Gold Is Yesterday, Here Comes Bitcoin As A Reserve Currency

[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?