Gold Is Yesterday, Here Comes Bitcoin As A Reserve Currency

[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.

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[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.