Quote from: Abiky on Today at 12:25:59 AM

Quote from: EarnOnVictor on September 02, 2024, 07:34:43 AM

Hahaha...Bitcoin as a digital Gold? I can't but laugh every time I see this.

People would initially argue the supremacy of Bitcoin over Gold but after losing the argument due to the obvious reasons they are quick to say it's now the digital Gold itself. Well, this is not the first time I heard/read about that but it's a very bad relation, Gold is Gold, so why can't Bitcoin be Bitcoin? Besides, Gold also has its physical and digital versions, so why is Bitcoin trying to steal that from it? I believe that people who conceived this are very wrong.

As for the use of Bitcoin and the future challenge, well, it will not be so different from what we see now. The future is bright but it will be limited to trading, investment and payment. But for it to be universally accepted is not feasible, we have different people with different mindsets, and so is the world government. And Bitcoin will never be accepted as a country's reserve asset if that is what you are driving towards.

Bitcoin is a long-term thing. Short-term speaking, there will be volatility. But if you compare both Gold and BTC's performance over the long-term, the latter would be the clear winner. Many holders obtained higher profits holding BTC over the long-term than Gold. The "yellow metal" is only good if you want stability and higher liquidity.

Once the whole world adopts BTC as the next "digital Gold", it's likely Gold will switch from being an investment tool to an industrial one. It will be used for jewelry, certain electronic components, and whatnot. But it won't make an appealing investment like it used to be. Just like it's been happening with Silver these days. If I'm right, it's likely BTC will surpass Gold's market cap. Imagine how valuable BTC will be once it hits a $13T market cap. I'd say we're still early to the game. Just buy, "hodl", and forget about the rest. Cheesy

You seem not to get the gist of my post, it's not about being a long-term thing or not, it's about Bitcoin knowing its place and Gold knowing its place. Bitcoin=Bitcoin and Gold=Gold, now tell me, why do they want Bitcoin to be a digital Gold? I don't understand. Gold is already present in its physical and digital form and it's doing well, don't you think that name is a copycat? That's my main plight on the name of a thing and I wonder why people who are so particular about Bitcoin are not seeing it that way. Do they want Bitcoin as an imitation of Gold? They should call it another name.

About the profits and utility, you are merely dreaming, nothing will change from the present reality, Gold will continue to be used as a precious physical metal and online trading and investment, Bitcoin can never displace it, after how many centuries of success? I don't also think that Bitcoin can ever meet Gold in market cap and my candid advice for you is to trade and invest in Bitcoin smartly, otherwise, it may disappoint you on long-term expectations.