Will Bitcoin replace Gold someday?

[mardaed]

Bitcoin can never replace gold, as gold is not a currency, but something that supports the value of any currency. Bitcoin is more likely to replace fiat money - this is more likely.

Yep, Bitcoin is likely to not replace Gold and it also doesn't need to replace Fiat, mate. Why Bitcoin must replace them? I think Bitcoin is made to support Fiat and not to be a Gold competitor. Bitcoin will be always a digital payment tool, and it has nothing to do with Fiat which is used in real life. So, actually they have no problem survive together and they don't compete with each other. While for Gold, it is a real commodity and people need it all the time. You can see, it has survived for too many years and even it has always good value. In this matter, people won't replace it with any other things. 

Well said. I agree that one does not necessarily need to replace or surpass the other. I think that it would be more ideal for these entities to go hand in hand with each other and for people to see its unique functions in the society. These things are all existing because these are similarly providing something for the society.

[witcher_sense]

Gold is usually associated with the economy of the country the economy like the fiat currency went down as soon as it was disrupted but now that gold has reached a much higher level i think Bitcoin will one day replace gold. Bitcoin is still one of the most viewed and speculated currencies of all time bitcoin has become one of the wonders of the history of mankind this simply means that demand is increasing over time.

Gold is associated with the economy because it is used by central banks of every single country in transactions of final settlement. Gold is relatively safe for these operations since no one controls price of gold, no one can easily debase its value, no one can significantly increase its total supply in response of increased demand. Of course, they can sell their gold reserves in order to control price of state fiat money, but this manipulation is usually short-term. Bitcoin can replace gold, it can be used for final settlements, because it doesn't require being physical moved accross the sea, for instance. We are still far from that, but advantages of bitcoin are obvious in this case, anyway.

[dansus021]

i dont think bitcoin will replace the gold, the reason why is gold physical and bitcon aren't. i don't know someday when there is disaster EMP Blast and the internet aren't working totally u just using gold  as the payment

Ps. Sci-fi things is all over my head 

but seriously bitcoin and gold are different things

[javainn]

gold is still there but bitcoin will also grow. so this is not a deletion of a physical object such as gold, doing it will probably be a good correlation, so maybe one day gold can be bought with bitcoin, or bitcoin can be exchanged for gold.
So regarding the removal of gold, I think there is no time to answer because now the price of gold has also increased and gold is always needed

[bayu7adi]

Bitcoin is futuristic, but gold is more real. The internet is indeed widely adopted by society today, but fiat money is still used and is always being taught by the government to always be used. One of the government's strengths to stop bitcoin domination is by digitizing FIAT money, but the weakness of FIAT currency lies in the difficulty of converting to make transactions between countries. And here the role of gold will be monopolized by the government and the rich beside it.

So it is impossible to get rid of gold with bitcoin without forcing the government to get rid of the gold itself

[LimLims]

Bitcoin complements gold, but it doesn't replace it.

Bitcoin and Gold have equal values in their respective places.
Yes it's also true that Gold cannot be ever replaced by Bitcoins.
There are many reasons for it also.
In many countries Bitcoin is still Illegal. The Government doesn't support cryptos in their countries.
On the other hand Gold is popularly known by each and every person.
If we also see the price, then Gold price is more stable than that of cryptos, so more people will likely to hold Gold than cryptos IMO.
Nevertheless i hope we will surely see an era , where cryptos (BTC) will be given equal importance like Gold.

[Twinkledoe]

Bitcoin is futuristic, but gold is more real. The internet is indeed widely adopted by society today, but fiat money is still used and is always being taught by the government to always be used. One of the government's strengths to stop bitcoin domination is by digitizing FIAT money, but the weakness of FIAT currency lies in the difficulty of converting to make transactions between countries. And here the role of gold will be monopolized by the government and the rich beside it.

So it is impossible to get rid of gold with bitcoin without forcing the government to get rid of the gold itself

Gold has been here since time immemorial. I don't think bitcoin will ever replace gold. And the chance that bitcoin will be obsolete someday is high rather than gold become obsolete. As gold is a tangible asset and with other usage aside from being wealth asset like the importance of gold in the electronics industry, replacing gold is very unlikely. So investing in gold is really worth for long term.

[vanyxeen]

John Pfeffer, a partner at UK-based Pfeffer Capital, made the remarks at the Sohn investment conference in New York. That event traditionally serves as a place for investors to recommend the best stocks to invest in – and has never seen anyone recommend cryptocurrency before.

“Bitcoin is the first viable candidate to replace gold the world has ever seen,” Mr Pfeffer said. "So if bitcoin becomes the dominant non-sovereign store of value, it could be the new gold, or new reserve currency."

[Abiky]

i dont think bitcoin will replace the gold, the reason why is gold physical and bitcon aren't. i don't know someday when there is disaster EMP Blast and the internet aren't working totally u just using gold  as the payment

Ps. Sci-fi things is all over my head 

but seriously bitcoin and gold are different things

Good point. Without internet access, Bitcoin cannot be used as a safe-haven asset like Gold. There's no physical way to conduct transactions with Bitcoin in times of turmoil (despite being able to "hodl" it offline). One way or another, you'd need to be online in order for a transaction to become certified on the Blockchain. Gold's physical presence, allows anyone to use it regardless of internet access. Still, it's not portable which brings many inconveniences along the way. It's important to know that both assets have their respective advantages/disadvantages. It looks very unlikely that one asset will replace the other in the future. I think both Gold and Bitcoin will part their separate ways as an independent store of value anyone can use to protect their capital against decaying Fiat currencies.

With Gold being "tokenized" on the Blockchain, a new world of possibilities is opened. The premier store of value (Gold) will get the "best of both worlds" as it enters the Blockchain industry. Once that happens, Gold might be able to complement Bitcoin in every way. Serious investors will always choose Gold over Bitcoin because of its high level of trust over the years. The pioneer cryptocurrency (Bitcoin) is just getting started with only 11 years of age. Let's give it more time to mature, in order to determine if it could be an alternative to Gold or all the other way around. Just my opinion

[taufik0911]

In these times of turmoil, Gold is reaching new ATHs in price. But Bitcoin doesn't leave behind, as it quickly recovered to its "pre-COVID" prices on the market. It's today where Bitcoin prices are relatively stable. With a limited supply of only 21 million coins, hardened security, and a focus on decentralization, Bitcoin is often viewed by many as the successor of Gold. One of Bitcoin's greatest benefits on top of Gold, is portability. You can virtually carry your Bitcoin with you safely when travelling, without anyone noticing. That's not the case with Gold, as you'd need to carry physical bullion with you. Other than portability, Gold and Bitcoin are very much alike.

Do you think that Bitcoin will be able to replace Gold someday? As we shift into the "intangible" world, people will "ditch" physical stuff in exchange for digital items. Bitcoin can become the new digital Gold which serves as a safe-haven asset (store of value) in times of need. COVID-19 will greatly encourage people to adopt Bitcoin over Gold as their next store of value of choice. Thoughts?

I don't think Bitcoin can replace gold, why?
This is the answer from me, namely gold is an item that has a physical and function
Gold in real life is used for luxury lifestyle or jewelry
The question should be more specific, if you ask about investing in gold vs bitcoin then it's possible that bitcoin can replace gold but it's different in other contexts

[virendarnagpal]

Gold being the source of store of value of money since times immemorial.   It can be stored in its physical form as well as in the form of purchasing gold bonds.  In countries like India Gold has always been a safe investment because it can be kept safely being occuping little space.  People are also fond of keeping gold jewellery. In the emergency periods people used to sell it and get the desired jobs.

Bitcoin is very new subject.   Still most of the people are unaware of it.  Low education levels; non awareness and safety measures will keep people away from this option.  Always there is fear that these may be stolen by fraudsters.  One needs to be full aware and educated / informed how to keep this safe.

Though the more and more people will come into it's fold but I do not see bitcoin taking the place of gold in near future.

[Janation]

Gold is a safe commodity and a valuable asset for investment. Bitcoin is a volatile digital asset that can surpass the Gold price or vice versa, whereas Gold is a physical asset. Gold-backed digital asset - precious metals trading is the new trend in the crypto industry where you can trade gold worldwide.

Gold may be valuable the same as Bitcoin but both are unstable.

We say that Gold is safe since the price increase of it is stable while Bitcoin is so volatile that it can change it price in a minute. But Gold is also affected by other things and it can also fall down, it is not always stable. Also, I don't think that a Gold-backed digital asset is a good thing, just based on experiences from some altcoins I invested in. All I know is that Bitcoin can possibly replace Gold.

[carriebee]

I do not think that will happens. Bitcoin has a very limited supply and there is no physical form of this currency. That market is too volatile compare to gold and must have access to internet to use this currency. But on the other hand, gold doesn't require anything. Its easily exchangeable, accepted by all, and has a physical form. It doesn't need any medium to use so gold will not be fully replaced by any currency.

This will be detable in the sense that we have different believes as to what's the most use in the future. In my view bitcoin will not be replace gold in the future and we cannot compared these two since it has different features and use. That's right market is volatile so it really differs from gold so bitcoin still be bitcoin in the future.

[Viglione]

In the earth, everything is changing. Gold use from many many years ago. But its honer not change Still same. bitcoin comes some years ago. it will change . It confusion bitcoin replace gold. 

[Abiky]

Gold being the source of store of value of money since times immemorial.   It can be stored in its physical form as well as in the form of purchasing gold bonds.  In countries like India Gold has always been a safe investment because it can be kept safely being occuping little space.  People are also fond of keeping gold jewellery. In the emergency periods people used to sell it and get the desired jobs.

Bitcoin is very new subject.   Still most of the people are unaware of it.  Low education levels; non awareness and safety measures will keep people away from this option.  Always there is fear that these may be stolen by fraudsters.  One needs to be full aware and educated / informed how to keep this safe.

Though the more and more people will come into it's fold but I do not see bitcoin taking the place of gold in near future.

That's certainly true, mate. While Gold has been trusted for years by people worldwide, Bitcoin is still relatively new. Gold's best selling point, is that it can be used in emergencies when there's no electricity or Internet connection whatsoever. That's not possible with Bitcoin since transactions are valid only if they go through the Blockchain. This means that the person needs electricity and an Internet connection to be able to interact with Bitcoin in the mainstream world. If it wasn't for this, Bitcoin would've been even better than Gold itself.

For those who have access to the aforementioned resources, Bitcoin proves to be a great alternative to existing Gold. The fact that Bitcoin is portable, allows anyone to carry thousands or even millions of dollars in the smallest device possible to prevent unwanted attention. Imagine travelling to another country having to carry all of your physical Gold bullion. It would pose to be an extreme security risk that could be life-threatening as we know it. With Bitcoin, the person carrying it obtains full discretion of his/her funds. You can store it in a very small piece of paper, on a microSD card, a thumb drive, etc. Since none will suspect you're carrying Bitcoin using such methods (unless you personally disclose it), you can feel safe against theft.

Nonetheless, both Bitcoin and Gold have their respective advantages/disadvantages. Neither can replace the other since they're apples and oranges. Bitcoin will continue to be the "Gold standard of crypto", while Gold itself will be tokenized on the Blockchain. People can put both assets to good use in order to enjoy financial freedom. As Bitcoin's popularity grows, more people will recognize it as a store of value. Just my thoughts

[ampu]

Bitcoin is Bitcoin and Gold is Gold. Each asset class has different standards. I think the value of Gold is more stable and people love gold as well as Bitcoin. Countries that will buy gold have yet to see which countries put Bitcoin in their national wealth reserves. Remember that. Gold has been around for thousands of years in my opinion and gold will remain a better choice for governments and for all. Although they do not know anything about gold they can still keep them safe, but for Bitcoin, there is a need for knowledge, knowledge, and much more.

[Ridwan Fauzi]

Nonetheless, both Bitcoin and Gold have their respective advantages/disadvantages. Neither can replace the other since they're apples and oranges. Bitcoin will continue to be the "Gold standard of crypto", while Gold itself will be tokenized on the Blockchain. People can put both assets to good use in order to enjoy financial freedom. As Bitcoin's popularity grows, more people will recognize it as a store of value. Just my thoughts

That's true, there is nothing to compete with them. There will always someone who like gold because its charsteristic and it can be happen to bitcoin. Indeed, bitcoin still young and there still many people who don't against bitcoin but sooner when all of stuff become digitalized many people will aware of bitcoin. Until there will no anyone who consider that bitcoin's price will not go to zero value because many people already who will buy it in the lower price.

[goldade]

As it stands, it is still very early to say if bitcoin will replace gold.
It is however noteworthy to know that bitcoin has the potential to replace gold in the future.
The characteristics of bitcoin which gives it an edge over gold are it's portability and decentralization.
I think the edge gold has over bitcoin is it's general acceptability which is subjected to dwindle as more people adopt bitcoin. Gold's legality is also another advantage over bitcoin but we should know that with time, countries that deem bitcoin illegal will eventually come to terms with it.
So it is absolutely possible for bitcoin to replace gold in the future.

[ilovealtcoins]

I can believe bitcoin's price dropped from $ 20k to $ 3k within 1 year, but gold never happened. I think gold and bitcoin are two different assets and it is impossible to compare gold and bitcoin. Gold has been around for thousands of years and its value is determined over time. Bitcoin is a new and volatile asset. No country buys bitcoin instead of gold.

[Kasabus]

I can believe bitcoin's price dropped from $ 20k to $ 3k within 1 year, but gold never happened. I think gold and bitcoin are two different assets and it is impossible to compare gold and bitcoin. Gold has been around for thousands of years and its value is determined over time. Bitcoin is a new and volatile asset. No country buys bitcoin instead of gold.

Bitcoin price is still very unstable due to its high volatility so investing in it is really high risks. Gold on the other hand has always make an upward price every year so people would never hesitate investing in it. But once bitcoin will be fully adopted not just as an asset but also as an alternative payment system, it will be more convenient than gold i think.