Why Bitcoin is Compared to Gold.

[coinrifft]

Bitcoin is "digital gold", that it. So it means both are valuable although if we look at Gold, Bitcoin hasn't gotten that much compare to them as they have huge valuable. Bitcoin might go in parity with Gold in the next decade or so. So just imagine how much will be the price of Bitcoin that time. In any case, both have it's own investors, there are what we call the gold bugs, we are old and traditional investor. As compare to the new one, or at least understand how Bitcoin became the digital gold. It's not physical and you can even carry it anytime with you.

[BitBakerr1]

I value bitcoin more than Gold and I have a lot of reasons why I value bitcoin more than good and one of the reasons are because investing in bitcoin is more easier than investing in Gold, You can start bitcoin investment with any amount you have and if you are consistent in that investment you can actually make it or be successful in bitcoin investment but when it comes to Gold investment, you need to have a certain amount of money before you can start, and again I can move with bitcoin and no one will know that I have bitcoin with me, but you cannot do that with Gold. Gold investment risk your life and that’s why I don’t value it and can never compare it with Bitcoin because Bitcoin is far better than Gold and investing in bitcoin will make you very relaxed than when you are investing in Gold.

[Smartprofit]

I believe both of them are basically just proof that peak performance doesn't depend on centralization or decentralization directly. One of the major reasons why I said this is because both of them are totally different with gold being centralized and bitcoin being decentralized.

I don't see direct benefits of comparing them but if gold was decentralized and still was able to maintain it's high demand and importance then it's very possible it still would have grown this much. The centralization of gold was just a way to place more importance on gold by creating the condition of scarcity.

Of course, central banks are currently the main buyers of gold. However, many private individuals also own gold. People buy gold in both bars and coins. 🙋

By the way, central bank purchases of gold, in my opinion, do not make it a centralized asset. Currently, there are 193 countries in the world. Most of them hold gold in their reserves. Moreover, these are competing countries (for example, China and the United States). This global distribution, in my opinion, does not allow us to claim that gold is a centralized asset.

In many countries, gold is very closely associated with centralized organizations. Personally, I see this as a problem. For example, many private individuals store their gold not at home, but in the vaults of commercial banks (which are centralized organizations). In many countries, gold is centrally refined into bars at refineries and sold centrally (only through commercial banks with state participation).

 At the same time, governments and institutional players are also looking to centralize Bitcoin.🤷 I really don't like this.

[Mate2237]

Bitcoin is widely seen by many as digital gold because it works almost the same thing that gold dose, Bitcoin acts as a weapon against inflation and is also a store of value were individuals can save their wealth. People store their money in gold because gold is one thing that has not lost it value over the centuries Bitcoin is a replicar of gold because when it comes to storing of value Bitcoin is trustworthy in the digital space.



Anything that is capable of increasing in value in terms of price appreciation is what should be considered when thinking about saving your wealth. People often revert to gold when there is crisis or war to save their wealth from destruction Bitcoin too can be used as a save heaven in times of crisis just as what is going on in the middle east.

[Ucy]

Bitcoin is one of the best digital alternative to physical gold. Like gold, it's owned by the collective, but anyone can mine it , then it's earned or bought by individual or group of people.

One of the most important aspect of it is that it can only be mined through hardwork otherwise it becomes easy to produce like fiat currencies, and probably inflationary.

[mcdouglasx]

although many compare it to gold, which is valid from a purely economic standpoint due to both being used as stores of value because of their scarcity and decentralization, since neither depends on any bank or entity to exist, and gold, being non-corrosive, is a material with productive uses, just like blockchain, which, although digital, is technically immutable.

but, this isn't a popular opinion among many economists, since gold has been used as a store of value for thousands of years, while Bitcoin is less than two decades old and its price is more volatile.

[leonair]

Bitcoin is often compared to gold because, like gold, it is not tied to any specific country, which allows it to serve as a kind of buffer for preserving wealth. It has its own steadily growing cycle that has been confirmed multiple times, which gives people a sense of security and stability. We can observe similar qualities in gold as well. That’s why it’s not surprising that these two assets are now being compared, and those who want to preserve and grow their savings often choose them.

Yes, Bitcoin is a powerful digital currency today and the whole world is accepting it as a powerful currency. Due to which Bitcoin has started being used in various important places. Gold is considered a powerful asset in the whole world and gold is also considered and kept as a reserve of a country. At the beginning of the birth of Bitcoin, no one thought of it as an important asset, many people only mined it as a hobby, but now the whole world thinks of Bitcoin and thinks of it as an important asset, due to which it can definitely be compared to gold.

[Yamifoud]

While gold is the physical gold, bitcoin is the digital gold. However, bitcoin is more volatile than gold, that's why its more risky to invest in bitcoin because its price can never be fixed and certain, one day the price goes up, and the next day, the price is going into dips. So if you are emotionally and mentally weak, bitcoin investment will not work for you.

Unlike bitcoin, gold has already existed for many centuries. People have always proven that gold is the leading safe haven asset, despite of its volatility in the market.

But come to think of it, bitcoin is more profitable than gold nowadays, and despite of its high volatility, the price of bitcoin has been surging high compared to other assets or investments in the market. And because of this, gold owners are now thinking to invest a higher allocation for bitcoin in order to gain life-changing profits in the future.

[Onyeeze]

Bitcoin is compared to Gold  because of its scarcity and value, bitcoins is also as valuable as Gold though it is in form of digital, that is why some persons refers it as "digital gold", Bitcoin has strong resistance to third party involvement and can't be manipulated by anyone or agencies, its supply is limited.

bitcoin and gold there are a digital currency but in terms of valuable and the also were known and the also being conserved and the popular gold are more popular and the people always invest in gold because gold has been in existence before the creation and the introduction of Bitcoin, so you can't compare gold with Bitcoin, bitcoin is some years old why gold has been into existence for long time and the people has been trading with gold for long time so they value of gold at this current time is more higher than the value of bitcoin and mostly people who is at the age of 80 years will it still have the plan to invest in gold why they will not have a good plan to invest in Bitcoin

[Jewan420]

Who said that gold cannot be controlled by the government? You will still see that gold is sold at different prices in different countries. However, gold has its own value that can never be exhausted.

The main reason for comparing Bitcoin with gold is that since ancient times, we have seen gold as a valuable asset and gold is still valuable, even gold was used as a financial system and asset. Even as gold mining gradually decreased, its value gradually increased.

Bitcoin and gold have similarities in these aspects. After the discovery of Bitcoin, Bitcoin has gradually become so popular that it has now become a valuable asset like gold. Even Bitcoin can be used as a financial system and asset like gold. The mining system and mining reduction make Bitcoin known as digital gold. Because there are some similarities between both. However, Bitcoin is much ahead in transaction or transfer facilities.

[fuguebtc]

and one of the reasons are because investing in bitcoin is more easier than investing in Gold, You can start bitcoin investment with any amount you have and if you are consistent in that investment you can actually make it or be successful in bitcoin investment but when it comes to Gold investment, you need to have a certain amount of money before you can start, and again I can move with bitcoin and no one will know that I have bitcoin with me, but you cannot do that with Gold.

You need basic knowledge of information technology and an internet connection to invest in Bitcoin. Meanwhile, you do not need those thing when investing in gold.

It is true that Bitcoin is more convenient, easier to store and transport, but that's only true in a stable environment with internet and electricity. In situation of war or natural disasters that disrupt power and internet supplies, Bitcoin is no longer as easy to use as you might think.

Gold investment risk your life and that’s why I don’t value it and can never compare it with Bitcoin because Bitcoin is far better than Gold and investing in bitcoin will make you very relaxed than when you are investing in Gold.

Your safety depend entirely on you. If you invest in bitcoin but like to show off and impress other. Bitcoin will not be able to protect you from potential theft or attack

I value bitcoin more than Gold and I have a lot of reasons why I value bitcoin more than good

Frankly, I think the sole reason is that Bitcoin has the potential to help us earn more profit, and that is why we choose Bitcoin over gold or any other investment.

[X-ray]

I think its not that deep.

The real reason people compare bitcoin with gold beside the fixed supply is the deflationary characteristic of bitcoin. Bitcoin grows overtime and its value keeps increasing amid the great inflation, meanwhile gold is also doing the same.

Since bitcoin exist in internet, they simply call it digital gold because holding it means you are avoiding inflation and preserve your wealth the same way you preserve wealth by buying gold.