Bitcoin’s original aim wasn’t to be a “digital gold”, says Ethereum founder

[sirty143]

In an online bout on Twitter, Ethereum co-founder Vitalik Buterin and a Bitcoin developer Zack Voel exchanged their arguments for whether Bitcoin’s goal “was, is, and will be” digital gold... See more for yourself here.

Your opinion is greatly appreciated.

[Noverteno]

I do not think that bitcoin can be called digital gold and that it was created as digital gold. Bitcoin, like other decentralized cryptocurrencies, has very high price volatility. Digital gold cannot rise or fall sharply in value. The concept of "digital gold", in my opinion, should always be associated with constant value. Bitcoin's price swings from six thousand dollars to twenty thousand dollars and back do not allow us to talk about it as a digital gold.

[sirty143]

I do not think that bitcoin can be called digital gold and that it was created as digital gold. Bitcoin, like other decentralized cryptocurrencies, has very high price volatility. Digital gold cannot rise or fall sharply in value. The concept of "digital gold", in my opinion, should always be associated with constant value. Bitcoin's price swings from six thousand dollars to twenty thousand dollars and back do not allow us to talk about it as a digital gold.

Yes, I believe you. That's what I think too. However, in this article by Peter Chawaga, a senior editor at Bitcoin Magazine, and was published on November 7, 2019, there were three interpretations of “bitcoin as digital gold”.

[fulled]

It doesn't matter what was bitcoin purpose, the things that matter is how bitcoin can be digital money or digital gold, or even both in future, and how bitcoin can still be a decentralized tech, not centralized, bitcoin is wasting their time if in future bitcoin itself will be a centralized tech

[I-Bit]

Yes, Satoshi created Bitcoin for electronic cash, not for digital gold. Vitalik exaggerates about Bitcoin, I think we don't need to call it as gold. Bitcoin is purely digital asset or digital payment tool. We can compare it with gold as they are different.

[zendicator]

i beg to disagree. Although the main reason why bitcoin is created because of digital payment( decentralized) as time goes by we can see the value of bitcoin is rising that is why nowadays we consider it as a digital gold or as a store of value because it has a very limited supply.

[Lanirex]

The first time I knew Bitcoin, the definition of Bitcoin is Digital Gold, that's what my friends say. And I believe that, because Bitcoin and Gold have in common that is Gold and Bitcoin are both in the hunt for people to invest. 
The difference is the value of Gold and Bitcoin is quite different, Bitcoin fluctuates while Gold does not. That is why many people get rich quick when investing in Bitcoin.

[Senin]

i beg to disagree. Although the main reason why bitcoin is created because of digital payment( decentralized) as time goes by we can see the value of bitcoin is rising that is why nowadays we consider it as a digital gold or as a store of value because it has a very limited supply.

Digital gold, or a store of value, must be distinguished above all by a stable price. Bitcoin not only does not differ in such quality, it is a direct opposite to it. Bitcoin has a very high price volatility and therefore, in practice, it is very difficult to use it even as a means of payment. Therefore, it cannot be considered either digital gold or store of value.

[comer]

BTC was called digital gold, I can only think of two main reason.
1. Popularity
2. Value
Just like gold it is very well known of all crytocurrency today. Many people uses Bitcoin and their are many transaction of BTC in the blockchain. Further BTC has a good value today that is why it is called also as gold in the crypto space.

[Astra]

The term "digital gold" in relation to bitcoin originated mainly because of its high price. However, the high price volatility of bitcoin does not qualify it to be called digital gold.
Of course, bitcoin was created primarily as a means of payment that will exist as an alternative to the current financial system due to its fundamental novelty. Bitcoin as a whole is not yet fulfilling its main task.

[Quantum X]

Now I find the right term for bitcoin and I think it's the accurate term to use. But sad to say if bitcoin has no aim to be the digital gold then there's still a chance for others to seize that position.

[Alcor]

I don’t think it would be correct to compare any cryptocurrency with digital gold. Bitcoin came to be called that because of its high price. But gold is not only characterized by a relatively high price. First of all, it is a stable value, and bitcoin with its high price volatility is not comparable to gold. Gold also has excellent physical characteristics and practical application in the production and everyday life of a person, and bitcoin is devoid of all this.
In fact, other than the high price tag, Bitcoin not only has nothing to do with gold, but is the complete opposite of gold.

[Bobcrypto]

Actually, Bitcoin has been tag Digital gold, or has been compared to Gold, is no a strenge news or statement around the world, this is because of the nature of Bitcoin and it's short term performance since invented. Bitcoin has being refered as digital Gold because, though has no physical state, but has been seen as a hedge against inflation. I think Bitcoin has proven to generate much more profit than gold within the short term it was launched. However, I believe Gold and Bitcoin are two different technology, but its comparison is just to appreciate the profit earned in short term than Gold returns. This is just my opinion.

[mlawson71]

I have never subscribed to that "digital gold" idea when it comes to Bitcoin and cryptos in general. A currency that volatile cannot be a storer of value, in my opinion.

[KaliLinux]

Yes, Satoshi created Bitcoin for electronic cash, not for digital gold. Vitalik exaggerates about Bitcoin, I think we don't need to call it as gold. Bitcoin is purely digital asset or digital payment tool. We can compare it with gold as they are different.

I would believe that it was a figure of speech from Vitalik even though I have not seen this conversation between both parties however, we do know that Bitcoin and Gold are two different entities even though they are also always been compared in terms of Profit generation from investment.