Bitcoin will replace oil and Gold

[TopTort777]

Another day, another useless topic from Polo7.

Bitcoin will never replace oil and gold. Oil can be replaced only when you find out how to substitute it. Think can would run on bitcoin in future? Or electricity? Production of electricity to charge car pollutes air much more than exhaust gases. Gold - this is historically constant item that represents value, wealth and etc.

Of course there are item prices that are bond to oil and gold value. But there is also a so called bigmac index. Instead of measuring how much a thing or a service cost in comparison to oil and gold price, people compare ir to bigmac price. Sadly, no one screams that bigmacs will replace oil and gold.

[Sapphire915]

Mate, this is so impossible to replace those stable and high valued commodities in our physical world with Bitcoin who is just a digital currency. However, I would agree with you when you are implying about the profits that it will brought to us people, to the economy and to the country. We can't deny that in this modern time, Bitcoin as the largest crypto currency in the market has extremely booms anywhere in the world and became a great and easy investment  to us. In some ways, it will exceed to oil and gold in terms of investment because of the modern individuals who are now preferred to use and invest on blockchain industry for an easy profits.

[Genemind]

Governments all around the World Secretly start using together with banks the bitcoins.
Oil is done so They replace bitcoin instead of oil.

The btc volatility might go like daily 50k-100k price Changes.

Bitcoin will be instutionalized permanently.
The Global market prices Liqutation postion will be fluctuated by Bitcoin price.


I said this before but nobody didnt listen but now it's here!!

Bitcoin, gold, and even oil have different functions so we can't say one can replace one because they're all necessary and they're all playing their roles in the society or should I say in our daily lives. Bitcoin, despite being adopted can't be used as a substitute for gold or oil or vise versa and they all have different investors based on their demand.

[bL4nkcode]

There might be a correlation between oil and currency but that doesn't mean bitcoin as currency needs to replace any assets in the current world. Bitcoin is good with gold as store of value, let the dominance happens without replacing assets as they have their own market.

[bekti3]

Since the beginning of 2020 until now MarketWatch reports Bitcoin has jumped up to 50.63%, while gold, to be exact, after early September reached 24.01%, it is quite significant in EXCHANGE, but year to date, it is skewed at 22.65%. So there was a deep correction, namely minus 5.49%. In addition, there was an increase in the oil market which was classified as very bad in the last 3 months by around 4.93%.

[Fatemablabla]

How is the logic behind this? How bitcoin will replace oil and gold. Don't see any option. Bitcoin can't help you to burn anything or run any engine. And also you can't use bitcoin to wear like gold. These two things are necessary for people but bitcoin is not necessary for people in general. So replacing this two things is not possible to me.

[grabpopcorn536]

Bitcoin is just a global currency and how it can replace oil and gold. I think it is ridiculous for reasons of liquidity and practical use.
Oil for the energy sector and the processing of oil for other industries.
Gold serves high-tech industries such as aviation, space ...
It is necessary to properly appreciate Bitcoin's potential.

[skarais]

I don't want that change in the future. As an investment asset or other tradable asset. Bitcoin and gold have their own commodities and they believe they are profitable asset. Gold has been around for centuries, used as jewelry, traded, as currency and a store of value, how can bitcoin replace gold that is only 10+ years old. There are too many phases that bitcoin and the community have to go through to achieve that, and until now the government is still reluctant to accept it as a legal tender in most countries.

[Mihaylovic]

maybe elon musk can develop a car that works with blockchain power  .

By the way i do not believe bitcoin will take place of gold. Because there will be always some people that prefer traditional investments instead of new technologies. There will always be some people deposit their money to banks, invest in gold silver etc.

[wheelz1200]

Governments all around the World Secretly start using together with banks the bitcoins.
Oil is done so They replace bitcoin instead of oil.

The btc volatility might go like daily 50k-100k price Changes.

Bitcoin will be instutionalized permanently.
The Global market prices Liqutation postion will be fluctuated by Bitcoin price.


I said this before but nobody didnt listen but now its here!!

People are getting way ahead of theirs elves, oil is not going anywhere anytime soon nor does bitcoin sit in the same asset class so its a wierd statement.  Gold will also be around for a very long time as well.  People like physical assets way to much for everything to go 100% digital.  In my eyes bitcoin isn't competing with them, it is rounding out the asset class.

[bits4books]

I am physically hurt by what is written here.
I would love to see how you will fill BTC in the tank of your car, refuel a plane or tanker with it. Or how are you going to use the BTC somewhere on the processors instead of gold.
What is the secret use of BTC by governments? Can you still say that cryptocurrency is a ZOG project that would take all the money in the world?
God, why...

[bits4books]

Gold and Oil as it stands today are mainly commodity. Bitcoin is digital money. So their functionality differs. Therefore you cannot categorically expect that Bitcoin will replace Oil and Gold.

Maybe he means in terms of investment government can decide by their own if they think that bitcoin can give them income for the next more years and will lost their investment in oil and gold they can move to other investment.
Its investment even individual persons or small investors do that and invest only to what they think is profitable for them. they are just securing thier money if they know they will lose in other investment why would you continue supporting drop it and find other alternative that will be beneficial for you in long term.

I mean yes this!!
You are correct
The btc will not become oil or gold.

It just will replace the oil and Gold position in Investment area

It will not replace it. At least because BTC as such, let's be honest, it's still a magic digital money for the geeks .
No one professional trader/economist/etc will invest in BTC on a serious face with the hope that it will totally replace gold. It's like playing Russian roulette from a Glock and hoping that there will be a misfire.

[Assface16678]

Governments all around the World Secretly start using together with banks the bitcoins.
Oil is done so They replace bitcoin instead of oil.

The problem starts with this. Bitcoin, Gold, and Oil are different in many aspects including their function, price and usage accross countries. There is indeed an emergence of Companies and countries adaoting this technology but that doesn't make any sense to just set aside these two natural compounds. Keep in mind how greedy many countries are towards these minerals and they are not doing such things just for nothing. This is an enough reason why they won't leave these minerals behind just because blockchain technology arose. Bitcoin and other cryptos are really profitable as an investment but governments will more likely put their time in something which would generate "assured" profit, not to mention how volatile the market price of cryptos are.

[1GUARDIAN]

It seems to me that the speed with which the international community is moving towards the full adoption of cryptocurrencies and bitcoin in particular is large enough and the full acceptance of bitcoin as a means of payment is a matter of the next few years. Of course, three countries will have to act as a leader and trendsetter in this regard - Japan, China, and the United States. It is in these countries that all the main innovations associated with Bitcoin take place.

[Bitcoin_bullish]

Gold and Oil as it stands today are mainly commodity. Bitcoin is digital money. So their functionality differs. Therefore you cannot categorically expect that Bitcoin will replace Oil and Gold.

Maybe he means in terms of investment government can decide by their own if they think that bitcoin can give them income for the next more years and will lost their investment in oil and gold they can move to other investment.
Its investment even individual persons or small investors do that and invest only to what they think is profitable for them. they are just securing thier money if they know they will lose in other investment why would you continue supporting drop it and find other alternative that will be beneficial for you in long term.

I mean yes this!!
You are correct
The btc will not become oil or gold.

It just will replace the oil and Gold position in Investment area

I don't know if it is just the OP or everybody is trolling in the comments.

[goldade]

OP should note that several threads have been made concerning this topic already. It's only good that one should make the necessary research before creating a new thread.
However, to answer your question, bitcoin will not replace gold or oil. It should be noted that gold and oil have certain advantages over bitcoin and these give them an edge.
I do agree that the volatility of bitcoin makes it good for investment, but it is also its volatility that makes it risky as a form of investment.
Many investors will only invest in low risk investment and gold and oil serve as the best option for this

[AniviaBtc]

That's impossible to happen because those things have a huge difference although there are a lot of money in all of them.

Gold is very far different from Bitcoin because bitcoin is a digital asset which can be stored in an online platform of wallet. It is much easier to transact and to use compared to Gold that you need to undergo a lot of process before you benefit it. Also bitcoin is for a short-term investment and should be monitored every single day, compared to gold that is for a long-term investment and do not require a lot of attention. Both are profitable but they have differences so bitcoin can't replace gold and oil that easily.

[bitzizzix]

If bitcoin can beat the performance of oil, gold and so on, I think it is possible and but cannot replace it and there are many real and unreal differences that existed before bitcoin existed in the world and many other reasons and differences.
Bitcoin can be said to be just a new, developing and attractive asset class that is in demand by many people or investors and is becoming the most popular because it promises good returns.

[Twentyonepaylots]

Another day, another useless topic from Polo7.

Yeah, I've been seeing this user posting a lot of unnecessary threads like this one coz it have been discussed for many times almost  every month in every year. Useless, as we describe it 


But then again, opinion is this, bitcoin will never, ever replace gold in just a simple fact, people will never lose trust to a precious tangible thing, they would not trust bitcoin that isn't tangible, highly volatile and more prone to stealing than gold under the soil. It is just impossible for people to depriciate gold's value over bitcoin.

[Oasisman]

Gold and Oil as it stands today are mainly commodity. Bitcoin is digital money. So their functionality differs. Therefore you cannot categorically expect that Bitcoin will replace Oil and Gold.

Maybe he means in terms of investment government can decide by their own if they think that bitcoin can give them income for the next more years and will lost their investment in oil and gold they can move to other investment.
Its investment even individual persons or small investors do that and invest only to what they think is profitable for them. they are just securing thier money if they know they will lose in other investment why would you continue supporting drop it and find other alternative that will be beneficial for you in long term.

I mean yes this!!
You are correct
The btc will not become oil or gold.

It just will replace the oil and Gold position in Investment area

Nah, I guess that won't be happening. Nothing's more precious than oil and Gold, it'll always be a good investment tool for any government. It's usage alone makes it stand out every other investment in the market, and we're talking about daily use.
You want a solid proof how good oil is an investment?
Look back how Dubai looks like in 2000.
Bitcoin will be a good investment tool as well, but don't expect something like this to happen.