What needs to happen in order for bitcoin to replace gold

[DiamondCardz]

Despite all the posts in here farming postcount going "wow yes hope Bitcoin will replace gold very cool", the chance of Bitcoin ever replacing gold is zero.

Seriously, does no-one realize why gold has intrinsic value? It's not just because it's scarce, but also because it's physical, and throughout history its been a great physical asset to have. Nowadays that's even more true - gold is not only scarce and physical but has actual applications in computing and other industries. Unfortunately Bitcoin only meets the scarcity condition. That doesn't mean Bitcoin is bad, it fills a niche that gold does not fill, but Bitcoin will never replace gold because it fundamentally lacks some of the properties that make gold as valuable as it is.

[Tylev]

Neither Bitcoin nor any other cryptocurrency can ever replace gold with itself. Gold, as a value and a means of payment, has existed for thousands of years and, probably, will continue to exist just as long. Cryptocurrency is a completely different financial asset and it must exist together with gold and national money of states. No one will replace anyone. Everything should work together and complement each other.

[Herry Toms]

I pretty agree with your explanation but I think the answer to this question is more simple than this, to replace gold BITCOIN needs mass adoption (banks, investment firms, etc). What I think it this will happen Bitcoin has chances to replace GOLD but it is not that easy it will take time.

[milani]

Replacing gold Bitcoin could get such an opportunity to become the number one in the whole world. But we know that it is not possible. Bitcoin is a mire digital thing, gold is a more physical one. They just are from different categories. They two are not equivalent. That is why one can not be replaced be the other. More over, Bitcoin for the larger part of the whole world still stays like something unknown, unpredictable and is not supported by some physical thing, that for the most part of the society plays a great role in choosing the direction for investments. Nothing will change untill the peoples' mind changed.

[DabsPoorVersion]

Neither Bitcoin nor any other cryptocurrency can ever replace gold with itself. Gold, as a value and a means of payment, has existed for thousands of years and, probably, will continue to exist just as long. Cryptocurrency is a completely different financial asset and it must exist together with gold and national money of states. No one will replace anyone. Everything should work together and complement each other.

Everthing has their own purpose, and bitcoin can't replace gold? Is that your point?
Both gold and bitcoin was used as a means of investment, both are good for long term investment.
However bitcoin is still lacking in one thing, which is mass adoption. If ever that it will receive that massive adoption that we are aiming, maybe bitcoin will happen to surpass gold as the most used investment in the history.

[darkangel11]

Neither Bitcoin nor any other cryptocurrency can ever replace gold with itself. Gold, as a value and a means of payment, has existed for thousands of years and, probably, will continue to exist just as long. Cryptocurrency is a completely different financial asset and it must exist together with gold and national money of states. No one will replace anyone. Everything should work together and complement each other.

Gold is no longer a means of payment and saying that something is good because it existed for years doesn't change anything. People were riding on horse backs for over a thousand years and then came cars bicycles and motorbikes.
I also don't believe bitcoin will replace gold but it will take a part of the market from it. If you give a young person a choice between 100 dollars in gold or 100 dollars in bitcoin most of them will choose bitcoin because gold doesn't grow in value as fast and people are gamblers in nature.

[DiamondCardz]

Neither Bitcoin nor any other cryptocurrency can ever replace gold with itself. Gold, as a value and a means of payment, has existed for thousands of years and, probably, will continue to exist just as long. Cryptocurrency is a completely different financial asset and it must exist together with gold and national money of states. No one will replace anyone. Everything should work together and complement each other.

Gold is no longer a means of payment and saying that something is good because it existed for years doesn't change anything. People were riding on horse backs for over a thousand years and then came cars bicycles and motorbikes.
I also don't believe bitcoin will replace gold but it will take a part of the market from it. If you give a young person a choice between 100 dollars in gold or 100 dollars in bitcoin most of them will choose bitcoin because gold doesn't grow in value as fast and people are gamblers in nature.

To be fair there are physical 'currencies' that work on the basis of containing a small amount of gold which are in circulation today. An example is the Utah Goldback - it's a thin note which contains a gold leaf inside equivalent to 1/1000 of a troy ounce of gold. Comes in denominations of 1, 2, 5, 10, 20 and 50 I believe? i.e. the largest note is the 50 Goldback note which contains 1/20 of a troy ounce in it.

There are shops in Utah which accept that - so while it's not common, saying that gold isn't a means of payment isn't true everywhere

[senne]

Bitcoin overtaking gold doesn't make sense. The reason being Bitcoin can't replace gold in its utility. Though overtaking gold in terms of investment size and volume could be possible as bitcoin can act as a store of value which can provide you with more returns than gold in terms of percentage but it is equally risky too. So, people like gold better when it comes to diversifying their investments. Bitcoin is still finding grounds.

[pixie85]

Nothing has to happen. It's an ongoing process. Bitcoin has been on a mission to be digital gold from the beginning. Its price closing to the price of gold is a proof that this mission is going good.

I think it will be more used than gold in future. Gold will remain a metal used in jewelry and electronics and bitcoin will be a popular payment system.

[Irvinn]

I think that simple users of cryptocurrency and analysts have already spoken out on this issue many times, but I would like to say only one thing that sees on your neck, on your wrist or on your finger instead of a gold product, that what will be the equivalent of a cryptocurrency  ?  mgs should stop stirring up water in the lake, because cryptocurrency, in particular Bitcoin, will never replace gold.  Of course, if you look from the point of view of a profitable investment in cryptocurrency or in gold, then cryptocurrency and gold assets will still be very valuable to society.

[adzino]

Why are people so obsessed with wanting bitcoin to replace everything? I mean why? Why would they want that to happen? All they ask is when will bitcoin replace fiat, when will bitcoin replace dollars, when will bitcoin replace gold, when will bitcoin replace the universe and other bullshits. But, they never really know why they want crypto currencies to replace those. They don't even think about the advantages or the consequences.
Gold is a precious metal. Bitcoin is just a digital currency with no physical existence. How do you expect a non physical existent digital coin to replace a metal found from the earth?

[barabarian1]

I never thought bitcoin would replace gold. because both have different characteristics and functions, although the same in terms of investment. bitcoin is used for alternative payment tools and investment tools. but gold is used for jewelery and also industrial electronics. and the value of gold tends to be stable while the value of bitcoin is very volatile. and gold has existed since ancient times gold has advantages that can not be replaced by bitcoin.

[robelneo]

I have read so many things like this, like replacing fiat, replacing PayPal now replacing gold, does it has to be this way, does it has to replace popular payment, precious metal, and monetary system, so we can finally say that Bitcoin has arrived, can all of these  co-exist, because there will be part of our society that cannot totally function without fiat,  and gold has a lot of uses since time immemorial and PayPal has a system that applies to some industry, can just Bitcoin arrive without disrupting anything.

[Wawa2013]

However, Bitcoin cannot replace gold. Gold and bitcoin are thousands of years different in age. In terms of form alone, it's different, if gold is in the form of bars and coins, if bitcoin is a brilliant digital innovation called blockchain technology. But Bitcoin has a dream that someday is as great as gold so that its value is always the same, uniting a single currency that unites people around the world. Either gold or bitcoin, the value will be determined on the balance of supply and demand. This is the eternal law of economics.
But today if buying and selling must use gold as a currency will be troublesome. If you want to buy goods at online stores such as alibaba or ali express, you must send gold coin via shipping or courier service. Really not funny
While Bitcoin is digital money, it can be moved in real time only through clicks

[Colt81]

Why everybody do compare bitcoin to precious metals like gold and silver? It is impossible for bitcoin to replace gold because precious metals like gold is not a digital currency like bitcoin. Both bitcoin and gold have a good value and good for long-term investment, but they have a big difference because gold can be considered as a physical money which you can use it for payment without converting it into fiat.

[jarhed]

Why everybody do compare bitcoin to precious metals like gold and silver? It is impossible for bitcoin to replace gold because precious metals like gold is not a digital currency like bitcoin. Both bitcoin and gold have a good value and good for long-term investment, but they have a big difference because gold can be considered as a physical money which you can use it for payment without converting it into fiat.

I did not understand you. And what is Bitcoin that cannot be physically evaluated as a product and converted into fiat money? Bitcoin is really digital gold. How can I argue here?

[JessicaVL]

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.

You certainly have a point - this is more looking at how Bitcoin could become a new gold standard, rather than actually "replace gold". As we move into a more digital world, could Bitcoin not potentially become more of a value indicator than gold is? Ultimately, this is a discussion that we should be having at this point in our history.

[JessicaVL]

Ok. So let's say bitcoin did replace Gold and now we are having a price dump. If we will all be replacing gold reserves to "bitcoin" reserves, then it will all be falling down. Another thing, it can still be manipulated by a whale, and since bitcoin replacing gold is a big thing, we are not just talking about "whale" but "whales".

This could very well be the case - ultimately, the point is to look at how Bitcoin could become a global indicator of value as we enter an increasingly digitized space. Bitcoin might not "replace" gold, but it could take on elements of a new gold standard.

[JessicaVL]

I think this could turn out to be another Bitcoin vs Gold thread but the reality is replacement of Gold can be a precious metal not a precious set of codes used as currency. Bitcoin is a currency and it's power is in sending the money immediately anywhere around the world with anonymity and enhanced security by almost no intermediary. While gold is nothing but a precious metal used to make ornament. I think your comparison with gold comes due to the fact that gold has been used as a standard of money in history but Bitcoin can never really be used for that as it's demand would fall if it's not used as a currency which is what it was created to be.

It's not so much that Bitcoin will replace gold, but rather that Bitcoin could take on some of the qualities of a new "gold standard". Ultimately, Bitcoin could reach the point where we look at it as more of an indicator of worth or value than gold. So no, it may never actually replace gold.

[JessicaVL]

Bitcoin cannot replace gold. Bitcoin can replace fiat currency far off in the future but it can never replace gold. Gold has existed since ancient times and has existed up to today. Gold has proven itself for thousands of years to have a value and a symbol of wealth. Bitcoin is a digital gold but not real gold. In terms of disaster when all electric lines are cut off when internet connections is out of reach bitcoin cannot be accessed but gold can. Without government, without electricity, without computers gold will continue to exist and thus it can never be replaced by bitcoin. But I love bitcoin and I wish that the time will come when the price of bitcoin will be stable and that instead of US dollars it will be gold that will backed up bitcoin.

Hi, so you're absolutely right - as far as the physical element goes, Bitcoin can never replace gold. However, as a value indicator Bitcoin may eventually surpass gold. Until that point, gold will continue as the "standard" while Bitcoin acts as the "gold standard" in the cryptoassets world. Also, if you're into CFD trading BTC you should look into eToro. You seem to know a lot about crypto.