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Author Topic: Is Bitcoin Sound Money?  (Read 28098 times)
potzpotz
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February 28, 2018, 11:31:55 AM
 #941

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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February 28, 2018, 11:39:40 AM
 #942

definitely yes, because when you have a bitcoin in your hand you can sell it to become money,thats why bitcoin is same like money but not the same value.

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February 28, 2018, 11:47:21 AM
 #943

yes, bitcoin is sound money, because you work before you can achieve it, in anywhere you thing think it either you invested or use other means (like running bounty program) you can't have it, so to me bitcoin is sound money because you work for it before you can be an own of it.

And actually bitcoin is money but it is only done online.   We are here because we wanted to earn bitcoin amd change it into cash or fiat to buy things that we need and want.  I make earnings with bitcoin to have an extra source of income.  Relying only on my salary will not make my life a comfortable one.  

I do agree with your statement that bitcoin means money since it has a dollar equivalent. Having jobs online that pays bitcoin is very convenient since without leaving the home you can actually earn bitcoin. And actually it is much easy to earn bitcoin on online jobs than to earn dollars. With bitcoin paying jobs online my life is debt free.


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February 28, 2018, 11:49:54 AM
 #944

I think that bitcoin is considered a full-fledged money because I just bring them out in real money and use them for my own pleasure.
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February 28, 2018, 11:55:22 AM
 #945

Bitcoin is a crypto currency. Currency is a something tonusedbas a money. So bitcoin is a new type of money or a actually a money. Crpto currency is a virtual money online. It is also called as a money because you  can buy or use it in different things like the other currency do.

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February 28, 2018, 12:02:40 PM
 #946

Hmm. In the first place yes it sounds like money because when someone heard it they always say that it is money
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February 28, 2018, 12:05:29 PM
 #947

for me, bitcoin is money because I can buy something using bitcoin and I can also exchange bitcoin into the official currency
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February 28, 2018, 01:01:29 PM
 #948

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.

Well, they compare it with money and gold because cryptocurrencies also have the capacity and characteristic of a currency, which you can use as a medium of payment. As the legend of pizza in the Bitcoin world have shown that there was one person who bought a box of pizza for an insane amount of bitcoin. That shows that it can be used like any other money. But, since the premise is soundness, I don't think that right now, it is totally sound. Its value kept on changing and the changes are quite extremes. That factor contributes as to why many people are iffy about truly embracing it.

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February 28, 2018, 01:12:09 PM
 #949

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.

True indeed. they are similar in a way but different. You can convert both into fiat money or you can use it directly as payment just like fiat money. Most people with the correct information about bitcoin would want to obtain it. Bitcoin is making huge waves in the global market, thus, paving way for future.
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February 28, 2018, 01:17:17 PM
 #950

BTC is a social system that provides money not only to our small country but to the unemployed people of the whole world. So, in my opinion, I can say for sure that BTC is a medium of life Door. It has made it easy for many unfortunate people to live as well In order to survive, the transcendent life has made the dreams of dreams a success.So for the young people like me BTC is a very large available system of life. I am very happy that BTC families are heartily regretting all the squares.
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February 28, 2018, 01:30:20 PM
 #951

Yes, its true, because many people have become rich due to bitcoin. They have done investments and have just waited for several years. But now it's not too late. Bitcoin is always increasing and your can get a good profit.

Yes, I agree with you, usually, you can get a good profit in bitcoin. Because bitcoin today is very interesting, imagine that an ordinary people turn into a millionaire. With bitcoin price bubbling last year, I'm sure 2018 is a great year for bitcoin.
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February 28, 2018, 02:03:36 PM
 #952

Yes, because bitcoin is known by many people as source of money.
I would really like to add into this, that the answer to the originality and authority of bitcoin is very much real and it is just a matter of understanding.

It is like that in the old times, there used to be gold on which people use to do the businesses, then paper money came in due to the vulnerability, now the money has reached to the new level and that is crypto currency, you just have to use it like the fiat currency and you will not bear any losses but you just have to believe in the system.

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February 28, 2018, 02:22:28 PM
 #953

Yes, btc sound money, we can do btc anywhere and anytime. Also can get a big profit
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February 28, 2018, 02:24:47 PM
 #954

Yes, its true, because many people have become rich due to bitcoin. They have done investments and have just waited for several years. But now it's not too late. Bitcoin is always increasing and your can get a good profit.

Do not be foolish to believe Bitcoin when it's turning into a demon. It goes up because the whales are trying to push it up, many greedy investors will buy it and think it will go up and keep going up. Do not make yourself a whale bait.

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February 28, 2018, 11:11:21 PM
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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.

Well, they compare it with money and gold because cryptocurrencies also have the capacity and characteristic of a currency, which you can use as a medium of payment. As the legend of pizza in the Bitcoin world have shown that there was one person who bought a box of pizza for an insane amount of bitcoin. That shows that it can be used like any other money. But, since the premise is soundness, I don't think that right now, it is totally sound. Its value kept on changing and the changes are quite extremes. That factor contributes as to why many people are iffy about truly embracing it.
You have to remember at the time that person use Bitcoin to buy a box of pizza, he does not know the Bitcoin price will have high price like now. That is the first transaction used Bitcoin for payment, of course, the Bitcoin value is worthless before that time. But, because buyer and seller all accepted the Bitcoin value, so, they had that transaction.

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February 28, 2018, 11:15:28 PM
 #956

for me, bitcoin is money because I can buy something using bitcoin and I can also exchange bitcoin into the official currency
Bitcoin is something like money to me but not quite.If Bitcoin could get a physical coin then that would be cool too.

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peterpeterpeter
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February 28, 2018, 11:38:02 PM
 #957

 bitcoin almost like a money.
If you have bitcoin there is so many ways to use when you converted into fiat money. Especially for your financial needs.
Therefore if you have bitcoins you have a money.
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February 28, 2018, 11:56:41 PM
 #958

bitcoin almost like a money.
If you have bitcoin there is so many ways to use when you converted into fiat money. Especially for your financial needs.
Therefore if you have bitcoins you have a money.
Bitcoin is almost like it. It could be used to purchase what I want though i'd rather use cash fro the mall.



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March 01, 2018, 10:31:27 PM
 #959

When you said sound money it means not liable to sudden appreciation or depreciation in value or money backed by or pegged to some good or commodity. Remember that bitcoin has its own unique feature. If you want to use it as a usual medium of exchange you'll probably find it hard to do so because it is a form of digital currency. You still need to convert it. And besides its value does not depend on the goods or commodities we buy. Its value is higher than the usual currency we are using in a daily basis.

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March 01, 2018, 10:51:52 PM
 #960

Before,  i really don't  understand  someone talking about bitcoin but right now when i heard about it, i am totally amazed to everyone who is currently holding more bitcoin  because btc price is too expensive. It means holding more bitcoin is just you are holding more money too. Grin

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