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Author Topic: Is Bitcoin Sound Money?  (Read 28087 times)
Paleus
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September 23, 2016, 09:55:16 PM
 #1

The bitcoin vs gold debate has raged on in investment circles since bitcoin has entered mainstream discussion among increasingly interested investors. Gold has been used as a form of currency and trade for thousands of years, and certainly has a track record for reliability and preservation of wealth. However, as the newcomer onto the scene, bitcoin may be the kind of financial and technological breakthrough to to challenge gold as the monetary kingpin.

Early on in its life cycle, seasoned investors began questioning the legitimacy of bitcoin value and debating how such a commodity could hold intrinsic value. What differentiates bitcoin from a mere collectible and what makes it similar to precious metal assets such as gold or silver? Among many circles, especially gold bugs and older-generation investors, bitcoin was not considered a valid investment up until very recently.

Which factors of bitcoin instill this validity of investment?

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There are several different types of Bitcoin clients. The most secure are full nodes like Bitcoin Core, but full nodes are more resource-heavy, and they must do a lengthy initial syncing process. As a result, lightweight clients with somewhat less security are commonly used.
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September 24, 2016, 02:07:38 AM
 #2

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.


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September 24, 2016, 02:38:15 AM
 #3

I don't understand why people keep comparing gold to bitcoin within the context of currency. Gold hasn't been used as currency for over a hundred years. People wear gold and the buy it to keep as an investment (store of value). When was the last time you saw some one buying something with gold coins? The only reason gold coins are made is for investment purposes, it's nostalgic to have it in an actual coin form.

Further gold is a metal. Bitcoin is electronic, not tangible, it's different on so many levels.

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September 24, 2016, 02:42:35 AM
 #4

I do think that bitcoin is sound money since even though the value either increases or decreases due to supply and demand(like gold). I do like the fact that bitcoin can be transferred faster than gold(depending on where you and the buyer lives). I don't like the fact that sending bitcoins has a fee but I suppose that there is no way around that. I wonder what will happen when the maximum amount of bitcoin has been mined.
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September 24, 2016, 02:54:13 AM
 #5

I would not go into more of technical and complicated aspects differentiating bitcoin to other commodities.  All I know is that it gives me instant financial stability because of its capacity to give me earnings.  It can do almost exactly like money though you cannot spend it to physical stores especially those which do not accepts bitcoin.  Through bitcoin I can buy, sell, trade, and invest it even for a little amount of it.  Unlike if you would invest using cash, it would take like $100-$500 for an investment.
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September 24, 2016, 02:55:46 AM
 #6

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.
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September 24, 2016, 02:56:48 AM
 #7

I don't understand why people keep comparing gold to bitcoin within the context of currency. Gold hasn't been used as currency for over a hundred years. People wear gold and the buy it to keep as an investment (store of value). When was the last time you saw some one buying something with gold coins? The only reason gold coins are made is for investment purposes, it's nostalgic to have it in an actual coin form.

Further gold is a metal. Bitcoin is electronic, not tangible, it's different on so many levels.
that's just an ironical things for the people is having a bad logic about the currencies and so making the vague statement and that's very disturbing and publishing the vague statement . So that's so pathetic. a lot of evidence but they're not wanna for knowing about more.

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September 24, 2016, 03:00:25 AM
 #8

In my opinion bitcoin is gold in internet because bitcoin obtainable by mining and not be printed like fiat money, but the bitcoins can be used for payment method is like fiat money. And it is just my opinion every body has it.
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September 24, 2016, 03:10:26 AM
 #9

In my opinion bitcoin is gold in internet because bitcoin obtainable by mining and not be printed like fiat money, but the bitcoins can be used for payment method is like fiat money. And it is just my opinion every body has it.


You are perfectly right buddy. Bitcoin has the potential to make a future with in it. All the countries will fight to grab the bitcoin as their national currency.all we do as our part is just to spread the bitcoin however we can.


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September 24, 2016, 04:02:01 AM
 #10

Both of them are different now, gold mostly used as investment while bitcoin is used as currency. So, it doesn't make sense to compare both of them.
Even we're talking both of them as investment, bitcoin still have room to grow and expand while gold can't grow/expand much anymore. And of course we know which one is better if we're talking about them as currency.

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September 24, 2016, 04:28:22 AM
 #11

The bitcoin vs gold debate has raged on in investment circles since bitcoin has entered mainstream discussion among increasingly interested investors. Gold has been used as a form of currency and trade for thousands of years, and certainly has a track record for reliability and preservation of wealth. However, as the newcomer onto the scene, bitcoin may be the kind of financial and technological breakthrough to to challenge gold as the monetary kingpin.
~~

bitcoin will replace gold as an investment eventually because of a simple fact that you can still use bitcoin as  currency and spend for example $1 worth of bitcoin to buy yourself a cup of coffee (or whatever a cup of coffee is worth).
and this is something that you can never do with gold. you can't give gold dust to get a cup of coffee you have to sell it for fiat first and sell it in big amounts because nobody is buying gold dust to give you $1

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September 24, 2016, 06:25:00 AM
 #12

I think so.

according to cambridge dictionary, money is coins or notes (= special
pieces of paper) that are used to buy things, or an amount of these that a person has.

bitcoin can be used to buy things, so it's qualified for the definition of cambridge dictionary

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September 24, 2016, 06:41:26 AM
 #13

I do think that bitcoin is sound money since even though the value either increases or decreases due to supply and demand(like gold). I do like the fact that bitcoin can be transferred faster than gold(depending on where you and the buyer lives). I don't like the fact that sending bitcoins has a fee but I suppose that there is no way around that. I wonder what will happen when the maximum amount of bitcoin has been mined.
you're right but here you wonder why for complete mined coined . there is no to think about this because after no mine of bitcoin there will be sharply increase in the coin will take place like the practical money in the country .


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ObscureBean
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September 24, 2016, 07:13:39 AM
 #14

Bitcoin is just a third party container/vessel that carries fiat value, if it couldn't be converted to regular currencies, it wouldn't be worth anything. Gold on the other hand is a physical commodity that has desirable properties and uses that extend beyond its appearance. Even without its dollar value, it would still be valuable. Bitcoin only exists in a virtual world which makes it seriously limited in the physical world. It's on permanent life support from electricity and the internet. That doesn't necessarily mean it's a bad investment, it's just that risks need to be calculated differently from regular commodities.
Herbert2020
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September 24, 2016, 07:48:05 AM
 #15

The bitcoin vs gold debate has raged on in investment circles since bitcoin has entered mainstream discussion among increasingly interested investors. Gold has been used as a form of currency and trade for thousands of years, and certainly has a track record for reliability and preservation of wealth. However, as the newcomer onto the scene, bitcoin may be the kind of financial and technological breakthrough to to challenge gold as the monetary kingpin.

Early on in its life cycle, seasoned investors began questioning the legitimacy of bitcoin value and debating how such a commodity could hold intrinsic value. What differentiates bitcoin from a mere collectible and what makes it similar to precious metal assets such as gold or silver? Among many circles, especially gold bugs and older-generation investors, bitcoin was not considered a valid investment up until very recently.

this is kind of an old news.
the debate on whether bitcoin is even a not-ponzi investment is for 2009. it has been a very long time since bitcoin has gained a good position among all other commodities and has became a very good investment that from time to time it is even more stable than gold or any other thing.

Quote
Which factors of bitcoin instill this validity of investment?

there are a lot but i think the most important factors are the decentralized feature of bitcoin with addition of best security and also on top of that the fact that it is money meaning you can actually use it as a currency too makes it a very good investment that you can actually use.

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btvGainer
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September 24, 2016, 07:48:20 AM
 #16

Bitcoin definitely is stronger than gold and better than gold because.
1.It is easy to transfer
2.Mining is cheaper compare to gold

Aamir1
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September 24, 2016, 07:53:19 AM
 #17

I personally never compare bitcoin with any other thing like gold or silver nor i ever thought it is not a valid investment asset, it has been earning me something for my life since i have joined it and that is all i know about it, i can use it for buying things, i can convert it to fiat, i can pay bills with it online or do any other thing we can do with money, what else are we discussing it for?


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thepo1m
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September 24, 2016, 08:21:37 AM
 #18

Bitcoin has proven to be sound as gold/fiat currencies if not more sound. It is faster to move arround, it is backing more than 600 other cryptocurrencies, Its value has increase over the years at an exponential rate and only downside with Bitcoin is that it is deflatory
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September 24, 2016, 10:24:32 AM
 #19

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.


So in your opinion Bitcoin is money because you can convert into "real" money???!!! WTF??!!!
That doesn't make much sense! Furthermore all the nations paper crap is currency!Not money!Big difference!
Money mostly holds value, while currency is losing it!
Bitcoin is money because you can buy goods and servics with it! That's all!And nothing more is needed!
Shells could be money as well if other people would accept that and give you food for it in exchange.
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September 24, 2016, 11:23:02 AM
 #20

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


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