Bitcoin is not gold

[R2D221]

Regarding the recent discussions about the new fork, I see that some of the arguments refer to Bitcoin being like gold, and like gold, it should not be used for small transactions.

Now, I wonder... why do people insist that Bitcoin should work exactly like gold? What's so fantastic about the yellow metal that they want to replicate?

Bitcoin was not planned to be “like gold”. It was planned as a digital currency that enables payments and money transfer all around the globe, and the proposal never planned a restriction on the value of the transfers.

I understand the similarities between Bitcoin and gold (such as fungibility, durability, and others), but trying to limit its development just because it will be less like gold seems silly and unfounded.

[neurotypical]

Regarding the recent discussions about the new fork, I see that some of the arguments refer to Bitcoin being like gold, and like gold, it should not be used for small transactions.

Now, I wonder... why do people insist that Bitcoin should work exactly like gold? What's so fantastic about the yellow metal that they want to replicate?

Bitcoin was not planned to be “like gold”. It was planned as a digital currency that enables payments and money transfer all around the globe, and the proposal never planned a restriction on the value of the transfers.

I understand the similarities between Bitcoin and gold (such as fungibility, durability, and others), but trying to limit its development just because it will be less like gold seems silly and unfounded.

Most people including myself feel a bit pointless when imagining paying for a cofee with BTC, when BTC has the potential to double or triple or god knows how much times gain in value.
It does indeed feel like its too valuable for such micro transactions, like paying cofee with gold. Maybe if I was rich I wouldnt care but if you have like 1.1 BTC you treat it like an once of gold at least myself psychologically its how it feels.

[Cryptonitex]

Regarding the recent discussions about the new fork, I see that some of the arguments refer to Bitcoin being like gold, and like gold, it should not be used for small transactions.

Now, I wonder... why do people insist that Bitcoin should work exactly like gold? What's so fantastic about the yellow metal that they want to replicate?

Bitcoin was not planned to be “like gold”. It was planned as a digital currency that enables payments and money transfer all around the globe, and the proposal never planned a restriction on the value of the transfers.

I understand the similarities between Bitcoin and gold (such as fungibility, durability, and others), but trying to limit its development just because it will be less like gold seems silly and unfounded.

Most people including myself feel a bit pointless when imagining paying for a cofee with BTC, when BTC has the potential to double or triple or god knows how much times gain in value.
It does indeed feel like its too valuable for such micro transactions, like paying cofee with gold. Maybe if I was rich I wouldnt care but if you have like 1.1 BTC you treat it like an once of gold at least myself psychologically its how it feels.

I agree, I've been saying it a lot. Right now, BitCoin is volatile. The price could over the next year triple in value. I don't see it as a currency, but as an investment right now. I'm buying and holding. Hell, that $220 I buy today, could be worth $5,000 in 2-3 years.

[cryptocoiner]

Bitcoin has become a digital gold. But yes, its not gold =)

[countryfree]

I don't compare gold with BTC. You just cannot compare something physical, metallic and shiny, which you have to hide, with something digital, which you can move anywhere with a click.

[cyberpinoy]

why do people insist that Bitcoin should work exactly like gold? What's so fantastic about the yellow metal that they want to replicate?

They want it to work like gold for the same reasons gold is so fantasitc to them,

Gold holds value, no matter how hard the banks try and have tried over the years, gold has withheld the test of time and wins every war waged against it by the shiny bullion holders. no matter whst they do , whst they try (paper contracts that are not backed by the shiny metal at all AKA IOUs) Gold still wins.

Investors want another GOLD on a market the banks cant win on. If you cant place a buy and a sell (long and a short) non a trade the banks and big investors are limited on thier profits, because Bitcoin does not have these options available where banks can profit the mostly from you and mee, they want to discredit it.

They want another gold, something that can battle the banks and win at every turn, something so strong that no matter what the banks throw at it, you will never see it fall to far.

[cellard]

Regarding the recent discussions about the new fork, I see that some of the arguments refer to Bitcoin being like gold, and like gold, it should not be used for small transactions.

Now, I wonder... why do people insist that Bitcoin should work exactly like gold? What's so fantastic about the yellow metal that they want to replicate?

Bitcoin was not planned to be “like gold”. It was planned as a digital currency that enables payments and money transfer all around the globe, and the proposal never planned a restriction on the value of the transfers.

I understand the similarities between Bitcoin and gold (such as fungibility, durability, and others), but trying to limit its development just because it will be less like gold seems silly and unfounded.

Most people including myself feel a bit pointless when imagining paying for a cofee with BTC, when BTC has the potential to double or triple or god knows how much times gain in value.
It does indeed feel like its too valuable for such micro transactions, like paying cofee with gold. Maybe if I was rich I wouldnt care but if you have like 1.1 BTC you treat it like an once of gold at least myself psychologically its how it feels.

I agree, I've been saying it a lot. Right now, BitCoin is volatile. The price could over the next year triple in value. I don't see it as a currency, but as an investment right now. I'm buying and holding. Hell, that $220 I buy today, could be worth $5,000 in 2-3 years.

Legit. I cant risk spending my BTC on a damn XBOX when I could buy a car in 3 years for fucks sakes.

[Gladdy]

Bitcoin is rare just like gold since the total bitcoins is limit to only 21 millions coins.  However,  Bitcoin was design as a type of common unify currency to replace the world currency in each country.  Bitcoins are also excellent hedge against inflation so its values will rise over time.  The only thing is I want to see bitcoin in a smaller denomination such as 1 bit or 1 satoshi.  I the future, I want to walk in McD and pay them 7 satoshi for a burger combo rather than pullout my calcuator and pay them 0.03124  bitcoin. 

[Hazir]

Bitcoin is rare just like gold since the total bitcoins is limit to only 21 millions coins.  However,  Bitcoin was design as a type of common unify currency to replace the world currency in each country.  Bitcoins are also excellent hedge against inflation so its values will rise over time.  The only thing is I want to see bitcoin in a smaller denomination such as 1 bit or 1 satoshi.  I the future, I want to walk in McD and pay them 7 satoshi for a burger combo rather than pullout my calcuator and pay them 0.03124  bitcoin. 

I feel you man. I would like to experience that too. But it won't be possible, not with Bitcoin price being like now, so low while also being volatile. Maybe in some distant  future when 1 Bitcoin will be worth $1.000.000 it will be possible to achieve constant prices of that sort. Let's dream.

[OROBTC]

...

Gold and Bitcoin are clearly different assets while jointly holding some important similarities.  As asset classes, they overlap to some degree. 

Because they are somewhat different, I would advise holding both.

Gold

5000 years valued by humanity.  Best store of value known.  Very rare.  Well known as the premier numeraire.  While not easy to use in transactions, there is always somebody around who will take your gold.  Gold could very well rise to astronomical levels (FOFOA'S $55,000 per oz) as all of the paper gold will wind up valueless ("paper gold" are claims on gold, like futures, gold lending, options, etc.).  Carrying gold is reasonably anonymous (except for TSA at the airport).

Bitcoin

Bitcoin is also "scarce", and IMO will rise very nicely at some point (when?).  Bitcoin transactions, properly structures (mixing services, etc.) lead to pretty good privacy as well.  BTC is very mobile, the only thing holding back BTC overseas (developing countries) is a paucity of outlets to spend or convert them.  There is a pretty good chance that BTC may NOT catch on, so there is that risk.

*   *   *

Gold and Bitcoin a great combination as assets.  Both are "volatile", but for many of us, that matters little...

Got gold?

Got BTC?

[bryant.coleman]

You can't compare Bitcoin with gold. Gold has been used as a currency for many thousands of years now. How can we compare that with Bitcoin, which is just a few years old?

[moni3z]

The idiot gold bugs refuse to accept bitcoin for payment. I can't believe this.
You can use bitpay or coinbase or whatever other merchant payout system to sell gold, at unlimited amounts, for live pricing.
Why the fuck they aren't doing this who knows. You could have the only live pricing unlimited gold site with instant buy that exists with no threat of fraud tx.

Also I agree it's not gold, I solely use bitcoin for transactions worldwide and don't hoard it, though that may change with my countries currency going down the toilet lately

[|Bitcoin|]

If Bitcoin were gold.. very few people will use Bitcoin. In fact, Bitcoin wont last till today. I'm with you, Bitcoin is not gold. Bitcoin is a digital currency aims to replace fiat.

[Kprawn]

They looking for a commodity that cannot be manipulated by governments. It should derive it's true value from supply and demand.

The protocol was written to have the same characteristics as gold :

1. It's scarse / rare due to it's limited supply.
2. It has to be mined
3. It cannot be manipulated by governments.
4. It will stand the test of time.
5. It can beat inflation
6. It can be used as a currency

We can go on and on..... yes it's not a physical commodity like gold, but it's created to have the same features.  

[Ingatqhvq]

Bitcoin is better than good.

[odolvlobo]

Most people including myself feel a bit pointless when imagining paying for a cofee with BTC, when BTC has the potential to double or triple or god knows how much times gain in value.

I agree, I've been saying it a lot. Right now, BitCoin is volatile. The price could over the next year triple in value. I don't see it as a currency, but as an investment right now. I'm buying and holding. Hell, that $220 I buy today, could be worth $5,000 in 2-3 years.

Legit. I cant risk spending my BTC on a damn XBOX when I could buy a car in 3 years for fucks sakes.

The three of you don't seem to realize that if you use your bitcoins to buy coffee or an xbox, that you can just turn around and buy more bitcoins. It doesn't take a lot of intelligence to figure that out.

[vennali]

Most people including myself feel a bit pointless when imagining paying for a cofee with BTC, when BTC has the potential to double or triple or god knows how much times gain in value.

I agree, I've been saying it a lot. Right now, BitCoin is volatile. The price could over the next year triple in value. I don't see it as a currency, but as an investment right now. I'm buying and holding. Hell, that $220 I buy today, could be worth $5,000 in 2-3 years.

Legit. I cant risk spending my BTC on a damn XBOX when I could buy a car in 3 years for fucks sakes.

The three of you don't seem to realize that if you use your bitcoins to buy coffee or an xbox, that you can just turn around and buy more bitcoins. It doesn't take a lot of intelligence to figure that out.

Lol..yeah..or mayb they have all their life savings in BTC already..n cannot buy more.! thats a possibility..but probably not in their case.!

[Haruko]

They looking for a commodity that cannot be manipulated by governments. It should derive it's true value from supply and demand.

The protocol was written to have the same characteristics as gold :

1. It's scarse / rare due to it's limited supply. [AGREE]
2. It has to be mined [AGREE]
3. It cannot be manipulated by governments. [DISAGREE] the purpose for which it was born is decentralization, but who knows what will happen when it becomes more widespread and influential?? no one can say
4. It will stand the test of time. [AGREE]
5. It can beat inflation [AGREE]: think you mean "rest of time"
6. It can be used as a currency [AGREE]

We can go on and on..... yes it's not a physical commodity like gold, but it's created to have the same features.  

kind regards

[peligro]

Bitcoin is closer to gold than fiat regardless of what it was supposed to be. Carrying cash and paying is still easier than Bitcoin, while the latter is good as a secure investment.

[Whitehouse]

Bitcoin and gold are two completely different things, people just use the analogy of bitcoin being like gold for a comparison the masses can comprehend.