No, it isn't.because it is not made of, or backed by, any physical commodity. Gold is hard money. Prior to some time in 1968 US Silver Certificates were also hard money, because the paper certificate could be redeemed for silver.
It's the hardest money on the planet. It can't be diluted or over produced. It takes work to produce it. Look at the amount of energy, info and time it takes to mine it. It's a store of value.
What makes gold a store of value? It's bc we agree it has value. Think about it.
You used a very specific term initially which was hard money. Bitcoin is not hard money because it isn't made of a physical commodity and there is no physical commodity backing it. It is digital and has zero intrinsic value because it's just bits that make up a digital ledger.
The US dollar is also a store of value and billions of people agree it has value, but it isn't really hard money, unless we're talking metal coins because those are actually made out of commodities.
There are some cryptocurrencies that are backed by gold. These would be hard money.
By the definition I'm using hard money is anything that is hard to produce, can't be diluted, backed by a commodity (energy it takes to produce) and is a store of wealth. In those terms BTC is the hardest money at this time.
Anything can by definition be agreed upon as a store of value. As with a fiat dollar or metal from the ground or digital bits of info. If enough people agree that bits of info which has certain properties as a store of value then it is valuable by definition.
Bitcoin is hard money, it is not produced out of thin air.
No, it isn't.because it is not made of, or backed by, any physical commodity. Gold is hard money. Prior to some time in 1968 US Silver Certificates were also hard money, because the paper certificate could be redeemed for silver.
It's the hardest money on the planet. It can't be diluted or over produced. It takes work to produce it. Look at the amount of energy, info and time it takes to mine it. It's a store of value.
What makes gold a store of value? It's bc we agree it has value. Think about it.
You used a very specific term initially which was hard money. Bitcoin is not hard money because it isn't made of a physical commodity and there is no physical commodity backing it. It is digital and has zero intrinsic value because it's just bits that make up a digital ledger.
The US dollar is also a store of value and billions of people agree it has value, but it isn't really hard money, unless we're talking metal coins because those are actually made out of commodities.
There are some cryptocurrencies that are backed by gold. These would be hard money.
Intrinsic value does not exist. Only subjective value does.
By the definition I'm using hard money is anything that is hard to produce, can't be diluted, backed by a commodity (energy it takes to produce) and is a store of wealth. In those terms BTC is the hardest money at this time.
Anything can by definition be agreed upon as a store of value. As with a fiat dollar or metal from the ground or digital bits of info. If enough people agree that bits of info which has certain properties as a store of value then it is valuable by definition.