Will Bitcoin replace Gold someday?

[bakasabo]

Gold has been an instrument of trade and value for thousands of years. Fiat money havent succeeded in replacing it. Now Bitcoin or cryptocurrency in its youth is trying to get some place under the sun. Bitcoin is still to young to replace something. First Bitcoin needs to overcome fiat money and only then it might try to take Golds place.

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[Kong Hey Pakboy]

Gold has been an instrument of trade and value for thousands of years. Fiat money havent succeeded in replacing it. Now Bitcoin or cryptocurrency in its youth is trying to get some place under the sun. Bitcoin is still to young to replace something. First Bitcoin needs to overcome fiat money and only then it might try to take Golds place.

This topic between Gold and Bitcoin had been debated and become a thread in this forum a long time ago. I think we shouldn't be comparing bitcoin to any precious of metal like gold because they both have a different value and a different purpose, so it is impossible for bitcoin to replace anything that has been existing a long time ago.

[rexxarofmoknathal]

Never. Bitcoin cannot replace Gold. We have to admit it. It may compete with Gold as a store of value and perhaps even become the preferred option for a short time but it will never replace Gold.

In a way, I can understand where you're coming from. Gold has been around for thousands of years and people have grown with it so in comparison to gold, BTC is no where near perfect and I cannot see it being as widely accepted and adopted.

Another issue worth considering is that gold at least is stable and doesn't fluctuate unlike BTC. So from that respect gold remains among the standards with BTC coming no way near close. At least this is what I think, it would be great to see cryptocurrency rise to this level but this will take years!

[Nhor1011]

It will not happen because gold is stable and exist long time ago compared to bitcoin which is volatile and the adoption is not enough. Bitcoin is too young to compare in gold. Gold will remain stable no matter what will happen to the market unlike bitcoin that it increase it's value very high and drop down also drastically. And nobody knows if bitcoin and valuable will still available after a long period of time.

[rathaha10]

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?

Nope, bitcoin can never replace Gold because they are two distinct assets serving different functions in as much as they both serves as a store of value. Gold is almost as old as mankind, lived through different civilization and because of it preciousness, it will live to see more and more to come because people will always love to possess it. Bitcoin might properly holds more monetary value than Gold some day but that won't justify in any way that bitcoin can ever replace Gold

[Heart18]

Yes, Bitcoin and Gold are much alike but no cryptocurrency can replace Gold. Despite how high the store value of cryptocurrency is, it can never replace Gold because it is intangible.
Gold is totally different because it is a tangible precious metallic element, highly malleable and ductile. Gold will always remain its place and will always be Gold.

[polarityexchange]

Seems like Gold and Silver (SOVs) are moving up with the dollar weakening.

Reminds me of 2017

[mace15]

Yes, Bitcoin and Gold are much alike but no cryptocurrency can replace Gold. Despite how high the store value of cryptocurrency is, it can never replace Gold because it is intangible.
Gold is totally different because it is a tangible precious metallic element, highly malleable and ductile. Gold will always remain its place and will always be Gold.

This has been discuss before if bitcoin can replace gold someday, in my view this cannot replace. Though these two were very well known globally. There are some people much prefer gold in terms of value while some prefer bitcoin. Indeed gold is tangible different from bitcoin so a lot of more discussion to talk about in bitcoin and gold.

[Metazen]

Both assets are globally traded, limited in supply and have been endorsed by market players as alternatives to fiat currency. Global financial leaders have derided bitcoin as a massive speculative bubble. Crypto bulls, however, have stood firm at the other end of the spectrum and have branded the digital currency as a contemporary safe haven asset for generations to come. Bitcoin has been frequently touted as an alternative store of value in countries that are experiencing economic instability. And yes , Bitcoin ''will be'' a Digital Gold.

[pragna]

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?

No, i think it could not ever because of fluctuate BTC market. You see BTC maket down from 19k$ to 3.5k$ that is very hopeless market for holders who will think to store BTC instead of gold. On the other hand gold price not like that so that people can relay about gold as day by day gold price also going peak. Yea, BTC has some opportunities but i think finally people must depend on Gold.

thanks.

[Yatsan]

Gold is gold and nothing can replace it's value and I think people will still choose gold in the future since, if you have gold you have a physical asset of it and that never fades and will not lose value! Bitcoin is just a digital currency, good for investment but you have nothing! People are still going to choose something valuable that they can get their hands on 

BTW, Bitcoin goal is not to replace Gold, but to make a new choice for people as their medium of exchange. 

[Lina AH]

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 think at the moment this is impossible, because for everyone, gold is a more stable currency than bitcoin, and more investors of the older generation are sure to believe the same, because for everyone gold is a more stable currency than bitcoin and more older generation investors will be confident of the same, but in the future I think it will be possible if bitcoin is more stable. Maybe it's a matter of time.

[bithisach]

Never. Bitcoin cannot replace Gold. We have to admit it. It may compete with Gold as a store of value and perhaps even become the preferred option for a short time but it will never replace Gold. Gold will always be gold. The preciousness of Gold is as old as civilization itself. And Bitcoin is not the one to make it worthless.

Yeah, I've always had the impression that bitcoin compares itself to gold because it's fungible and because it's teh highest value crypto. Other than that I don't think anyone actually believes it will replace gold as THE standard currency.

It's a shame countries decided to move out of the gold standard for their currencies, it's what really got us into needing bitcoin in the first place.

[Abiky]

This is really going to be very very debatable, but it's really possible in my opinion. Bitcoin's accessibility, self-custody, "uncensorability", and portability(to name a few) characteristics are just so great but the masses tend to overlook it. People think that letting companies hold your gold for you is fine, completely ignoring the fact that these companies can simply just not give them access to the gold some time in the future.

But then again, there are no guarantees in life. Bitcoin isn't guaranteed to replace gold; but I think there's a good chance. It's just that people haven't realized how much they need bitcoin's characteristics. It's one of those things people won't realize until it's too late.

With that said, even if I think bitcoin could replace gold in terms of a "hedge" asset, I don't think that gold is going anywhere any time soon.

I believe that both Gold and Bitcoin will co-exist for many generations. Bitcoin will become the "golden standard" of the digital world, while traditional Gold will be used in the physical realm (just like it's the case today). Despite the many benefits Bitcoin provides, most people haven't noticed it yet. They're more inclined to Gold because it's much more trusted that Bitcoin itself. After all, Gold is much older than Bitcoin as an asset/commodity. Companies providing Gold custody services bring many risks of a single point of failure, yet people continue to put their faith in these entities. Bitcoin is better than Gold in the sense that it's censorship resistant, meaning only you are the sole owner of your funds. While it's also possible to do this with physical Gold, the lack of portability makes storing it at home (or travelling with it) somewhat inconvenient.

As you've said before, there are no guarantees that Bitcoin will replace Gold someday. All we can do is speculate what its outcome will be according to adoption in the mainstream world. If real use cases for the mainstream world are low (usability), then Gold will still be the preferred store of value by serious investors worldwide. Whenever it's Bitcoin or Gold, there's always a choice for people looking to preserve their capital against inflation. I'd choose Bitcoin over Gold anytime because of the aforementioned benefits. Just my thoughts

[dongosquad]

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BTW, Bitcoin goal is not to replace Gold, but to make a new choice for people as their medium of exchange. 

I am often surprised because there are still many people who are comparing gold and BTC, even though both have their own unique niches that can both provide benefits if used with the right strategy. Gold is more stable than BTC, it has been proven for decades that the price continues to increase even though the movement is not as fast as BTC. On the other hand, BTC has only been present for a decade, the price is very volatile, which is why it needs an in-depth analysis before deciding to invest with BTC.
IMO, BTC will not replace gold, BTC and gold will both develop according to their own uniqueness. So no one will replace each other, instead, BTC will be a good alternative for investment.

[ufaiz50]

Bitcoin is currency while gold is an asset and both of them don't compete, why put the word replace if they don't compete? to compare the two instead it's not because we have to look at both sides and they have different benefits. The OP example looks at the benefits of bitcoin and gold for example like this "In storage it depends on the user but if it is intended for long-term storage then gold has a higher strength than fluctuating bitcoin".

[Ridwan Fauzi]

It will not happen because gold is stable and exist long time ago compared to bitcoin which is volatile and the adoption is not enough. Bitcoin is too young to compare in gold. Gold will remain stable no matter what will happen to the market unlike bitcoin that it increase it's value very high and drop down also drastically. And nobody knows if bitcoin and valuable will still available after a long period of time.

Something that you should know https://www.google.com/amp/s/cointelegraph.com/news/bitcoin-price-will-now-never-officially-go-to-zero-heres-why/amp one person has put a billion of dollar to buy bitcoin at the lower price. So, we have to role out this issue and focus to make bitcoin be known by most people on this world.

How long for gold price reach $2000 per ounce? Yeah that is the long time right? But bitcoin just need nine years to reach $20.000 which means many investor believe that bitcoin have a value and will always think that it will have a value. Another thing that you should know, even bitcoin price drop drastically but we just need several years to make bitcoin's price back to its all time high.

[LogitechMouse]

This question doesn't have a definitive answer as of this moment and many are debating about this for a long time already.

In my opinion, both of them have their pros and cons and Bitcoin is being considered too as digital Gold already so why do Bitcoin need to replace it. They are both good in their own ways. They are giving benefits to the investors in its own ways. There is no reason why Gold must be replace by Bitcoin.

[carlisle1]

This question doesn't have a definitive answer as of this moment and many are debating about this for a long time already.

How can this be happen when Gold is the most trusted element  of the  world?
people will always accumulate GOld  or other precious Stone more than Bitcoin.
Not until time of adoption comes and every country will accept and circulate Bitcoin.

Thats when the computer world comes,much hightech that what we have  now.

In my opinion, both of them have their pros and cons and Bitcoin is being considered too as digital Gold already so why do Bitcoin need to replace it. They are both good in their own ways. They are giving benefits to the investors in its own ways. There is no reason why Gold must be replace by Bitcoin.

This is the right thing mate,these 2 are not  comparable because one is  Metal while  other are  digital.

But the  urgent of bitcoiner to have holdings are  always there  while normal people long for  Gold.

So lets respect them  both,and see what future will bring us.

[radjie]

Bitcoin will be widely known by everyone in the future, all that can happen if in the future Bitcoin can replace gold, but as we know, Bitcoin is just a digital asset that is very valuable and intangible, while gold is more widely known by the public throughout the world and has a real physical form that can be stored and held directly, even its existence is a historical relic of our ancestors and will not be extinct until ever