Bitcoin versus Gold, the conflict

[squatter]

Are the two in competition? I don’t think so. Gold has been in existence for almost from the beginning of the world while bitcoin has just been here since few years ago. I don’t also see they are in conflict. People are comparing investments between the two but both has different characteristics, features and uses.

They are competing in the sense that both are -- or could be -- used as store-of-value assets that hedge against currency failure or devaluation, failure of banking systems like bail-ins, etc. In that sense, they each occupy a certain "market share" of the store-of-value space.

Bitcoin proponents often take the position that since it has some superior characteristics -- predictable scarcity, portability, the ability to be transferred over a communications channel -- it will eat into gold's market share.

[TheMoneyMongers]

This speculations that Bitcoin will overshadow Gold at the long-run is an hot topic being discussed by major players. Although they have some similarities which among them is the scarcity, there can only be 21 million bitcoins, while there are around 180,000 tons of the major commodity gold in the world. Financial institution and experts has been describing Bitcoin to resolved the debt issue rampaging the world in no distance time despite the high volatility of Bitcoin from nearly $20,000 in late 2017 and crashed to $3000 range in first quarter of 2019 but still enjoyed the decentralization advantage. I am not doubting this as almost everybody like FREEDOM, this is what Bitcoin is enjoying over other high rated commodities like Gold.

Will the money in trillion of Dollars be shifted to Bitcoin from Gold in future making the later less redundancy or the two are not competitive to each other? Why is always the question which one is better to HOLD (Bitcoin or Gold). What is the danger of HOLDING the two? Can one outsmart the other in the near future, I am just keen to know due to a lot of argument around these two commodities.

I am of the opinion that the two are here to stay and I am in serious doubt that one will bow to another but what did you think. Kindly correct me with facts.

Thank you

I agree with you but Bitcoin's monetization will be the biggest story of this century and it will certainly steal away a large marketcap of Gold as a store of value. On the other hand, I am not sure Gold will be able to keep its status quo given the fact asteroid mining will make Gold supply virtually unlimited.

[yohananaomi]

I think it is clear that gold is the best and best known and that more people are accustomed to investing in gold, again can be used as personal accessories and in certain parts of the country, gold has been used as a sign of identity. besides that gold is obviously earlier when compared to bitcoin, and I don't have the same thoughts with you that gold money will be transferred to bitcoin. because clearly more people are accustomed to mengivestasikan and not doubtful with gold, in contrast to bitcoin only certain people who already know. obviously bitcoin and gold are different investments and cannot be equated.

[coolcoinz]

They are competing in the sense that both are -- or could be -- used as store-of-value assets that hedge against currency failure or devaluation, failure of banking systems like bail-ins, etc. In that sense, they each occupy a certain "market share" of the store-of-value space.

We can take a stance that all products that can be used for the same purpose compete with each other, but isn't it a bit silly? Various foods compete for the title of best nutrition, cars compete for the cheapest, most reliable and most friendly to the environment and so on. Does it mean anything to an average user? Id's go with nope.
Bitcoin is there and gold is there. If bitcoin suddenly stops existing all that value won't jump into gold.
From my point, people make choices and these choices not always lead to using the best product according to the researchers or polls, but often the product that goes well with their interests. For that reason, despite gold being used as valuable item for thousands of years, many people (including me) choose unstable bitcoin over it.