Quote from: bitmover on March 22, 2021, 02:36:55 PM

Bitcoin is amazing, but it is not gold.

Right since I entered into Bitcoin, I have stayed true to its initial idea of inception i.e bitcoin is digital cash rather than being called as Digital Gold but over the years I received so much of hate and criticism from the global and local community for calling it so and with the current prices I was indeed been proven wrong that it's slightly impossible to use Bitcoin as a currency. Last year mid March I made a transaction of 0.1 btc for a $500-$600 art product (couldn't remember the exact value) and today the product isn't worth $5-6k but bitcoin is worth it.

I have always read about the Digital Cash discussions of bitcoin but never prevent the discussions which claims bitcoin was digital gold till Feb 2021. After the prices pumped higher and higher, I got back to the mailing lists and read regarding the initial days of reviews after the announcement of bitcoin. I found two interesting pieces of information - one was from Hal and another was from Satoshi and both agreed that it was more of a gold replica rather than a fiat currency replica.

Quote from: https://www.metzdowd.com/pipermail/cryptography/2008-November/014827.html

I also do think that there is potential value in a form of unforgeable token whose production rate is predictable and can't be influenced by corrupt parties. This would be more analogous to gold than to fiat currencies. Nick Szabo wrote many years ago about what he called "bit gold"[1] and this could be an implementation of that concept. There have also been proposals for building light-weight anonymous payment schemes on top of heavy-weight non-anonymous systems, so Bitcoin could be leveraged to allow for anonymity even beyond the mechanisms discussed in the paper.

Quote from: https://www.metzdowd.com/pipermail/cryptography/2008-November/014831.html

The fact that new coins are produced means the money supply increases by a planned amount, but this does not necessarily result in inflation. If the supply of money increases at the same rate that the number of people using it increases, prices remain stable. If it does not increase as fast as demand, there will be deflation and early holders of money will see its value increase.

We can conclude by this discussions, bitcoin is mimicking the bitgold concept. But what is the purpose of bitcoin if they aren't being used in day to day transactions like fiat money? Just to hold monetary value? If we consider bitcoin as equivalent to gold, gold will win the game as there are lot more use cases of gold than bitcoin such as bullions, jewellery, artifacts, electronic parts and aerospace equipment etc. The primary purpose of bitcoin was to eliminate the banks and to function like a currency for the internet but yes there are more stablecoin and inflationary cryptocurrencies alternatives like monero but over the decade the real purpose of why bitcoin was invented has been destroyed.