time now has been a backer of the virtual currency Bitcoin. Thiel did again indicate out the ‘real potential’ of BTC at the Investment Initiative in Riyadh, Saudi Arabia, pointing out that people are truly underestimating it.

Peter Thiel has long been one of the early proponents of Bitcoin. As early as 2013, he stated that Bitcoin has the potential to change the world. As one of the co-founders of PayPal, he recognized the ability of Bitcoin to revolutionize the monetary space. He had long held the view that monetary sovereignty’s time is limited and encrypted money would be the future. Earlier Peter Thiel did comment on how Bitcoin unlike PayPal, was really able to create a currency.

Bitcoin BTC could very well be the virtual gold of our time and replace it as a reserve currency – according to Peter Thiel. Many ‘similarities’ were compared between the two by Thiel like it is mineable and its limited supply.

“It’s like a reserve form of money, it’s like gold and it’s just a store of value. If Bitcoin ends up being the cyber equivalent of gold, it has a great potential left.”

On the other hand, Peter did not really have any enthusiastic feel about the other virtual assets and altcoins which could be discouraging for altcoin followers which have put their hopes for most part of the year on them.

While Peter Thiel is pretty bullish on the potential of Bitcoin, in Riyadh, a certain Saudi prince has a different view. Prince Alwaleed bin Talal, the richest Arab in the world, believes that Bitcoin will implode like Enron. While Bitcoin trading is allowed in Saudi Arabia, the Saudi Arabian Monetary Authority has warned people about the risks of investing in Bitcoin. The Middle East is a region teeming with billionaires and if Peter Thiel has managed to convince a few people to invest their oil-dollars in Bitcoin, the price of Bitcoin could receive a boost.

http://ethereumworldnews.com/gold-yesterday-comes-bitcoin-reserve-currency/

Tired of "is bitcoin is a bubble"?

Now you can enjoy the wonders of "is bitcoin a reserve currency"?  

On a serious note, it is possible bitcoin could eventually become a reserve currency to replace gold. This paradigm could represent the natural evolution of cryptocoins with limited supply if it is established that limited supply and algorithmic based regulation are best methods to promote stability and long term value.

Would be interested to know public opinion on this. Would people feel safer having bitcoin as a reserve currency than they would having fiat like the dollar or euro as reserve?

i think this is happening already, i have seen articles here on this forum about regular investors turning to bitcoin.
The world is slowly turning to bitcoin as a reserve currency like gold was and still is.
Personally i dont see a problem with it especially in these financial times which are uncertain

[tobs]

On a serious note, it is possible bitcoin could eventually become a reserve currency to replace gold. This paradigm could represent the natural evolution of cryptocoins with limited supply if it is established that limited supply and algorithmic based regulation are best methods to promote stability and long term value.

Would be interested to know public opinion on this. Would people feel safer having bitcoin as a reserve currency than they would having fiat like the dollar or euro as reserve?

I wouldn't go that far. However, if many people decided that they want to consider bitcoin as a stable reserve for the future, it would become such. I mean, cryptocurrency market doesn't seem to apply with regular market rules and in my opinion crypto investors are the ones to decide what the price is going to be. I mean now, bitcoin has no actual usage, yet it's so valued.

[trinhdinhthang20007]

On a serious note, it is possible bitcoin could eventually become a reserve currency to replace gold. This paradigm could represent the natural evolution of cryptocoins with limited supply if it is established that limited supply and algorithmic based regulation are best methods to promote stability and long term value.

Would be interested to know public opinion on this. Would people feel safer having bitcoin as a reserve currency than they would having fiat like the dollar or euro as reserve?

I wouldn't go that far. However, if many people decided that they want to consider bitcoin as a stable reserve for the future, it would become such. I mean, cryptocurrency market doesn't seem to apply with regular market rules and in my opinion crypto investors are the ones to decide what the price is going to be. I mean now, bitcoin has no actual usage, yet it's so valued.

If there is demand, when the demand for using BTC is large enough, there will be an infrastructure system that will serve as the paper currency when it first arrives.

[dmamigo]

I don't have any gold. I never felt attracted to it and I don't know what people see in it. I always prefered things that look nice and have a purpose, like watches. Gold bars are just so crude. Bitcoin on the other hand is easy to handle and store, easy to hide and doesn't degrade. You just can destroy it, it's forever. I'm waiting for the first country to accept it as a currency. What will it be? Zimbabwe maybe?

Mostly people who buys it, does it for investment purpose, just as many are doing for Bitcoin. As a investment option Gold still as a good option, but the rate of interest is too low. And there are various Gold investment instruments which is not tangible and doesn't degrades. But Bitcoin is changing everything now I believe, more people who are investors are shifting daily towards Bitcoin because it has more perks than Gold for sure.

[keenjester]

I don't have any gold. I never felt attracted to it and I don't know what people see in it. I always prefered things that look nice and have a purpose, like watches. Gold bars are just so crude. Bitcoin on the other hand is easy to handle and store, easy to hide and doesn't degrade. You just can destroy it, it's forever. I'm waiting for the first country to accept it as a currency. What will it be? Zimbabwe maybe?

I think everything have their own threats, like golds can be stolen by a real thiefs , access your house, take your golds and maybe could kill you after that. With bitcoins, the threats are hackers, they could find the way to access your private key and BOOM, your bitcoins are gone.

[jak3]

Let me think Bitcoin as a reserved currency sounds interesting. As we know where Bitcoin has the total amount of coins on the network is 21 million and the world's population is probably much bigger than this they already cannot have a larger amount of coin. So this will cause a huge impact on the Bitcoin price as we can see already. Bitcoin has to break into smaller units.

[Alpinat]

yeah bitcoin is kinda reserve currency. many investors from the gold too. they are reserving their money for their future life because for sure the bitcoin will be the highest value of all time , and will be know by all people and invest on it,

[jaysabi]

Peter Thiel – PayPal co-founder and billionaire venture capitalist, for a long time now has been a backer of the virtual currency Bitcoin. Thiel did again indicate out the ‘real potential’ of BTC at the Investment Initiative in Riyadh, Saudi Arabia, pointing out that people are truly underestimating it.

Peter Thiel has long been one of the early proponents of Bitcoin. As early as 2013, he stated that Bitcoin has the potential to change the world. As one of the co-founders of PayPal, he recognized the ability of Bitcoin to revolutionize the monetary space. He had long held the view that monetary sovereignty’s time is limited and encrypted money would be the future. Earlier Peter Thiel did comment on how Bitcoin unlike PayPal, was really able to create a currency.

Bitcoin BTC could very well be the virtual gold of our time and replace it as a reserve currency – according to Peter Thiel. Many ‘similarities’ were compared between the two by Thiel like it is mineable and its limited supply.

“It’s like a reserve form of money, it’s like gold and it’s just a store of value. If Bitcoin ends up being the cyber equivalent of gold, it has a great potential left.”

On the other hand, Peter did not really have any enthusiastic feel about the other virtual assets and altcoins which could be discouraging for altcoin followers which have put their hopes for most part of the year on them.

While Peter Thiel is pretty bullish on the potential of Bitcoin, in Riyadh, a certain Saudi prince has a different view. Prince Alwaleed bin Talal, the richest Arab in the world, believes that Bitcoin will implode like Enron. While Bitcoin trading is allowed in Saudi Arabia, the Saudi Arabian Monetary Authority has warned people about the risks of investing in Bitcoin. The Middle East is a region teeming with billionaires and if Peter Thiel has managed to convince a few people to invest their oil-dollars in Bitcoin, the price of Bitcoin could receive a boost.

http://ethereumworldnews.com/gold-yesterday-comes-bitcoin-reserve-currency/

Tired of "is bitcoin is a bubble"?

Now you can enjoy the wonders of "is bitcoin a reserve currency"?  

On a serious note, it is possible bitcoin could eventually become a reserve currency to replace gold. This paradigm could represent the natural evolution of cryptocoins with limited supply if it is established that limited supply and algorithmic based regulation are best methods to promote stability and long term value.

Would be interested to know public opinion on this. Would people feel safer having bitcoin as a reserve currency than they would having fiat like the dollar or euro as reserve?

Another label to argue over! Haha, I share your facetious take on this. I think a legitimate hindrance to trusting Bitcoin as a reserve currency is the arbitrariness with which it currently operates. We are about to have our third hardfork in very recent memory where some group of people who think they have the answer to bitcoin's problems will be splitting off and attempting to claim the mantle Bitcoin has built. That type of instability and uncertainty about the future makes it impossible for Bitcoin to become a reserve currency.

[cybersofts]

Bitcoin is the new gold 2.0 -  the age of solid gold is over, now is the time virtual gold to endure.
Bitcoin was invented as a digital currency that is fast, secure, fully decentralized and to be acceptable worldwide.
Due to those features of bitcoin - bitcoin becomes the most valuable asset on the planet, if not even the whole solar system.
Because of that people are now buying and selling bitcoins for profit which turns out to be the most profitable traded currency ever.
    

[centralbanksequalsbombs]

Peter Thiel – PayPal co-founder and billionaire venture capitalist, for a long time now has been a backer of the virtual currency Bitcoin. Thiel did again indicate out the ‘real potential’ of BTC at the Investment Initiative in Riyadh, Saudi Arabia, pointing out that people are truly underestimating it.

Peter Thiel has long been one of the early proponents of Bitcoin. As early as 2013, he stated that Bitcoin has the potential to change the world. As one of the co-founders of PayPal, he recognized the ability of Bitcoin to revolutionize the monetary space. He had long held the view that monetary sovereignty’s time is limited and encrypted money would be the future. Earlier Peter Thiel did comment on how Bitcoin unlike PayPal, was really able to create a currency.

Bitcoin BTC could very well be the virtual gold of our time and replace it as a reserve currency – according to Peter Thiel. Many ‘similarities’ were compared between the two by Thiel like it is mineable and its limited supply.

“It’s like a reserve form of money, it’s like gold and it’s just a store of value. If Bitcoin ends up being the cyber equivalent of gold, it has a great potential left.”

On the other hand, Peter did not really have any enthusiastic feel about the other virtual assets and altcoins which could be discouraging for altcoin followers which have put their hopes for most part of the year on them.

While Peter Thiel is pretty bullish on the potential of Bitcoin, in Riyadh, a certain Saudi prince has a different view. Prince Alwaleed bin Talal, the richest Arab in the world, believes that Bitcoin will implode like Enron. While Bitcoin trading is allowed in Saudi Arabia, the Saudi Arabian Monetary Authority has warned people about the risks of investing in Bitcoin. The Middle East is a region teeming with billionaires and if Peter Thiel has managed to convince a few people to invest their oil-dollars in Bitcoin, the price of Bitcoin could receive a boost.

http://ethereumworldnews.com/gold-yesterday-comes-bitcoin-reserve-currency/

Tired of "is bitcoin is a bubble"?

Now you can enjoy the wonders of "is bitcoin a reserve currency"?  

On a serious note, it is possible bitcoin could eventually become a reserve currency to replace gold. This paradigm could represent the natural evolution of cryptocoins with limited supply if it is established that limited supply and algorithmic based regulation are best methods to promote stability and long term value.

Would be interested to know public opinion on this. Would people feel safer having bitcoin as a reserve currency than they would having fiat like the dollar or euro as reserve?

Another label to argue over! Haha, I share your facetious take on this. I think a legitimate hindrance to trusting Bitcoin as a reserve currency is the arbitrariness with which it currently operates. We are about to have our third hardfork in very recent memory where some group of people who think they have the answer to bitcoin's problems will be splitting off and attempting to claim the mantle Bitcoin has built. That type of instability and uncertainty about the future makes it impossible for Bitcoin to become a reserve currency.

Bitcoin has always obliterated scammy competition attempting forks....doesn't sound like that is changing anytime soon. Or do you not believe in market forces? Perhaps you would rather have your bank appoint some central group of people to oversee an organization that'll decide what assets or what companies survives and what fails?

[BartS]

i think in out there, people still believe and trust with gold because they are familiar with gold only and only few of them that know bitdoin is exist. i think if there are many people is join and many of them adopt bitcoin, perhaps bitcoin will be use as gold too. but when there is no appreciation for bitcoin and people is still using gold, then bitcoin can not defeat gold.

Gold has a very long history and we know from that, that gold is a great store of value and under some circumstances a great investment as well, so it is not really a surprise people keep trusting in gold, however bitcoin is slowly becoming noticed by more and more people as they realize that bitcoin can be a great investment and the best thing is that you do not need to do a lot in order to get spectacular profits, the only thing you need to do is to buy it and hold it.

[wilwxk]

Bitcoin have a good future, but in the current situation of cryptos and the high volatility of the price makes the reserve currency concept very hard, and when we are talking about the gold, the gold have a physical protection in the price ( there is a limit of the exploration of it ), bitcoin have too, but its only protected by the code, and with the fast growth of the technology, its easily to think we cannot create a artificial gold than the ccollapse of the bitcoin by the quantum computers. This is my opinion.

[pikebu]

Yes, the government of countries must addopt the bitcoin as a reserve currency because  More People Search ‘Buy Bitcoin’ Than ‘Buy Gold’ the search term “buy Bitcoin” is now more frequent than “buy gold,” adding insult to injury for gold after an ounce began to cost less than one BTC for the first time this year. Unfortunately many the government of countries still close their eyes with bitcoin and band usage of bitcoin without learning about the bitcoin and evaluation about the system of fiat currencies.

[alexzorgo]

Still early to compare bitcoin to gold. Gold has thousand-year history. It will serve as means of accumulation, especially at conservative people for a long time. More safely than gold for a long-term investment people invented nothing yet. For the governments and their central banks it is one of the main methods of concentration of monetary assets in the long term. Bitcoin in comparison with gold just the baby, the newborn. He didn't get on feet yet, helplessly flounders, is unpredictable, unstable.Transformation of consciousness of people about bitcoin will take 20 years a minimum.   

[JL421]

gold is really outdated it has been decreasing since the previous years its better to hold more of bitcoin than gold both are liquid assets and both are investments but if you compare the best one bitcoin is surely going to win easily

[BartS]

it looks like the golden era is coming to an end, throw away and sell immediately the gold we have and then switch to bitcoin, then a month we can get profit more than 20%, everything is up to you.

If you were talking about fiat I will agree but gold is still a good investment, it is true that it has not given too much profits in the last years but most of the people that hold gold are not looking to get the profits like the ones that bitcoin can generate, they are just looking for a store of value and the money they earn by holding gold it is just a bonus to them.

[BabyBoss]

Peter Thiel – PayPal co-founder and billionaire venture capitalist, for a long time now has been a backer of the virtual currency Bitcoin. Thiel did again indicate out the ‘real potential’ of BTC at the Investment Initiative in Riyadh, Saudi Arabia, pointing out that people are truly underestimating it.

Peter Thiel has long been one of the early proponents of Bitcoin. As early as 2013, he stated that Bitcoin has the potential to change the world. As one of the co-founders of PayPal, he recognized the ability of Bitcoin to revolutionize the monetary space. He had long held the view that monetary sovereignty’s time is limited and encrypted money would be the future. Earlier Peter Thiel did comment on how Bitcoin unlike PayPal, was really able to create a currency.

Bitcoin BTC could very well be the virtual gold of our time and replace it as a reserve currency – according to Peter Thiel. Many ‘similarities’ were compared between the two by Thiel like it is mineable and its limited supply.

“It’s like a reserve form of money, it’s like gold and it’s just a store of value. If Bitcoin ends up being the cyber equivalent of gold, it has a great potential left.”

On the other hand, Peter did not really have any enthusiastic feel about the other virtual assets and altcoins which could be discouraging for altcoin followers which have put their hopes for most part of the year on them.

While Peter Thiel is pretty bullish on the potential of Bitcoin, in Riyadh, a certain Saudi prince has a different view. Prince Alwaleed bin Talal, the richest Arab in the world, believes that Bitcoin will implode like Enron. While Bitcoin trading is allowed in Saudi Arabia, the Saudi Arabian Monetary Authority has warned people about the risks of investing in Bitcoin. The Middle East is a region teeming with billionaires and if Peter Thiel has managed to convince a few people to invest their oil-dollars in Bitcoin, the price of Bitcoin could receive a boost.

http://ethereumworldnews.com/gold-yesterday-comes-bitcoin-reserve-currency/

Tired of "is bitcoin is a bubble"?

Now you can enjoy the wonders of "is bitcoin a reserve currency"?  

On a serious note, it is possible bitcoin could eventually become a reserve currency to replace gold. This paradigm could represent the natural evolution of cryptocoins with limited supply if it is established that limited supply and algorithmic based regulation are best methods to promote stability and long term value.

Would be interested to know public opinion on this. Would people feel safer having bitcoin as a reserve currency than they would having fiat like the dollar or euro as reserve?

Bitcoin os decentralized. It has great future and we all know about it. I think about after 5 years bitcoin will be the main digital currency in the coming future. Actually gold is always there but it is no longer use by all but their is few. But we can see gold is still but not totally big earnings.

[palle11]

It has become obvious that Gold has been relegated to the background lately with the emergence of bitcoin. Bitcoin to me is a veritable means to store and reserve currency.

In fact, currency stored as bitcoin has the potential of being valued more than the actual amount in the future with the rate that bitcoin is moving and increasing.

[jaysabi]

Peter Thiel – PayPal co-founder and billionaire venture capitalist, for a long time now has been a backer of the virtual currency Bitcoin. Thiel did again indicate out the ‘real potential’ of BTC at the Investment Initiative in Riyadh, Saudi Arabia, pointing out that people are truly underestimating it.

Peter Thiel has long been one of the early proponents of Bitcoin. As early as 2013, he stated that Bitcoin has the potential to change the world. As one of the co-founders of PayPal, he recognized the ability of Bitcoin to revolutionize the monetary space. He had long held the view that monetary sovereignty’s time is limited and encrypted money would be the future. Earlier Peter Thiel did comment on how Bitcoin unlike PayPal, was really able to create a currency.

Bitcoin BTC could very well be the virtual gold of our time and replace it as a reserve currency – according to Peter Thiel. Many ‘similarities’ were compared between the two by Thiel like it is mineable and its limited supply.

“It’s like a reserve form of money, it’s like gold and it’s just a store of value. If Bitcoin ends up being the cyber equivalent of gold, it has a great potential left.”

On the other hand, Peter did not really have any enthusiastic feel about the other virtual assets and altcoins which could be discouraging for altcoin followers which have put their hopes for most part of the year on them.

While Peter Thiel is pretty bullish on the potential of Bitcoin, in Riyadh, a certain Saudi prince has a different view. Prince Alwaleed bin Talal, the richest Arab in the world, believes that Bitcoin will implode like Enron. While Bitcoin trading is allowed in Saudi Arabia, the Saudi Arabian Monetary Authority has warned people about the risks of investing in Bitcoin. The Middle East is a region teeming with billionaires and if Peter Thiel has managed to convince a few people to invest their oil-dollars in Bitcoin, the price of Bitcoin could receive a boost.

http://ethereumworldnews.com/gold-yesterday-comes-bitcoin-reserve-currency/

Tired of "is bitcoin is a bubble"?

Now you can enjoy the wonders of "is bitcoin a reserve currency"?  

On a serious note, it is possible bitcoin could eventually become a reserve currency to replace gold. This paradigm could represent the natural evolution of cryptocoins with limited supply if it is established that limited supply and algorithmic based regulation are best methods to promote stability and long term value.

Would be interested to know public opinion on this. Would people feel safer having bitcoin as a reserve currency than they would having fiat like the dollar or euro as reserve?

Another label to argue over! Haha, I share your facetious take on this. I think a legitimate hindrance to trusting Bitcoin as a reserve currency is the arbitrariness with which it currently operates. We are about to have our third hardfork in very recent memory where some group of people who think they have the answer to bitcoin's problems will be splitting off and attempting to claim the mantle Bitcoin has built. That type of instability and uncertainty about the future makes it impossible for Bitcoin to become a reserve currency.

Bitcoin has always obliterated scammy competition attempting forks....doesn't sound like that is changing anytime soon. Or do you not believe in market forces? Perhaps you would rather have your bank appoint some central group of people to oversee an organization that'll decide what assets or what companies survives and what fails?

Well in case you haven't noticed, the US financial system under the aegis of the Federal Reserve happens to be functioning quite well, and the gold standard was abandoned because of the handcuffs it put the economy in.  As for hard forks, I'm all for letting the market decide the must useful speculative coin asset. But every joker group trying to split off of btc with a new hard fork isn't producing anything particularly useful at this point, and the infighting between groups is likely to be more harmful than not. As for what is the more useful reserve currency, it's not even close. Bitcoin loses in a landslide to the USD. Could change in the future, but I doubt it based on how things are progressing.

[Kelvinid]

gold is really outdated it has been decreasing since the previous years its better to hold more of bitcoin than gold both are liquid assets and both are investments but if you compare the best one bitcoin is surely going to win easily

Yes i agree.Bitcoin is much more profitable today compared to gold since its value is clearly increasing rapidly.Gold may be considered a good investment too but its value is still very low for the past previous years,not unlike bitcoin that even just a single of it can already push you to build a simple home.

[BartS]

Yes, the government of countries must addopt the bitcoin as a reserve currency because  More People Search ‘Buy Bitcoin’ Than ‘Buy Gold’ the search term “buy Bitcoin” is now more frequent than “buy gold,” adding insult to injury for gold after an ounce began to cost less than one BTC for the first time this year. Unfortunately many the government of countries still close their eyes with bitcoin and band usage of bitcoin without learning about the bitcoin and evaluation about the system of fiat currencies.

The more they deny the reality on the ground the more countries of the world are going to be surprised by the effects of bitcoin, I think those countries are the ones that are more likely to ban bitcoin thinking they are going to be able to manage the situation but that is not going to be the case, bitcoin is going to take over the world and in just a few years bitcoin is going to be used everywhere, only the countries that approach the situation like Japan has done are going to benefit from this situation.

[Aba]

On the other hand, Peter did not really have any enthusiastic feel about the other virtual assets and altcoins which could be discouraging for altcoin followers which have put their hopes for most part of the year on them.

I disagree with this statement.
Altcoin is created by the development of blockchain technology from bitcoin, this technology is adapted and implemented by companies and developers in all aspects of human life.  I think altcoin complements the presence of bitcoin, without altcoin there can be no ICO. with  absence of ICO will later effect to demand of bitcoin, because bitcoin is used to buy Altcoin on an ICO.

[Bitcoinsislife]

Yes you're right. Because it is now the modern payment of generation. If previously gold and fiat moneys now Digital currency already