Bitcoin vs Precious Metals - the final verdict is in.

[larry_vw_1955]

Both are unique and valuable things, whether it is bitcoin or precious metal. Both have their own merits in their place. But if I were to personally pick and choose between the two, it would be bitcoin because it is the most valuable and secure tangible thing compared to gold. Due to its volatile nature, bitcoin also has the ability to gain a quick profit. Yes, it is true that, due to its volatile nature, it is equally possible to lose, but it depends on you how you adopt strategy. On the other hand, gold has a steady and calm nature, which means there is no high volatility in the price. And the most prominent and admirable thing because of which I like Bitcoin is security, which means if we compare Bitcoin and gold, you will get extra care and security in gold. While Bitcoin connects you to the decentralized world and gives you the allowance of a free-hand peer-to-peer network deal or transaction, And instead of extra security, it provides the facility of a more secure blockchain.

i saw this seller of precious metals if you buy a 1000 ounce silver bar you can't even take possession of it because if you do then i don't know if they would buy it back from you. in order to keep it in chain of custody so u can resell it u had to store it in their facility.  those are the kind of difficulties you run into in the real world with precious metals...

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Although gold is a very good medium to invest in, it is not 100% reliable because it fluctuates in price. Also, gold always has to be sold at a lower price than it is worth in case of jewelry. It is true that the price of gold has been rising over the ages, but there are occasional dips.  And if we talk about security then we have to physically store them, we have to face some complications in this case too. I would say to invest in bitcoin for long term.  It is reliable even though it is very long term to get profit.  It goes without saying that there is no risk of loss in bitcoin if you can control your emotions.  No one can get rich overnight by investing in bitcoins. But if you do it right, you will have to wait for a long time.

[Z-tight]

Although gold is a very good medium to invest in, it is not 100% reliable because it fluctuates in price.
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It is true that the price of gold has been rising over the ages, but there are occasional dips. 

BTC fluctuates in price far more than gold, BTC is volatile while gold is a store of value and can be said to be stable. If you want an asset that is volatile, with occasional dips but has the ability to rise fast and make you returns on investment, buy BTC. But if you want an asset that can hold value for very long, then buy gold.

It goes without saying that there is no risk of loss in bitcoin if you can control your emotions.

BTC is not a risk-free asset, people do lose their keys, lock themselves out of their BTC's or store it in a centralized exchange and lose it, there is risk in anything you call an investment.

[BlackHatCoiner]

I just appreciate the portability of bitcoin. It is extremely easier comparably to gold, to say, move a million dollars worth of bitcoin. And there is no jeweler that will charge you so much money, you just buy and sell peer-to-peer through vast liquidity.

BTC is not a risk-free asset, people do lose their keys, lock themselves out of their BTC's or store it in a centralized exchange and lose it, there is risk in anything you call an investment.

This is the same as saying that gold is not risk-free, because you can lose gold itself. I don't know many instances of people who lost their seed phrase, to be honest. I have only heard of cases where people lost their wallet files in the early days when bitcoin was worthless, and some rare cases of erased paper wallets.

[Z-tight]

This is the same as saying that gold is not risk-free, because you can lose gold itself.

That is why in my post you quoted, i said there is risk in anything people call an investment, and that also includes gold. But i think it is easier to lose BTC's than gold. If you do not keep your physical gold in your banks safe deposit box or in a safe vault, your next option will be to store it in your home, and except you are a target of robbers or burglars, you wouldn't still lose it.

BTC requires more attention to security, especially if you're storing a large amount of it, you have to download from the original website, verify your download, ensure your wallet file is stored locally in an airgapped device or you use a hardware wallet, you also have to make multiple backups of your seed phrase and keep them in more than one location, etc, all of these isn't easy to do for an average joe, that is why so many of them simply store their BTC's in centralized exchanges, which is a very bad thing to do.

[icalical]

Gold is not going to make someone rich. How many people have you ever seen that say "investing in gold made me rich"? None!

This statement is so true, only few even almost no one could get rich buy buying gold or other precious metal. But, I Bitcoin and Gold has different usage. For speculator and people who seek for profit and their main goal for buying assets is speculating on the price and get profit from it, then Bitcoin beat gold in many ways, but just like any other investment, high profit also means high risk, so for people who seek for stability and reliability for their assets, Gold is definitely more suitable than Bitcoin.

[Helena Yu]

This statement is so true, only few even almost no one could get rich buy buying gold or other precious metal. But, I Bitcoin and Gold has different usage. For speculator and people who seek for profit and their main goal for buying assets is speculating on the price and get profit from it, then Bitcoin beat gold in many ways, but just like any other investment, high profit also means high risk, so for people who seek for stability and reliability for their assets, Gold is definitely more suitable than Bitcoin.

Gold is definitely for store a value, but actually Bitcoin is relatively stable and can be used as store a value too. If people seek for high volatility and speculate asset, isn't altcoins is better since it's full of pump and dump.

Bitcoin could be more safer than gold because it's more flexible, it will not lose as long as you have the private key and you can access your coins in anywhere.

[OgNasty]

There will always be arguments for and gold over Bitcoin and vice versa. That doesn’t change regardless of which one performs or is proclaimed as being better. Bitcoin is certainly more risky. At any time something could happen that could make the entire network worthless. It is still very much in experiment territory.

[AmoreJaz]

There will always be arguments for and gold over Bitcoin and vice versa. That doesn’t change regardless of which one performs or is proclaimed as being better. Bitcoin is certainly more risky. At any time something could happen that could make the entire network worthless. It is still very much in experiment territory.

definitely, the risk is quite different when it comes to bitcoin. for gold, you can hold for long term without bothering that it would go down overnight. its price level is much more stable. for tangible assets to hold, i opt for gold jewelries to store as you can buy in small amounts depending on how many grams of jewelry you will buy.
and when it comes to actual investments, it depends now on the person, to what extent of risk he can get involved with. btc may give you nice profits, but it depends on when you will buy and when you will sell it.

[larry_vw_1955]

There will always be arguments for and gold over Bitcoin and vice versa. That doesn’t change regardless of which one performs or is proclaimed as being better. Bitcoin is certainly more risky. At any time something could happen that could make the entire network worthless. It is still very much in experiment territory.

i'm surprised no one here has brought up these hybrid gold/blockchain/stablecoin things seems like there's a ton of them out there such as this one: https://aabbgoldtoken.com/

i'm not sure how legit any of them is though. i would be skeptical of all of them though ESPECIALLY if they don't offer a way to redeem my tokens into physical delivery. (selling the tokens on their exchange, transferring bitcoin to my bank account and buying gold at the local coin shop doesn't count!). i would want there to be a third party audited vault where i can send this unrelated third party my tokens and they would ship my gold. and they can't be related to the digital gold company in any way except that they perform a vaulting service.

[Ale88]

Gold is not going to make someone rich. How many people have you ever seen that say "investing in gold made me rich"? None!

Let's be honest: nowadays probably no, you're not going to get rich buying gold, 100 years ago yes. I understand is a totally different story but simply saying that no one can become rich thanks to gold is not the full story. Of course I would choose bitcoin over gold every single day, there is no discussion for me.

[Fivestar4everMVP]

I don't know about any other person, But personally, I have always seen investing in gold as something that is reserved for some group of persons, and that is the elites in the society. While i think Bitcoin is for every one, for both the elite and the average persons in the society, even to those whom we see as poor, bitcoin investment is open to them as well, this for me makes investing in  Bitcoin a better option for any one.

Coupled with the fact that Bitcoin is way more volatile in price, making it very possible for those who will learn how to use this to their advantage to also use this as an opportunity to even make more money for themselves, something that is rarely possible with gold.

So in conclusion, I will always choose Bitcoin when compared to precious stones, I even forgot to mention the long form and kyc stuff one would have to fill and through just to buy and sell gold, something that is completely irrelevant in bitcoin investment, I mean, I can buy bitcoin even without going through any exchange, How? P2P.

Gold investment is highly classified, this makes Bitcoin a better investment for anyone, including myself.

[larry_vw_1955]

I don't know about any other person, But personally, I have always seen investing in gold as something that is reserved for some group of persons, and that is the elites in the society.

not necessarily. there's alot of nice down to earth precious metals investors who do so out of a sense of trying to conserve some wealth and hedge against inflation. these type of people don't just do things on a whim. they plan out what they are going to do and how.

Coupled with the fact that Bitcoin is way more volatile in price, making it very possible for those who will learn how to use this to their advantage to also use this as an opportunity to even make more money for themselves, something that is rarely possible with gold.

apparently gold and silver went up today by a huge 3 or 4 percent and it REALLY got precious metals investors talking. they never see that type of price movement. EVER. 

Gold investment is highly classified, this makes Bitcoin a better investment for anyone, including myself.

if someone is only doing it for making money i think crypto is better. bitcoin is better.

[philipma1957]

I do buy silver steady dca for years.

I have 10  10oz bars
I have  20   5oz bars
I have  27  1oz bars and rounds
I have 100 Morgan and peace dollar


the above weighs 300 plus oz and the value is under 9000 usd.

what's your average price? if it's higher than today's spot then don't you kind of feel like all that effort was wasted since i could just come along and scoop up just as much silver at an even lower price point?

21.91Bid
22.02Ask
High: 22.04
Low: 21.53

Gold can also provide profits for you but it takes a very long time and that is why gold is considered a store of value, not an investment like bitcoin which is quite speculative and can provide profits within a certain time.

how does a gold investor overcome a 50% buyers premium though and make money? answer: they don't. so what they have to do is try and buy gold that has a smaller premium than 50% but even a 10% premium on the buy and sell side is kind of painful wouldn't you think? i don't see how anyone really makes money with gold except coin shops and dealers. everyone else is just kidding themself.

i was looking at rhodium recently and it had a $1000 spread between the bid and ask.  

i have nothing against precious metals though, i think they're great it's just that i don't think they are setup in a way to help people turn profits in them. but they are fun to own and hold and appreciate their beauty.

Some is at 10 bucks an oz worse case some is 25 an oz.

likely the average is around 19 an oz. would be okay to dump it.

I likely will keep it til I die unless it moons to 100 an oz.

[ndutndut]

Gold is not going to make someone rich. How many people have you ever seen that say "investing in gold made me rich"? None!

I think Bitcoin and gold will continue to be beneficial. The value of Bitcoin will experience an upward trend in the next 20+ years, but will remain volatile and always corrected, and Gold continues to be a good store of value.

That Gold is held by Millionaires and billionaires as a means of hedging, as a store of wealth. You won't go bankrupt if you have Gold. It plays based on its brand name, based on thousands of years of value. That's what rich people believe in.

If you are trying to make a million dollars, or a billion dollars from Investment, then Bitcoin is the right choice. If you're trying to protect a million, or a billion, Gold is your choice. But back to you, it all depends on what game you play.

[pinggoki]

I do buy silver steady dca for years.

I have 10  10oz bars
I have  20   5oz bars
I have  27  1oz bars and rounds
I have 100 Morgan and peace dollar


the above weighs 300 plus oz and the value is under 9000 usd.

the downside is it is heavy.

The upside is I keep it in an easy place for thieves to find.

Hopefully they would see it and just say fuck it and leave with just that.

That's a hefty haul you got, are you considering selling your bigger bars in exchange for smaller albeit much expensive precious metals maybe like switching your silver bars for platinum or gold although gold wouldn't be a choice for you as thieves will just steal it outright. I wouldn't agree that it's an upside for the thieves to be able to see your silver stash, at the least put that stash in somewhere that you can hide like a floorboard or a safe that's stashed in a cupboard to make it look inconspicuous.

[larry_vw_1955]

Some is at 10 bucks an oz worse case some is 25 an oz.

not bad!

likely the average is around 19 an oz. would be okay to dump it.

premiums on small silver coins can be $4. tack that on to the $22 spot price and you could be paying $26 or $27 so if you got it at 19 average then you must have done alot of buying when spot price was around $15 or $16.

I likely will keep it til I die unless it moons to 100 an oz.

spoken like a true precious metals investor. that's another difference between bitcoin and precious metal. when someone dies and they didn't leave instructions about how to access their bitcoin, that bitcoin is lost forever. with a large stash of precious metal it will be found and they'll know what to do with it, how to use it. no private key needed. no lost forever scenario. even if you hid it well.

[icalical]

This statement is so true, only few even almost no one could get rich buy buying gold or other precious metal. But, I Bitcoin and Gold has different usage. For speculator and people who seek for profit and their main goal for buying assets is speculating on the price and get profit from it, then Bitcoin beat gold in many ways, but just like any other investment, high profit also means high risk, so for people who seek for stability and reliability for their assets, Gold is definitely more suitable than Bitcoin.

Gold is definitely for store a value, but actually Bitcoin is relatively stable and can be used as store a value too. If people seek for high volatility and speculate asset, isn't altcoins is better since it's full of pump and dump.

Bitcoin could be more safer than gold because it's more flexible, it will not lose as long as you have the private key and you can access your coins in anywhere.

If comparing stability between Bitcoin and Altcoins, Bitcoin is definitely win by a long way, and not everyone want to take an extremely high risk and manipulated market like low market cap Altcoins market.  but then again because the context in the OP is Bitcoin vs Precious Metal then if compared to Gold, Bitcoin still lose in term of price stability. But in term of security Bitcoin vs Gold I do agree that because Bitcoin is new technology and Gold has been used for decades Bitcoin is definitely a lot safer to be held, meaning that gold is easier to be stole or robbed.

[Mauser]

you're not making money with gold. the only people doing that are the ones buying and selling it at the coin shop.

Gold is not going to make someone rich. How many people have you ever seen that say "investing in gold made me rich"? None!

I fully agree with you, the times of becoming rich with gold are over. Just look at the gold price for the last 2 years, it was moving around the 1.800-2.000 levels without giving any real return to its holders. Gold the number one asset that protects against a crisis, failed this time and the only people that got rich through gold are the ones that bought it 20 years ago. Back then the price was below 500 USD, so in 20 years you could have made 300%. There is no interest on holding gold and if you own a lot then you even have to pay storage cost at the bank or for a high quality safe at home. The only additional return we could generate with gold would be to buy and sell it more actively to take advantage of price changes. Still the return possibilities from gold seem really small compared to crypto currencies. For all the investors like me who didn’t have the opportunity to buy gold when it was cheap, I don’t think it makes any sense to buy it now. The price is way too high that we could make a decent profit any time soon. Even if gold would be more important again for investors, I don’t see any chance to make 50 or 100% return with it. Our chances are much higher to stick with crypto currencies. To me bitcoin and other cryptos is the new form of investment, like what was gold to my grandparents.

[larry_vw_1955]

good discussion guys, much appreciated i'm locking the topic since i think it served its purpose