What needs to happen in order for bitcoin to replace gold

[JessicaVL]

Why will you want Bitcoin to replace gold in the first place?  I really don't understand why people will think Bitcoin has the qualities of gold and think it is the digital version of gold.  First and foremost, people should understand that Bitcoin can never replace gold because bitcoin do not have what it takes to be a real investment asset. Bitcoin is just digital currency which is fortunate to have a good market value.

Many will agree with you. Although, it's not so much about Bitcoin completely replacing gold as it is about Bitcoin having value on its own, and being an indicator of value for other assets (digital or otherwise, eventually). Ultimately, this discussion is important as we are living in a very digital world.

[JessicaVL]

We don't have to replace gold. It's not even the aim of bitcoin. No matter how much we try to replace gold, gold will still remain valuable to people since it was from the nature. Gold and cryptocurrency are diferent. Gold is the traditional one and cryptocurrency is the newest. In the future, crypto may surpass the popularity of gold but it doesn't necessarily mean that gold will be less valuable.

No, the aim of Bitcoin certainly isn't to replace gold. Gold will always have value, but perhaps in the future Bitcoin could be more of an indicator of worth. Since we're living in an increasingly online world, would it not make sense for us to have an indicator of value that is also digital?

[JessicaVL]

There's one, and only one, thing that'll nudge Bitcoin towards replacing gold in the near term and that's governments and central banks buying it.

Until they do that, and them doing that would be legitimising something they REALLY don't want to legitimise, the idea is a total non starter. Even then they're still fundamentally different even if they finish up claiming similar ish uses.

I have only met one person in my entire life who's owned some gold. I've genuinely never heard another person mention it as any type of option for them.

It's conceivable it could eclipse gold in market cap if it was embraced by enough real people. It would take many, many years.

Ultimately, Bitcoin could become a better indicator of value than gold. It's trustworthy, accessible, and is potentially more appealing to inhabitants of a digtal world. It is still a long way off, and it wouldn't necessarily "replace" gold in the sense of the "gold standard".

[JessicaVL]

I look at bitcoin as commodity/currency while gold as a commodity only.
Maybe before they really use it like a currency to trade for goods but it is more like a barter exchange.

Now is a different era as you said it.
We are living in a world where it is like difficult to live without the internet specially when you are in the city.
They have created payment methods thru the internet but it is still the USD which is mostly preferred.

There is a need for a change. The merchants needs to come in and be part of it first but how?
They are risking their money for something with a value that moves too much.
That had always been the problem.

Gold definitely used to be a means of exchange, but it has become more of a commodity. You're right, living without internet is nearly impossible for most of us - and our reliance on it is only going to increase as time goes on. Using trading platforms like eToro show us that Bitcoin is as much an asset as it is a cryptocurrency, but it will always remain a mode of exchange. Still, change is definitely coming.

[JessicaVL]

It would only become a disaster if gold is replaced by bitcoin or we can say a financial crisis is to happen for sure in this case.
A lot of people hold thousands of bitcoins and hence it would make them super rich and it would become easy for them to manipulate the market or lets say gamble with thousands of lives. If gold needs to be replaced by bitcoin then bitcoin will first have to become truly distributed among the people.

For sure - we need to reach a late adoption stage, and have Bitcoin be fully distributed. This could only be in the future, but Bitcoin could eventually replace gold as an indicator of value - especially as we're moving into a digital future.

[JessicaVL]

Not just the price alone can help bitcoin replace gold. One must take into consideration the amount of support bitcoin needs to have in order to keep the fire burning and to have it replace gold completely as a store of value. It can always be valued into something incomprehensibly crazy but if only a few people and governments believe in that value, it is actually nonsense and serves little to no weight to the rest of the world. Gold stayed not only because of its scarcity and value but because people even in the olden times believed in its properties, like we are until today.

Bitcoin is still technically in the early adoption phase, so we're talking about the future. Bitcoin is kind of an ideal value indicator for a modern future, and many people already see the inherent value in Bitcoin because of its scarcity and its many uses.

[TriplexXx]

I think bitcoin is doing very well to the level where it already replaces the gold in the mind of the youth and both me and you know that youth are the future. But if you are talking for the best way for bitcoin to fully replace gold in the public we are going to need bitcoin price regulations and where is the fun in that?

[RealMalatesta]

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.

The purpose of bitcoin is also to be used as digital currency which you can also spend without having to converting it to fiat too first, and if you look at when gold was first released, it was not immediately acceptable, but it was later that people started getting used to its usage and started accepting it as means of payment with the support of the government.

I agree that bitcoin cannot completely take the position of gold because it cannot operate as a physical currency but as digital currency, and as digital currency, I think that bitcoin can actually take the position of gold digitally because it seems even more recognized right now digitally than any of those currencies that we have including gold and silver, and I know that over time, the stability of the coin will make it suitable for that.

[Sithara007]

Rather than replacing gold, I would like to see Bitcoin being held in a similar regard with respect to the former. Gold is now primarily used as a store of value. We can have Bitcoin also used for the same purpose. Unlike the fiat investments, Bitcoin is protected from inflation and therefore we are assured that the purchasing power will not go down over the time. This makes it similar to gold and can therefore be used to protect your wealth. Gold is in use for the past several thousand years and it may not be very realistic to replace it.

[pakhitheboss]

There no comparison of Bitcoin with Gold. Those who believe that Gold is more valuable, let them believe that. I was reading a tweet few days back in which they compared the value of Gold with Bitcoin. Here it is..

If you invested $100 into gold 20 years ago you'd now have $500

If you invested $100 into $BTC 9 years ago you'd now have $16,381,493

Only a fool will compare Bitcoin with Gold😀😃

[putukin]

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: the cryptocurrency Gold Standard

Bitcoin is already recognized as a kind of Gold Standard for cryptocurrencies. Bitcoin (BTC) was started in 2008 by Satoshi Nakamoto, largely as a response to the need for a new, decentralized financial system. 2008 was a pretty difficult time for the world’s financial markets – with a global recession, bank bailouts and failing economies, Nakamoto realized that the need for a currency that was not controlled by a central entity (government or bank) would change the future of the financial world forever.

Until relatively recently in human history, gold was the ultimate commodity. Stable, scarce, and divisible – gold represented everything that makes up the principles of “good money”. Societies have risen and fallen, but gold has always remained constant.

How could Bitcoin replace gold?

In the 21st century, trade is no longer being driven by a physical exchange. Bank transfers, eWallets, and now cryptocurrency transactions mean that we hardly interact with physical cash at all. Modern society is a digital society, so wouldn’t it make sense for our new “gold standard” to be digital too?

A new report by  Grayscale Investments, argues that Bitcoin actually possesses a “better composition of ‘good money’ qualities…”, almost tailor-made for the new, online economy. The report states that Bitcoin is scarce, verifiable, durable, portable, divisible, fungible and recognizable, just as gold is, only in ways that make more sense for a digital world.

With that being said, Bitcoin is still very much in its early adoption phase – it might not seem like that, but in reality, it hasn’t existed long enough to reach the level of recognizability that would be needed for it to become the new global gold standard. Bitcoin is still relatively volatile compared to gold, although it is still the most solid cryptocurrency.

Still, should Bitcoin reach the $300,000 mark, there’s no denying that it could very well become the new gold standard. And, quite frankly, a digital gold standard makes far more sense for a digital economy, than a physical gold standard does.

If you want to get really into it, here is a debate between Anthony Pompliano and Peter Schiff. If you want to really, really get into it, you can buy Bitcoin through exchanges and trading platforms like eToro, Binance or Kraken.

So, what needs to happen for Bitcoin to take the place of gold

Bitcoin needs higher adoption rates, increased stability, and an increase in value before it will truly be able to take over as the gold standard – but that’s not necessarily far off.

Considering that more than $68 trillion in generational wealth is set to change hands in the next 25 years, and the majority of the new wealthy will be millennials who are more inclined to put their money into Bitcoin vs gold, we very well might see the rise of the Bitcoin gold standard sooner rather than later.

https://zycrypto.com/what-needs-to-happen-for-bitcoin-to-take-the-place-of-gold/

Gold is one of the most reliable assets in the whole world because the value of gold is material. You cannot replace gold with anything, not even Bitcoin.

[alroys]

In terms of investment, it is possible that Bitcoin can replace gold, but in terms of the function of Bitcoin it cannot replace gold. Why, Gold is a real item that we can form in various models, while Bitcoin is a digital item that only we can find on the internet. these are two very different things.  If for gold and Bitcoin investments can be invested together, even Bitcoin has better potential.

[Twinkledoe]

In terms of investment, it is possible that Bitcoin can replace gold, but in terms of the function of Bitcoin it cannot replace gold. Why, Gold is a real item that we can form in various models, while Bitcoin is a digital item that only we can find on the internet. these are two very different things.  If for gold and Bitcoin investments can be invested together, even Bitcoin has better potential.

Exactly, they are totally different form of investments. No matter what era or age we are, physical gold will always be here. But bitcoin is something that we can't have a physical grasp. I guess bitcoin can never replace the benefits of gold investments.

[Lizzie_Girl]

bitcoin will not be able to change gold, from the shape and physicality of these two alone it is very different and I think gold can be more useful for a very long time, whereas bitcoin can be used when there is internet and electricity, so however gold will not be able to replaced by bitcoin.

Yes everyone has said this. You cannot divide gold and you can with bitcoin. The OP is entirely wrong and misleading with their title for this topic. Gold is for HODL so mayeb a HODL currency will be better for replacing gold.
Truly though nothing can replace gold is it physical and beautiful and you can't fake that or copy that, only the real thing will do.

[nasipadang]

Bitcoin will not replace gold if you want "increased stability" it will not happen in bitcoin which has high volatility. You already understand the function of bitcoin and the reason why Satoshi created bitcoin and technology. is actually a wrong concept if bitcoin is considered an asset like gold.

[bryant.coleman]

Bitcoin will not replace gold if you want "increased stability" it will not happen in bitcoin which has high volatility. You already understand the function of bitcoin and the reason why Satoshi created bitcoin and technology. is actually a wrong concept if bitcoin is considered an asset like gold.

Well... gold is being regarded as a stable asset which is suitable for usage as a store of value. Therefore in case Bitcoin becomes more stable, then it will be compared more with gold. But to tell the truth, I don't think that it is going to happen anytime soon. Bitcoin and gold are like polar opposites and there are few similarities in between these two assets.

One rare similarity that I could think about is the fact that both the assets are protected against inflation. Bitcoin is protected from inflation as a result of its controlled supply algorithm, while gold is being protected due to its scarcity in the nature. Other than that, Bitcoin is just the opposite to gold in each and every aspect, including form, nature and history. 

[Aying]

Rather than replacing gold, I would like to see Bitcoin being held in a similar regard with respect to the former. Gold is now primarily used as a store of value. We can have Bitcoin also used for the same purpose. Unlike the fiat investments, Bitcoin is protected from inflation and therefore we are assured that the purchasing power will not go down over the time. This makes it similar to gold and can therefore be used to protect your wealth. Gold is in use for the past several thousand years and it may not be very realistic to replace it.

Too hard to replace in such short of time. even bitcoin gather a lot of useful uses. gold is still more profitable. bitcoin has no such big potential to use by everybody unlike gold whatever you do you can used it everywhere. bitcoin is not well known anywhere. so it's a bit silly to say now that bitcoin can replace gold. let's wait for the time when bitcoin is better known. and who will benefit the most.

[bounceback]

Bitcoin will not replace gold if you want "increased stability" it will not happen in bitcoin which has high volatility. You already understand the function of bitcoin and the reason why Satoshi created bitcoin and technology. is actually a wrong concept if bitcoin is considered an asset like gold.

actually we cannot equate bitcoin and gold because if I think bitcoi is a digital asset while gold is a real asset even though both of them have quite expensive prices which are good for investment, even though we know gold has better investment property in some cases compared to bitcoin but bitcoin is also like gold, although bitcoin and gold are basically almost the same but we can't equate bitcoin with gold because it's impossible in my opinion.

[whtchocla7e]

I don't think Bitcoin can replace gold, although the value of BTC is huge, it has a limited supply! Besides, the existence of gold is real, it is the metal applied in many fields around the world. With bitcoin, we only have decentralized blockchain platform!

[skarais]

Gold investment is indeed profitable, but the movement of gold prices is very difficult to rise quickly. The fact is that gold investment is more identical long term than short term investment. In contrast to bitcoin, the price of bitcoin is very volatile and in my opinion very quickly profitable if we understand how. Both the short and long term, bitcoin investment will remain profitable.
between these two types of investment, I still like both. But if I have to choose one, then I will choose bitcoin as a long term investment asset.