Is gold still relevant?

[grampajack]

As said earlier, I'm brand new to bitcoin and feel like I'm having a red pill moment as I learn what bitcoin is and what it can do. I'm now asking myself if gold is even still relevant. The purpose behind gold was that it was a store of wealth that couldn't be manipulated by inflation, couldn't be counterfeited, etc.

Well, bitcoin can apparently fulfill all of those conditions that gold can, plus it's liquid and nonphysical, meaning I can use it to instantly purchase something from the other side of the planet. Doing that with gold will always require using a fiat currency. Even if gold were to become the currency again, like in ancient times, purchasing goods online would always require using gold notes of some sort, and gold notes were THE original fiat currency, and are perhaps the most vulnerable form of money there is in terms of inflation and counterfeiting.

So in light of blockchain technology, I'm seeing gold being worth no more than its value as a commodity. What do yous guys think?

[hilda483]

It's all about what risks you want to take. If you want low risks and low ROI, then gold, high risk and high ROI, crypto.

[grampajack]

It's all about what risks you want to take. If you want low risks and low ROI, then gold, high risk and high ROI, crypto.

I'm thinking way past that. What I'm wondering is if in the not to distant future (say the next 10-20 years) gold will no longer be used as a store of wealth period, in which case it wouldn't be an investment at all. I mean a scenario in which governments no longer used it to back currencies, it was no longer hoarded, and the only people interested in it were solely interested in its usefulness for electronics and jewelry.

[patarfweefwee]

Since the beginning of time gold is precious, now gold is still precious and will still be precious. It's one of the main backing for currency in any country, of course other products could be used but gold is one of the standard. Now with bitcoin, this currency just started...

[Elephantag]

Since the beginning of time gold is precious, now gold is still precious and will still be precious. It's one of the main backing for currency in any country, of course other products could be used but gold is one of the standard. Now with bitcoin, this currency just started...

You say nonsense. Gold has always been the guarantor of the economic stability of any state. No bitkoin his never replace.

[grampajack]

Since the beginning of time gold is precious, now gold is still precious and will still be precious. It's one of the main backing for currency in any country, of course other products could be used but gold is one of the standard. Now with bitcoin, this currency just started...

You say nonsense. Gold has always been the guarantor of the economic stability of any state. No bitkoin his never replace.

Maybe maybe not. Gold as a currency is already highly undervalued due to the simple fact that it's useless for anything but face to face transactions. Here in the very, very near future, face to face transactions will be virtually unheard of, with most retail going to online. And what retail is left over, such as perishable goods at grocery stores, will still use digital currency, as the checkouts will not be manned. It's also likely that you will reserve your purchases online, pay for them, then pick them up at the store. The era of large retail spaces is going to be a thing of the past, and in the future retail stores will take products directly from stockroom to customer, likely with some kind of automated fulfillment system.

So if you have a digital currency that can't be inflated, then gold loses its function as a store of wealth.

[WorldBitICO]

Yes. It is still relevant.

[Brothersav]

Gold will always hold value. Go a 33% investment split between gold btc and silver

[FreezyDiggi]

gold will always have value. It's rare and useful.

[Bitcoinerx]

BTC is the new gold
but old gold is and will be always gold

[JessF-38]

I can't say what the future holds, but I think for right now gold is still relevant.  Maybe not as much as before either, but, still relevant nonetheless.  

[DroidR17A]

Gold is a safe-haven, that performs far better in times of crises than when it's all hunky dory. Cryptos are highly volatile, can provide much higher returns on investment, but could also end-up getting banned in some countries, thus increasing the risk. A good portfolio should have a mix precious metals, traditional stocks/commodities and cryptos. Gold really comes into it's own in times or war/when society breaks down, or when caught in a conflict zone. The problem there is that you have to have in in hand for it to be any use. You may have noticed a golden barrette with little gold cubes or beads on some pilot's uniforms. The beads or cubes are small weights of gold, to be used for trading/buying safe passage if their plane goes down over hostile territory. Also, if there was ever an EMP event, you can kiss your cryptos goodbye, but gold will still be there - and more valuable than ever.

[faroukd666]

Nothing is relevant, only cryptocurrencies are! lol

[ikecuit]

Yes gold is still relevant, crypto is still an experiment and can be hacked. It is easier not to lose your gold.

[Kavallo]

Yes, gold is the physical bitcoin.

[beonline]

Yeah especially if you got lots of it

[DeepestOnion]

Yes, Gold has thousands of years of history and it will still be around when Bitcoin will be forgotten, in a 1000 years...

[ericminnesota]

Of course and it will always be

[godwyn50]

The older generations are much more focused on gold and privacy issues than the younger generation. Hence gold is still relevant

[horner35]

I agree with the past few posts, i think it's still relevant.  I think it's best to stay diversified and have something of everything.