Is Bitcoin Sound Money?

[Monnt]

Bitcoin is internally earned money that can be obtained from mining with this can not be printed as fiat money,
But can be disbursed as banknotes as legitimate payments.

Is it sound money? I don’t think so. But others might disagree. I think sound money has to be a currency that is backed up and that is accepted everywhere in exchange for items. I don’t think bitcoin has reached that point yet. But as a way to store wealth it is a great way if you are willing to gamble that it won’t become worthless. Now it is rising though!

[eann014]

For me, when I hear bitcoin it sounds money for me. So what is wrong with that? I mean, I understand that people will not look bitcoin as money but what can I expect? I know bitcoin nowadays becomes higher and higher so it is really sounds good for me and Bitcoin for me is also Money for me. 

[mackenzied]

For me, when I hear bitcoin it sounds money for me. So what is wrong with that? I mean, I understand that people will not look bitcoin as money but what can I expect? I know bitcoin nowadays becomes higher and higher so it is really sounds good for me and Bitcoin for me is also Money for me. 

Not right, people soon recognized bitcoin as money, although it was virtual currency, but it proved its worth, it was a real coin.

[Lagduf]

For me, when I hear bitcoin it sounds money for me. So what is wrong with that? I mean, I understand that people will not look bitcoin as money but what can I expect? I know bitcoin nowadays becomes higher and higher so it is really sounds good for me and Bitcoin for me is also Money for me. 

Not right, people soon recognized bitcoin as money, although it was virtual currency, but it proved its worth, it was a real coin.

bitcoin is money from it starts, dont you know the literal meaning of currency? dont tell me that you're using that word without knowing the actual meaning of it. its basic definition is for trade, and currency is part of money. and see, people still arguing that bitcoin is not recognized yet as money. 

[eann014]

For me, when I hear bitcoin it sounds money for me. So what is wrong with that? I mean, I understand that people will not look bitcoin as money but what can I expect? I know bitcoin nowadays becomes higher and higher so it is really sounds good for me and Bitcoin for me is also Money for me. 

Not right, people soon recognized bitcoin as money, although it was virtual currency, but it proved its worth, it was a real coin.

bitcoin is money from it starts, dont you know the literal meaning of currency? dont tell me that you're using that word without knowing the actual meaning of it. its basic definition is for trade, and currency is part of money. and see, people still arguing that bitcoin is not recognized yet as money. 

I was like duh? yeah bitcoin is also currency yet it can convert into money and you can pay your bills or you can actually buy online or load, so I can consider that bitcoin is also money, what do you think of $? you think it is also not money?

[L00n3y]

Bitcoin and gold are two different things. Bitcoin is money and you can use anywhere . But gold you cannot use easily like bitcoin. Bitcoin rate increasing day by highly. Other than gold price is cheaper than bitcoin.

If you're comparing Bitcoin in gold to best describes the topic I think you should first compare it to fiat because gold is far more superior than fiat. Bitcoin and fiat can both lose its value anytime because it is only human made and dependent on what driving them while gold is here on earth and it's been molded with time (million of years), it has a material value that Bitcoin and fiat don't have. As the technology goes on the brink of reaching the digital world, cryptocurrencies like Bitcoin is the best bet we have that will deal in digital transactions.

The increase will continue to grow because of the continuous demand, the legalization of Class A countries to Bitcoin is a huge step and a sigh that it's a acceptance as a payment is being recognized by the world.

[leexhin]

Bitcoin is apparently can be money its either cold cash or another money online that you can use for investment, business or to buy basic necessities and wants. Also in trading on and offline.

[Anfisman]

In my opinion, money is a means of exchange that we often use everyday to get goods or services, while bitcoin is also a currency but can not be used to exchange something because not everyone uses and receives it. But it could be a bitcoin to be used as an official means of exchange one day.

[sieemma]

Apparently bitcoin is money. To my understanding, anything that can be used as an exchange is money and bitcoins is doing it right now. Everyone can even make money. Just get a paper and a nice logo on it. If your people accept it as their medium of pay then it is money. And you will all bear with me that everyone accepts bitcoins  payment on the internet so this means it is MONEY.

[Wesimon]

Bitcoin does not only sound money but rather it is a money. Why? Because we all know that anything we use as an exchage for any transaction like trading, buying and selling and etc are called money. So thus bitcoin. I've bees using is to buy and pay for things.

[dinalo]

Bitcoin is an asset, not money. The majority of people who sell things in bitcoin does it with the intent of exchanging it to fiat and that results in bigger costs to the buyer who has a disincentive to transact directly in the "currency".

I think of bitcoin like gold, a novel speculative asset that holds value because people trust in it. It doesn't have the shiny factor gold has but it has the nerdy one instead. It also has some real world usage where the current system fails, the biggest one in my opinion is for international remittances though this is threatened by increasing transaction costs.

[King Sastro]

Yes, of course, when I can use the bitcoin to pay bills, buy online sure I'm sounding bitcoin is money, even the bitcoin anti inflation because the price bitcoin keeps up and never go down.

[danherbias07]

Each user have different perspective and some prefer it to be a investment as it grows higher and higher periodically. In my view bitcoin as a currency usage is very low, because of the volatile nature which gives two different price for the same product depending on the price variation.

Making it a currency means the merchant will also have to risk something.
That is why there are few who accepts it.
Only those who have good knowledge about bitcoin will kneow it and would gladly prefer it to be a payment option.
Some thinks of it as a commodity also just like gold, that way they understand bitcoin better.

[DoublerHunter]

Yes, of course, when I can use the bitcoin to pay bills, buy online sure I'm sounding bitcoin is money, even the bitcoin anti inflation because the price bitcoin keeps up and never go down.

That is why people love bitcoin because it is anti inflation so its value will not go down but it will goes up to have more buying power for the items available in the future. Bitcoin is always sound money because it is like a combination of technology and money so there is no doubt that bitcoin can be the next big money in the future.

[Ucy]

This makes sense but you have to consider that gold might end up not being precious metal if in few centuries there is breakthrough in synthetic gold making (factory made gold) which will likely price down the value of Natural Gold or make it worthless.
The important question is will Bitcoin be replaced in the future, go into extinction or evolve? I think it will most likely evolve along future computer and internet.
So Bitcoin existence depends on Computer & Internet.  Computer and Internet will evolve & last for many years probably hundreds of years unless there is a major catastrophy on our planet.

[rhamzter]

Totally bitcoin is a digital money, so it means its really money. But bitcoin is use as exchange of any goods and service. That's why now it was represent as money thru online or digital transactions.

[Duzter]

Totally bitcoin is a digital money, so it means its really money. But bitcoin is use as exchange of any goods and service. That's why now it was represent as money thru online or digital transactions.

Just based on the virtual presence and lack of physical state it's been stated as digital money. It has got all the other features similar to the conventional fiat system that's been used all around the world for various transaction and other needs with ease and risk free.

[adzino]

For me, when I hear bitcoin it sounds money for me. So what is wrong with that? I mean, I understand that people will not look bitcoin as money but what can I expect? I know bitcoin nowadays becomes higher and higher so it is really sounds good for me and Bitcoin for me is also Money for me. 

Reading your post, i am assuming that you are using bitcoin because the price is going up that is higher day by day. So i guess you are not using it as a form of money/currency, you are using more like an asset, a form of storage with a good interest.

[eternalgloom]

Each user have different perspective and some prefer it to be a investment as it grows higher and higher periodically. In my view bitcoin as a currency usage is very low, because of the volatile nature which gives two different price for the same product depending on the price variation.

Making it a currency means the merchant will also have to risk something.
That is why there are few who accepts it.
Only those who have good knowledge about bitcoin will kneow it and would gladly prefer it to be a payment option.
Some thinks of it as a commodity also just like gold, that way they understand bitcoin better.

Do you guys even have any idea how Bitcoin payments work? Usually the Bitcoins get exchanged into fiat immediately after the purchase.
So the argument that it's too volatile for the merchants doesn't even make any sense.

Any Bitcoin payment gateway gives you at least the option of receiving fiat instead of Bitcoins.

[Peashooter]

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.

I think bitcoin is a kind of electronic or digital money in online market. Bitcoin doesn’t have exact value in market and its price is always changing due to supply and demand the online market. You can use bitcoin in any kind transaction in online like paying bills and many more so I think the bitcoin is money.