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Author Topic: Is Bitcoin Sound Money?  (Read 28008 times)
GreenBits
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June 27, 2017, 04:04:06 AM
 #381

Oh c'mon lets all be realistic here. Anybody here says bitcoin is not sound money for them? Just give me your btc though!  Roll Eyes

On a serious note, as long as it pays my bills, I can buy what I want and it support my living, bitcoin is sounds really money for me.
Stop comparing btc vs. gold because they are a lot difference. Gold is tangible, btc is not. Maybe they are always being compared because of their high value in our society.

Well, let's define money, vs an investment. When I think of money, I think of static value. I get paid for my job with x money, my bills cost y money, and I get to save z for later, or at least until I want to buy drugs. When I think of an investment, I think of something that's going to appreciate (or depreciate, you can't pick em all). Bitcoin is, suffice it to say, volatile. You can't make any long term plans with certainty, say a power bill or a mortgage, because you may wake up to find you only have 75% of the value you put aside to pay said bill. This is why the IRS wisely considers btc property instead of currency; the valuation varies too much per annum/quarter/day/hour Wink

This isn't sound money. This is bedlam.



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June 27, 2017, 04:28:38 AM
 #382

Bitcoin will be better than gold because every year the price is increasing.


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June 27, 2017, 09:58:15 AM
 #383

I think it's still too early to talk about this.
Crypto currency is still too young, but I think it has a great future.
I disagree, gold has been sound money from the beginning, fiat is not sound money from the beginning because governments can print it at will, bitcoin has limited supply and cannot be created at will so to me that makes it sound money from an economic point of view.
I strongly believe that bitcoin is like another currency, it depends on you how you call it, bitcoin is basically a form of money which value is increasing day by day. It also has created a strong ground where people are going to be connected with this system, from my point of view is that since Bitcoin is using as a payment tool in many ways so bitcoin can be considered as a money...

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June 27, 2017, 10:46:34 AM
 #384

I think it's still too early to talk about this.
Crypto currency is still too young, but I think it has a great future.
I disagree, gold has been sound money from the beginning, fiat is not sound money from the beginning because governments can print it at will, bitcoin has limited supply and cannot be created at will so to me that makes it sound money from an economic point of view.
I strongly believe that bitcoin is like another currency, it depends on you how you call it, bitcoin is basically a form of money which value is increasing day by day. It also has created a strong ground where people are going to be connected with this system, from my point of view is that since Bitcoin is using as a payment tool in many ways so bitcoin can be considered as a money...

Among private users bitcoin has long been called money. But at the government level, bitcoin is not yet seen as money. It is more like a product, or some other asset that can perform some of the functions that perform the money

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June 27, 2017, 12:42:40 PM
 #385

Before we compare the gold in the bitcoin, The gold is depends on how it is or why it is expensive the price of different gold is not the same so dont compare the gold to bitcoin. They are simmilarities the gold is become more expensive by the date and also bitcoin increase the value when have a longer of time because of so many users of bitcoin in this era. Don't compare things by another things because they are never do the same.


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June 27, 2017, 12:50:30 PM
 #386

I would consider it to be sound money, money is in the end, something exchangeable for services and goods (which is the oldest and most basic classification). That is the case with bitcoin, which can be directly used through multiple platforms, it's not usable for everything yet, but it is still qualifies as money.
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June 27, 2017, 07:37:04 PM
 #387

Bitcoin is money for me, as long as you can used it to pay online and can convert it into a real cash money. This is considered as
a real currency because one of the example of this is, we can use bitcoin to send money through money transfer via remittances outlet.
Bitcoin is money for me,Because it is possible convert into fiat currency.Using easily around the world.It is sounds like bank to when you invest money in bank and it's increasing like that bitcoin is increasing day by day even better than bank.

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June 28, 2017, 04:43:31 PM
 #388

Bitcoin is money for me,Because it is possible convert into fiat currency.
Well you said it yourself that BTC has the possibility to be converted into fiat. Meaning it is not 'money', BTC is more like a material that can be used in many platforms. While money can only be used in one thing to 'pay'.

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Using easily around the world.
Around the world? Are you kidding me, what if you end up in a country who happens to be a 'non-BTC' country, what would you do? Protest?

Quote
It is sounds like bank to when you invest money in bank and it's increasing like that bitcoin is increasing day by day even better than bank.
Whoa my friend you're going too fast about that, its true that when you invest in the bank it increases by time. Whilst in BTC if you invest now, you will
never know what will be the outcome of its value, for example today it is increasing but what about next month? or even next week? how can you be so sure that BTC's value will increase substantially.


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June 28, 2017, 04:47:17 PM
 #389

It depends upon the user. So basically very few people were interested in using bitcoin for their shopping need similar to a currency. This in the falling years will increase when more corporates and shopping giants accept bitcoin. So truly bitcoin is a sound money and it also has got different other forms.

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June 29, 2017, 09:15:22 PM
 #390

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.
In fact, bitcoin is digital money that you can use in different transaction in online like paying bills, shopping in online market and more. In addition to that, you can also convert your bitcoin into fiat or real money that you can use in offline store. I guess some commercial establishments already accept the bitcoin as a payment of their costumer so that I think bitcoin is money.
Now a days look at me? suppose i'm selling my Pc, Laptop, Mobile or something else and a person is giving me bitcoins instead of money i will definitely accept it because it is increasing rapidly so i will prefer bitcoin as a money and also you have quoted all those things which a person can only done it with money, so it clearly says that yes bitcoin is money .

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June 29, 2017, 10:23:36 PM
 #391

I would consider it to be sound money, money is in the end, something exchangeable for services and goods (which is the oldest and most basic classification). That is the case with bitcoin, which can be directly used through multiple platforms, it's not usable for everything yet, but it is still qualifies as money.
It is not only sound money but its actually a real money. We can use it for every transaction as long the other party is willing to receive bitcoin as you are the one that will pay them, if you bought something like their service or anything related to purchasing. Bitcoin has a double purpose, money and investment.



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June 29, 2017, 11:17:51 PM
 #392

I would consider it to be sound money, money is in the end, something exchangeable for services and goods (which is the oldest and most basic classification). That is the case with bitcoin, which can be directly used through multiple platforms, it's not usable for everything yet, but it is still qualifies as money.
It is not only sound money but its actually a real money. We can use it for every transaction as long the other party is willing to receive bitcoin as you are the one that will pay them, if you bought something like their service or anything related to purchasing. Bitcoin has a double purpose, money and investment.
Of course bitcoin is real money, bitcoin can be used as payment method, have rate / price /, what is doubtful of bitcoin. Bitcoin already has specifications to be a currency Although currently still difficult to spend using bitcoin
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June 29, 2017, 11:42:48 PM
 #393

Bitcoin will be better than gold because every year the price is increasing.
That’s for the time being, once the huge disaster happens then there is going to be people flooding into Gold –when people get into Gold the price volatility of Bitcoin will look small compared to how high Gold is going to be in a single day.
Gold is the #1 investment.

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June 29, 2017, 11:58:58 PM
 #394

Bitcoin is really sounds money to me whereas it can be use in exchange of goods and services. I can use to paying bills, buy commodities online. Also bitcoin price is increasing so it can be use as investment.

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June 30, 2017, 01:41:04 PM
 #395

The code is going to be the part that confirms it as sound money, even if it isn't one of the big currencies when you're throwing up all of the gov backed ones it's still one of the big names that is valid in terms of having low inflation and being controlled by a decentralized group of people (or so this is as it was written, and we hoped for it to stay decentralized) and Bitcoin is still sound money based on this notion and matter.
It depends upon the user. So basically very few people were interested in using bitcoin for their shopping need similar to a currency. This in the falling years will increase when more corporates and shopping giants accept bitcoin. So truly bitcoin is a sound money and it also has got different other forms.

Bitcoin is only going to be accepted and all that if and when we work out the kinks, lets just pray to god this is done sooner rather than later though.

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June 30, 2017, 02:02:55 PM
 #396

Bitcoin will be better than gold because every year the price is increasing.
That’s for the time being, once the huge disaster happens then there is going to be people flooding into Gold –when people get into Gold the price volatility of Bitcoin will look small compared to how high Gold is going to be in a single day.
Gold is the #1 investment.



It may happen, but for now bitcoin prices are higher when compared with the price of gold on the market. Although the existence of gold is much earlier and more popular when compared with bitcoin, but the fact is now bitcoin is the best investment in my opinion.


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June 30, 2017, 02:44:13 PM
 #397

YES!!
for me Cheesy because bitcoin is a money but a virtual money its just sounds money because it can converted into fiat that is why most of the people think that bitcoin is a money though in a way YES !! , maybe why people do think that bitcoin is money because most of us here in this forum are making own income in bitcoin.

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June 30, 2017, 10:58:54 PM
 #398

I would consider it to be sound money, money is in the end, something exchangeable for services and goods (which is the oldest and most basic classification). That is the case with bitcoin, which can be directly used through multiple platforms, it's not usable for everything yet, but it is still qualifies as money.
It is not only sound money but its actually a real money. We can use it for every transaction as long the other party is willing to receive bitcoin as you are the one that will pay them, if you bought something like their service or anything related to purchasing. Bitcoin has a double purpose, money and investment.
Of course bitcoin is real money, bitcoin can be used as payment method, have rate / price /, what is doubtful of bitcoin. Bitcoin already has specifications to be a currency Although currently still difficult to spend using bitcoin

Just like what I said, as long we are using bitcoin for purchasing it is a real money already. And that's the role of money, when we are using it for real things. It might be difficult to spend bitcoin for now but as long as you have an exchanger you can use it in exchange for cash.



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July 01, 2017, 12:16:24 AM
 #399

for me bitcoin is money, because i can use it to buy things and i can do transaction with it, and if somebody ask "is there are any similarity with gold or other precious metal?", i dont think so, but as an investment bitcoin is a good option, but to compare it with gold, I think its two different things
Well, bitcoin is digital or electronic money in online that you can to buy some stuff. In addition to that, you can use bitcoin in different transaction like paying bills, shopping online and many more. Bitcoin is money like are real money that you can to buy all things that you want.Lastly, bitcoin is money.

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July 01, 2017, 12:52:01 AM
 #400

No doubt about bitcoin, a very reliable currency for the future. Because once you have it you can turn it into real money according to the country you are in.

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