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.

[Aanuoluwatofunmi]

Calling bitcoin a digital gold is just an illustration to quantify opportunity is meaning and value it has created in cryptocurrency, we can see that bitcoin is profitable and also appreciate a value in respect to time, once we are able to invest and take time to hold, it is also important that we identify some characteristics that makes it unique and decentralized digital currency that everyone is interested to know more about, as it has come to stay.

[BitGoba]

Currently Bitcoin is too valuable. Bitcoin can be compared to gold because of it value.most times people normally call it gold digital,
 but we need to actually know the relationship between this too phrase and why it's compared.
Now the reasons why Bitcoin is compared to gold is as follows
Gold is very difficult to find because of it value, the product gold, can't never controlled by any government or country, because of it's independence, both Bitcoin and gold appeals to people who distrust way out of financial method.
From creation, Gold is wealth, which is very valuable and have trust on, that is what makes it acceptable.
From 2009 when Bitcoin was launched, it's still as new as it was launched today, because of it value to the society. Although the Price is  volatile, but is preferable. that's why it' only exists disitally, this made people to trust and partner without fear, transactions can be made in an twinkle of an eye, to any place around the world. Gold as well is generally accepted globally.
Gold has weight, and it's high to export, now Bitcoin is trying to stand what's gold can afford, this both phrase has a high value of standard, one thing you need to also know is that gold is gotten from mining, and Bitcoin is created in a digital system.

Bitcoin is money

Money emerges on the free market. The market chooses as money the things that are best suited for storing and transferring value.These characteristics are called monetary properties.These characteristics are called monetary properties. They are important because they determine whether something can function well as money over time. The main monetary properties are scarcity, durability, divisibility, portability, recognizability, and fungibility. These qualities matter because good money must be hard to inflate, easy to store, simple to transfer, easy to verify, and reliable in trade.For a better understanding of what money is and how it emerges, it is worth reading On the Origins of Money by the Austrian economist Carl Menger, The Bitcoin Standard by Saifedean Ammous, and Broken Money by Lyn Alden.

[ColdLava40]

Gold is very difficult to find because of it value, the product gold, can't never controlled by any government or country, because of it's independence, both Bitcoin and gold appeals to people who distrust way out of financial method.

How true are your statement? The only similarities between gold and Bitcoin is scarcity.

When it comes to control, gold is centralized meaning the government of a country controls the amount of gold it posses weather raw or processed. Bitcoin is the only true independence. The government has no control over your coins except you grant it willingly to them.

From creation, Gold is wealth, which is very valuable and have trust on, that is what makes it acceptable.

Bitcoin it self is freedom. That was Satoshi's vision behind it's Creation.

that's why it' only exists disitally, this made people to trust and partner without fear, transactions can be made in an twinkle of an eye

Bitcoin transaction is fast, but not how you describe it. It still need to go through the Blockchain and has to wait for confirmations before it is sent, so we will be wrong saying transactions can be made in the twinkle of an eye..

Gold has weight, and it's high to export, now Bitcoin is trying to stand what's gold can afford, this both phrase has a high value of standard,

This might be the only part of your op that's agreeable. Bitcoin starts where gold stops. Portability and divisibility.

[Swordsoffreedom]

Who said that gold cannot be controlled by the government? You will still see that gold is sold at different prices in different

Gold can be traded at different price across countries, and even between region within the same country. This happened because of exchange rates between national currencies, taxes, transportation costs, and domestic speculation...

Furthermore, their control over the price of gold does not mean they control gold. The government cannot control gold, and it is also a decentralized asset

Like Bitcoin, its price is also being manipulated by politicians, whales, market makers...but that does not mean they control Bitcoin

[purple_sparkles]

Who said that gold cannot be controlled by the government? You will still see that gold is sold at different prices in different

Gold can be traded at different price across countries, and even between region within the same country. This happened because of exchange rates between national currencies, taxes, transportation costs, and domestic speculation...

Furthermore, their control over the price of gold does not mean they control gold. The government cannot control gold, and it is also a decentralized asset

Like Bitcoin, its price is also being manipulated by politicians, whales, market makers...but that does not mean they control Bitcoin

With gold, there are also certain issues. For example, we can’t freely import or export it or easily travel with it on a plane, there are limits on how much you can carry, which creates inconvenience. It’s also not as easy to exchange as bitcoin. However, I still wouldn’t write it off. It’s a physical asset, you can hold it in your hands, and for many people, that’s psychologically very important.

[Artemis3]

You fools, bitcoin is better than gold. bitcoin is super hard to confiscate or steal especially with larger amounts of wealth.

That piece of paper with a bunch of words could be carrying the wealth of a small country, try that in gold ingots...

Also, sources of gold might reappear, bitcoin quantity remains fixed.

It did emulate the historical gold extraction, first plenty and abundant, and then slowly dwindle until all sources appear nearly exhausted (halving).

Never forget Executive Order 6102 what good is something when the State can suddenly decide to seize it from you?

Also if you need to flee your country, you can't exactly smuggle gold ingots. I mean, people try, but they get caught...

[Botnake]

Well aside from the fact that both are scarce and decentralized stores of value, both are also good for long-term wealth protection. The only difference is that bitcoin is seen as highly volatile and has a higher market price fluctuations, while gold has a more stable and fixed value despite of its market's volatility.

However, both can be valuable and are ideal for long term investments. But whether you go for short-term growth or long-term, the idea of having them both in your investment portfolio will create a more stabilized and secured income in the near future.

[Zigabel]

Gold actually does have some levels of control, it may not be as plain as we may want to think about it, but it really does have that control meanwhile Bitcoin is very much independent. Their contrast of comparison is often and usually obvious in valuation, they both have this very significant growth with valuation and that is why the comparison between them both surfaces most times, another common grounds they share is in their acceptability, although Gold seems to have already attained that global acceptability, Bitcoin is very close to that, only that it's generally acceptability is mostly within individual levels as only a few countries globally has accepted it to the point of giving it the legal framework in their space.

When we speak about volatility, Bitcoin is ahead as compared to Gold, there's a form of stability with price that Gold does have that keeps it ahead of Bitcoin but it makes it more prone to manipulation and control than we get to see with Bitcoin, general economic happenings are what affects Bitcoin largely but to a great extent, localised economic situation could affect Gold, so they both have their strength and weakness aswell as their equals on the table of comparison. Bitcoin is decentralized which gives it absolutely independence but Gold isn't completely decentralized.