Can Bitcoin replace gold anytime soon? | Kalkine Media

 are you an investor looking for premium Market opportunities presenting premium and exclusive service for investors by calkin [Music] what was the purpose of the world's first cryptocurrency Bitcoin if one reads the Bitcoin white paper it appears to be that Bitcoin was primarily intended to serve as a better alternative to Fiat currencies however not too long after its launch in 2009 many enthusiasts started comparing Bitcoin with assets like listed stocks and gold today cryptocurrency can be traded on many platforms including binance which to some extent resembles how the equity Market operates but can Bitcoin be compared to a tangible item like gold some proponents of Bitcoin have gone as far as suggesting that it can even replace gold for ages the precious and one of the most costly Metals gold has drawn the interest of investors the value of gold is also appreciated over the long term which compels many investors to view it as a safe haven however can a cryptocurrency like Bitcoin replace gold let's explore this idea in depth gold is a real tangible commodity found in Mines Central Banks hold gold as a reserve asset The Reserve Bank of Australia has tons of gold reserves which are recorded as an asset on its balance sheet the precious metal was earlier used as a representative money which means that currencies issued by countries could be exchanged for gold there is a broad consensus that gold holds real value and that demand for gold always exists by contrast Bitcoin is intangible and its intrinsic value is debatable as far as Bitcoin making it to reserve assets held by central banks is concerned this is only a figment of the imagination for now even though just like gold the term mining has been used in the world of Bitcoin this has nothing to do with the traditional mining process Bitcoin mining means working on bitcoin's blockchain bitcoin although first has to find broader Acceptance in the global payment system transactions made using this cryptocurrency are said to be relatively quick and inexpensive proponents claim that Bitcoin is a better form of money than Fiat currencies like the US dollar gold is a leading store of value in that the broader Market considers it a useful asset and Bitcoin Is Yet To Succeed In demonstrating its ability to be a reliable store of value a sharp decline in bitcoin's price in 2022 has turned things more difficult for the cryptocurrency it shares no resemblance with gold in that the latter is a tangible good that people have trusted and used for ages at present Bitcoin replacing gold or other assets like stock seems a far-fetched street but it is important to note trading in cryptocurrencies involves high risks including the risk of losing some or all of your investment amount and may not be suitable for all investors so it is important to be cautious while investing your resources in a particular Avenue do your research and homework if you like this information please give it a like share it comment on the video below and subscribe to the channel by pressing the Bell icon you'll be notified of every new video that is released by calkin media but for more articles do head to the website it's calconemedia.com my name's Sage for calki media