Gold vs Bitcoin

in #money8 years ago (edited)


Is Bitcoin considered the "Gold" of crypto-currency?

A lot of people say that Satoshi Nakamoto's creation became a new type of Gold (Digital Gold).

But is it really? There is nothing in the world that can copy gold.. which is why it's rare, and Bitcoin already has something JUST like it.. Litecoin!

I'm not saying I invest in Litecoin, but if it's basically a clone of "digital gold" then it may not be a bad investment (If bitcoin was really digital gold)

Is Bitcoin more like the dollar..

It seems to me like the best answer I can get to why bitcoin is used for pretty much everything in the crypto world was, because basically it was the first crypto-currency, and is the most popular/widely used crypto-currency..

Now even the dollar was very reliable and even backed by gold at one point.. It is not currently (But China's Yuan is now) So that goes to show that popularity or "most widely used" is not always the best.

But no I DON'T think Bitcoin is like the Dollar.. I think because the dollar is printed it is more like monopoly money..

Sadly though Bitcoin has been out done.. by the original Ethereum!

I am not saying that I think Ethereum OR Ethereum Classic will replace Bitcoin even though both have the capability.. I'm just saying Bitcoin is being out done.. Not to mention uses way too much energy.

If Bitcoin wasn't considered the gold of the digital world.. what is?

I think things like BitGold would be considered more like the gold of the digital world, because you can withdraw it in REAL gold, but once again I don't have any of that either :/

And honestly I think NOTHING can be considered "digital gold" because anything can be changed..

So the real question we should be asking is "Can Bitcoin or any crypto-currency be considered BETTER than gold..?"

I think it IS better, and way more useful than gold as we move into a digital world.. So even though gold has great value it should be seen more as a commodity instead of a currency..




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For me bitcoin is the digital gold, it is shown already after several crisises that people go in bitcoin as a safe heaven / store of value. Nothing beats Bitcoin in its use as store of value. Ethereum is a platform for smart contracts, maybe an good investment, but not designed to be a deflational currency like bitcoin. Lightcoin is so small that you cannot take it serious yet in the mainstream investor world (where most of the money is), its not even comparable as silver when you compare bitcoin to gold. Beside that the blockchain is way less secure and security is what investors are looking for in a SAFE heaven. The high use of electricity is a good thing, it's the root of the proof of work concept what makes Bitcoin so incredible secure.

I agree that the proof of work concept is good for Bitcoin (even if it does require a lot of energy), but my main point was that gold cannot be copied or changed.

wasn't ETHC hacked?

Wouldn't surprise me.. I guess the better question is how did they handle it?

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