What needs to happen in order for bitcoin to replace gold

[CryptoBry]

With more and more countries moving towards gold, one major question has arisen: how exactly will we measure value in an increasingly digital world, and what will take the place of the “gold standard”. Some financial analysts are suggesting Bitcoin (BTC) as the obvious replacement, but what actually needs to happen for Bitcoin to take the place of gold, and is Bitcoin (BTC) actually up to the task?

Bitcoin is called by some experts as the digital gold because of some similarities and they are both valuable too but there are of course many differences. Can Bitcoin eventually replace gold as "safe haven" or good store of value and as reserve currency that nations can adopt and hold? Yes, there is a big possibility for that but first there are some things that Bitcoin has to achieve first before some countries can consider it to be a part of their holdings. One major concern is Bitcoin's volatility. First, Bitcoin has to achieve some stability meaning no more crashes, pumps and dumps as this is a major concern even by many merchants and institutional buyers. Second, there must be bigger adoption of the coin by the general population and institutional investments must be coming into it. Third, central banks must like and be in love with Bitcoin because no matter how good this currency is if those in the authorities will say no then there is nothing we can do therefore convincing political leaders can be the icing on the cake.

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[ILuckyGuyI]

Still, should Bitcoin reach the $300,000 mark, there’s no denying that it could very well become the new gold standard.

I agree with you on this idea. I believe that Bitcoin price will reach 300k dollars in 10-15 years. When it reaches that high, I think too that Bitcoin will be like a digital gold and people will prefer investing in both of them.

[error08]

Bitcoin is a digital form that requires an internet connection to validate it.
Meanwhile, gold is a physic form, has inherent value and a lot of usefulness in daily life.
Bitcoin will never replace gold, the same thing in both is can be used as a store of value, being used as currency? Not really practical.

[Maslate]

Bitcoin is a digital form that requires an internet connection to validate it.
Meanwhile, gold is a physic form, has inherent value and a lot of usefulness in daily life.
Bitcoin will never replace gold, the same thing in both is can be used as a store of value, being used as currency? Not really practical.

They are really different but we need them both, so I don't think we need to replace gold, as gold is one way form of investing, unlike Bitcoin, wherein we can use as a medium of exchange, transferring funds, and investing while gold cannot buy even prepaid load in a store. So, we should not be threaten by gold.

There's no need for bitcoin to replace gold because in the first place, bitcoin has indeed higher value compared to gold. But bitcoin isn't made just for a pure investment like we have nowadays because its real purpose is to be an alternative payment option. But since the government is not yet ready to adopt bitcoin legally, then people make use of bitcoin as a profitable investment.

[erickastella]

I think if bitcoin is replaced by gold it doesn't matter, but bitcoin is not shaped and we don't need to carry a wallet just enough to capitalize your cellphone then it's complete, if we carry gold anywhere then it's very troublesome too.
I prefer bitcoin because, basically bitcoin makes transactions easier.
even though it is very vulnerable to the hacking of BTC wallets, therefore, as holders we must be smart so that they are not easily exposed like that.

[DoublerHunter]

I think if bitcoin is replaced by gold it doesn't matter, but bitcoin is not shaped and we don't need to carry a wallet just enough to capitalize your cellphone then it's complete, if we carry gold anywhere then it's very troublesome too.
I prefer bitcoin because, basically bitcoin makes transactions easier.
even though it is very vulnerable to the hacking of BTC wallets, therefore, as holders we must be smart so that they are not easily exposed like that.

^ So, how they relate that we are comparing them? Bitcoin is a form of digital currency with a high value and gold is a good stuff to use as an asset. So, nothing to do with comparing with these two valuable stuff. Bitcoin will become a number on digital currency that use on the internet as a form of payment and gold is also good as your asset. Nothing happens on comparing instead it is a good option if you have these as your assets.

[diazepam666]

I'm not sure why you want to compare between with the gold and why this Bitcoin need to replace gold.  Last year onwards I have seen the gold value going to next level but Bitcoin still fluctuations more than any product.

Volatility is the biggest weapon for Bitcoin that should allow to make more noise than anything.

[alexsandria]

To be in solid form to? LOL, just kidding. I mean, bitcoin will never replaced gold as a whole even bitcoin will receive every modification it needed. If you are talking about as a form of investment only, then yes, those you have mentioned can be the ways. But if you are talking about replacing gold as a whole, then no, it would never replaced gold. Gold has different important purposes other than form pf investment like it is used in medicinal equipments,  and etc, and on these purposes clearly bitcoin can replaced gold.

[Astvile]

to "replace" something you have to be in the same category as that thing. bitcoin is a currency while gold is not. so it can never replace something that is not even similar to!

Indeed, this is what bothers me every day when I go into this forum people who keeps talking about bitcoin replacing gold but they haven't realized that bitcoin has its own scene and use and purpose and gold has too theres no need for bitcoin or gold replacing each other because they are superior in their own field.

[Pearls Before Swine]

With more and more countries moving towards gold

The article starts with this assertion, which I believe is incorrect.  What countries are allegedly 'moving towards gold'?  That sounds like something Max Keiser would say, knowing he won't be challenged on it because he speaks in an echo chamber of gold bulls.

This bitcoin v. gold thing has been circulating on the forum ever since I've been a member here and probably ever since bitcoin was born.  It is not a fair comparison in my opinion.  Bitcoin is not a competitor of gold in the same way real estate isn't.  Bitcoin is a form of money like gold used to be, and its an investment tool like gold is, but the similarities end right there. 

Thus the question posed in the title of this thread is unanswerable.  It isn't rational to think a digital asset could replace something like gold.  You might as well ask when bitcoin will overtake Ford Motor Company stock.

[Inkdatar]

To be in solid form to? LOL, just kidding. I mean, bitcoin will never replaced gold as a whole even bitcoin will receive every modification it needed. If you are talking about as a form of investment only, then yes, those you have mentioned can be the ways. But if you are talking about replacing gold as a whole, then no, it would never replaced gold. Gold has different important purposes other than form pf investment like it is used in medicinal equipments,  and etc, and on these purposes clearly bitcoin can replaced gold.

This could not happen, in the first place bitcoin and gold has a different function. Every time I read some inputs here others really like to replace bitcoin into gold. Indeed, Bitcoin from the start has its own purpose as a currency and I cannot see to replaced into gold in the future.

[maxreish]

OP already answered his/her own question in the title of the thread. However, there are already tons of topics about the comparison of gold vs bitcoin. It is just simple- bitcoin is digital investment while gold is a physical investment. The criteria of gold is far from btc's characteristics.

On the other hand, both have limited quantities that is why both are special as an investments. I don't think it is wise to compare those two with different uses in real life.

[ReiMomo]

~snip~
On the other hand, both have limited quantities that is why both are special as an investments. I don't think it is wise to compare those two with different uses in real life.

Tend to agree, these both are valuable stuff but it has different functions when it comes usage on it. Nothing replacement happens because Bitcoin is a form of currency. When it comes to investment choosing both of them is a good step to have a good asset. But here is the fact.
Well, maybe the best thing to do is wait to increase the value of bitcoin. Much better to double or triple the price to attract more investors and might be able to replace gold. That's the best thing to do so that many investors well now focus on bitcoin and might forget about gold.

[SummerBliss]

You are talking of replacing two entirely different things as one is physical store of value in the form of gold and other is a digital programmed currency having some monetary value known as bitcoin.The gold can be replaced by some other metal or same type of material not by btc or any other coin and moreover the volatility of bitcoin is too high and government can't afford to loose all its reserves or funds with price dumps in the market.So gold will be safe standard for all the people as investment with less risk.Investments can be incresed in bitcoin or other coins but replacing is not a option available.

[Murat]

Is it really essential to get replaced Gold by Bitcoin? I don't think so, Bitcoin is a virtual currency and the Gold is not like this, so why it should be our concern? if you want to compare Bitcoin with Gold on the investment context then it will be a different thing, but in the payment method, Bitcoin is not related to the gold so replacement is not necessary for this aspect, I think the competition should be with Bitcoin and USD because USD is the most used currency in the current context so Bitcoin should be like, it will happen when an authentic regulation process will be established, then people will get interested and faith in this system, except regulation, the flourishment of this platform is really difficult.

[Sadlife]

Still, should Bitcoin reach the $300,000 mark, there’s no denying that it could very well become the new gold standard.

I agree with you on this idea. I believe that Bitcoin price will reach 300k dollars in 10-15 years. When it reaches that high, I think too that Bitcoin will be like a digital gold and people will prefer investing in both of them.

then after?bitcoin already replaced Gold?in all aspect this cant be true guys.the existence of Gold is already  here from the ancestors and this is Physical that will remain forever even how many tiimes it will liquidized still its gold but what about Bitcoin>?a Digital Gold?what if there is a world war?or any massive attacks for humanity?how can you use Bitcoin?but Gold will be indeed can be use so better stop this fantasy because the two are very different in many aspect and cannot be replaced by each others

[Edraket31]

Still, should Bitcoin reach the $300,000 mark, there’s no denying that it could very well become the new gold standard.

I agree with you on this idea. I believe that Bitcoin price will reach 300k dollars in 10-15 years. When it reaches that high, I think too that Bitcoin will be like a digital gold and people will prefer investing in both of them.

then after?bitcoin already replaced Gold?in all aspect this cant be true guys.the existence of Gold is already  here from the ancestors and this is Physical that will remain forever even how many tiimes it will liquidized still its gold but what about Bitcoin>?a Digital Gold?what if there is a world war?or any massive attacks for humanity?how can you use Bitcoin?but Gold will be indeed can be use so better stop this fantasy because the two are very different in many aspect and cannot be replaced by each others

Yes, and we can't do something to replace gold as it has been existing ever since, gold is not like any other commodity, it has no significant uses, but gold will be a fiat commodity if to the extent that enough people believe that it has value. Also, it is regulated by government, so the price cannot be manipulated unlike crypto.

[Meowth05]

To be in solid form to? LOL, just kidding. I mean, bitcoin will never replaced gold as a whole even bitcoin will receive every modification it needed. If you are talking about as a form of investment only, then yes, those you have mentioned can be the ways. But if you are talking about replacing gold as a whole, then no, it would never replaced gold. Gold has different important purposes other than form pf investment like it is used in medicinal equipments,  and etc, and on these purposes clearly bitcoin can replaced gold.

This could not happen, in the first place bitcoin and gold has a different function. Every time I read some inputs here others really like to replace bitcoin into gold. Indeed, Bitcoin from the start has its own purpose as a currency and I cannot see to replaced into gold in the future.

They are not supposed to be compared indeed, simply because bitcoin is a currency and can be an asset at the same time while gold is just an asset. Bitcoin is are meant to be used transaction while gold is physical and this only means they are not comparable. If you want to compare something it must be between the same function, for instance, currency to currency like Bitcoin into fiat currency.

[xiboothrezi]

in general, Bitcoin has the basic properties of gold, as rare, requires a process to mine and is quite difficult, and limited. In economic law, if supply is a little (limited) and high demand, it will increase prices significantly. That applies to gold and bitcoin, it's just that gold price movements are not as extreme as bitcoin.
It is only necessary to wait until bitcoin becomes more famous and functional to carry out various activities as a compatible alternative. Just like gold, bitcoin is a pretty promising investment, with greater risk, but provides greater opportunities as well.
However, to replace the position of gold that I feel does not make sense. Both are in different dimensions, and every investor has their own passion and tendencies in determining their investment. Both will be more beneficial if used together, complementary. Is not it?

[bharal07]

to "replace" something you have to be in the same category as that thing. bitcoin is a currency while gold is not. so it can never replace something that is not even similar to!
not to mention that the purpose of bitcoin has never been to replace anything in the world. it was always to offer the alternative decentralized payment system that nobody could control or shut down ever.

I don't think they can replace bitcoin with gold because bitcoin is also gold isn't it? if only there was a coin of bitcoin it was gold.
And gold is also money, if you replace gold, it will be money, but if gold is just design for you then will it be money?