Bitcoin is digital currency or digital gold?

[Silikiem]

Is Bitcoin a store of value or medium of exchange? Or can it be both? I always thought Bitcoin made more sense as digital gold since it has all the benefits of gold yet none of the defects of gold.
The volatility of Bitcoin makes me feel like it doesn't make sense as a form of digital currency. I'm open to hear why Bitcoin makes more sense as a digital form of currency.

It can be both, but its primary function is that Bitcoin is a digital currency. This isn't about its volatility, because what makes something considered a currency is trust and acceptance, and Bitcoin delivers on that. And if you read what Satoshi said, you'll understand that Bitcoin is a digital currency. Even if you see it as 'digital gold,' that's just your perspective. If you understand it, then Bitcoin's characteristics are more appropriate for it to be a digital currency.

In a real sense, bitcoin is simply a digital currency but as a result of the comparison between bitcoin and gold probably in terms of how valuable they both are folks now likened bitcoin to be as precious as gold and for the fact that gold have been in existence before bitcoin and have also appeared in its natural form of value. I want to believe that gold dominated the world in terms of its value and there was nothing that comes close to it until bitcoin came into existence and became valuable and even more valuable than gold itself and then they tend to say this is a gold in a digital form.

[YOSHIE]

Is Bitcoin a store of value or medium of exchange? Or can it be both? I always thought Bitcoin made more sense as digital gold since it has all the benefits of gold yet none of the defects of gold.

Bitcoin does look like yellow gold in the logo, that doesn't mean Bitcoin can be compared to gold, even though it's digital gold.

I think Bitcoin cannot be considered a store of value, where Bitcoin rises too high at certain times, but if the price falls, it is much more frightening than imagined.

You buy Bitcoin like buying wind, it is intangible and you cannot see, what if access to Bitcoin dies and what do you do.

[Bitcoin_people]

Is Bitcoin a store of value or medium of exchange? Or can it be both? I always thought Bitcoin made more sense as digital gold since it has all the benefits of gold yet none of the defects of gold.
The volatility of Bitcoin makes me feel like it doesn't make sense as a form of digital currency. I'm open to hear why Bitcoin makes more sense as a digital form of currency.

Currently, Bitcoin is developing as both a store of value and an investment vehicle, but its acceptance as digital gold is currently very high. Bitcoin has a limited supply, cannot be controlled by the government, and is easy to carry, so it is natural to think of Bitcoin as digital gold. Currently, Bitcoin can be sent to any part of the world very easily and can be traded for little to no fee, without any permission. Currently, Bitcoin is a powerful financial store of value, which has gained a lot of popularity in the present time and people are becoming very interested in it. As Bitcoin as digital gold continues to show its value and attract people, people will place their trust in Bitcoin in the future.

[tbct_mt2]

Bitcoin does look like yellow gold in the logo, that doesn't mean Bitcoin can be compared to gold, even though it's digital gold.

I think Bitcoin cannot be considered a store of value, where Bitcoin rises too high at certain times, but if the price falls, it is much more frightening than imagined.

You buy Bitcoin like buying wind, it is intangible and you cannot see, what if access to Bitcoin dies and what do you do.

With time, market cycles, and bigger market cap, bigger trading volume, Bitcoin will have less volatility and will become more nearly as a store of value. It will reach to a store of value position in the future but if people want something safer, it's gold. While if they want something somewhat similar to gold but more risky together with better opportunity to enrich their portfolio and wealth, they can choose Bitcoin.

Store of value or not, it's only a term on the paper and in thinking, but if having bitcoin in portfolio in long term can help someone richer a lot, it's just very good and the person will not mind about things like Bitcoin is as a store of value in thinking of the others.

[BitBrainers]

Is Bitcoin a store of value or medium of exchange? Or can it be both? I always thought Bitcoin made more sense as digital gold since it has all the benefits of gold yet none of the defects of gold.

Bitcoin does look like yellow gold in the logo, that doesn't mean Bitcoin can be compared to gold, even though it's digital gold.

I think Bitcoin cannot be considered a store of value, where Bitcoin rises too high at certain times, but if the price falls, it is much more frightening than imagined.

You buy Bitcoin like buying wind, it is intangible and you cannot see, what if access to Bitcoin dies and what do you do.

The same argument was made about email in 1995. You cannot touch it, you cannot see it, what happens if the internet dies. The network has processed transactions without a single hour of downtime since January 2009. Your seed phrase works on any device, anywhere. The access risk is a self custody problem, not a Bitcoin problem. Learn your keys and the wind argument disappears.

[liasbaa]

Is Bitcoin a store of value or medium of exchange? Or can it be both? I always thought Bitcoin made more sense as digital gold since it has all the benefits of gold yet none of the defects of gold.
The volatility of Bitcoin makes me feel like it doesn't make sense as a form of digital currency. I'm open to hear why Bitcoin makes more sense as a digital form of currency.

Bitcoin whatever you call it, is actually considered by most investors as a store of value. More than digital gold. Gold is valuable in reality, but there are countless mines around the world, probably around 1,400, from which gold is being extracted and is being added to the global economy. The supply of gold is not limited, but it is a precious metal.

The process of mining Bitcoin is through a decentralized secure networking system that is connected to the structure of blockchain technology. One of the significant reasons why Bitcoin is a store of value is its limited supply. Most of that asset have been mined. Mining the remaining amount of Bitcoin will require a lot of energy and will be very expensive. In the future, the demand for Bitcoin will increase further because its limited supply is 21 million. This will cause the price of Bitcoin to increase significantly upcoming future.

Many financial analysts believe that Bitcoin will surpass gold in the future as a valuable digital asset and store of value.

[X-ray]

Is Bitcoin a store of value or medium of exchange? Or can it be both? I always thought Bitcoin made more sense as digital gold since it has all the benefits of gold yet none of the defects of gold.

Bitcoin does look like yellow gold in the logo, that doesn't mean Bitcoin can be compared to gold, even though it's digital gold.

I think Bitcoin cannot be considered a store of value, where Bitcoin rises too high at certain times, but if the price falls, it is much more frightening than imagined.

You buy Bitcoin like buying wind, it is intangible and you cannot see, what if access to Bitcoin dies and what do you do.

If bitcoin disqualified from being a store of value just because price volatility, just want to let you know that gold has been pretty volatile this time around, doesn't mean gold isn't store of value anymore.

Same thing with bitcoin, it's as good as a store of value just like gold, the volatility has been greatly reduced overtime and it's a pretty new asset.

I bet the price of gold was just as volatile the first time gold was recognized as precious just because it's shiny and easy to bend.

[colinistheman]

Is Bitcoin a store of value or medium of exchange? Or can it be both? I always thought Bitcoin made more sense as digital gold since it has all the benefits of gold yet none of the defects of gold.

Bitcoin does look like yellow gold in the logo, that doesn't mean Bitcoin can be compared to gold, even though it's digital gold.

I think Bitcoin cannot be considered a store of value, where Bitcoin rises too high at certain times, but if the price falls, it is much more frightening than imagined.

You buy Bitcoin like buying wind, it is intangible and you cannot see, what if access to Bitcoin dies and what do you do.

If bitcoin disqualified from being a store of value just because price volatility, just want to let you know that gold has been pretty volatile this time around, doesn't mean gold isn't store of value anymore.

Same thing with bitcoin, it's as good as a store of value just like gold, the volatility has been greatly reduced overtime and it's a pretty new asset.

I bet the price of gold was just as volatile the first time gold was recognized as precious just because it's shiny and easy to bend.

Volatility is not a criterion for assessing whether an asset can become a store of value.
Store of value asset are a type of asset that has the potential to retain or increase in value over time. Therefore, Bitcoin is inherently a store of value, and that cannot change.

Besides, you are right. Volatility is part of the maturation process, and gold or any other asset must go through this phase before becoming more stable.

By the way, it should be noted that a store of value is different from a safe haven.

[Pi-network314159]

Is Bitcoin a store of value or medium of exchange? Or can it be both?

I think it is for both store of value and medium of exchange. It posseses thesame characteristic but it is far better than gold.

I always thought Bitcoin made more sense as digital gold since it has all the benefits of gold yet none of the defects of gold.
The volatility of Bitcoin makes me feel like it doesn't make sense as a form of digital currency. I'm open to hear why Bitcoin makes more sense as a digital form of currency.

Why Bitcoin makes more sense as a digital currency over gold is because gold can only be a physical currency that is limited, it appears as just a fiat currency which can only move from hand to hand, why digital currency is a decentralized currency that can not be manipulated. Bitcoin as a digital currency helps in cross border transaction, it's an asset that can be sold anytime any where without physically looking for buyer. Bitcoin as a digital currency can be stored in a wallet for a very long time. Bitcoin as a digital currency can store a large number of asset with higher value without physically occupying a huge space.

[Betwrong]

I think it's currency because most of the time it's actually not that volatile. I mean, if Bitcoin was going up and down more than 10% during one day, it would be pretty hard to use it as currency, but if it's less than 5%, which is almost always the case, why not to use it? But we all know that it can be used as a store of value too, of course.

There are crash times when Bitcoin price can fall like 10% or bigger within several minutes but such crash times are not too often.

That's what I'm saying. You can be hit by a car while crossing the road on green, but it doesn’t mean we should not cross roads.

In other times, more normal times, Bitcoin price usually does not have such big price change and it's possible for using bitcoin as a currency for a trade between two companies, two people. Like if they use fee rate at tip of Bitcoin mempools, the transaction can be confirmed around 10 minutes within that time, it's less likely that Bitcoin price would have a big crash.

Yep, and that's why BTC is good as a digital currency.

As said, if they are concerning about price changes too much in meantime of a confirmation, they can reduce risk by using high fee rate for getting a quick confirmation in a next Bitcoin block rather than using low fee rate and wait hours for a confirmation.

Especially now, when the difference between Low Priority and High Priority transaction is less than 50 cents.