path of bitcoin vs gold

[Bluedrem]

As I always say, Bitcoin is thousands of times better than gold. It took thousands of years for gold to develop, but Bitcoin has gained much more popularity in less than a century. Yes, gold was considered a medium of exchange in ancient times, but nowadays gold is used as a hedge to store value. But if you believe that the future world will be technology-based, then you have to accept that in a technology-based world, since everything will be digital, people will hoard Bitcoin to keep the hedge to store value digital. I think Bitcoin will be able to emerge as a store of value faster and more effectively than gold.

[Alpha Marine]

it makes me wonder if is this the dead end? will bitcoin continue to be like gold wherein it was once used as a currency but eventually became just a store of value? or will bitcoin later on go back to its original purpose?

Bitcoin would become a currency. It would still be an asset but also a currency. As long as the alternative to Bitcoin is fiat, people would always want to use something better. As a medium if exchange, Gold did not offer what bitcoin offers. It was not decentralised, it did not have a limited supply and it did not evolve to be digital payment as the world was evolving digitally. Bitcoin is different in this regard. It is made for this digital world. It's very attractive as a digital asset, and more people will use it as an asset, but it will always remain a currency. It's evident in how more and more businesses and companies are begining to make provisions to pay with Bitcoin. It won't be like gold that is now only an asset.

[Luzin]

But if you believe that the future world will be technology-based, then you have to accept that in a technology-based world, since everything will be digital, people will hoard Bitcoin to keep the hedge to store value digital. I think Bitcoin will be able to emerge as a store of value faster and more effectively than gold.

Currently, Bitcoin is widely recognized because of its value. So many people consider Bitcoin to be a highly profitable asset. They never think about the future of it becoming a currency or anything else. There is always the possibility for it to develop. But in the short term, I think Bitcoin will only be recognized as an asset. Its underlying principles are very much at odds with the standards of many countries. They are still very concerned about not being able to control it. Thus, it could cause economic instability. There are always considered advantages and disadvantages for both. But in the end, time will tell what the future of Bitcoin will be. For now, both assets are still very profitable to be chosen as a savings asset.

[Bluedrem]

Currently, Bitcoin is widely recognized because of its value. So many people consider Bitcoin to be a highly profitable asset. They never think about the future of it becoming a currency or anything else. There is always the possibility for it to develop. But in the short term, I think Bitcoin will only be recognized as an asset. Its underlying principles are very much at odds with the standards of many countries. They are still very concerned about not being able to control it. Thus, it could cause economic instability. There are always considered advantages and disadvantages for both. But in the end, time will tell what the future of Bitcoin will be. For now, both assets are still very profitable to be chosen as a savings asset.

You are partly right because many people still consider Bitcoin as an investment instrument but for those who want to accumulate Bitcoin for the long term it is a hedge to store value. Since Bitcoin is not very stable yet, it may not be used as much as gold yet. But there will come a time when people will convert their unusable assets into Bitcoin because it will be considered a profitable investment in addition to being a hedge to store value.

[Muba20]

There are lots of assets apart from bitcoin and gold that are  still stores of value. Assets like :
Silver
Real Estate
Stock
Natural resources like oil
Collectibles etc

From either of them (including gold and bitcoin), choose the one you can afford to invest in and which you understand very well. You do not need all of these confusion. Alot has been said about Bitcoin and gold and I just want to.let you know that they are not the only stores of value.

If you seek what you can use as a means of payment, cryptocurrencies and fiat are still there for you.

The point you make is important as many people mistakenly think that only gold and Bitcoin are stores of value. In reality, they are not. Silver, real estate, stocks, natural resources can also preserve value in different ways. But the most important thing here is that not all assets work the same way. Some assets are good at preserving wealth, some are good at generating income, some provide liquidity, and some can act as an inflation hedge. So an investor must first understand what he really wants to preserve wealth. To create income or to seek growth. In this case, if someone wants to invest in something for a long time with low volatility, then gold can be perfect.

[MarjorieZimmermanGinger]

The naked truth is that not many of us view or want to use Bitcoin for its original purpose. Just like what happened in El Salvador. Bitcoin was legal tender there for 4 years, but numerous surveys show that 90-92% of people are unwilling to use bitcoin as a currency for payment. People still prefer using fiat and other payment methods.

Business owners are reluctant to accept Bitcoin payments due to its speculative nature which makes it preferable to use fiat currencies. El Salvador accepted Bitcoin payments for over four years, but now they have no mandated Bitcoin payments after the evacuation due to several circumstances, even though Bitcoin payments are still legal in El Salvador. This can happen in countries with clear regulations regarding the acceptance of Bitcoin as legal tender. But what happens if a country explicitly prohibits the use of Bitcoin as a legal tender? The challenges are undoubtedly much more challenging.