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Author Topic: Is Bitcoin Sound Money?  (Read 28009 times)
entrepmind23
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September 27, 2016, 07:21:22 AM
 #61

I'm not going into all that debate and whatnot, all I know is that I can use bitcoin to buy things,
I can use it to pay for my bills, I can even convert it to cash anytime I want. So, as I see it, it's money.
More than that, like fiat it can buy things and like gold it's value could go up or down. Bitcoin does all these while making it easier for payments ;with the near instantaneous transactions and low fees then, as for the value; it could be both good and bad in terms of investmen/speculation becauee of the volatility.

Honestly, I don't really care about the debate as to whether why bitcoin should be compared to gold and how is it that bitcoin has a value. As long as I can use bitcoin in earning and use it in my daily needs now by converting it to fiat since there is still limitations as to what bitcoin can buy then the debate for me by some authorities is irrelevant.


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September 27, 2016, 07:26:59 AM
 #62

i make bitcoin as money because when i make some amount of bitcoin then i know i will be make money too, because bitcoin is long term investment, i still hold my bitcoin until i decide how much of price i want to sell my bitcoin.

bitcoin is not gold, and gold is not bitcoin. bitcoin have its ways and the gold too. so don't debate about bitcoin and gold because we can not see that its not the same even as currency. better we are thinking about how we can make more money with bitcoin and gold and how much we can make it.

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September 27, 2016, 03:04:23 PM
 #63

i make bitcoin as money because when i make some amount of bitcoin then i know i will be make money too, because bitcoin is long term investment, i still hold my bitcoin until i decide how much of price i want to sell my bitcoin.

bitcoin is not gold, and gold is not bitcoin. bitcoin have its ways and the gold too. so don't debate about bitcoin and gold because we can not see that its not the same even as currency. better we are thinking about how we can make more money with bitcoin and gold and how much we can make it.

yeah both of them have own way
i totally agree with you man
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September 27, 2016, 03:07:42 PM
 #64

Bitcoin sound like another form of digital currency these days as bitcoin can be used in several places like in supermarkets, online shops and even in Bitcoin ATM to withdraw in cash. So better to say bitcoin as advance form of digital currency with real life value.

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September 29, 2016, 06:55:28 PM
 #65

BITCOIN JUST THE DIGITAL FORM OF MY MONEY but I like to call that more a digital goods it's very no sense if bitcoin is can call a money cause it's not having a factor for can get a value, but bitcoin is offering more for me rather than fiat, fiat is offering a value and bitcoin is offering the technology and easiest way.

Yes, fiat may offer a more stable value while bitcoin has the advantage of technology to fiat and both of them could be used as a currency with the addition that bitcoin is an investment and a network too. So, I think that bitcoin is more than only a form of your money. It includes a whole network, a new generation of technology and ways of usage and purposes.


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September 29, 2016, 10:23:40 PM
 #66

I'm not going into all that debate and whatnot, all I know is that I can use bitcoin to buy things,
I can use it to pay for my bills, I can even convert it to cash anytime I want. So, as I see it, it's money.
More than that, like fiat it can buy things and like gold it's value could go up or down. Bitcoin does all these while making it easier for payments ;with the near instantaneous transactions and low fees then, as for the value; it could be both good and bad in terms of investmen/speculation becauee of the volatility.

Honestly, I don't really care about the debate as to whether why bitcoin should be compared to gold and how is it that bitcoin has a value. As long as I can use bitcoin in earning and use it in my daily needs now by converting it to fiat since there is still limitations as to what bitcoin can buy then the debate for me by some authorities is irrelevant.
bitcoin shouldnt be compared to gold to be honest because it is two different things that cannot be similar

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September 30, 2016, 01:48:08 AM
 #67

I'm not going into all that debate and whatnot, all I know is that I can use bitcoin to buy things,
I can use it to pay for my bills, I can even convert it to cash anytime I want. So, as I see it, it's money.
More than that, like fiat it can buy things and like gold it's value could go up or down. Bitcoin does all these while making it easier for payments ;with the near instantaneous transactions and low fees then, as for the value; it could be both good and bad in terms of investmen/speculation becauee of the volatility.

Honestly, I don't really care about the debate as to whether why bitcoin should be compared to gold and how is it that bitcoin has a value. As long as I can use bitcoin in earning and use it in my daily needs now by converting it to fiat since there is still limitations as to what bitcoin can buy then the debate for me by some authorities is irrelevant.
bitcoin shouldnt be compared to gold to be honest because it is two different things that cannot be similar
you're true, stop debating about the two different currencies and that is so irrelevant for my personally. Undecided

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September 30, 2016, 03:24:25 AM
 #68

IMO, the jury is still out on if bitcoin can ever be considered "Sound Money" ... one of the definitions of money is a reliable "store of value"(in fact this is the one major difference between currency vs money).
Try telling bitcoin is a "store of value" to the folks who bought in at $1200
Although, its a much different response from the folks who bought at sub $10

Bitcoin would need to stabilize and prove itself a hedge against inflation of fiat currencies long before it could ever be considered a reliable "store of value".

Gold / precious metals are considered some of the most reliable stores' of value for thousands of years. Therefore they are prime examples of Sound Money.
IE, hoard gold for 75+ years and you know its going to be "worth more"(more accurately put, the fiat currency its compared too has lost purchasing power over those 75 years) ... whereas Bitcoin and cryptocoins, you could wake up tomorrow and it could be near worthless.
A price of $0 is still possible for Bitcoin, otoh for precious metals, they will never be $0 (unless the dollar is gone from circulation =P  )



In short, Bitcoin has the potential to be Sound Money... but it still needs much much more time, potentially beyond our lifetime.

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September 30, 2016, 03:41:17 AM
 #69

it think it is only a matter of chance that new comer how much know about the bitcoin . because the person usually invest his money in that things which is looking profitable . so in my opinion here is a big need to explain the advantage of bitcoin investment as an asset instead of gold and silver .


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September 30, 2016, 06:07:57 AM
 #70

it think it is only a matter of chance that new comer how much know about the bitcoin . because the person usually invest his money in that things which is looking profitable . so in my opinion here is a big need to explain the advantage of bitcoin investment as an asset instead of gold and silver .
Yes, even bitcoin is a currency, a newcomer will get attracted only on the aspects of investment opportunities. Moreover, almost every newcomer will come into bitcoin for the reason of using it for his investments. The returns that bitcoin could bring to them is really matters and after slow progress, they might start using bitcoin as money.

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September 30, 2016, 08:41:49 AM
 #71

Bitcoin is money or a commodity at least, it's an item that has the equivalent value in USD and can easily exchange it to any currency you want and therefore I consider it valid and sound money.

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September 30, 2016, 09:32:24 AM
 #72

Bitcoin is a cryptocurrency. It can spend on any online market that accepting bitcoin. So yes, its money. Its just needed internet to use. But compare to gold. For me, gold is more valuable. If you wanna earn, then bitcoin is good for you and gold is good to keep coz its value is not dropping

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September 30, 2016, 09:49:30 AM
 #73

I'm aware of similar debates, and for me comparison between bitcoin and all other currencies and assets is a bit funny. Basically people are trying to define bitcoin and to compare new technology with old and very used currencies and assets.
Why we are falling in that trap? We just need to be quiet and do what we need to do, people will realize one day what is bitcoin. For me it's same like with every new invention. Almost everyone is fighting against it, people talk how bitcoin has no future, how this is one big ponzi.
Bitcoin can be much better and to achieve much more then any other currency. Comparing bitcoin with anything else is good just for explaining it to other and with that to make them easy to understand more, but point is that bitcoin is bitcoin, one and only.

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March 18, 2017, 10:33:33 AM
 #74

For me bitcoin is really sound money only some people don't believe in bitcoin maybe because they don't really believe that they can really earn money. And i believe that bitcoin can be considered a money because i have buy things that i want using bitcoin.

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xuan87
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March 18, 2017, 11:06:50 AM
 #75

For me bitcoin is money, I can buy things using it and people accepting it as the token of payment and bitcoin can also be act as investment because it is valuable, I don't really care why people compare and debate whether bitcoin is a commodity or not, as far as I know I can make some profit from my bitcoin investment, so I will consider bitcoin as a valid and valuable investment

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March 18, 2017, 11:31:57 AM
 #76

For me bitcoin is really sound money only some people don't believe in bitcoin maybe because they don't really believe that they can really earn money. And i believe that bitcoin can be considered a money because i have buy things that i want using bitcoin.
Most of the people think it as an investment. I don't spend my bitcoins as I spend my Fiat money. The rate of Bitcoin has increased in such a way that people who converted their earned Bitcoin to fiat are now converted their money to Bitcoin for future.

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Juggy777
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March 18, 2017, 11:38:43 AM
 #77

I don't even understand how and why do people compare gold and Bitcoin. Bitcoin is a crypto currency and gold is a commodity. Both are limited one can say but both are different so they should not be compared. As for the price hike gold is controlled and in many ways it's prices are manipulated but Bitcoins is decentralised and it's prices are not at manipulated, while the oldest yet prefer gold the young do like Bitcoins. They feel they can take risk and try something new. And with Bitcoin now you can buy so much stuff so would suggest people treat it as a currency.

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CraigWrightBTC
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March 18, 2017, 12:12:44 PM
 #78

I don't think bitcoin is money at least for right now, because bitcoin can not be used for small transaction
 payment like payment of a cup coffee because of the high fees transaction, bitcoin is sounds like gold because
it can be mined by asic hardware and the gold be mined too.
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March 18, 2017, 01:02:22 PM
 #79

I don't think bitcoin is money at least for right now, because bitcoin can not be used for small transaction
 payment like payment of a cup coffee because of the high fees transaction, bitcoin is sounds like gold because
it can be mined by asic hardware and the gold be mined too.
You do have a point but bitcoin can be considered as money since it do have value even though it isnt been considered by most government to be legalized but still it can be spend by exchanging it to local fiat and you are right it cant be spend directly your bitcoin to shops since the adoption isnt on its full extent.

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buharikx31
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March 18, 2017, 01:11:57 PM
 #80

it think it is only a matter of chance that new comer how much know about the bitcoin . because the person usually invest his money in that things which is looking profitable . so in my opinion here is a big need to explain the advantage of bitcoin investment as an asset instead of gold and silver .
Yes, even bitcoin is a currency, a newcomer will get attracted only on the aspects of investment opportunities. Moreover, almost every newcomer will come into bitcoin for the reason of using it for his investments. The returns that bitcoin could bring to them is really matters and after slow progress, they might start using bitcoin as money.
Bitcoin can start as normal payment method when we can use them everywhere on our daily purchases, paying bills and internet shopping. Bitcoins can be spend by paying bills and internet purchases but, in a cureent moment a lot of poor countries cant allow people to spend their bitcoins at shops to buy food for example But if goverments with their politics allows people to get payments by bitcoin that would be nice, but some countries politics are not allowing people to get any other payment methods like fiat money and debit cards they are okay with that if we talk about something else they always denied


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