Why BTC is digital gold?

[poodle63]

It's because bitcoin has high price or value that it's called the gold of cryptocurrency and its scarcity. In my opinion there's no specific reasoning why bitcoin is considered as digital gold at this point other than it being popular and valued high as I said earlier.
There are many who disagree with this and I think most of people are looking at bitcoin based on its value not really because any character which resembles gold. It's all about what it's worth.

[Astvile]

If you think that it's enough to qualify as digital gold, then Pokemon trading cards are also digital gold. Or World of Warcraft's currency.

I agree with this, not just Pokemon trading cards but also some valuable ingame items from different esports games right now, there are tons of items that cost hundred and thousands of dollars. Anything rare in the digital world can be considered gold if it still has the demand from the market.

Even if it were rare, that is not where its value comes from.

Yes bitcoins value doesn't totally came from its rarity, but bitcoin being rare surely contributes to it's value even by a little percentage. Having a limited supply and high rarity will cause the people to put high demand on it and eventually price will surely go up as long as the demand from people is there.

[Darker45]

Gold has next to unlimited supply. The world has plenty of it. It may be finite but so far it seems the earth has not yet ran out of gold. Gold has been deemed precious ever since history began but until now fresh gold is still being produced from under the earth's grounds. Bitcoin is not like that. Bitcoin has a fixed supply.

The real gold is very difficult to store. And we should be wary about buying gold in paper as we cannot do an actual verification of whether the gold that we are only buying in figures is indeed backed by genuine gold. Bitcoin is very much different. Everybody who truly owns Bitcoin can verify himself/herself his/her Bitcoin through the blockchain.

[nemey]

Many people in these cryptocurrencies think that Bitcoin is gold in the digital world or digital investment. and in my opinion agree with that statement Because it feels like investing in Bitcoin is the best and most secure compared to other coins in cryptocurrencies. The price of Bitcoin has also continued to increase since 10 years ago. Even now making new history with a price of $ 19,000 more.

[Ridwan Fauzi]

It is too early to compete bitcoin and gold, although we as bitcoin user and know its capability to be store of value have been considered that bitcoin more useful than gold. Currently bitcoin is not a store of value only, you can make it as payment system or even the most important part you can use bitcoin as a sending money beside money fiat.

But, gold has been considered as an asset by most people on this world, there is no one who think that gold is useless and have no value. All of them will want to having it and also they will pick gold as their investment rather than bitcoin. Bitcoin still new, even just a few people in one country who know what bitcoin is and consider it has a value. Maybe it will takes a long time until most people will believe bitcoin and want to having it like gold now.

[uneng]

Bitcoin isn't digital gold, otherwise I could say any crypto currency with limited supply is digital gold as well.
Gold investment is safe and stable, quite the opposite of bitcoin investment which is popular for being very volatile and unpredictable. The goal of a gold investor is different from a goal of a bitcoin investor: while the first is looking for stability and store of value, the second is looking for speculative, high investment return.

[shoreno]

bitcoin is often compare to gold thats why they label it as digital gold to make it more propriate . gold is rare because its hard to mine and price of small golds are expensive but btc isnt that rare because it can be mine easier than gold and can be found almost anywhere online.

you can do faucet to earn btc or simply buy it , you can buy even the smallest form of btc which is called satoshi . gold is also more acceptable but the rest comparison is true and verry close .

[Nhor1011]

I think bitcoin is often compare to gold because of there similarities like in having a limited supply and how people accept and value both gold and bitcoin. But Gold is from the nature while bitcoin is just created by Satoshi Nakamoto and people give it special value. I think there is no problem if others can treat bitcoin as digital gold because it was true in terms of value.

[wheelz1200]

How we can determine BTC is digital gold?BTC Thats can be determined by their attribute. Gold is valuable because it's rare and has a limited supply. This term is true for Bitcoin as well. Both can be exchangeable with essential goods and they are acceptable in our society. Gold and BTC both can be stored though they have different methods to do that. But if you compare these criteria then we can say Bitcoin is digital gold.

Bitcoin is indeed compared to gold, some even say that Bitcoin is Gold 2.0,
yes I myself think that Bitcoin will indeed be gold, but gold in terms of technology,
we know there are 2 worlds, the internet world and the real world,
Gold is valuable in the real world, and Bitcoin is valuable on the internet, that's what I believe.

What do you mean?  Because you can hold gold and not "hold" bitcoin it will only be used on the internet.  What about credit cards, they only exist in the computers here but we all use them in the real world.  You don't think bitcoin can eventually be used in the same type of pop manner?

[batang_bitcoin]

Calling it digital gold is subjective and it depends on the person who calls it by that title. I would distinguish bitcoin as a digital gold in my own terms and belief. And if there are people who disagree calling it by that title, it's their problem and they should mind their own business. It is a fact that we're in the era where you can put assets in digital version and bitcoin is one of it. There are more that can be said as digital gold but it's just bitcoin getting attention because we're a crowd that is telling it. And those traditional "experts" can't accept it on their own terms too.

[hahay]

The two have a lot in common and with that I think there is nothing wrong if most people assume or say that bitcoin is digital gold. After all, both of them are equally valuable today as an investment and in fact, bitcoin can be spent because of its superiority in terms of transactions and of course it is more flexible. I think that whatever the perception is as long as it is still in the positive category it won't be a problem, because the problem is about bitcoin being associated with something negative, so it will affect bitcoin itself. So when they say bitcoin is digital gold I think it will be fine and there's nothing wrong with it because both are valuable investment assets.

[hatshepsut93]

Calling it digital gold is subjective and it depends on the person who calls it by that title. I would distinguish bitcoin as a digital gold in my own terms and belief. And if there are people who disagree calling it by that title, it's their problem and they should mind their own business. It is a fact that we're in the era where you can put assets in digital version and bitcoin is one of it. There are more that can be said as digital gold but it's just bitcoin getting attention because we're a crowd that is telling it. And those traditional "experts" can't accept it on their own terms too.

The whole term "digital gold", when it's not used to talk about actual gold shares, was coined by Bitcoiners (no pun inteded), so it's not a surprise that it's very subjective and was made to fit Bitcoin's description. Which means that this title is not very useful. It even makes it pointless to argue if Bitcoin is digital gold or not, because there's no other thing that claims the title of "digital gold".

[STT]

Gold is digital gold if you want it, you can buy shares in a holding of gold and never receive the metal just a part control of the commodity.   There's no need for digital anything to reinvented, dollar is digital and only in minority is there exchange of physical currency.    We have these things already, the difference of significance is that BTC is decentralised and non reversible as a transaction and couple other things maybe but mostly there's no reason to compare gold to BTC.    Many assets and commodities will rise if dollar loses value, that point isn't exclusive in comparing these two either.

The higher the price of gold becomes the greater the supply will increase, the reason being is that many locations not profitable normally then become viable.   BTC supply is strictly controlled, its far more liable to spike in that way.

[maxreish]

Whatever you call it, one thing is for sure. It is the first cryptocurrency that was invented to change the way traditional financial and payment system works. It is beyond that of "digital gold" because aside from considering it as a store value, we can now purchase something using bitcoin.
 
 I think it is more reasonable to call it as "digital money" rather than digital gold. There is so much difference from "gold" and btc in different aspects. Though both are good for investments.

[fishbonez11]

Time will come that Bitcoin will be even more valuable than Gold. Bitcoin has limited supply, and each year, mining bitcoin is getting harder and harder. The supply get really small but the demand is continuously increasing since more and more people are coming in. With popularity that Bitcoin is gaining, surely the demand will continuously increase. People are giving so much value to bitcoin, eventually, a Bitcoin could no longer be afford by a poor one. 

[Salauddin1994]

Bitcoin will become much more popular than gold the world needs bitcoin to improve and the digital world will become more valuable than the new digital gold bitcoin currency became the first of its kind it has every chance of becoming more original than all other cryptocurrencies. Meanwhile on all cryptocurrency exchanges all currencies are traded together with bitcoin is probably the new us dollar the demand is increasing day by day All countries in the world recognize bitcoin as a currency. Once bitcoin is recognized as a full fledged currency its exchange rate will grow rapidly this will be combined with the huge demand and the insufficient amount of coins available for sale.

[kaseygriffin]

How we can determine BTC is digital gold?BTC Thats can be determined by their attribute. Gold is valuable because it's rare and has a limited supply. This term is true for Bitcoin as well. Both can be exchangeable with essential goods and they are acceptable in our society. Gold and BTC both can be stored though they have different methods to do that. But if you compare these criteria then we can say Bitcoin is digital gold.

Since it is the market leader Bitcoin and gold are both scarce, i think that when creating it people thought it would be worth using and when the demand was great, the value of the product was also great. Back to bitcoin, it is also seen that bitcoin is having a strong influence on crypto. When it comes to crypto, people will immediately mention bitcoin and that's the easiest reason to understand.

[mu_enrico]

The depiction of Bitcoin as the digital form of gold is just a phrase, doesn't potray similarities.
...
Bitcoin is Bitcoin

Very well said!

Perhaps, what's similar between these two is that both can be used as money, sound money, because people perceive gold and Bitcoin to be valuable.

[Chivas Regal]

There are far more precious metals than gold, it's malleability and conductivity have enabled it to be used down through the ages for commerce, fashion and now technology.

Bitcoin on the other hand is a concept that has a few key points: The Block-Chain and the difficulty re-targeting as well as the digital signature have turned commerce on its head with many industries and commerce looking to embrace the block-chain's concept as a means to future tamper proof transactions in the here in now just to give one example.

You can't wear a bitcoin (unless it involves body paint  ) and you can't snort drugs in a rolled up bitcoin either. 

[Upgrade00]

Of course it is. Something that is widely demanded but scarce in supply (like gold) has high value. Something that is widely demanded but plentiful (like iron) is cheap. The reason for that is scarcity.

Being limited in supply does contribute to price rise; as demand grows with no increase in supply. But does the concept of scarcity or rarity really apply to Bitcoin and gold? Its supply is limited (for bitcoin, Gold is not but is dependent on discoveries of deposit sites) but anyone can easily purchase them at any point and it is also highly divisible, so fractions of it can get to go around.

Also limited supply does not create demand or value. The qualities in Bitcoin and gold are what is sought and that is what grows the demand, its resistance to supply shocks helps to protect its value from inflation.