D1v4c (OP)
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June 05, 2019, 06:25:03 AM Last edit: October 21, 2022, 10:49:30 AM by D1v4c |
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https://www.kitco.com/news/video/show/Kitco-NEWS/2424/2019-06-04/Gold-Cant-Compete-With-Bitcoin-As-Form-Of-Money#_48_INSTANCE_puYLh9Vd66QY_=https%3A%2F%2Fwww.kitco.com%2Fnews%2Fvideo%2Flatest%3Fshow%3DKitco-NEWSWhen it comes to recognition as "money" and a "store of value", Bitcoin out-competes gold on its practicality and versatility, said Clem Chambers, CEO of ADVFN I could not take enough gold out of the country for it to be useful to me if I had to leave the country; if I was a South Korean and I thought the North was going to drop a bomb on my city, if I was an Iranian that was running away from people in Iran. There are all sorts of reasons why I would want to take a lot of money abroad. I can’t take more than $10,000. In gold, I can’t carry enough, it’s too heavy. I can’t take, say, 20 kilos of gold to the airport.
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CryptoBry
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June 05, 2019, 05:45:30 PM |
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One of the most obvious advantage of bitcoin is that it is in digital form no need to carry and hide it anywhere just like the physical gold though of course you can deposit your gold somewhere (there are companies performing this job for you). As always, there will be advantages and disadvantages -- bitcoin and the physical gold have that depending on how you view them. Right now, bitcoin is raging but some are commenting on its volatility as a disadvantage especially for newcomers who are not used to this feature which gold can claim not to be. My point here is that if you have the money you can go for both bitcoin and gold...both are considered as safe haven in times of crisis and disasters.
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BitHodler
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June 05, 2019, 07:40:39 PM |
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My point here is that if you have the money you can go for both bitcoin and gold...both are considered as safe haven in times of crisis and disasters.
I think more important than having the money is that you make a rational decision. You can hate on Bitcoin as much as you want as gold bug, but despite all its ups and downs, Bitcoin has given investors much better returns. Gold needs the economy to perform bad in order to do well, while Bitcoin has so much more to offer and can do well regardless of how bad or good economies perform. That's a very important point to take into consideration. Gold has the advantage that it doesn't have to prove anything. It has established itself for thousands of years and the consensus is that people believe there is nothing that can replace gold as precious metal. Bitcoin has some catching up to do on that front.
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BSV is not the real Bcash. Bcash is the real Bcash.
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hatshepsut93
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June 05, 2019, 10:53:37 PM |
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"I could not take enough gold out of the country for it to be useful to me if I had to leave the country; if I was a South Korean and I thought the North was going to drop a bomb on my city, if I was an Iranian that was running away from people in Iran."
It's a good argument, but most of the people in this world don't live in conditions like Iranians or Venezuelans, they don't sit on their luggage ready to leave their country at any moment, so this feature is not too important for them. Sadly, Bitcoin's volatility is what prevents Bitcoin from truly being a great store of value - the risk that it will go down is much higher than the risk that your government will confiscate it. Bitcoin is great is certain niche cases, but gold is better for most people as store of value. I think more important than having the money is that you make a rational decision. You can hate on Bitcoin as much as you want as gold bug, but despite all its ups and downs, Bitcoin has given investors much better returns.
Gold needs the economy to perform bad in order to do well, while Bitcoin has so much more to offer and can do well regardless of how bad or good economies perform. That's a very important point to take into consideration.
Gold has the advantage that it doesn't have to prove anything. It has established itself for thousands of years and the consensus is that people believe there is nothing that can replace gold as precious metal.
Bitcoin has some catching up to do on that front.
Bitcoin is also much more risky then gold, so it's really not fair to compare their performance.
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Distinctin
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June 07, 2019, 05:59:37 AM |
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That's the advantage, actually a big advantage, but people still recognize gold as the most useful and a good hedge of funds to fight inflation. Hopefully in the future, people will be more educated and the government will make crypto space a good place to invest not for big investors but for typical investors as well.
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kotajikikox
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June 08, 2019, 02:09:54 PM |
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Gold can make as money but bitcoin for me is a kind of money.Easy to use every where you go.by using an apps you can carry your bitcoin wallet.than a gold need to exchange to makes as money. By the use cant compete gold to bitcoin because bitcoin much better to use. Gold can compete to bitcoin in term of value because there have voth a big value. Although gold can maintain there big value than bitcoin is volatility.
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BitHodler
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June 08, 2019, 07:25:16 PM |
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Bitcoin is also much more risky then gold, so it's really not fair to compare their performance.
It depends though. Gold is already at a point it won't likely double in value anymore, where you also need to have economies and fiat currencies perform bad in order to have gold increase. Based on that I personally consider gold a more risky asset than Bitcoin when it comes to potential returns. With gold you risk a stagnant or even a decreasing price with on top of that loss in purchasing power due to inflation. If you look back at gold's performance in the 5 years, it booked a 7% gain in terms of its price. In terms of purchasing power you lost ~10% so you haven't done yourself a favor choosing gold over Bitcoin.
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BSV is not the real Bcash. Bcash is the real Bcash.
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LeGaulois
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June 08, 2019, 08:16:40 PM |
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When comparing Gold and Bitcoin the first comments going up people think we should store tons of gold in our pockets. Have they forgotten the gold coins? Gold and Bitcoin are too different by nature to be compared. When we say that gold is a safe haven, we cannot really say the same about Bitcoin. The ROI isn't a question with Gold while it is with BTC.
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Sithara007
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June 09, 2019, 05:22:26 AM |
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Gold may not be very popular now (due to low returns), but it has always been a reliable form of investment to store your wealth. The volatility is low and it is free from the risk of market crashes, loan default and currency manipulation. Right now converting your money in to gold is not advisable, as the markets are performing so good. Once there is a market correction, we'll see an increase in the demand for gold.
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magneto
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June 09, 2019, 09:46:40 AM |
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When it comes to recognition as "money" and a "store of value", Bitcoin out-competes gold on its practicality and versatility, said Clem Chambers, CEO of ADVFN
"I could not take enough gold out of the country for it to be useful to me if I had to leave the country; if I was a South Korean and I thought the North was going to drop a bomb on my city, if I was an Iranian that was running away from people in Iran. There are all sorts of reasons why I would want to take a lot of money abroad. I can’t take more than $10,000. In gold, I can’t carry enough, it’s too heavy. I can’t take, say, 20 kilos of gold to the airport". I think that bitcoin has already surpassed gold as a form of actual currency - it is simply too inconvenient and impractical to be transacting with gold in small to medium amounts, while bitcoin thrives in this area. However, I wouldn't say yet that bitcoin is a better store of value. People are still psychologically wired to accept gold as a representation of money itself. Though, if you look at fundamentals alone, I think that it is safe to say bitcoin pretty much has all the aspects (limited supply, decentralised mining) that makes gold a long term inflation proof asset. I wouldn't be surprised if more countries in the future adopt BTC on a massive scale as a reserve asset.
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Kakmakr
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June 09, 2019, 10:06:17 AM |
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"Bitcoin is borderless" and this is one of the reasons why I hoard it for a day that may come when I have to quickly leave the country and escape with my wealth. I live in a country with a lot of political instability and hatred and also a corrupt government, so I need some currency that would allow me to relocate to a another country, when the shit hits the fan in my country of origin. ![Wink](https://bitcointalk.org/Smileys/default/wink.gif) Physical Gold can be used to a limited degree, but it is not practical as OP has stated. I once tried to go on holiday with a few Gold rings and jewellery that I wanted to sell and it turned out bad, because it draw too much attention from customs. ![Roll Eyes](https://bitcointalk.org/Smileys/default/rolleyes.gif) <I was only allowed to take out a limited amount of money>
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joniboini
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June 09, 2019, 11:15:31 AM |
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The ROI isn't a question with Gold while it is with BTC.
Are you saying that if you buy gold, it will always give you better returns in the future? That sounds too optimistic. As far as I can see, gold's price is pretty much stagnant for a while now, before the next crisis happens, I doubt it will rise in value that much. Gold may not be very popular now (due to low returns), but it has always been a reliable form of investment to store your wealth.
I'm surprised. Almost everybody believes that storing your wealth by buying gold and hold it for years is a great investment. What do you mean not popular?
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LeGaulois
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June 09, 2019, 02:35:23 PM |
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The ROI isn't a question with Gold while it is with BTC.
Are you saying that if you buy gold, it will always give you better returns in the future? That sounds too optimistic. As far as I can see, gold's price is pretty much stagnant for a while now, before the next crisis happens, I doubt it will rise in value that much. Gold may not be very popular now (due to low returns), but it has always been a reliable form of investment to store your wealth.
I'm surprised. Almost everybody believes that storing your wealth by buying gold and hold it for years is a great investment. What do you mean not popular? No, I say people buying gold aren't (really) looking to make a profit. A 100% ROI is fine, anything extra is a bonus. The main goal was to protect the capital anyway. While Bitcoin is a pure speculative product and capital cannot be secured in a market like Bitcoin's. Anyone doing it is totally insane. And for folks speculating on it, Gold's price isn't stagnant, zoom out for the last 20 years (since investing in gold should be done for a 20 years period at least)
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Falgorn
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June 09, 2019, 03:41:14 PM |
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Each type of means of payment has its advantages and disadvantages. Gold and cryptocurrency are too different from each other and therefore can complement each other, and not compete with each other. Therefore, we can not say that you can choose gold or cryptocurrency. We need to learn how to work with these two financial assets.
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pixie85
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June 09, 2019, 09:59:56 PM |
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"Bitcoin is borderless" and this is one of the reasons why I hoard it for a day that may come when I have to quickly leave the country and escape with my wealth. I live in a country with a lot of political instability and hatred and also a corrupt government, so I need some currency that would allow me to relocate to a another country, when the shit hits the fan in my country of origin. ![Wink](https://bitcointalk.org/Smileys/default/wink.gif) Physical Gold can be used to a limited degree, but it is not practical as OP has stated. I once tried to go on holiday with a few Gold rings and jewellery that I wanted to sell and it turned out bad, because it draw too much attention from customs. ![Roll Eyes](https://bitcointalk.org/Smileys/default/rolleyes.gif) <I was only allowed to take out a limited amount of money> It can't be used as payment at all unless you are paying for something very expensive. There's no way somebody is going to bring a gold bar with him to buy a car. It could work only in real estate or company takeovers that are known to be made with stocks, bonds, natural resources, even credit agreements, because the exchanged amounts are very high and it's rarely expected for the buyer to have all money in cash. Gold could work in that field but you will never be able to go to a computer store or a restaurant and pay with gold bullion.
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1Referee
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June 10, 2019, 12:27:12 PM |
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Gold could work in that field but you will never be able to go to a computer store or a restaurant and pay with gold bullion.
This remind me of something a Gold bug said, which directly contradicted Gold's "usefulness" as money in these situations. The dude said that you can spend Gold anywhere. When he was asked how that is possible, he said that you can exchange your Gold for US dollars in a pawn shop or a jewelry store, and use the US dollars to conduct the purchases. ![Cheesy](https://bitcointalk.org/Smileys/default/cheesy.gif) I couldn't believe how delusional that dude was. The money in this case is the US dollar, and not Gold. All he did is point out how useless Gold really is as money.
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prehisto
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June 17, 2019, 03:04:43 PM |
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Actually the " 10 thousand" argument also is quite important. Because a lot of countries even in EU, requires one to declare amounts over 10k Euros on their borders. In any case if the money is legal or illegal, this is a burden and I imagine that none like to do that. The same goes for gold. BTC is just more convenient.
Gold and FIAT at this point is more stable than BTC, this is the only advantage for those who seek stability.
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Sithara007
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June 17, 2019, 03:41:38 PM |
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Gold may not be very popular now (due to low returns), but it has always been a reliable form of investment to store your wealth.
I'm surprised. Almost everybody believes that storing your wealth by buying gold and hold it for years is a great investment. What do you mean not popular? The demand for gold has gone down ever since 2011. If you check the charts, then you can see that the prices have declined from around $1,800/oz. to around $1,350 per oz. To be a reliable store of value, gold needs to have a stable price. But here, as you can see the prices have declined by almost 30%. If you take into account the inflation as well, then the decline is close to 40%.
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AVATAR & PERSONAL TEXT Leading Crypto Sports Betting & Casino Platform Feel free to drop your doubts bellow Report to moderator ♠ ♥ ♣ ♦ ▬▬▬ ▬ Stake.com / Play Smarter ▬ ▬▬▬ ♠ ♥ ♣ ♦ ▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬ L E A D I N G C R Y P T O C A S I N O & S P O R T S B E T T I N G Advertised sites are not endorsed by the Bitcoin Forum. They may be unsafe, untrustworthy, or illegal in your jurisdiction. Advertise here. Strongkored Legendary * Online Online Activity: 2072 Merit: 1061 View Profile Personal Message (Online) Trust: +0 / =0 / -0 Ignore Re: [OPEN]Stake.com NEW SIGNATURE CAMPAIGN l NEW PAYRATES l HERO & LEG ONLY May 31, 2022, 08:28:59 AM Reply with quote +Merit #2 Bitcointalk Username: strongkored Profile Link: https://bitcointalk.org/index.php?action=profile;u=640554Post Count: 5040 Forum Rank: Legendary Are you able to wear our Signature, Avatar & Personal Text? will wear upon receipt Stake
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roosbit
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Random coins :)
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June 17, 2019, 05:26:09 PM |
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Honestly here we have a clear winner, no need for comparisons, bitcoin is here to displace the old heavy material called gold, a material that can't be practically be used as an everyday medium of exchange, that's the more reason it's mostly referred to as the new digital gold by many of us.
And in an era were we are reliant on technology it just makes sense to have a preference of btc over gold.
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BitHodler
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June 17, 2019, 09:32:40 PM |
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To be a reliable store of value, gold needs to have a stable price.
Something being a store of value can be different from person to person depending on their time horizon. In most cases people hold gold for 5-10 years on average and tend to add more gold as time goes by. If you're not touching your gold bars for 5-10 years, why does it matter that the price is stable? In fact, people buy gold because they think it will go up. I don't know many people holding gold just because they want a stable price. But here, as you can see the prices have declined by almost 30%. If you take into account the inflation as well, then the decline is close to 40%.
And that's exactly why a stable price isn't something you should aim for. Gold has been a horrible store of value in my opinion. It didn't only perform poorly, but it couldn't even beat inflation in the more recent years.
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BSV is not the real Bcash. Bcash is the real Bcash.
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