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Author Topic: Is Bitcoin Sound Money?  (Read 28009 times)
victoryboy
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September 24, 2016, 11:35:02 AM
 #21

Bitcoin is digital currency not asset as people actively using it for different things to perform just like fiat. Bitcoin is not asset where you invest and keep that in holding like gold. Bitcoin is exchanged with fiat and remittance market is almost occupied by Bitcoin and gambling industry where Bitcoin is used as alternative form of money.
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September 24, 2016, 11:49:00 AM
 #22

They both sound money but I can't understand why this kind of topic is always been debating here. Bitcoin vs Gold? Bitcoin is more different than gold, bitcoin is a virtual money which can be used online and gold is a metal than can be a money if you're going to exchange it with cash but why do people always comparing it? Is it because the price, or what advantages between the two have? or maybe it's because Bitcoin is more expensive than gold?. Maybe the gold investors are afraid that in the near future the bitcoin will replace gold and gold will be useless, I mean people will not going to pay attention about it because they are more interested in bitcoin since bitcoin have the price than the gold. And they are afraid that their company will go down because of bitcoin.

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September 24, 2016, 11:50:48 AM
 #23

Bitcoin is digital currency not asset as people actively using it for different things to perform just like fiat. Bitcoin is not asset where you invest and keep that in holding like gold. Bitcoin is exchanged with fiat and remittance market is almost occupied by Bitcoin and gambling industry where Bitcoin is used as alternative form of money.

All you said is quite true. Although bitcoin is not a pretty valuable asset, but I'd assume that bitcoin is an asset that will be very valuable in the future. because the benefit yet bitcoin can be matched only by digital currency to another currency or real. so, will always find a way to get a lot of bitcoin and then keep some bitcoin for future

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September 24, 2016, 12:15:04 PM
 #24

The big difference between gold and bitcoin is you can't spend gold only convert them to fiat and spend

But bitcoin is accepted as currency by many business so bit coin has an added advantage of spending them directly.

so gold is just investment and bitcoin can be used as investment and as currency like any other fiat currencies.

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September 24, 2016, 12:45:14 PM
 #25

I think bitcoin and gold have their own devotees although some people try to compare bitcoin with gold, but honestly I do not agree with that, of whatever you do with both option it's can make money.

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September 24, 2016, 12:52:42 PM
 #26

Gold and Bitcoin have so many in common.

1-Both of them have limited supply.
2-Both of them can't be created/printed out of nothing.
3-Both of them can be used as a currency unlike what the others say.

Watch this: https://www.youtube.com/watch?v=bj33bWFODtE
"Bernanke can't print this! It has to be mined!"

Still, You just don't use gold to buy a chocolate. But i am pretty sure you can use them to buy houses, or yachts if you want.

Bitcoin has an advantage over gold in this matter. You can use bitcoins even at satoshi level. (only if your wallet doesn't pay fees)

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September 24, 2016, 12:54:06 PM
 #27

I think bitcoin and gold have their own devotees although some people try to compare bitcoin with gold, but honestly I do not agree with that, of whatever you do with both option it's can make money.

But the fact is we cannot earn gold, we need to buy them by putting  our real money into it, but with bitcoins you can also earn it without making any investments and that is the best part about  it.
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September 24, 2016, 01:34:11 PM
 #28

Yes it sounds money from the word itself bit-Coin  ,a few Coins / little /micro . But it doesn't mean that bitcoins is all about money .It's also about advance technology which created by Satoshi Nakamoto for its many uses .

Bitcoin and gold as always debate i don't relate it because they have so many differences in terms of uses ,value  make etc.
You can buy Gold ,you can buy bitcoins same but the difference is bitcoins is a digital currency as a fiat with exchange ,Gold is a form of  precious metal that is use as jewelries and good quality materials.


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September 24, 2016, 01:37:25 PM
 #29

Bitcoin is sound money as you can convert it in real cash in just 10 minutes in an exchange. If you are in Europe for example you can do so from bitpanda.

Bitcoin is sound as you and only you are in charge of it and it has no central authority to make decisions about it. You are your own bank. In this sense bitcoin is the most sound money that exist out there ( in the internet).
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September 24, 2016, 04:58:56 PM
 #30

Comparing bitcoin and gold will just lead you to nothing cause these two have their own negative and positive stuffs. And some bitcoin users is really biased in bitcoin, same as the gold users .

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September 24, 2016, 05:00:27 PM
 #31

Comparing bitcoin and gold will just lead you to nothing cause these two have their own negative and positive stuffs. And some bitcoin users is really biased in bitcoin, same as the gold users .

Yes people will invest and use them according to their convenience, people who prefers to take risk will not hesitate in investing in bitcoins and safer players will go with gold.
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September 24, 2016, 05:01:25 PM
 #32

The big difference between gold and bitcoin is you can't spend gold only convert them to fiat and spend

But bitcoin is accepted as currency by many business so bit coin has an added advantage of spending them directly.

so gold is just investment and bitcoin can be used as investment and as currency like any other fiat currencies.

This is a solid point. Almost no one accepts gold outright for payment, but they do accept bitcoin. It would seem in that regard that bitcoin is more of a pure medium of exchange.

Bitcoin is "digital gold".

In a world where the current demographic is growing up with a smartphone in hand, what will they choose - bitcoin, gold, or fiat?


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September 24, 2016, 05:05:08 PM
 #33

I do not know why you cannot be invested in both? The Bitcoiner could always have a ratio of 80/20% Bitcoin to gold and the gold bug

could have a 80/20% ratio of gold to Bitcoin. If you love any of these commodities, you would appreciate the strength of both and also

diversify your investment portfolio to accommodate both.  Wink

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September 24, 2016, 05:06:48 PM
 #34

bitcoin is money, indeed, we can use it buy and sell. Trading or hoarding for profit. Some countries admit bitcoin is money.

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September 24, 2016, 05:13:26 PM
 #35

Bitcoin is interesting cause its currency, but also can be investment for the future. Nothing is sure, but everyone here agree that bitcoin have potential. That means that one day bitcoin can worth much more then now. While some people wait that rise, other enjoy in spending bitcoins, paying bills with bitcoins, and other things. Bitcoin is one of a kind, and everyone can decide what to do with bitcoins individually.
Gold is gold, people use it to show how rich they are. You can`t cash out gold easily like you can bitcoins, how to spend gold around. Bitcoin is easy to use like any other currency.


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September 24, 2016, 05:20:29 PM
 #36

Bitcoin is sound money if... you hire a band with bitcoins.    Grin
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September 24, 2016, 05:20:44 PM
 #37

Bitcoin is digital currency not asset as people actively using it for different things to perform just like fiat. Bitcoin is not asset where you invest and keep that in holding like gold. Bitcoin is exchanged with fiat and remittance market is almost occupied by Bitcoin and gambling industry where Bitcoin is used as alternative form of money.

Exactly, not a lot of people see it as an asset like gold or something where you invest and keep it to grow and then sell it but you cannot do anything else with that, but with bitcoin you can do anything you can do with ordinary money, so that is just another form of money but nothing else.

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September 24, 2016, 05:22:43 PM
 #38

Bitcoin is digital currency not asset as people actively using it for different things to perform just like fiat. Bitcoin is not asset where you invest and keep that in holding like gold. Bitcoin is exchanged with fiat and remittance market is almost occupied by Bitcoin and gambling industry where Bitcoin is used as alternative form of money.

Exactly, not a lot of people see it as an asset like gold or something where you invest and keep it to grow and then sell it but you cannot do anything else with that, but with bitcoin you can do anything you can do with ordinary money, so that is just another form of money but nothing else.

Bitcoin can be used as a currency and also an investment and you can also use it for shopping or money transfers which is never possible with gold, its an pure investment with no multiple features unlike bitcoin.
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September 24, 2016, 05:38:29 PM
 #39

Bitcoin is really a true currency/money. Why? because once you have it you can convert into a real money according to country you belong. And the banks also accepting bitcoin whether you are in different places of the world. In that case it shows how bitcoin is very popular in online business.
I don't think if bitcoin is very popular in online business. Then if it is used in some businesses then that's great. But in my opinion, bitcoin is money, why?Because using bitcoin you can buy and sell for it, trading to have more profit and even in investments  Smiley.
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September 24, 2016, 05:45:23 PM
 #40

Bitcoin really is a wonderful money. I am conducting a search in different countries of Europe where I have friends studying university there like UK, Germany, France ,Austria and Italy and I have asked all of them how popular is bitcoin among students in university.

The answer was a disappointing one and was the same from both these countries regarding students there,"NOT SO POPULAR". So bitcoin is a sound money but not within the reach of many people unfortunately.

It can be converted into cash. It can be used to buy digital goods, to buy physical goods, to pay for subscriptions online. So yeah it can be used pretty much for anything. In this context is really a sound money.
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