Bitcoin Will Replace Gold! Here's Why...

[Dr.Osh]

Bitcoin has its own place in the portfolio of investors, and gold has its own separate space. We don't need to compare these two assets, as they are very different from each other. You can argue that Bitcoin is capable of replacing fiat cash or equities, but I wouldn't go ahead and claim that it is going to replace an asset such as physical gold.

Gold is being used by humans as an investment asset for the past thousands of years. None of the central bank issues assets, including treasury bonds or banknotes have managed to poach on its market share. The same goes for Bitcoin as well. As it is a digital asset, in future Bitcoin will be replaced by some other asset. But gold will always be there, irrespective of the technological advances.

basically gold has become a very valuable asset of the past. in fact, it can be said that gold and silver are the reasons for today's economic civilization. we know that all fiat has value because fiat is backed up with gold.

currently, bitcoin is measured in dollars or fiat, and fiat is measured in gold/silver. I can't imagine what if bitcoin replaced gold. in addition, the most important thing is, gold and bitcoin are 2 different types of investments.

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[Wind_FURY]

Bitcoin will never replace gold, they are in totally different asset classes. You might just as well say water will replace air, both are essential to life, and they will continue to co-exist.

I blame some of the extreme maximalists who force the idea that Bitcoin is literally "digital gold" online. It is not. Although store of value is acceptable, literally "digital gold" is not in my opinion.

[AjithBtc]

Bitcoin will never replace gold, they are in totally different asset classes. You might just as well say water will replace air, both are essential to life, and they will continue to co-exist.

I blame some of the extreme maximalists who force the idea that Bitcoin is literally "digital gold" online. It is not. Although store of value is acceptable, literally "digital gold" is not in my opinion.

Agreed, already there is digital gold which is just the digital way of backing gold. People used to misinterpret bitcoin with digital gold. This is all because of the lack in proper understanding. Even now we've got few projects that are tokenised accumulating gold as the backing asset along with the technology.

[Herbert2020]

Bitcoin will never replace gold, they are in totally different asset classes. You might just as well say water will replace air, both are essential to life, and they will continue to co-exist.

I blame some of the extreme maximalists who force the idea that Bitcoin is literally "digital gold" online. It is not. Although store of value is acceptable, literally "digital gold" is not in my opinion.

it is the new way of thinking that came from all the rises that have happened so far. people start thinking of bitcoin as a pure investment that is going to give them "fiat" profit. 2017 specially intensified this way of thinking.
the good news is that as the bubble burst of 2017 and the long bear market happened most of these people went away and the way of thinking dwindled.

[FinanciallyFreeFox]

Gold and Bitcoin have their own segments. Gold investors are usually people who do not understand or are skeptical of cryptocurrency

But what will happen when the future generations who understand Bitcoin replace the people who do not understand Bitcoin

I don't really think you understand the main ideology and purpose of bitcoin. If you do, you will never say that bitcoin is gonna replace Gold. Bitcoin was not developed to be an investment entity but it was meant to be an alternate form of physical currency which has no central body controlling it and provide a peer to peer environment for people to transact business with lesser charges.

Bitcoin is whatever you make of it. It's owned by the people, so the people decide what it is used for, not the creator.

Bitcoin gives people the ability to be their own bank, to store their own value. So it is a store of value.

Gold is a store of value. If Bitcoin eventually is seen as a more convenient and accessible store of value then it is possible that Gold will lose market cap to Bitcoin.

This has happened historically when Silver became easier to transact with than Gold, and then it switched back to Gold when countries began moving to the Gold standard. We are now off the Gold standard.

Maybe we will move to the Bitcoin standard?

[Red-Apple]

Gold and Bitcoin have their own segments. Gold investors are usually people who do not understand or are skeptical of cryptocurrency

But what will happen when the future generations who understand Bitcoin replace the people who do not understand Bitcoin

for bitcoin to be adopted more it doesn't have to replace anything specially not something like gold!
if your arguments were about bitcoin replacing banks and traditional financial systems then your arguments would have made more sense compared to now that you are insisting on comparing bitcoin with something that doesn't even fall under the same category as bitcoin (ie a currency).

[migws]

I believe that Bitcoin and gold should not be compared. Understand that gold is a physical asset and Bitcoin is a digital one. Both of them are used to store of value. However, I am sure that no matter how crypto develops, gold will always be a valuable asset. Understood, physical assets are more usable than digital ones, and this should fundamentally distinguish them.

[virasisog]

i can agree to this and will be possible in the future , just for the reason that the generation of today are extremely expose with the technology and economy digitally. Bitcoin is more accessible by them than gold. As computers replaced typewriters so as Bitcoin will replace  gold and fiat.

[noormcs5]

I don't think bitcoin will replace gold because bitcoin is bitcoin, gold is gold. The two of them both have value, gold is physical while bitcoin is digital. In the modern world, we may become dependent on the technology but I don't think gold will lost or lessen its value. Gold is from the nature itself and is also limited, man didn't make it unlike bitcoin, and in the future, it'll be hard to mine gold that would make it more valuable. While bitcoin may be volatile but it's also a good way of investment if you're planning to hold it for like 1-5 years. But if you're planning to pass something to your grandson, gold is good.

I agree, for many people, Gold is more attractive than Bitcoin. Gold has been proven for thousands of years as a safe haven asset while for many people Bitcoin is a speculative asset that has no underlying. In my opinion, Bitcoin and Gold will go hand in hand as an investment for many people

I do not believe that gold is more attractive as compare to bitcoins. People who invests in bitcoin and those who invest in gold are of different mentality.
Mostly young generations like bitcoin because it is digital currency and you can gain more profit from it in the short term. On the other hand, Gold investment is mostly done by the older generation as they feel that Gold is stable and reliable.

[serjent05]

you shouldn't even be comparing bitcoin and gold because they have nothing in common and not in the same category for one to replace the other. bitcoin is a currency and gold is many things but not a currency. gold will remain as it is as long as it keeps its use cases which it will. and bitcoin, as a separate and entirely different thing will grow only as long as it is offering what it is suppose to, meaning a decentralized secure payment system that is censorship resistant.

I believe gold were once used as money/currency in the market being traded by mere merchants in buying stuffs until the invention of paper money that is backed by gold reserves.  There are characteristics between gold and Bitcoin that is comparable but  I agree with you in not comparing the two.  Gold will be gold and stay as it is and Bitcoin will always be Bitcoin and function the way it is intended to be.  Bitcoin will never replace gold's usage the same way gold to bitcoin.  In addition, is it possible to see a nations currency be backed by Bitcoin reserved?

[qwertyup23]

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You are overlooking what essential distinction between gold and bitcoin which makes them both irreplaceable. Gold is an actual/tangible material that was naturally produced and formed on Earth. Due to being highly-sought as a luxury and as an excellent store of value for investment, this precious metal has been skyrocketing its price over the years.
On the other hand, bitcoin has been around only for a couple of years but it has been one of the most controversial investment due to its high-volatility and decentralized in nature.

People always compare and contend that bitcoin is the digital gold of the era. Their similarities in price, usage, and supply are undisputed but what makes them distinct is their very nature. Gold will always have an intrinsic value due to being a precious material/metal but bitcoin solely exists on the internet.

[1Referee]

People always compare and contend that bitcoin is the digital gold of the era. Their similarities in price, usage, and supply are undisputed but what makes them distinct is their very nature. Gold will always have an intrinsic value due to being a precious material/metal but bitcoin solely exists on the internet.

Fair point. I have toned down a lot lately with my anti Gold narrative just for that reason. It has very strong properties that many people here tend to overlook because they are just focusing on the aspects they care about, and not so much on the aspects that make Gold be profoundly different from Bitcoin.

Another thing is that if people are truly honest to themselves, there isn't all that much about Gold that you can doubt because it has proven itself in almost every facet, while Bitcoin is still in its infancy as asset and has a lot to prove in the forthcoming decades. Gold will never be a worthless piece of metal, that's a fact. Thousands of years of empirical evidence support that claim.

[erricducducan26]

Hmm there is a point

[ethereumhunter]

But there is a huge difference between gold and bitcoin. The price is increasing as the time passed. Yet, the bitcoin is flactuating and inflating because it is volatile. Gold can be used as a pure investment but bitcoin wasn't created for that purpose. It is just a plus factor that it can be considered as a digital asset but it's main purpose is the blockchain technology. I may say bitcoin can never replace gold bec. Of those reasons.

I think if you want to make a fast profit, you can choose bitcoin because the price is up and down every day. So you can expect to make a lot of money from bitcoin. Although gold can give you more money, the gold price does not fluctuate as bitcoin, and if the gold price increases, the increases will not be like bitcoin. But I don't think that bitcoin will replace gold since many people out there still prefer to use gold for their investment so maybe they will always choose gold as their primary investment.

[Wind_FURY]

Bitcoin will never replace gold, they are in totally different asset classes. You might just as well say water will replace air, both are essential to life, and they will continue to co-exist.

I blame some of the extreme maximalists who force the idea that Bitcoin is literally "digital gold" online. It is not. Although store of value is acceptable, literally "digital gold" is not in my opinion.

Agreed, already there is digital gold which is just the digital way of backing gold. People used to misinterpret bitcoin with digital gold. This is all because of the lack in proper understanding. Even now we've got few projects that are tokenised accumulating gold as the backing asset along with the technology.

No. That's your opinion, not mine.

Calling Bitcoin a form of "digital commodity" is OK, or an attempt to a provably scarce asset for the internet. But calling it "digital gold" that will replace gold, no.

[hotmom]

Replacement gold? Hardly. I would rather believe that they will find a new precious metal on Mars and replace gold with it. And bitcoin is needed for another purpose

[suvo05]

On the basis of which reason you are telling like that. BTC and Gold are completely different thing in every aspect. One thing is common that both are tradable. None of them is going to replace each other.

Replacement gold? Hardly. I would rather believe that they will find a new precious metal on Mars and replace gold with it. And bitcoin is needed for another purpose

This is also impossible, have you imagine how much it would cost to establish a miner outside the earth

[conected]

But there is a huge difference between gold and bitcoin. The price is increasing as the time passed. Yet, the bitcoin is flactuating and inflating because it is volatile. Gold can be used as a pure investment but bitcoin wasn't created for that purpose. It is just a plus factor that it can be considered as a digital asset but it's main purpose is the blockchain technology. I may say bitcoin can never replace gold bec. Of those reasons.

I think if you want to make a fast profit, you can choose bitcoin because the price is up and down every day. So you can expect to make a lot of money from bitcoin. Although gold can give you more money, the gold price does not fluctuate as bitcoin, and if the gold price increases, the increases will not be like bitcoin. But I don't think that bitcoin will replace gold since many people out there still prefer to use gold for their investment so maybe they will always choose gold as their primary investment.

- Agree, without the replacement of gold, the highest can only be competition and attract investors from gold, it is difficult to completely replace because investors' goals and choices are based on many different criteria, they will consider each investment, from favorable to difficult, to sum up to choose the right investment for them. A person will like gold when it's safe and stable, even honoring their nobility, some other investors will like bitcoin when they are new, they see the opportunity created by bitcoin, high risk and great return, this is the risk to change.

[yazher]

Not really replacing gold but Bitcoins will become one of the permanent currency in the near future and its volatility will be no longer there maybe it stops from the higher price and from there, we will be no longer see the sudden drop of its price like the golds.

Gold cannot be replace because it was there a long time ago before bitcoin become known to us.

[thisappointed]

Overtime I've researched what has made gold desirable as a store of value.

Additionally I've come to understand the limitations of Gold, and why I believe Gold will be seen as the go to store of value less and less going into the future.

We're living in an increasingly high speed, digital world, where people expect instant access to their funds and their stored value.

Gold cannot and will not be able to offer this to future generations, who will not accept the limitations of Gold.

I believe Bitcoin meets the and surpasses many of the attributes offered by Gold.

For this reason I think Bitcoin will grow to become the primary store of value for people, and will begin taking market cap away from Gold.

I've created a video below where I list the attributes that Bitcoin has, that Gold simply does not have, and why Gold cannot compete with Bitcoin.

I believe proponents of Bitcoin have been too soft on Gold. Gold is severely limited.

Please watch the video and let me know what you think. Thanks

https://youtu.be/UyaNJMxWmSU

Bitcoin is the new trend in this new age, and gold is the old fashion, in my opinion. People nowadays will not invest in Gold, let me tell you why. If you are going to invest in gold, you will need a vault for that to keep it safe, unlike bitcoin, you just need a hardware wallet to keep it, less hassle and more safe than having a gold in your house, don't you agree. Another thing is investing in Gold is like putting your money in banks, it is going to take some time before you make profits on it, unlike in Bitcoin, prices are spiking every single time.

Even though the market for now is in bearish market, when it hits the bull runs, your profits will be huge and what more if you store more than 1 bitcoin.