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Author Topic: Bitcoin, Gold or Money?  (Read 935 times)
MasterCoinBit
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November 16, 2018, 09:33:41 AM
 #1

So Bitcoin is designed so that the value of it will increase over time as opposite to traditional money in which the value of it will go down. But won't that make it more like gold instead of actual money?
By the prices of stuff going up in traditional money, it encourages keeping the goods and trading them, for example if someone owns a house that house's value won't just go down with time, it can go through time. But if goods were to keep getting lower in prices then it can as a result discourage buying them and trading. Which makes Bitcoin unusable as money. To keep your money safe of course you can store in a bank as they give you a small amount of interest.
Bitcoin has a limited supply and as time goes by and its popularity increases the prices can go higher and higher, making it less effective to be used as usual money. Imagine how would a shop keeper feel as their good will only decrease in price. And like traditional money which has banks Bitcoin doesn't offer much solution to this.
So even if bitcoin prices were to stabilize, wouldn't it be more like gold than a currency to use like traditional money? Gold is very similar in those terms to Bitcoin.
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November 16, 2018, 11:01:50 AM
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You're right, bitcoin's deflationary nature means that present spending is more expensive than future spending. Therefore from an economic point of view it is not useful when it comes to stimulating an economy. Also similarly to gold there may come a time where bitcoin is steadily increasing but only at a slow rate, therefore there won't be such a trade off between present and future consumption.

There is also one thing that people always assume when stating that bitcoin value will always rise, and that's that demand will continue to increase. If demand remains static or falls then the price won't increase over time.


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November 16, 2018, 12:25:07 PM
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So Bitcoin is designed so that the value of it will increase over time as opposite to traditional money in which the value of it will go down. But won't that make it more like gold instead of actual money?
By the prices of stuff going up in traditional money, it encourages keeping the goods and trading them, for example if someone owns a house that house's value won't just go down with time, it can go through time. But if goods were to keep getting lower in prices then it can as a result discourage buying them and trading. Which makes Bitcoin unusable as money. To keep your money safe of course you can store in a bank as they give you a small amount of interest.
Bitcoin has a limited supply and as time goes by and its popularity increases the prices can go higher and higher, making it less effective to be used as usual money. Imagine how would a shop keeper feel as their good will only decrease in price. And like traditional money which has banks Bitcoin doesn't offer much solution to this.
So even if bitcoin prices were to stabilize, wouldn't it be more like gold than a currency to use like traditional money? Gold is very similar in those terms to Bitcoin.
yes, bitcoin is like gold, but it is very different because the value of bitcoin fluctuates and gold is stagnant, I also think that bitcoin cannot be used like ordinary money because the amount is limited and its growing community will make its value continue to increase.
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November 16, 2018, 12:57:57 PM
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So Bitcoin is designed so that the value of it will increase over time as opposite to traditional money in which the value of it will go down. But won't that make it more like gold instead of actual money?
By the prices of stuff going up in traditional money, it encourages keeping the goods and trading them, for example if someone owns a house that house's value won't just go down with time, it can go through time. But if goods were to keep getting lower in prices then it can as a result discourage buying them and trading. Which makes Bitcoin unusable as money. To keep your money safe of course you can store in a bank as they give you a small amount of interest.
Bitcoin has a limited supply and as time goes by and its popularity increases the prices can go higher and higher, making it less effective to be used as usual money. Imagine how would a shop keeper feel as their good will only decrease in price. And like traditional money which has banks Bitcoin doesn't offer much solution to this.
So even if bitcoin prices were to stabilize, wouldn't it be more like gold than a currency to use like traditional money? Gold is very similar in those terms to Bitcoin.

No,Bitcoin isn't "designed" for that.There's no guarantee that the bitcoin price will increase over time.
The price of bitcoin depends of the market demand for btc,there's no guarantee that the demand will rise.
The limited supply of BTC doesn't mean anything,because bitcoin can be divided into 1M satoshis.
Just read Satoshi's original whitepaper and don't ask questions that are already asked 1000 times.




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November 16, 2018, 01:06:01 PM
 #5

So Bitcoin is designed so that the value of it will increase over time as opposite to traditional money in which the value of it will go down. But won't that make it more like gold instead of actual money?
By the prices of stuff going up in traditional money, it encourages keeping the goods and trading them, for example if someone owns a house that house's value won't just go down with time, it can go through time. But if goods were to keep getting lower in prices then it can as a result discourage buying them and trading. Which makes Bitcoin unusable as money. To keep your money safe of course you can store in a bank as they give you a small amount of interest.
Bitcoin has a limited supply and as time goes by and its popularity increases the prices can go higher and higher, making it less effective to be used as usual money. Imagine how would a shop keeper feel as their good will only decrease in price. And like traditional money which has banks Bitcoin doesn't offer much solution to this.
So even if bitcoin prices were to stabilize, wouldn't it be more like gold than a currency to use like traditional money? Gold is very similar in those terms to Bitcoin.

In my situation right now Money because I don't have such in my hands right now. The second is gold since Gold is now worth something to hold for than with any crypto , and a lot of people are now using it. The third is crypto or Bitcoin.
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November 16, 2018, 01:18:17 PM
 #6

"Bitcoin or Money"? What does this even mean? Bitcoin IS Money. It is money that is not issued by central banks and backed by government. It is energy based and secured by mathematics. As long as you keep thinking about bitcoin as opposed to "actual money" I think you're still missing the point. Money is a technology that has specific goals. Storing value and exchanging it for goods and services. Bitcoin is able to fulfill these goals incomparably more efficient than both fiat and gold.

Bitcoin is The Actual Money.

Fiat is government issued numbers that can be used like actual money... until the country goes into hyperinflation because of the decisions of politicans and bankers... or until your bank, card company or payment service decides to block your account for any reason at all... and not before half of the fiat you earn is taken away from you through taxes.
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November 16, 2018, 02:03:02 PM
 #7

Bitcoin, gold and the third money is its use as an age tool now.in ancient times, ancient people did use gold, money as a price of buying and selling, but today's people only use paper money, coins, and digital like Bitcoin. maybe transactions on the internet are not the jurisdiction of any country.

gold, money is a conventional investment with slow growth and main obligations. Well, Bitcoin is investing a new style with fast growth and high.
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November 16, 2018, 02:10:40 PM
 #8

Although, bitcoin is like somehow like gold as the OP said because they are both a good investment which is why we see some project in the crypto sphere which combine crypto with gold in terms of keeping their investors profit intact. However, we must understand that they both have there advantage and disadvantage but I will definitely go for bitcoin every day.



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November 16, 2018, 02:13:37 PM
 #9

I can only choose satoshi because even an ounce of it have value and it makes a greater increase for the past few years than gold.

I suppose bitcoin will be more valuable  than money or gold in the long run just saying.

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November 16, 2018, 02:29:24 PM
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yes, bitcoin is like gold, but it is very different because the value of bitcoin fluctuates and gold is stagnant,
Gold is one of the most liquid and developed markets in the world, of course it's stable/stagnant. Bitcoin is no match for Gold in that regard, where on top of that, it's an asset that has been around for thousands of years versus an asset that has been here just for a decade. Bitcoin needs time. It will be up there eventually.

I also think that bitcoin cannot be used like ordinary money because the amount is limited and its growing community will make its value continue to increase.
If you think in Satoshis, there is plenty of juice for everyone using Bitcoin, regardless of the price. Isn't it cool to have money that increases in value instead of fiat that keeps losing value?
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November 16, 2018, 02:35:23 PM
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If you think in Satoshis, there is plenty of juice for everyone using Bitcoin, regardless of the price. Isn't it cool to have money that increases in value instead of fiat that keeps losing value?
It isn't about being cool or not. It's that from an economical point of view, such a thing can make it ineffective as money.
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November 16, 2018, 03:12:12 PM
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You're right, bitcoin's deflationary nature means that present spending is more expensive than future spending.
I'm no economist, but I don't believe that statement is true.  Yes, bitcoin is limited in number, but that's no guarantee whatsoever that it's going to keep increasing in price.  Hell, the purchasing power of the bitcoin I own has decreased by about 10% since last week, and I think altcoins have suffered even more.

But won't that make it more like gold instead of actual money?
The comparison of bitcoin with gold has been discussed to death already.  They're two very different things, and their markets behave very differently.  At this point gold is a commodity, not a currency (though it used to be one), whereas bitcoin is a weird hybrid of a currency and an investment--and it's that investment aspect of it that keeps it from being stable like a true currency should be.

Isn't it cool to have money that increases in value instead of fiat that keeps losing value?
Yes indeed it would be cool if that was true.  I agree fiat will keep losing value, but I don't agree that bitcoin will keep gaining value.

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November 16, 2018, 03:17:42 PM
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So Bitcoin is designed so that the value of it will increase over time as opposite to traditional money in which the value of it will go down. But won't that make it more like gold instead of actual money?
By the prices of stuff going up in traditional money, it encourages keeping the goods and trading them, for example if someone owns a house that house's value won't just go down with time, it can go through time. But if goods were to keep getting lower in prices then it can as a result discourage buying them and trading. Which makes Bitcoin unusable as money. To keep your money safe of course you can store in a bank as they give you a small amount of interest.
Bitcoin has a limited supply and as time goes by and its popularity increases the prices can go higher and higher, making it less effective to be used as usual money. Imagine how would a shop keeper feel as their good will only decrease in price. And like traditional money which has banks Bitcoin doesn't offer much solution to this.
So even if bitcoin prices were to stabilize, wouldn't it be more like gold than a currency to use like traditional money? Gold is very similar in those terms to Bitcoin.
yes, bitcoin is like gold, but it is very different because the value of bitcoin fluctuates and gold is stagnant, I also think that bitcoin cannot be used like ordinary money because the amount is limited and its growing community will make its value continue to increase.
it's true because gold and bitcoin are almost the same but in terms of price it is very different to experience an increase, because bitcoin is if the more people use it, the faster bitcoin will increase

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November 16, 2018, 03:36:20 PM
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So Bitcoin is designed so that the value of it will increase over time as opposite to traditional money in which the value of it will go down. But won't that make it more like gold instead of actual money?
By the prices of stuff going up in traditional money, it encourages keeping the goods and trading them, for example if someone owns a house that house's value won't just go down with time, it can go through time. But if goods were to keep getting lower in prices then it can as a result discourage buying them and trading. Which makes Bitcoin unusable as money. To keep your money safe of course you can store in a bank as they give you a small amount of interest.
Bitcoin has a limited supply and as time goes by and its popularity increases the prices can go higher and higher, making it less effective to be used as usual money. Imagine how would a shop keeper feel as their good will only decrease in price. And like traditional money which has banks Bitcoin doesn't offer much solution to this.
So even if bitcoin prices were to stabilize, wouldn't it be more like gold than a currency to use like traditional money? Gold is very similar in those terms to Bitcoin.
Yes you are right that bitcoin is kinda similar to gold. But if im going to choose between the two I will prefer bitcoin investment. Tho gold is also better , bitcoin is volatile so I can earn huge profit from it. I know that some of you will also think the same way.There are a lot of people compare bitcoin to gold even if you can clearly see the difference with them.
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November 16, 2018, 03:54:50 PM
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So Bitcoin is designed so that the value of it will increase over time as opposite to traditional money in which the value of it will go down. But won't that make it more like gold instead of actual money?
By the prices of stuff going up in traditional money, it encourages keeping the goods and trading them, for example if someone owns a house that house's value won't just go down with time, it can go through time. But if goods were to keep getting lower in prices then it can as a result discourage buying them and trading. Which makes Bitcoin unusable as money. To keep your money safe of course you can store in a bank as they give you a small amount of interest.
Bitcoin has a limited supply and as time goes by and its popularity increases the prices can go higher and higher, making it less effective to be used as usual money. Imagine how would a shop keeper feel as their good will only decrease in price. And like traditional money which has banks Bitcoin doesn't offer much solution to this.
So even if bitcoin prices were to stabilize, wouldn't it be more like gold than a currency to use like traditional money? Gold is very similar in those terms to Bitcoin.

This is a very good question and few people understand the nature and functions of money. You say that Bitcoin is more like gold than "actual money", but people forget that for hundreds of years gold WAS money. The fiat system that we have today only appeared in 1971, when Nixon ended the Bretton Woods agreement that pegged the dollar to the gold and every other currency to the dollar.

There is no problem if an economy uses a currency that is deflationary in nature. Quite the contrary, it will be best if everyone knows that their money will keep their value or actually increase in value. This will encourage saving, which is the only sustainable way to grow an economy. From a business perspective, you care about profit, or the difference between income and expenses. Even if your prices are forced to go down all the time, you can still make a profit if your expenses go down faster than the income.

Right now it is hard to imagine that prices for primary factors of production could fall faster than the prices of consumer goods, but it's just the reverse state than now. One big advantage over the inflationary system that we have right now is that there will be no more redistribution from the poor to the wealthy through a mechanism called Cantillon Effect. Basically those who get possession of newly issued money have an unfair advantage over those who get the money last, because they can buy the things they need at old prices, and the poor watch how their purchasing power dwindles and their income stays the same while every price increases.

This inflation if one of the primary reasons for inequalities in the world and why the wealthy stay wealthy and the poor stay poor. Get rid of inflation and the poor will get richer faster and the wealthy will not rise as fast as they do right now.
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November 16, 2018, 04:19:58 PM
 #16

Quite an interesting thought regarding bitcoin and its current state. However one must remember that even before official financial institutions, organizations and firms existed, gold was around, was used as money in almost every country available and it, too is deflationary in nature. Bitcoin, while deflationary, still has the tendency to lose value in the short-term, and the long-term appreciation of value isn't guaranteed either, so assuming that bitcoin will always appreciate in price is already wrong. It's a usable form of money but not as excellent compared to fiat currency that we have today, but then again, it's easier and more convenient to use than gold as money since you have the hassle of carrying gold wherever you need to go and most shops would need to cut the gold precisely just to get the value that they needed. It doesn't offer easier divisibility unlike bitcoin and fiat currency, so again, gold would still be a worse form of money than bitcoin.

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November 16, 2018, 04:39:49 PM
 #17

So Bitcoin is designed so that the value of it will increase over time as opposite to traditional money in which the value of it will go down. But won't that make it more like gold instead of actual money?
By the prices of stuff going up in traditional money, it encourages keeping the goods and trading them, for example if someone owns a house that house's value won't just go down with time, it can go through time. But if goods were to keep getting lower in prices then it can as a result discourage buying them and trading. Which makes Bitcoin unusable as money. To keep your money safe of course you can store in a bank as they give you a small amount of interest.
Bitcoin has a limited supply and as time goes by and its popularity increases the prices can go higher and higher, making it less effective to be used as usual money. Imagine how would a shop keeper feel as their good will only decrease in price. And like traditional money which has banks Bitcoin doesn't offer much solution to this.
So even if bitcoin prices were to stabilize, wouldn't it be more like gold than a currency to use like traditional money? Gold is very similar in those terms to Bitcoin.

In this kind of life of mine I would choose Money above all three because I can surely use that to make and buy the things from the three choices.
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November 16, 2018, 05:52:30 PM
 #18

So Bitcoin is designed so that the value of it will increase over time as opposite to traditional money in which the value of it will go down. But won't that make it more like gold instead of actual money?
By the prices of stuff going up in traditional money, it encourages keeping the goods and trading them, for example if someone owns a house that house's value won't just go down with time, it can go through time. But if goods were to keep getting lower in prices then it can as a result discourage buying them and trading. Which makes Bitcoin unusable as money. To keep your money safe of course you can store in a bank as they give you a small amount of interest.
Bitcoin has a limited supply and as time goes by and its popularity increases the prices can go higher and higher, making it less effective to be used as usual money. Imagine how would a shop keeper feel as their good will only decrease in price. And like traditional money which has banks Bitcoin doesn't offer much solution to this.
So even if bitcoin prices were to stabilize, wouldn't it be more like gold than a currency to use like traditional money? Gold is very similar in those terms to Bitcoin.
I do not agree with your reasoning. Bitcoin was not created in such a way, so that its price is constantly increasing. It was created as an alternative payment system to the existing payment systems. If Bitcoin will constantly grow in value, then it will lose its value as a payment system. What, in principle, is already happening.
Bitcoin has nothing to do with gold and it is useless to compare it with gold. These are completely different things and concepts.
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November 16, 2018, 07:27:02 PM
 #19

So Bitcoin is designed so that the value of it will increase over time as opposite to traditional money in which the value of it will go down. But won't that make it more like gold instead of actual money?
By the prices of stuff going up in traditional money, it encourages keeping the goods and trading them, for example if someone owns a house that house's value won't just go down with time, it can go through time. But if goods were to keep getting lower in prices then it can as a result discourage buying them and trading. Which makes Bitcoin unusable as money. To keep your money safe of course you can store in a bank as they give you a small amount of interest.
Bitcoin has a limited supply and as time goes by and its popularity increases the prices can go higher and higher, making it less effective to be used as usual money. Imagine how would a shop keeper feel as their good will only decrease in price. And like traditional money which has banks Bitcoin doesn't offer much solution to this.
So even if bitcoin prices were to stabilize, wouldn't it be more like gold than a currency to use like traditional money? Gold is very similar in those terms to Bitcoin.

Bitcoin like money is not very practical.It is rather a means of accumulation.Just think when Bitcoin mining will end, how much the commission will cost.
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November 16, 2018, 07:30:17 PM
 #20

My current stratedy is to look at the stocks, if they continue the downtred ( has a lower low) then I am seriously considering GOLD/SILVER.
The crypto market has suprised my with this last downfall and the behavior in general in correlation with stocks.

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