Can Bitcoin Replace Gold Ever?

Can Bitcoin Replace Gold Ever?

Bitcoin is again in the news. Google Trends shows that the search for bitcoin and bitcoin price on the search engine has increased more than three times in the last week.

The media all around the world has shunned all the cryptocurrencies for long. In spite of all this, crypto remains in the mind of people all over the world.

Bitcoin is not dying! It is here to stay! Can Bitcoin replace gold ever? YESSS!! The bitcoin price prediction and bitcoin price analysis has an positive story to tell.

People in the crypto world have tried to find the similarities between the bitcoin – BTC and gold. The big question is can BTC ever replace gold?

Bitcoin price is just going up and up, if we see the bitcoin price today, bitcoin price in USD has gone above 11,700.

People in the crypto community are of the opinion that bitcoin is better than the gold in many ways. It is fully digital. The discussion may be a bit wishful and maybe farcical too. But yes, history is a witness of events and happenings which were never thought of. If I start discussing for the bitcoin price and analysis, very soon bitcoin market capitalization will surpass that of the gold.

Latest Bitcoin Price Prediction And Analysis

If I go by the bitcoin price predictions, various big-wigs and who’s who of the crypto world have optimistic predictions. We are out of the crypto winter. The crypto spring has started. According to most of them, bitcoin 2019 price is forecast to be above the last highs of around USD20,000.

There are predictions of bitcoin price going upto USD 1 million also. The reasons cited for this is the new bitcoins mined in the future will be halved in 2020. Bitcoin ATM are increasing and bitcoin acceptability is increasing. As for the commercial use of the cryptocurrency for transactions, they are too rise in the future.

There were instances of bitcoin transactions taking a long time. The transactions were taking upto 10 minutes. This time cam down, but was still higher than the VISA transactions of 24,000 transactions per second. However, these seem to have been solved for now with the ripple’s claim of 52,000 transaction per second.

Another technology worth mentioning here is the lightning protocol and interledger protocol. All these will make the use of bitcoin wider and increase the acceptability to the next level.

Bitcoin Price Today And The Underlying Advantages

The advantages with the bitcoin is that no government or group in the world will be able to confiscate the BTC which can be done with the gold. Venezuela is the latest example of this anomaly.

Bitcoin is politically neutral. The person dealing in Bitcoin has nothing to do with the trust factor of the banks or anyone else. One can simply store his money and take care of it. Bitcoin is not in the purview of any legislation. Hence, Bitcoin is more secure and stable on this front.

Bitcoin is not linked to any country or its government. It is fully decentralized. Bitcoin may change the concept of money in the future days as internet change the concept of information.

All said and done, bitcoin has the potential to change and bring a massive revolution in the financials, world over.

But going ahead with this wishful thinking, Bitcoin needs to be adopted by the masses. It should be used for making the smallest transaction. It should be appealing to the general masses. It should be part of the mainstream economy.

If all the above happens one day, all the central banks of the world will be rushing to buy cryptocurrency.

Let’s keep our fingers crossed for the future. But it is worth thinking, can bitcoin replace gold? Ever?

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