Will Bitcoin replace Gold someday?

[jokers10]

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Do you think that Bitcoin will be able to replace Gold someday?
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For what? Why should bitcoin replace gold? This is a completely false paradigm that is imposed by those who see bitcoin solely as a speculative asset, while bitcoin is much more. Also, gold is not just a means of accumulation or speculative asset, but also an important resource in industry. These are partially overlapping in use things, but not identical, and bitcoin does not need to replace gold, it needs to further develop in its own direction, using all its advantages, and let gold remain gold.

[witcher_sense]

Bitcoin and gold are both perfectly fine tools for preserving the value. It is mostly because of the fact that they cannot be quickly mined in response of increased demand, so supply grows in predicteble manner thus giving its holders additional confidence. What is more important here is that both are scarce, no matter how hard you try, it is not possible to increase total supply. However, the biggest difference between gold and bitcoin is their scarcity in terms of universe. While bitcoin's scarcity is provably finite, set in stone through unchangable code and robust consensus, gold's real supply is almost infinite, because it exists not only under surface of Earth. When we find the way to extract gold from other sources such as planets, asteroids, even stars, it will no longer be considered good store of value, it will only be used in production. It will be a good time for bitcoin to replace gold as tool of preserving wealth.

3/3 If aliens showed up on Earth with gold, would you accept it for payment without knowing how much gold they've extracted, what it costs them to mine it?

You wouldn't because you would have to assume they've got infinite gold and a crash is imminent.

You would accept #BTC

https://twitter.com/jespow/status/1287607483507208192

[Debonaire217]

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.

I just want to quote this, I think bitcoin will not be the successor of gold. As the term successor means, the original will leave and then something will replace, but there's no way people will leave gold behind, some of them have vaults to store their golds, some deposited it in financial sector's custody. Some are turning golds into luxurious items. Thus, making gold to further increase its value. While bitcoin on the other hand is stored in a different medium, though it couldn't been transformed to something with physical value, we cannot compare these assets as they are completely different.

[Janation]

Nothing can replace gold. It's the precious metal with intrinsic value. Unlike Bitcoin gold is more than a store of value, an investment and a medium of exchange. That's why none cryptocurrency is a competitor to gold.

Well said.

If we will be replacing gold, I don't think we would be able to find another. Bitcoin will not be able to replace gold since most of the people look at it as an investment. It is not even used as a currency but used to pay because it had a value. Maybe something that would be backed up by gold and a centralized one would replace it.

[bitbunnny]

I don't think there is any connection between Bitcoin and gold and these two completely different types of assets and value storages that attract completely different types of investors. I don't think that will ever happen that Bitcoin replaces gold but that is not even the intention. Cryptocurrencies and gold can't be compared and Bitcoin is no competition to gold at all.

[greenvie99]

No need to replace gold, because bitcoin is digital gold.

[akram143]

Gold is existing here for centuries and will be exist for centuries as well so bitcoin is never going to be an alternative to Gold because both have different reasons to exists here.Gold has many utility like storage of value and ornaments whereas bitcoin here for mainly to be uses as currency.

[Pamadar]

Gold is existing here for centuries and will be exist for centuries as well so bitcoin is never going to be an alternative to Gold because both have different reasons to exists here.

If that statement is according to reason why this two assets exist, there's  huge partitions between the two and like your opinion gold is been here for centuries and trust from different users are being well shown, pointing their investment to this valuable assets.

Gold has many utility like storage of value and ornaments whereas bitcoin here for mainly to be uses as currency.

It's advancement is really far from bitcoin in terms of usages, though bitcoin also being considered valuable asset nowadays but supremacy of gold still higher till this day.

[XeroG]

Might be the same thing in the future but i don't think it's gonna replace it.

[Abiky]

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.

I think both commodities will last for a very long time. Gold has its unique use cases and market in the mainstream world. The same thing applies to Bitcoin. I think the pioneer cryptocurrency will become "the golden standard of crypto" because of its unmatched security and censorship resistance. Gold on the other hand, will be the ideal safe-haven asset in traditional finance. You can make use of both BTC and Gold in order to minimize risks as much as possible. In times of turmoil, these assets (especially Gold) tend to rise in price at a fast pace. The debasement of Fiat leads to the appreciation of assets with limited supply on the market. Using one type of asset from the other, solely depends on you.

In the future, Gold might become "tokenized" on the Blockchain. We already have some legitimate tokens on the Blockchain such as Paxos Gold and Digix Gold. But we need more players in the industry, in order to expand options for investors looking to have the "best of both worlds". If COVID-19 continues to force us to take social distancing measures, I believe that Gold will only be bought and traded in a digital manner. Companies will become custodians of physical Gold bullion, while tokens will represent their Gold reserves. Given how long Gold has been trusted by people worldwide, it's hard to believe it'll be replaced by another type of asset anytime soon. Unlike Gold, Bitcoin is relatively new to the mainstream world. Maybe in a few decades from now, people will be able to recognize Bitcoin as a store of value. What kills it is the extreme price volatility on the market. But as of late, prices have been relatively stable. Bitcoin might compete with Gold in the future, if it's able to maintain price stability while retaining its censorship-resistant qualities. All we can do is speculate how both asset types will behave in the future. Just my thoughts

[uneng]

Gold is existing here for centuries and will be exist for centuries as well so bitcoin is never going to be an alternative to Gold because both have different reasons to exists here.Gold has many utility like storage of value and ornaments whereas bitcoin here for mainly to be uses as currency.

As you said gold is store of value, a very stable investment to keep your wealthy, on the other hand bitcoin is a volatile investment, with higher price fluctuations if compared to gold. Furthermore gold is physical and a precious metal, while bitcoin is virtual and can't be used for anything else than a currency, so gold has more practical usage. Actually it's very hard to compare both, because they are very different and those investing on these two assets may have different objectives regard their money.

[akram143]

Gold is existing here for centuries and will be exist for centuries as well so bitcoin is never going to be an alternative to Gold because both have different reasons to exists here.

If that statement is according to reason why this two assets exist, there's  huge partitions between the two and like your opinion gold is been here for centuries and trust from different users are being well shown, pointing their investment to this valuable assets.

Gold has many utility like storage of value and ornaments whereas bitcoin here for mainly to be uses as currency.

It's advancement is really far from bitcoin in terms of usages, though bitcoin also being considered valuable asset nowadays but supremacy of gold still higher till this day.

Gold is not a technology, its just a metal and rare metal that is why its got its value whereas bitcoin is man-made using the recent technology and created for other purpose than investing and speculation.

[adzino]

As you said gold is store of value, a very stable investment to keep your wealthy, on the other hand bitcoin is a volatile investment, with higher price fluctuations if compared to gold. Furthermore gold is physical and a precious metal, while bitcoin is virtual and can't be used for anything else than a currency, so gold has more practical usage. Actually it's very hard to compare both, because they are very different and those investing on these two assets may have different objectives regard their money.

True. Gold has store of value, but bitcoin also has a store of value. You can store and retrieve it anytime. Since it has a value, it also has purchasing power and is useful whenever it is going to be retrieved. Though my assumption is based on the fact that bitcoin and other crypto currencies will live. It is highly volatile, but in the long run, it will be giving you profit. So it is a good investment and store of value for those who are looking to make profit and securing their wealth.
But, yeah gold as a store of value is better than bitcoin because it is less risky and existence is perpetual while bitcoins future is totally blind.

[davide72]

bitcoin and gold are two completely different types of investments in many respects, making comparisons seems excessive, however I would both keep if I had the chance.

[minersday]

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?

First and foremost, why will people still be having this argument regarding Bitcoin and Gold?  Gold has been existence for thousand's of years now and its one natural resources which will always retain its value. Even if Bitcoin becomes massively adopted into the financial ecosystem, Gold will still have its value in the market. This is due to the fact that Gold is tangible and its being a natural mineral resource. People should stop wasting their energy thinking Bitcoin is gonna replace Gold in some years to come. Bitcoin do not have the chance to replace Gold.

[Ozero]

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.

However, since Bitcoin cannot replace paper money, it cannot replace gold in any way. Bitcoin was created to become an alternative means of payment for the current system of bank payments. He is not able to replace them, although he can squeeze them in the financial world.
Gold as a value and measure of value has existed for thousands of years and it is impossible to break the existing financial system in ten years. It will take more than one decade, and perhaps much more, before gold is replaced by another financial asset.

[Artemis3]

Some people wish the gold backed dollar returned, but that is actually bad. Its good that your fiat isn't backed on anything, so that you can easily appreciate its volatility. Unless the coin itself is made of gold, its garbage; nothing more than a peg perhaps backed by your trust to an entity, usually the State...

Returning to the gold standard is much better than what we currently have: papers worth close to nothing. The thing about gold that makes it irreplaceable with currencies such as BTC is the physical features of it. You can't mine BTC and use it to create better electricity conductors, for instance. This is what will make Gold maintain its value over time and also why it's not very easy to be replaced. Otherwise, it'd be worthless.

Those papers said before they could be exchanged for gold. Conveniently gold possession was forbidden for most part of the 20th century in the US after the crash of 29...

So those same worthless papers saying that they "could" be exchanged for gold, but actually making it imposible to do so, would do you no good. Will you trust the State to ever fulfill that promise? Do you really think they actually backed every single dollar with the amount of gold they said they did? Who was allowed to audit that? they wouldn't allow the natural urge of everyone to get rid of the useless papers for the gold; what makes you think they didn't also play fractional reserve? Most central banks do...

The current USD is more honest, its important that people know the USD can collapse tomorrow, they had enough time to move away from it. Its like bitcoin, so long at 9k, now it hit 11k. Why people didn't buy then, but think of buying AFTER it went up instead?

So try to understand the uselessness of a paper claiming to be gold, but its not the actual gold. Its a form of pegging backed by your trust into an institution. With Bitcoin you don't have to trust anybody, its price is honest, always.

When the USD collapses and brings down the world economy, then most people would remember they could have saved in Bitcoin instead. Same could be said for the other fiats, most are way too dependent on the USD. Pegging of any kind are bad, they depend on someone fulfilling a promise. You don't want to depend on a promise, same as politicians can make you poor overnight, they can also break their promise.

The Venezuelan bolivar was pegged to the USD in 2012 to about 4:1. 8 Years later its 25000000000:1. Never trust them your wealth.

[NurAzizahhh]

Gold is available in real life, while bitcoin is available online, but soon, bitcoin will be available in real life, and it depends on whether the government approves bitcoin or not. Bitcoin cannot replace gold because bitcoin and gold have different functions. that, most people still believe gold is a safe place for them, and they don't use bitcoin now because they don't have enough information. If the government can approve bitcoin, it can encourage people to use bitcoin, and we will see mass adoption from people from many countries.

[Twentyonepaylots]

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.

However, since Bitcoin cannot replace paper money, it cannot replace gold in any way. Bitcoin was created to become an alternative means of payment for the current system of bank payments. He is not able to replace them, although he can squeeze them in the financial world.

Why do we always talk about replacement when these two can just work together as an option for store of value, the only difference of these two are just the price and volatility of the price so it just depends on the people if what they are going to choose among the options. We are pushing bitcoin for quite long yet we haven't realize the huge thing in front of us.

Gold as a value and measure of value has existed for thousands of years and it is impossible to break the existing financial system in ten years. It will take more than one decade, and perhaps much more, before gold is replaced by another financial asset.

Gold has been there for ages, you can't just tell them " hey bitcoin is better switch to it" , and as far as intrinsic value is concerned gold is way better than bitcoin, people buy gold not just because they into it.

[Abiky]

bitcoin and gold are two completely different types of investments in many respects, making comparisons seems excessive, however I would both keep if I had the chance.

Exactly. Both Bitcoin and Gold are two completely different things, investment-wise. Gold exists in a physical form, whereas Bitcoin lives in the digital realm. On the other hand, Gold is much trusted in the mainstream world, whereas Bitcoin is not. The pioneer cryptocurrency still has a long way to go before most people recognize it as a store of value just like Gold. Its main problem is the price volatility on the market. Extreme fluctuations in price makes Bitcoin a terrible alternative to Gold. Bitcoin only mimics Gold in the sense that it has a limited supply of coins and it's the most secure Blockchain network to date. Sometimes Gold is better option than Bitcoin as a safe-haven asset, because of the many issues the pioneer cryptocurrency has.

To balance between both assets advantages/disadvantages, it's best to hold both of them for the long term. They prove to be a great store of value for preserving wealth in these times of turmoil. As Fiat becomes debased by governments and central banks worldwide, both Bitcoin and Gold will shine as alternative assets to the existing monetary system. In this COVID-19 world, they've experienced increased demand which has resulted in higher prices on the market. Neither Bitcoin will replace Gold or vice versa because of their respective advantages/disadvantages from one another. Just my thoughts