Quote from: yayayo on October 25, 2016, 01:07:36 PM

Quote from: Daffadile on October 25, 2016, 01:29:57 AM

Quote from: Yipdard on April 05, 2016, 08:01:28 PM

Bitcoin can disappear?
And if bitcoin is a scam, what will happen in world?
People will panic?

It is not a scam and it is the same as gold. What if gold dissapears ? What if noone wants gold anymore ?
these are the same questions. It;s just the format of value that has changed. Now we give value in a digital format since carrying sheep around sucks xP

But seriously before we traded cattle. But who wants to have them go with you everything just to trade ? How would you trade half a cow ?
So we started using things like salt and spices and rare gems and metals so we don't need to keep cattle with us. Then we went on to gold, gold made into coins then coins made from different things. Now we just using digital.

You're right with pointing out that the form of money is also subject to some kind of evolution. However some forms of money (notably precious metals) have proven to be quite stable in their use as a store of value. Even though, gold is not used for direct payment anymore it continues to be a quite reliable store of value.

It's true that Bitcoin is a monetary revolution and has some significant advantages over precious metals. But I doubt it will entirely replace gold as a store of value anytime soon, because Bitcoin bears some different risks that gold is not exposed to: Political influence on software development and associated security risks. On the other hand, gold might become worthless if new resources become available at low costs (think of asteroid mining).

So in my view it's a good decision to diversify and hold both Bitcoin and precious metals.

ya.ya.yo!

Very well said, that was my logic also bitcoin cannot stay forever as it is only created in the network and we do not know how long the network will be stable, bitcoin is good only if you are risking the amount you can afford to lose as it considered a high risk investment, riskier than gold and other precious metals.