I don't think bitcoin will become like gold. Bitcoin is a pure technology solution and by it's nature it will quickly become obsolete, as will the blockchain (hashgraph anyone?). I think what will emerge is a viable crypto-gold solution that uses crypto to drive transactions and redeemable gold to store value, probably based on a hashgraph type solution to ensure fast transactions.
RE: John Exter's Inverted Gold Pyramid and Bitcoin.
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John Exter's Inverted Gold Pyramid and Bitcoin.
It is important to note that very often when someone is talking about Bitcoin they are talking about the entire crypto currency space. The Blockchain is now a proven technology in that once you get your transaction onto the blockchain, it's there forever and incorruptible. The original Bitcoin is going to fall out of use because it cannot handle the volume of transactions and those tranactions are getting too expensive. I recently had to use a transaction accelerator service to get a Bitcoin transaction confirmed because my wallet had not allowed a big enough fee. All this took two and a half days to complete.
The problem is that nothing was put into Bitcoin's technology to stop the miners cherry picking the transactions with highest fees. The transactions should be processed first come first served; no cherry picking allowed. There are newer technologies which improve on the Blockchain concept such as Hashgraph and Tangle, but these are as yet untested to the same degree as Blockchain has been tested.
In contrast I have never had any trouble with Dash, another prominent crypto currency.
Ultimately the crypto currencies that provide ease of use and privacy are the ones that will be most popular. Reliability and cost will be the factors that guide the general public in there inevitable use of crypto currencies day to day.
Currently to use crypto currencies it is necessary to convert to fiat local currency to spent it. This entails losses through exchange costs. The real benefits will come when retailers accept crypto currencies directly and this is being worked on currently.
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