Compression of point clouds has so far been confined to coding the positions of a discrete set of points in space and the attributes of those discrete points. We introduce an alternative approach based on volumetric functions, which are functions defined not just on a finite set of points, but throughout space. As in regression analysis, volumetric functions are continuous functions that are able to interpolate values on a finite set of points as linear combinations of continuous basis functions. Using a B-spline wavelet basis, we are able to code volumetric functions representing both geometry and attributes. Attribute compression is addressed in Part I of this paper, while geometry compression is addressed in Part II. Geometry is represented implicitly as the level set of a volumetric function (the signed distance function or similar). Experimental results show that geometry compression using volumetric functions improves over the methods used in the emerging MPEG Point Cloud Compression (G-PCC) standard.