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.
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.
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.
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.Finland has published a research paper titled The Great Cryptocurrency Illusion. This happened in 2018. At that time, some countries followed in the footsteps of reading this document. I think bitcoin should not undergo any checks by the local authorities of the countries. Bitcoin is decentralization. Due to the high transaction costs, Buterin believes that Bitcoin will soon become digital gold.
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.The fact that the price of bitcoin is still continuing to rise hardly suggests that it has already become digital gold. The price of a highly volatile cryptocurrency is highly volatile. In almost all other respects, these are completely dissimilar financial assets.
The purpose of creating Bitcoin is for the development of payments that are very difficult to be separated from third parties such as banks or other financial institutions.
Bitcoin was created without any intermediaries for every transaction, thus making Bitcoin more into our own main asset without any intervention from third parties.
Maybe this is a piece of the story about Bitcoin that I know and there are definitely more meanings to the first creation of Bitcoin from various smart people.
I think it's better than gold from the long-term pointPrecisely because bitcoin, in connection with the expectation of its further price growth, has become much less used as a means of payment, and more and more as a means of storing value, its use is gradually coming to a standstill. The growth in the price of bitcoin cannot last too long, and the suspension of its price growth as a whole threatens with great trouble not only for bitcoin, but for the entire cryptocurrency market. Bitcoin is not really fulfilling its original purpose as a means of payment right now. Let's hope that the situation in this regard can still change for the better.
no matter what its original aim is
It has been evolving after all
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.