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Newbie Offline
Activity: 10
bitcoin sounds as money for me for sure! I only hope that in the future bigger companies (such as Amazon) will start accepting bitcoin.
Legendary Offline
Activity: 1078
…
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.
Newbie Online
Activity: 5
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.
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?
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).
Published at Mon, 20 Mar 2017 15:06:10 +0000
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