Is Bitcoin Sound Money?

[Lalafell]

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.

In fact the bitcoin is money because some businessman or bitcoin users use it in their business. Furthermore, Bitcoin has a value in the market that you can use in trading and investing. Bitcoin is not like real money that tangible. However; the bitcoin still has value in the market even though it’s not tangible like real money. So I guess that bitcoin is money.

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[streazight]

It really depends on who you ask although today, I'm sure 9 out of 10 people out there won't consider it so. Even among finance people, there is a huge disagreement about crypto in general in terms of it being "sound money". That's not a bad thing for a currency less than 10 years old:)

Of course they are going to think bitcoin Is no sound money, they are so used to their earnings, that they know bitcoin is the greatest threat to them in a long time so it is no wonder they don’t want to recognize bitcoin as sound money anytime soon.

Bitcoin is a digital currency and it increase its value with time to tie ups and downs comes in every feel but in Bitcoin is 000.1 chance and 99.99 chance is for profit Bitcoin has all the quality use to sound like money it's not completely called money but it is a currency and you can do every thing that a simple money can do so no worries.

[JofryTheKing]

It really depends on who you ask although today, I'm sure 9 out of 10 people out there won't consider it so. Even among finance people, there is a huge disagreement about crypto in general in terms of it being "sound money". That's not a bad thing for a currency less than 10 years old:)

Of course they are going to think bitcoin Is no sound money, they are so used to their earnings, that they know bitcoin is the greatest threat to them in a long time so it is no wonder they don’t want to recognize bitcoin as sound money anytime soon.

Bitcoin is a digital currency and it increase its value with time to tie ups and downs comes in every feel but in Bitcoin is 000.1 chance and 99.99 chance is for profit Bitcoin has all the quality use to sound like money it's not completely called money but it is a currency and you can do every thing that a simple money can do so no worries.

Bitcoin is a special kind of money. They can pay for the goods, but it has many other functions and advantages. It is also an excellent investment.

[Tamilson]

Absolutely, bitcoin sounds like money to me.
It's more than a currency. It have many different ways to use it and more convenient to use than paper money. I just love the whole thing about bitcoin. Although its not tangible at all but I really find it quite amazing. Whether I can hold or seen it, as long as I can use it to buy, pay bills, trade and invest that will be fine with me. Bitcoin is the future currency.

[fan_of_things_and_stuff]

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.

See that's the thing. You said you can convert it into "real money", implying that BTC isn't. I think this post speaks to the OPs question perfectly.

[Sundark]

Bitcoin is not only money but also Gold as well, you can use Bitcoin to pay bills, to send money (online) and also you can store Bitcoin and wait for the price goes up and make money for that (just like Gold)

Last time when I checked Gold wasn't gaining more than 150% value yearly. Unlike gold Bitcoin's value increases over time by design.
Sure, we can say that gold is a solid commodity, probably more regarded and valued overall because of its long history.
But Bitcoin is the future of payment methods, a new age of digital economy.

[DaftAjax]

Absolutely, bitcoin sounds like money to me.
It's more than a currency. It have many different ways to use it and more convenient to use than paper money. I just love the whole thing about bitcoin. Although its not tangible at all but I really find it quite amazing. Whether I can hold or seen it, as long as I can use it to buy, pay bills, trade and invest that will be fine with me. Bitcoin is the future currency.

You can only say that BTC is money because based on what you said, you can buy and pay bills (except for trade and invest), that only makes BTC not to sound like Fiat, because what you are using in buying and paying bills is Fiat and not BTC at all.

Why do people always say that BTC is more like a Fiat, then why is BTC called BTC and not Fiat? I'm confused.

[radiocoin]

just as gold was 100 years ago, what would happen to bitcoin price and fees if governments were to do heavy investments, monetary stores and hedge in bitcoin. or freaky to think about, just like the gold standard, if a bitcoin standard would to come out with a paper and coin currency based with bitcoin instead of gold. you would have to deal with the fluctuations and what fractional versions would have to come out. i would assume price would go up due to demand and we would need fractions instead of a dollar it would be .00001 for a dollar (being optimistic)

[calandra78]

Bitcoin is digital currency not asset as people actively using it for different things to perform just like fiat. Bitcoin is not asset where you invest and keep that in holding like gold. Bitcoin is exchanged with fiat and remittance market is almost occupied by Bitcoin and gambling industry where Bitcoin is used as alternative form of money.

I agree, bitcoin is tantamount to a digital currency and bitcoin is not the same as investment assets, or the gold always goes up but the bitcoin uncertain sometimes up and sometimes down. bitcoin is an alternative we if Save as money, with Save as then it will be more secure bitcoin and easy too easy on Exchange in the market because the market is almost occupied by the bitcoin and gambling industry is used as an alternative to bitcoin to save money.

[Xester]

Bitcoin is digital currency not asset as people actively using it for different things to perform just like fiat. Bitcoin is not asset where you invest and keep that in holding like gold. Bitcoin is exchanged with fiat and remittance market is almost occupied by Bitcoin and gambling industry where Bitcoin is used as alternative form of money.

I agree, bitcoin is tantamount to a digital currency and bitcoin is not the same as investment assets, or the gold always goes up but the bitcoin uncertain sometimes up and sometimes down. bitcoin is an alternative we if Save as money, with Save as then it will be more secure bitcoin and easy too easy on Exchange in the market because the market is almost occupied by the bitcoin and gambling industry is used as an alternative to bitcoin to save money.

Yes at some point it is alternative but for me it is same as money.  Money used online.  You could do same thing like buying stuff, having some investment, trading, only if you were online.  As time goes by, little by little it became more of like the real money, paper money. 

[andrei56]

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

Well many are treating it already as a digital gold and we can't deny that it is a digital money. So the sound of money in bitcoin is reliable and it's a fact. And as a crpyto currency bitcoin can be use for purchasing different things online that makes it a legitimate money. Another plus factor of it is it's a good investment.

The last factor that you name, is in my opinion the most revealing when it comes to decide if bitcoin is sound money or not, holding fiat is a bad investment you lose purchase power every year, but with bitcoin this is not the case and this proves bitcoin is sound money.

[Vaculin]

Absolutely, bitcoin sounds like money to me.
It's more than a currency. It have many different ways to use it and more convenient to use than paper money. I just love the whole thing about bitcoin. Although its not tangible at all but I really find it quite amazing. Whether I can hold or seen it, as long as I can use it to buy, pay bills, trade and invest that will be fine with me. Bitcoin is the future currency.

I agree.Bitcoin sounded as money because in the first place it can sustained our basic needs.Bitcoin when changed into our currency is like you won in lotto..everything you wish to buy is very possible.Although its used to purchase online,the essence is still there.It serves as money in the end.

[Flyyyy]

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

Well many are treating it already as a digital gold and we can't deny that it is a digital money. So the sound of money in bitcoin is reliable and it's a fact. And as a crpyto currency bitcoin can be use for purchasing different things online that makes it a legitimate money. Another plus factor of it is it's a good investment.

The last factor that you name, is in my opinion the most revealing when it comes to decide if bitcoin is sound money or not, holding fiat is a bad investment you lose purchase power every year, but with bitcoin this is not the case and this proves bitcoin is sound money.

No, bitcoin can not be called money. He has more functions than money. Bitcoin can be used in various fields. And technology blockchain is a very unique technology that will improve the life of every person

[Love!]

.......Bitcoin is electronic, not tangible........

And peer to peer only. Those reasons are why it has taken so long to be accepted. But now that it has, it's validity will come by the same way, the same reason, that it was balked at before: No federal oversights.

[DaftAjax]

just as gold was 100 years ago, what would happen to bitcoin price and fees if governments were to do heavy investments, monetary stores and hedge in bitcoin. or freaky to think about, just like the gold standard, if a bitcoin standard would to come out with a paper and coin currency based with bitcoin instead of gold. you would have to deal with the fluctuations and what fractional versions would have to come out. i would assume price would go up due to demand and we would need fractions instead of a dollar it would be .00001 for a dollar (being optimistic)

You're idea is to merge both BTC and Fiat, then my friend you've ruined BTC. How did you come up with that idea? I mean having BTC to be just like Fiat, are you out of you mind? The main reason why BTC has so much demand right now is because it is decentralized, no one and I mean no one is handling this stuff, it has been used in our day to day transaction and no one has ever get "interests"(Bank term) from it. Unlike in fiat, the Banks are manipulating these fiats, they are the ones controlling the values of these paper and coin currencies, and then there goes the taxes. If somehow this might to happen, then how come that BTC is different from fiat.

[ladydark]

Like gold,bitcoin is used as an investment.It gives more returns than gold.It has been used as a currency in early stages.But now,after its price has increased very high,it is mostly bought as an investment.In the same time,it is also used to buy products mostly online.In future,if transaction fee problem is solved,it would be even used to buy daily need products.

[sobsitesearch]

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

Well many are treating it already as a digital gold and we can't deny that it is a digital money. So the sound of money in bitcoin is reliable and it's a fact. And as a crpyto currency bitcoin can be use for purchasing different things online that makes it a legitimate money. Another plus factor of it is it's a good investment.

The last factor that you name, is in my opinion the most revealing when it comes to decide if bitcoin is sound money or not, holding fiat is a bad investment you lose purchase power every year, but with bitcoin this is not the case and this proves bitcoin is sound money.

No, bitcoin can not be called money. He has more functions than money. Bitcoin can be used in various fields. And technology blockchain is a very unique technology that will improve the life of every person

Yes for me, bitcoin can spend it anywhere and that is called money because only money can buy anything, spend somewhere. And why you can not called bitcoin as money.? Everyday working in bitcoin i always say in my mind i get money in my effort.

[bitllionaire]

Bitcoin is digital currency not asset as people actively using it for different things to perform just like fiat. Bitcoin is not asset where you invest and keep that in holding like gold. Bitcoin is exchanged with fiat and remittance market is almost occupied by Bitcoin and gambling industry where Bitcoin is used as alternative form of money.

I agree, bitcoin is tantamount to a digital currency and bitcoin is not the same as investment assets, or the gold always goes up but the bitcoin uncertain sometimes up and sometimes down. bitcoin is an alternative we if Save as money, with Save as then it will be more secure bitcoin and easy too easy on Exchange in the market because the market is almost occupied by the bitcoin and gambling industry is used as an alternative to bitcoin to save money.

Yes at some point it is alternative but for me it is same as money.  Money used online.  You could do same thing like buying stuff, having some investment, trading, only if you were online.  As time goes by, little by little it became more of like the real money, paper money. 

i think we do not need to confuse about that, because there is no doubt that bitcoin is money, the difference is that bitcoin is cashless money, it do not have any physical body but is online and virtual currency that can be use for buying and selling just like normal currency. and it also expected that in future bitcoin will also be use in our area offline shops for shopping.

[Kidmat]

Yes bitcoin is money as this can be use to buy stuffs, things, paying bills online. So its a big yes for me that bitcoin is money. Bitcoin has helping me a lot because this gives me less effort by doing things online. Also, gives me income through online.

[milewilda]

Bitcoin is digital currency not asset as people actively using it for different things to perform just like fiat. Bitcoin is not asset where you invest and keep that in holding like gold. Bitcoin is exchanged with fiat and remittance market is almost occupied by Bitcoin and gambling industry where Bitcoin is used as alternative form of money.

I agree, bitcoin is tantamount to a digital currency and bitcoin is not the same as investment assets, or the gold always goes up but the bitcoin uncertain sometimes up and sometimes down. bitcoin is an alternative we if Save as money, with Save as then it will be more secure bitcoin and easy too easy on Exchange in the market because the market is almost occupied by the bitcoin and gambling industry is used as an alternative to bitcoin to save money.

Yes at some point it is alternative but for me it is same as money.  Money used online.  You could do same thing like buying stuff, having some investment, trading, only if you were online.  As time goes by, little by little it became more of like the real money, paper money. 

i think we do not need to confuse about that, because there is no doubt that bitcoin is money, the difference is that bitcoin is cashless money, it do not have any physical body but is online and virtual currency that can be use for buying and selling just like normal currency. and it also expected that in future bitcoin will also be use in our area offline shops for shopping.

You are right bitcoin is money since it does really have value and we can able to purchase some goods online and as of now there are already shops or merchants that do accept bitcoin as a payment which means its still a currency but only on digital field.I think this wont happen for bitcoin to have its own physical form and it would much better if it would remain on digital.