Is Bitcoin Sound Money?

[dantheman666]

With bitcoins unpredictability it's so hard to tell but bitcoin can be a great contender for gold. With how technology affecting our lives sooner or later people will start to embrace the idea of bitcoin.

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[Zabrielle]

It is sound money.. otherwise people will not spend time working in it online if they cant get any income from it. The moment you are working on it means you wanted to earn.  Earning means money. You see a lot of people are doing bitcoin because they know there is money from it.

I think yes bitcoin sounds money people would not be interested of it if they cannot earn money. Like me i am interested in bitcoin i can get money and have an extra income for my needs.

Yeah thats the reason why mosy people are into bitcoin evern if they are not investing or trading they do other means of earning money from bitcoin. Just like what i am into. I do signature campaign. I guess most of us here are doing signature campaign as a part time job. Its better to have extra income because life is very hard especially if you kids or own family to feed. Its better to have other source of income. Im glad im found bitcoin and be part of this campaign. When theres a campaign in bitcoin, theres a money then. So thats the reason why for us bitcoin sounds money. We work for profit, we work to earn and we work to have money.

[reck1ess]

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 also do the same, I am using bitcoin to pay bills, buy load, buy game credits and more. They have more similarities of what gold can do. Debating between bitcoin and gold cannot change anything.

[migolmigol]

If you use the basic description of money which is "anything that is used for exchange to a consumer good or service", then yes, Bitcoin is money. Bitcoins nowadays is starting to be used in different stores. Of course not all stores or not even the half of all the stores are accepting Bitcoins but I think time will come that most stores will be accepting Bitcoin. It is just the start of the Bitcoin the way I see it. Because it just started to be known and is being advertised on social media where almost everyone is addressed.

[Ulumorzki]

Bitcoin is Money for me, because Bitcoin has a value that can used to pay bills and used in online transaction as payment. Bitcoin is convertible to the real money. If you have a lot of Bitcoin, this is mean that you have a lot of money.

[endut15]

Bitcoin is Money for me, because Bitcoin has a value that can used to pay bills and used in online transaction as payment. Bitcoin is convertible to the real money. If you have a lot of Bitcoin, this is mean that you have a lot of money.

bitcoin is indeed money but I know that bitcoin is digital money, not real money.
most countries that forbid the bitcoin in circulation, because bitcoin is digital money, and the digital money is always rising to make people surprised, by hearing this. so bitcoin is money but not real money.

[jeanpadel14]

Yes it sound money because it is digital money.We use it with the payment of bills, to buy in stores so it is money.Bitcoin can convert  to the real money. If you have more Bitcoin, this is mean that you have a lot of money.And I believe that their is future in bitcoin because the value is getting higher.I believe that bitcoin will became official currency in the world.

[Viyamore]

Yes it sound money because it is digital money.We use it with the payment of bills, to buy in stores so it is money.Bitcoin can convert  to the real money. If you have more Bitcoin, this is mean that you have a lot of money.And I believe that their is future in bitcoin because the value is getting higher.I believe that bitcoin will became official currency in the world.

Bitcoin is totally a money which have no tax it was created just to escape the governmental manipulation of money. Soon we may see almost all people were will use bitcoins because of this and the money that bitcoins may give to a holder of it.

[RanieriClaudio168]

For me bitcoin is sound money, Because value of bitcoin is getting higher in the near future. And if you will willing to wait and satisfied the value then you can sell your bitcoin. And some of the bank now accept bitcoin and someday you can buy stuff using bitcoin.

[haster100]

Bitcoin for me - additional income that I get from the Internet, from selling bitkoynov, I can make money. Because of friends, I have extra income. At first I did not know anything, because my friend told me and wanted to share with me. and I'm very interested, and he wants to teach me until I become like that.

[Jay taylor]

Bitcoin is an innovative digital token system that fully satisfies the requirements of sound money: durability, transferability, divisibility, scarcity, recognizability and fungibility. Bitcoin is digital cash.

How it works: To track who has how many bitcoins, bitcoin uses a single shared ledger called the blockchain, which is distributed on nodes everywhere and replicated over and over. Miners from all over the world then ensure the security of the blockchain, which is what gives bitcoins value. This security method is called proof-of-work, where adding new entries ("blocks") to the blockchain requires computational work. Since all of the blocks are chained together, this means that changing a record on the ledger requires a huge amount of work, with the amount of work required increasing rapidly as new blocks are added and time goes by. After the addition of a few blocks, the previous blocks are forever immutable. Bitcoin and its blockchain are intertwined because the miners are paid in newly issued bitcoins and transaction fees for the transactions the miners process. New bitcoins are released on a fixed schedule and there will never be more than 21 million, currently 15.7 million units exist. Fractions of bitcoin as small as 1/100,000,000th of a bitcoin (a "satoshi") can be used. The computational power of the bitcoin network currently exceeds all of the supercomputers in the world combined. The power of this decentralized network is what backs bitcoin the currency. An interesting side benefit is that the bitcoin blockchain can then be used to support any application that needs an immutable ledger to write to and an easy way of transferring token ownership, where the tokens can represent any desired real-world item, such as property, debt, or stock in a company. This has the potential to disintermediate an enormous number of third party middlemen and disruptively change how we conduct business, which is why more than a billion dollars in venture capital has moved to support companies in this space. Details of the bitcoin protocol were first published in 2008 by an unknown person, group, or organization using the pseudonym "Satoshi Nakamoto," and the protocol has been running with incredible stability since 2009. There have been numerous small problems identified and fixed as the network has grown, and there is a lot of vigorous debate about the direction the open source project should go in, but in more than seven years no major flaws or weaknesses have been identified. Because it is decentralized, there is no central point of failure or attack, which means that controversial as it may be, bitcoin is here to stay.

So why does bitcoin have any value? Because things that are durable, transferable, divisible, scarce, recognizable and fungible have value. Bitcoin is all of those things, and all of it is backed by an enormous distributed network of bitcoin miners and a worldwide network of bitcoin nodes. How much value depends on how much people trust bitcoin and how widely used it is, and because that is not knowable at this point, bitcoin is very volatile in relation to other currencies.

[xamxam]

Bitcoin is sounds money because as you convert the bitcoin in your local money, it will make you as your personal money and in other words you can buy bitcoin like what you do in the metal investment like gold and silver but the good on bitcoin is the price will increase unlike in gold.

[honeybites]

We cannot compare gold with bitcoins as both are different.Bitcoin is a digital currency where as gold is a fixed asset.People use gold as a form of prestige and it can be exchanged for cash but it does not have value like btc.The rate of btc is something which keeps growing.where as gold price does not  hike like the btc.

[derekok]

Define 'sound'. I would say no it is not sound because of extreme volatility. That is a game changer, it makes btc investment highly speculative. It is more like gambling with your money at the moment than an investment. Until volatility is tackled it can not be described as sound.

[aakriti]

We can compare any two things but Bitcoin and Gold have no comparison. Bitcoin is not money it is an asset and presentally it is the most valuable and  fastest growing asset.

[xyrill]

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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yes bitcoin is sound money but you dont need to pay tax here because a money is in your phone or its a money or we can call a cryptocurrency its a digital coin cryptocurrency its about bitcoin so i can call that bitcoin is a money or sound money because its a digital coin you can use for future thats why bitcoin sound money to me

[Ngewex Yuk]

Really, I think bitcoin sounds money because any money function can be done with bitcoin even I think is better than money, a lot of rules and limitations of money use, but the use of bitcoin is a remarkable thing.

[ronypro]

Bitcoin is sounds money because as you convert the bitcoin in your local money, it will make you as your personal money and in other words you can buy bitcoin like what you do in the metal investment like gold and silver but the good on bitcoin is the price will increase unlike in gold.

Nope it when was 1st introduced to bitcoin i thought this more as a way more advanced technology.
But in recent times we all fell for the money aspect of bitcoin.But for me still, the technology part is more importaint.

[tantimutz]

in my opinion has not been recognized because bitcoin form is still in real form, and the price is still not fixed and not stable, so there are still many who are afraid to make an investment. different from gold assets that can be saved or invested because every year the price continues to improve.

[imoet]

No. From the first time I heard about bitcoin, I think bitcoin is not money but one kind of games or an application. Maybe it is because I see people who join at that time can do it all day long. But, right now..I smell bitcoin such money