How we can determine BTC is digital gold?BTC Thats can be determined by their attribute. Gold is valuable because it's rare and has a limited supply. This term is true for Bitcoin as well. Both can be exchangeable with essential goods and they are acceptable in our society. Gold and BTC both can be stored though they have different methods to do that. But if you compare these criteria then we can say Bitcoin is digital gold.
bitcoin is gold to us because it is endowed with value. Nothing more, nothing less. It doesn't have any striking capabilities given its intangibility when compared to gold, with its long history of use and value that outdate even our ancestors ancestors. The same goes for gold, hadn't we thought that gold is valuable in the first place, we wouldn't endow it with value no matter how useful it is. So what's going on here really is the paradox of value.
How we can determine BTC is digital gold?BTC Thats can be determined by their attribute. Gold is valuable because it's rare and has a limited supply. This term is true for Bitcoin as well. Both can be exchangeable with essential goods and they are acceptable in our society. Gold and BTC both can be stored though they have different methods to do that. But if you compare these criteria then we can say Bitcoin is digital gold.
I doubt these attributes are enough to explain why Bitcoin is considered to be a digital Gold. And I doubt there's really an explanation to subjective labeling of something. People may compare it to other things in the market but they chose Gold simply because of its idea of being profitable, right? Which is not valid in the first place. Gold is indeed acknowledged to be a good investment and was/is also being used in the trade of goods before or maybe up until this point into some areas. The linkage between Bitcoin and gold is "profitable investment" and "mode of payment". What makes it hard to explain is that, there are other things which are having the same "characteristics" but why Gold?
exactly. It is profitable that's why people are into it. There's nothing too explain anymore. It's a cash cow for many of us and bitcoin, being valuable in and of itself, is also regarded and recognized as something that holds significant value. Too rare do humans endow something with a value based on their benefits to society and when we do, we jack the price down to cater to the greater public, either as an altruistic manner of giving to the greater mass or as a way to earn more customers.