Is Bitcoin Sound Money?

[Paid Piper]

Bitcoin definitely sounds money to me as I am earning it like fiat money and I can also use it for online and offline shopping by converting it to my local currency and it can also be transferred to your bank account within no time so its like other currency to me.

yes that is very right, i think bitcoin almost money, as we can use it for online shopping as well as we can use it in offline shops also specially in such area where the shopkeeper are accepting bitcoin for shopping.

[xFiber]

Bitcoin sounds as money for me for sure!
I only hope that in the future bigger companies (such as Amazon) will start accepting bitcoin.

[BunnyShibe]

Bitcoin is like money for me because I can buy some stuffs online, paying bills a fastest transactions. This is really a money for me if ever I want to exchange it into fiat I can do so.

bitcoin is already money, as it is the number one digital currency and can be use as fiat currency, i think bitcoin can be use for online shopping as well as in some places it can also be use in local market s for shopping.

[gtglener]

Yes for me it perfectly sounds money. I do not have any problem with bitcoin and I can easily use it as money and can exchange it to any other currency and I can use it all over the world to buy any thing from any shop.

[OROBTC]

...

Sound Money?  Well, IMO, no, but that's OK.  We should all note that "Money" is a slippery concept...

It has plenty of characteristics as a good currency, especially because of its scarcity (math, bitchez) and it 8 decimal divisibility.  But otyher than math, there is nothing "backing" BTC, just as there is nothing backing the US$.

Sound money implies that there is some inherent value behind it.  A "Gold Standard" currency would be considered solid money, but even gold standards can be manipulated by the banksters and .govs.  Sound money also implies that it is a Store of Value, and while there is a little bit of that, BTC is not DEPENDABLE as a store of value.

Semantics and definitions need to be crystal clear to provide best answers.

[prayogi]

Bitcoin is indeed true native currency you can be exchanged at a bank or in a money exchange country specific bitcoin many are recognizing that this is an online business that is genuine and can make money in real contonya developed countries and countries like online businesses they trust their bitcoin this as a business that produces a rich original money was only thanks

[ekoice]

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?

Watch Video

Gold is accepted globally as a valuable asset and bitcoin is also accepted globally.People buy gold hoping that it would grow in value.They buy bitcoin also with same hope.They buy gold since it can be sold immediately at times of necessity.Bitcoin is also bought with same idea.The only difference is gold can be weared and bitcoin cannot be weared.

[Idrisu]

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

Bitcoin is more than Monet because it is decentralized! Money has a legal backing by the government and it is issued by a centralized monetary body. Bitcoin is generated by the miners and it can be mine by any body who have access to tools needed for mining.

[taxmanmt5]

Bitcoin definitely sounds money to me as I am earning it like fiat money and I can also use it for online and offline shopping by converting it to my local currency and it can also be transferred to your bank account within no time so its like other currency to me.

Bitcoin does not sound a money. It is an actual money and a much better than Fiat currency. Since it is not available everywhere, so people have to convert it into fiat before and then they can use in local stores and markets.  It can directly be used in online shops which accepts bitcoins.

[Xester]

Yes for me it perfectly sounds money. I do not have any problem with bitcoin and I can easily use it as money and can exchange it to any other currency and I can use it all over the world to buy any thing from any shop.

It does not only sounds money but it is actually money. Before I met bitcoin I was suffering from financial shortages and debt but with bitcoins I have another world of opportunity to work online and earn cash from the bitcoins I have earned. Thanks to that I am no longer short in my finances and my debt was settled. Right now I have some extra money to pay the insurance and to have a good time for my family.

[Qartersa]

Yes for me it perfectly sounds money. I do not have any problem with bitcoin and I can easily use it as money and can exchange it to any other currency and I can use it all over the world to buy any thing from any shop.

It does not only sounds money but it is actually money. Before I met bitcoin I was suffering from financial shortages and debt but with bitcoins I have another world of opportunity to work online and earn cash from the bitcoins I have earned. Thanks to that I am no longer short in my finances and my debt was settled. Right now I have some extra money to pay the insurance and to have a good time for my family.

I think people are misunderstanding what "sound money" mean here. What OP probably want to express is, is bitcoin a stable and reliable kind of money that can be used in commerce. In this case, OP is accepting that bitcoin is a currency. He does not want to discuss if it is money or not.

[kikeda]

Bitcoin definitely sounds money to me as I am earning it like fiat money and I can also use it for online and offline shopping by converting it to my local currency and it can also be transferred to your bank account within no time so its like other currency to me.

Bitcoin does not sound a money. It is an actual money and a much better than Fiat currency. Since it is not available everywhere, so people have to convert it into fiat before and then they can use in local stores and markets.  It can directly be used in online shops which accepts bitcoins.

There is no need to convert it to fiat as you can easily use bitcoin debit card for shopping as it is accepted everywhere like other debit and credit cards so you can use it at both online and offline places for making purchases and even you don't have to pay any extra charge if you use it for shopping.

[johnnyyash]

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.

I secondly agree with you,.

[EntropyMarket]

It does not belong to any state or country and can be used all over the world equally.
You can change bitcoins to euros or other currencies and vice versa, like any currency.
No intermediaries: Transactions are made directly from person to person.
It is decentralized: it is not controlled by any state, bank, financial institution or company.
It is impossible to falsify or duplicate it thanks to a sophisticated cryptographic system.
Transactions are irreversible.
It is not necessary to reveal your identity when doing business and preserving your privacy.
Money belongs to you 100%; It can not be interfered with by anyone and accounts can not be frozen.

[ReLieD]

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?

Watch Video

Comparing gold with bitcoins is absolutely valid as the prices of both keep on changing.
If one day it's more the other day it might be less. But no doubt gold is always a better option.
As you can sell it and get paper currency which is widely used. Whereas bitcoin is used only in some places (sites).

[aeternus]

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?

Watch Video

One of the best ideas satoshi had was to put a limit in the number of coin there will be that made bitcoin scarce and thus valuable.

[DarkIT]

Yes, I heard it like that. when people talk about bitcoin, then that came to my mind was money from the internet. basically, bitcoin has become money. bitcoin is used as a means of exchange on the internet, it is even used as a tool for business. so, I heard her like that.

[Vorth]

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.

[bitsmichel]

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

Bitcoin is more than Monet because it is decentralized! Money has a legal backing by the government and it is issued by a centralized monetary body. Bitcoin is generated by the miners and it can be mine by any body who have access to tools needed for mining.

Yes, bitcoin is absolutely money. i tell one best thing about this is, whatever we get in exchange is nothing but a kind of money. with little conversion we are able to use the btc in the same way as money. some of the places where btc is accepted, online stores and all. BTC is very good platform and it is best form of money.

[megynacuna]

Bitcoin is indeed sound money just like other fiats because I get paid whenever I render services in Bitcoin just like my full time job pays me fiat at the end of the month and have the feeling it is sound money.