Bitcoin will replace oil and Gold

[Dragonfund]

Gold and oil serve different purposes than Bitcoin. They are resources with industrial uses while BTC is meant to be a decentralized form of currency.

But in the future we may see oil and gold traded more often with BTC.

You have made a valid point in your first paragraph but I have to strike the second line.
Bitcoin is not longer in the age of 2017 when the foundation was base on making 2x or 3x profits. The adoption is at tremendous level, an average man on earth has heard about cryptocurrency( bitcoin) once in their life time, the traction and It wide-spread sometimes get reduced by government policies that's what has been the main challenges and FUD.

You hardly see a stock trader without engaging in cryptocurrency, the correlation between global traditional market and crypto asset market was strong that it made investors sold off their bitcoin during the pandemic brouhaha
There have never been such a catastrophic sell off in the history of Bitcoin, though its has begin to move alone without stock market impact since September.

The future is bright for bitcoin and it will interest you to know that it will outperform stock market if and if the world use cryptocurrency without government interference. Some DeFi platforms are already on the rise.

[Vaskiy]

The true purpose to innovate bitcoin is eliminate the third party involvement into any form of transaction and data sharing between two end users. Bitcoin isn't developed to take over the market of oil and gold. Bitcoin market volume might reach equal to the market of oil and gold, and this won't lead to replacing. Leading personalities of information technology have stated, bitcoin will replace gold as people have started to give importance to bitcoin as a saving asset and the same is scheduled as a long term process.

[CODE200]

The true purpose to innovate bitcoin is eliminate the third party involvement into any form of transaction and data sharing between two end users. Bitcoin isn't developed to take over the market of oil and gold. Bitcoin market volume might reach equal to the market of oil and gold, and this won't lead to replacing. Leading personalities of information technology have stated, bitcoin will replace gold as people have started to give importance to bitcoin as a saving asset and the same is scheduled as a long term process.

This is simply due to the misconceptions about cryptocurrencies. Since it is more often used as a form of investment, it is often compared to assets such as gold and oil. Investing into it is indeed beneficial but its main purpose is being set aside by many people who are engaging into this industry. But we cannot blame them especially at this moment wherein cryptos are not yet accepted to all countries, so the only way to make use of it is through invetsment purposes.
In this case, it will depend to cryptos further development. If its market value will be stabilized in the future, it will be more used as a currency and more likely that will happen when centralization took over this industry. But for now, more people are engaging into it as an investment, than in gold and oil due to the popularity. But things might still change in the future.

[Cratoon]

Bitcoin will replace oil and Gold

Sure. Very soon we will melt bitcoin for semi-conductors and jewelry, and will burn it in car engines to move stuff around 

[slapper]

The true purpose to innovate bitcoin is eliminate the third party involvement into any form of transaction and data sharing between two end users. Bitcoin isn't developed to take over the market of oil and gold. Bitcoin market volume might reach equal to the market of oil and gold, and this won't lead to replacing. Leading personalities of information technology have stated, bitcoin will replace gold as people have started to give importance to bitcoin as a saving asset and the same is scheduled as a long term process.

People tend to change the main purpose of bitcoin for many years. Nakamoto Satoshi would be very disappointed with the situation we are facing right now. Nevertheless, because of being controlled by everyone in the world, bitcoin soon turn into what people believe: "A digital asset which can generate an outstanding income in a short amount of time without using leverage". So in a specific time in the future, Bitcoin may have a chance to replace gold to become the number one asset.

Oil is a different story. The usage of oil appears mostly everywhere and humankind still depends a lot on oil to operate their machines. In my opinion, it is hard for bitcoin to fully replace bitcoin since it is extremely different from oil - a term of energy.

[Rexler]

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!!

Not sure bitcoin will replace these things anytime soon, gold and oil are more popular than bitcoin, besides they are centralized and controlled by the government, its also tied to a country's economy unlike bitcoin that's forbidden to use in most parts of the world for being decentralized and uncontrollable by the government, so at the moment its impossible for that to happen.

[vaultman]

Oil and gold have practical applications in life, and bitcoin is only a digital means of payment, so it will never be a substitute for gold and oil. As far as governments are concerned, I don't think bitcoin is the best cryptocurrency for the purposes described in the first post. Bitcoin is too outdated, alternative cryptocurrencies are far superior in all characteristics.

[BTCappu]

It seems like that you don’t know what you’re saying. You said it, but did it happen? No it’s not happening. Lol you thought of everything in the world and it’s oil that came to your head? What exactly does Bitcoin has to do with oil? The kind of posts some of you make shows that you have no clear understanding on the bitcoin. Bitcoin is not going to be replacing anything.

You people should just chill and accept things as it is, it wouldn’t change anything at all. Bitcoin has been around for years and we are happy using it, it has helped on so many levels, but you are still no satisfied, you’re still talking about what’s going to replace the other.

[aysg76]

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!!

We can compare btc with other commodities on price basis but if we talk about replacing them it's impossible because btc is digital assest which acts store of value whereas oil is essential commodity in today's world as it is fuel for running all the transport services, machineries and making other mediacal supplies from it which bitcoin can never do.Can your run your car by filling notes in tank or make medicine with bitcoin.Seems possible to you?The prices can be compared like Bitcoin has fixed supply of 21 million coin and 18 million have been mined till date and it's scarce currency so prices will be high when demand will be more with less supply in market whereas oil and gold mines are available at huge level and still many are to be found under the ground which makes it prices cheaper as supply is not limited so comparison is possible in that manner but not in the way you are talking.

[Dsdaq]

I don't think bitcoin will replace gold. Gold doesn’t require electricity to trade, Unlike cryptos. This makes it especially useful in situations such as hurricane-ravished Puerto Rico, where 95 percent of people are reportedly still without power. Right now the island’s economy is cash-only. If you have gold jewelry or coins, they can be converted into cash—all without electricity or WiFi.

[0xBitcoins]

I doubt Bitcoin can replace oil and gold, because both have been used for thousands of years. Indeed, for now investing in Bitcoin is
more profitable than investing in oil and gold, but because Bitcoin cannot be controlled by the government. So the government definitely
prefers oil and gold over Bitcoin. I think Bitcoin will probably only be used as an investment alternative, after all, Bitcoin's popularity is
still below oil and gold. There are still many people who don't understand Bitcoin, so it's too early to mention Bitcoin will replace oil and gold.

Crude oil is pretty new in terms of human history.  It wasn't a major part of the economy or of much importance at all until the industrial revolution.  Gold has thousands of years of history as a store of value. Bitcoin may eventually become a dependable store of value, but the use case for it is extremely low on a practical level. Almost nobody uses it for anything other than speculation at this point due to the wild price swings. It's just another form of gambling.

This is not true. Bitcoin has so many and very strong use cases. it is all just matter of mass adoption. if Bitcoin get accepted widely by nations and govt. and gets to use in daily life then you can see how many benefits are there in using bitcoin.
and that mass adoption I am talking about is happening. Bitcoin already attracted millions of people. and recently paypal announced adding Bitcoin in its platform which means Bitcoin will gain another 26+ million potential users and that is just the beginning.

So don't think bitcoin as just a form of gambling it is a lot more than that. it cannot replace oil, gold or any other assets but it has it's on place and importance.

[Karartma1]

Oil and gold have practical applications in life, and bitcoin is only a digital means of payment, so it will never be a substitute for gold and oil.

You started good: bitcoin can not substitute gold and oil in real world applications: I can't see using bitcoin to develop semiconductors and microchips, likewise you can't fuel your car tank with bitcoin.

As far as governments are concerned, I don't think bitcoin is the best cryptocurrency for the purposes described in the first post.

I wouldn't be sure about this: go tell Iran no to use bitcoin to avoid economic sanctions. Bitcoin is really their best alternative right now.

Bitcoin is too outdated, alternative cryptocurrencies are far superior in all characteristics.

Here I lost you. What do you mean by outdated? Please point me out which superior alternatives you have in mind.

[sayaya17]

Currently, people, especially investors, are looking for more secure assets. One of them is the precious metal gold.
Because in the global market the price of gold looks strengthened, making gold the best performing asset compared to other investment assets.
However, because they are too stable, gold and oil of course when viewed from a profit perspective, then bitcoin is more profitable, because bitcoin price rises and falls very quickly even in a matter of hours.
I don’t think bitcoin can replace gold and oil. Gold, oil and bitcoin have their respective markets.
So people are free to invest anywhere. It depends on each choice.

[Spacewalker]

Currently, people, especially investors, are looking for more secure assets. One of them is the precious metal gold.
Because in the global market the price of gold looks strengthened, making gold the best performing asset compared to other investment assets.
However, because they are too stable, gold and oil of course when viewed from a profit perspective, then bitcoin is more profitable, because bitcoin price rises and falls very quickly even in a matter of hours.
I don’t think bitcoin can replace gold and oil. Gold, oil and bitcoin have their respective markets.
So people are free to invest anywhere. It depends on each choice.

Another factor to consider is that bitcoin cannot be used as fuel, for the production of plastic, in industry, in jewelry, unlike oil and gold. Therefore, I agree with you that these are slightly different assets. Oil and gold are less suited to speculation because they have real uses in the real world.

[StyleForceOne]

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!!

Btc's volatility is exactly what makes it a bad one to replace gold.
It can't replace oil simply because it is a real physical fuel which bitcoin is not.
I honestly don't understand all those converstaion about "bitcoin is a killer of X" (fiat, oil, gold, put your one here).
No its not, it will live by side with all those things.

[Gibreil]

I don't know why you always say that bitcoin will replace oil and gold wherein fact they have all different in utility. Oil is using in transportation and gold is for luxury. Bitcoin can surpass them in prices but it won't never be replaced their utility. Stop comparing three different things because they are all usable for their use.

[Argoo]

Bitcoin will replace oil and Gold

Sure. Very soon we will melt bitcoin for semi-conductors and jewelry, and will burn it in car engines to move stuff around 

Yes, when bitcoin replaces our water and air, then perhaps it will be able to replace our oil and gold.  Considering that we will hardly be able to breathe bitcoin and drink it as well, it will also not work to replace gold with it and hang bitcoin for women instead of jewelry.  Cryptocurrency is nothing more than an alternative means of payment, which can exist only along with the currency of states and will not replace anything with itself.  These are all children's fantasies.

[finaleshot2016]

I don't know why you always say that bitcoin will replace oil and gold wherein fact they have all different in utility. Oil is using in transportation and gold is for luxury. Bitcoin can surpass them in prices but it won't never be replaced their utility. Stop comparing three different things because they are all usable for their use.

Utility wise everything has a different use and that is why it will continue to exist. Only thing when it comes to as a investment so the allocation among three what was previously will change and many would invest more in bitcoin than having gold as returns are better in bitcoin. Though risk as well exists but you are rewarded accordingly .

Agree, people have different preferences and things have different functions. We shouldn't compare things that are completely different, it's just a competition of a mainstream asset and both are growing. Gold have guaranteed profit as you wait for the price increase while bitcoin depends on the market, and sometimes can't predict due to volatility but can give you huge profit also for investing on the right time.

[Vishnu.Reang]

One of the well known comparisons I have seen is between the exchange rates of 1 BTC and one ounce of gold. A lot of cryptocurrency users went ballistic in 2017, when the exchange rate of BTC crossed the price of 1 oz. gold. But I had pointed out that the comparison is not right. You can compare the market cap of BTC with the market cap of gold. But you can't compare 1 BTC with 1 oz. of gold, because the units are different.

[Ridcan]

The fluctuation you mentioned contains huge differences.  that's why most people don't believe it.  bitcoin cannot replace oil for now.  We use oil as fuel in vehicles.  bitcoin has no physical counterpart.  We just expect it to be valued.