The Future of Bitcoin as Digital Gold

[EluguHcman]

Hi,
Bitcoin is increasingly viewed as "digital gold" in 2024.
What challenges could Bitcoin face in becoming a universally accepted store of value? Any thoughts?

Yeah, Bitcoin was once a disregarded currency not until it has gained global massive adoption driving to the obvious discovery of its values.
Interestingly, Bitcoin has proven the capacities of its potentials in different states of values which are both acceptable for payments and asset values.

The performances of its lucrativeness and terms of utilizations has termed it a hedge of values and a digital gold assets due to the fact that it is a digital financial technology literally with a limited supply also as the physical gold.

[maydna]

Adoption will be the big challenges for Bitcoin to face because many people still afraid or don't know if Bitcoin is exist. They still look around for the other opportunity to make money while Bitcoin can help them. Education will be the thing that people who want to join in Bitcoin should have but they can search for that by online and learn it by themselves. They can gather to this forum to learn many things about Bitcoin or from other forum/place that discuss about crypto. But the other challenges is people need to open their minds about something new that can change their life and they can have a new type of investment. If they can open their minds and start to learn crypto, that will help them understand and try to earn money from crypto.

[Abiky]

Hi,
Bitcoin is increasingly viewed as "digital gold" in 2024.
What challenges could Bitcoin face in becoming a universally accepted store of value? Any thoughts?

Challenges? Well, there are many. First off, Bitcoin would need to deal with scaling issues. The core Blockchain network still can't handle a large volume of transactions. Developers brought an off-chain scaling solution called "The Lightning Network". But so far, it's been nothing but a complete failure. Another challenge would be dealing with the regulators. Especially when some governments taking an aggresive approach towards crypto-oriented transactions. Even in countries where crypto regulations are "soft", governments have imposed some restrictions/limitations to limit BTC's dominance over the mainstream economy. These obstacles will help prevent Bitcoin from reaching the masses.

Considering that centralized exchanges hold most of the circulating supply, it would be easy enough for governments to "control" Bitcoin. Then, there's the issue of market volatility. Wild fluctuations in price makes BTC an unsuitable short-term investment. You can't use BTC as money this way. Would you? Until Bitcoin overcomes said challenges, don't expect it to be universally accepted as a store of value. Just my two sats.

[Hamza2424]

Adoption will be the big challenges for Bitcoin to face because many people still afraid or don't know if Bitcoin is exist. They still look around for the other opportunity to make money while Bitcoin can help them. Education will be the thing that people who want to join in Bitcoin should have but they can search for that by online and learn it by themselves. They can gather to this forum to learn many things about Bitcoin or from other forum/place that discuss about crypto. But the other challenges is people need to open their minds about something new that can change their life and they can have a new type of investment. If they can open their minds and start to learn crypto, that will help them understand and try to earn money from crypto.

No buddy, at least today I can say everyone on social media knows about Bitcoin even those who are oldies and a little bit educated in their time know about this financial market and Bitcoin (Here I'm trying to mention people from under-development countries).

Yup for sure there's still room for educating people completely about Bitcoin, but in popularity, Bitcoin is already overwhelming, and the proof is now even in the Election campaigns politicians are targeting the audience connected with this market so you can imagine the potential and popularity of this market especially bitcoin.

[PrivacyG]

Bitcoin has always been seen as 'Digital Gold' by a part of our Community.  And it will always be seen by some people, because Bitcoin has multiple utilities and to some of us Storing Value is one of them.  Does 2024 really see an increase in people viewing it as Gold?  Particularly considering Bitcoin has not seen much of an increase this year, at least historically speaking.

The challenge I believe would generally be the lack of acceptance from Governments.  They are still struggling to accept Bitcoin and looking for ways to at least meet the situation right in the middle where they have to compromise little while giving us little as possible too.

I also believe they would become so much more aggressive if they meet situations where people who Launder Money and do other Crime will have prepared plans for if they get caught where the Bitcoin is sent to another Address so they can not be seized by Authorities.  After a few such situations, I imagine they would start becoming really aggressive on us.

There are many difficulties it would meet, and most of them are Government or Law related.  Remember there are still so many Governments who are either not Democratic at all or are Democratic but are also hating the idea.  If all Governments were sincere, I bet almost none of them would like the idea of Bitcoin becoming a Store of Value for us.

[darkangel11]

I think that it already is digital gold, just that it's not a traditional store of value, like you'd expect from gold. Bitcoin is special and it's like gold 2.0, but you have to adapt as a holder.
Gold is rather steady, but it barely appreciates. Bitcoin is more volatile but it does appreciate more than gold. What does it mean to an average holder? You can't sell at any time because there will be months where bitcoin is undervalued and selling it would be a huge waste, but it is a store of value if you choose the right time to spend it. Usually there's at least half a cycle, 2 in every 4 years, when bitcoin's priced fairly, or above fair value and that's your time to spend and take profit if that's what you're after.

[el kaka22]

Adoption is the regulation, because as long as regulations allow more leeway then we are going to end up with more profit in the end. We will see a lot more people, back in the day ten years ago there were a lot of people who did not understand bitcoin at all, and there were some bad people who used it illegally as well, a ton of people in the world feared that it was something that only the bad people uses and did not understand what it was about, for them it was drug dealer money.

Whereas, we are talking about creating an issue where it will not be easy to find a group of people where at least one of them is not crypto investor these days, so we improved a lot and crypto is a lot more common and with regulations allowing that path to be and prices going up making some people richer while making other people interested the adoption increased as well. That is the most important part and I think we need to make sure that we deal with whatever we can at this moment.

[ndutndut]

What I know is that bitcoin is a digital currency and gold is gold. So from here the difference is there, it is impossible for bitcoin to become digital gold because the characteristics of both are different. Bitcoin is very volatile, if it goes up very high if it goes down it is also the same, this is very different from gold.

Maybe the intention of bitcoin is seen as digital gold because these two assets, bitcoin and gold both meet the same characteristics and are even considered a hedge against increasing inflation and of course because of the uncertainty of economic conditions that hit the world so that people tend to switch to Bitcoin and gold assets that are not controlled by the government.
But overall I just want to say that bitcoin will remain a digital currency, not digital gold.

[legendbtc]

Adoption will be the big challenges for Bitcoin to face because many people still afraid or don't know if Bitcoin is exist. They still look around for the other opportunity to make money while Bitcoin can help them. Education will be the thing that people who want to join in Bitcoin should have but they can search for that by online and learn it by themselves. They can gather to this forum to learn many things about Bitcoin or from other forum/place that discuss about crypto. But the other challenges is people need to open their minds about something new that can change their life and they can have a new type of investment. If they can open their minds and start to learn crypto, that will help them understand and try to earn money from crypto.

No buddy, at least today I can say everyone on social media knows about Bitcoin even those who are oldies and a little bit educated in their time know about this financial market and Bitcoin (Here I'm trying to mention people from under-development countries).

Yup for sure there's still room for educating people completely about Bitcoin, but in popularity, Bitcoin is already overwhelming, and the proof is now even in the Election campaigns politicians are targeting the audience connected with this market so you can imagine the potential and popularity of this market especially bitcoin.

Everyone has heard and knows about it but that doesn't mean they have used it or invested in it. People only know about bitcoin because there is so much news circulating on the internet about it as a get rich investment, other than that they don't know anything else and don't even care about it. Bitcoin adoption still has many limitations and challenges, Bitcoin is not as popular as we think, and not many people invest or use it.

Bitcoin and cryptocurrencies are being mentioned in the US election campaign but to be fair, they are not the main difference maker or key to deciding the outcome of election. Trump and the Republicans seem to care quite a bit about the crypto community's votes but you see, Harris and the Democrats don't even care.

Cryptocurrency is still evolving but to say that it has become popular or plays an important role in the economy and society, we are not there yet. We need more approval from governments if we want global adoption, otherwise there will always be restrictions and many people will not participate.

[SamReomo]

What challenges could Bitcoin face in becoming a universally accepted store of value? Any thoughts?

There are some challenges that Bitcoin is facing and will face for long time before it gets accepted as a store of value. One such challenge is the amount of Bitcoin accumulated by the early adopters as many people fears if those early miners and adopters somehow start dumping their Bitcoin holdings into the market then it'll somehow create panic in the minds of the holders, who may rush sell in fear.

Despite those challenges Bitcoin can still be a good reserve to store value and combat inflation. Most of the ones who mined Bitcoin in its early days have either sold their Bitcoin at cheap value or they might have lost access to their private keys. Those who lose their Bitcoin adds value to the Bitcoin market overtime because all lost Bitcoins add liquidity to the marketcap of Bitcoin and thus those help it to sustain it's value overtime.

[Reatim]

Hi,
Bitcoin is increasingly viewed as "digital gold" in 2024.
What challenges could Bitcoin face in becoming a universally accepted store of value? Any thoughts?

The main challenge is regulations implemented in each country.

You know that in some countries, bitcoin is banned because the government views cryptocurrency as something dirty. They think due to its decentralized and private nature that crypto is associated with illegal activities already. Obviously bitcoin can’t be considered universally accepted if only a few countries can use it.

[dansus021]

Hi,
Bitcoin is increasingly viewed as "digital gold" in 2024.
What challenges could Bitcoin face in becoming a universally accepted store of value? Any thoughts?

What bitcoin could face in the future is of course the "government regulation" I mean not all country gonna accept crypto some country are banning it like China did but there is also some country that accept it like El-Salvador did also there is some country that start make bitcoin as an "asset" like Indonesia did that you can trade freely as long not use it as a currency.

But yeah the biggest problem I think is government regulation

[CoinFoxs]

Hi,
Bitcoin is increasingly viewed as "digital gold" in 2024.
What challenges could Bitcoin face in becoming a universally accepted store of value? Any thoughts?

You can say bitcoin a “Digital Gold” unofficially as many of us making money from it to meet our expenses but in my opinion bitcoin will never be accepted universally as mode of payment because for this bitcoin should be centralised and under a central body who controls bitcoin which i think is not possible in near future. In many countries bitcoin is used as money laundering purpose and no country would allow bitcoin as payment method by doing this their own currency will affected in many ways.

[tranthidung]

You can say bitcoin a “Digital Gold” unofficially as many of us making money from it to meet our expenses but in my opinion bitcoin will never be accepted universally as mode of payment because for this bitcoin should be centralised and under a central body who controls bitcoin which i think is not possible in near future. In many countries bitcoin is used as money laundering purpose and no country would allow bitcoin as payment method by doing this their own currency will affected in many ways.

Legal status of Bitcoin globally will become better with time but with many countries, I don't expect to have an era when all nations will give Bitcoin a Legal status, not yet Legal Tender.

Even it is legal tender, there are many other alternatives for people and many of them will not choose Bitcoin blockchain for money transfer. If we want Bitcoin to be an universal payment, transaction method, there will be something seriously centralized, censored so that altcoins will lose their existence in cryptocurrency market. Like altcoins or not, it's hard to say a blockchain and cryptocurrency industry will have only Bitcoin left.

In future, people will choose between fiat currency, CBDCs, Bitcoin and altcoins for transactions. They're free to pick one or some of these options to use practically.

[Hamza2424]

Everyone has heard and knows about it but that doesn't mean they have used it or invested in it. People only know about bitcoin because there is so much news circulating on the internet about it as a get rich investment, other than that they don't know anything else and don't even care about it. Bitcoin adoption still has many limitations and challenges, Bitcoin is not as popular as we think, and not many people invest or use it.

Hmm, I do acknowledge that if anyone heard about Bitcoin doesn't mean he has invested in it, but I think you should double-check the context of the discussion it was about the popularity not about the market capital race. Bitcoin's adoption has many challenges that doesn't mean Bitcoin is not popular.

Bitcoin and cryptocurrencies are being mentioned in the US election campaign but to be fair, they are not the main difference maker or key to deciding the outcome of election. Trump and the Republicans seem to care quite a bit about the crypto community's votes but you see, Harris and the Democrats don't even care.

Cryptocurrency is still evolving but to say that it has become popular or plays an important role in the economy and society, we are not there yet. We need more approval from governments if we want global adoption, otherwise there will always be restrictions and many people will not participate.

Yup, that's a valid argument, in elections, Bitcoin's narrative support is not gonna change the results because it's the political domain, not the financial domain and that's also worth mentioning that Bitcoin is not able to fix anything in society, and economies because in market capital Bitcoin is much inferior to fix all this crap at the same time it has nothing to do with popularity as Renaldo & Messi and many other names from different sectors is popular all over the world but all them are unable to fix anything in society and economies. Bitcoin is from financial markets but a newborn, maybe in the future Bitcoin will hold the strength to fix things in economies at some level but that's not the topic and motive of Bitcoin's innovation.

Haha, the whole story ends in my personal view Bitcoin is popular, but as you've said it's not able to fix things and compete with others in market capitalization yup I do agree with that but it was not the context of my post, my focus was all about popularity.

[Onyeeze]

Hi,
Bitcoin is increasingly viewed as "digital gold" in 2024.
What challenges could Bitcoin face in becoming a universally accepted store of value? Any thoughts?

in normal circumstances bitcoin has gained valued since the establishment of Bitcoin but the thing is that people from different country like leaders of a country have not accepted bitcoin as a legal tender so that is why nobody can predict when bitcoin will be accepted as a value or a store value so currently I will say that bitcoin is still on probation because of your country's since bitcoin as a method or a way of engaging in money laundry so that is why nobody can say that bitcoin has been accepted as a legal tender in it country for now people who venture into business are the one that decide to accept a Bitcoin as a means of their payment so it left for the government to generally to accept Bitcoin as a legal tender

[Alana Arden]

What challenges could Bitcoin face in becoming a universally accepted store of value? Any thoughts?

Since the beginning of the Bitcoin journey till now, Bitcoin adoption has faced many limitations and challenges. And the biggest challenge is its acceptance. The Bitcoin network is not centralized, which is why many countries around the world have declared Bitcoin illegal (only a handful of countries have legalized it).
As well as the trustworthiness, privacy, awareness, and popularity of Bitcoin use for many people, it has not reached the peak. They consider Bitcoin a fraudulent investment.
 However, behind this lies the abuse of several fraudulent online platforms.Also, lack of adequate education (understanding about wallets, valid transactions, and market conditions) of using Bitcoin hinders its adoption.

[The Cryptovator]

Bitcoin has a store value for me and other holders; otherwise, we can't hold it. But if you compare store value with gold, that is globally accepted as a store value. Then it won't happen. All the countries and governments recognise gold as a store value. But for Bitcoin, it hasn't been recognised yet, it's because of decentralisation. The government can't monitor Bitcoin anyway. Even the government doesn't like accepting Bitcoin as legal tender, which means they don't want to consider Bitcoin as a store value as well. This is very challenging for Bitcoin, and volatile is one of the reasons. 

[hyudien]

Hi,
Bitcoin is increasingly viewed as "digital gold" in 2024.
What challenges could Bitcoin face in becoming a universally accepted store of value? Any thoughts?

1. Unfavourable government policies such as bans and restrictions on Bitcoin activities
2. Slow spread of Bitcoin education and awareness. Many people in some parts of the world don't know much about Bitcoin.
3. Fraudulent centralized crypto platforms. Some exchanges and custodian services providers engage in fraudulent activities which gives the sector bad publicity.

points 1 and 2 are still on the line until now and not many countries or governments are open to the presence of Bitcoin as a store of value because they have no benefit from it. Then so far based on observations in my area as a small example there is no education related to bitcoin is very minimal, so not many of them want to invest, the government has labeled bitcoin as a high risk asset so that the public paradigm has been misled. Maybe only 2% are willing, even then under the auspices of a centralized exchange which is not trusted to store our bitcoins in the long term.

[skarais]

Well I can think of a few reasons why that is:

• Bitcoin and privacy coins pose a threat to the traditional financial system. Governments around the world want to regulate BTC and because of the decentralized nature of bitcoin, governments find it hard to regulate bitcoin transactions.

Basically I disagree, it is the government that feels threatened, not Bitcoin which threatens the government's financial system.
The government blames bitcoin and privacy coins for abusive activities by users. Meanwhile the government has great difficulty preventing the same thing in their centralized financial system. Many abuses occur in centralized financial systems, but they are not really successful in preventing and thwarting them.

• Bitcoin has been associated with criminal activities and labeled as a scam by governments and big banks, leading investors to believe that Bitcoin is dangerous. It’s being perpetuated by the government that if you have nothing to hide, you shouldn’t use Bitcoin.

It is not the knife that is at fault when someone is cut, but the user who is to blame. The same for bitcoin, of course they can't blame bitcoin for the abuse that has occurred so far. In the end, governments feel threatened, but it's not bitcoin that threatens them.