Are you ready to spend crypto when market is down - page 11.

SirLancelot

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Quote from: Lainta on December 27, 2022, 04:41:45 AM

Of course everyone are waiting for this moment when market price will be dump and all altcoins price also will be low and this is a great opportunity for everyone to choose best altcoins to invest and take profit in future.

He didn't say about buying coins during the bear but he is asking if we are willing to spend our cryptos to buy something. For me yes. It's not new for me to spend my cryptos to buy items online and when I do this, I don't bother checking the price of the cryptos first. Maybe if I did that, I will think twice if I am going to continue with my purchase or not.

As long as people uses their crypto for buying something, then these people considers their crypto as a currency but I know there are people who do both where they also kept some of their cryptos for the future to be able to grow its value. I don't find it wrong. That was their money anyway. They are free to do what they want with it and this does not affect crypto in anyway. In fact, this makes them stronger and more valuable.

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Good question from a newbie👍

I will only find it hard to spend crypto in a bear market if I bought the crypto e.g Bitcoin or Ethereum in a bull market, this is why I always tell my friends that Fiat and Crypto must co-exist, its pure balancing, for example

Assuming I bought 1 Bitcoin at 60,000$ it makes no sense to use the Bitcoin to make purchases online, now we are in a bear market, I can get 1 Bitcoin for 16k+ and use this to make purchases if I must, my mind will have the thoughts that I can still buy back at 16k+ since we are still in a bear market.

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Quote from: burugcrypto on October 06, 2022, 02:50:34 AM

Hello Everyone,

I am not speaking about just Bitcoin. I am speaking about every cryptocurrency / token. Regardless of crypto price fluctuations, many online and offline stores are ready to accept crypto as payment. So How will willing are you to spend crypto for your purchases?

If one doesn't spend their crypto for purchases and wait for to spend their crypto when its price is nice, are they really considering it as a cryptocurrency or can we assume like those people are treating more like a security or investment instrument?

Of course everyone are waiting for this moment when market price will be dump and all altcoins price also will be low and this is a great opportunity for everyone to choose best altcoins to invest and take profit in future.

tygeade

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As long as crypto is not yet globally accepted, most likely people will see bitcoin or crypto as a profitable investment than just a plain currency. Although spending it is one way of promoting crypto, but at the end of the day profits is more than important. That is why I chose not to spend my crypto particularly if the value is at loss, I will just wait for a good price to sell and spend crypto like a currency.

It is definitely understandable not to sell it if you want to make a profit from your investment. There are people who are running whole business' with the crypto world, meaning they earn bitcoin and spend bitcoin to keep it going, it makes sense for them to spend, but if you are just a regular person like you and me, then we should not be selling it because the ones we spend are gone and they are not coming back.

I am trying my hardest to save these days, but seems like it's not going to happen until new years, and when that happens, I am going to end up saving so much finally. It's a bad thing to say, but I really want it to stay at these levels for another year or so, so that I can save more money Cheesy

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tam31

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Quote from: lienfaye on October 12, 2022, 10:56:41 PM

Quote from: burugcrypto on October 06, 2022, 02:50:34 AM

If one doesn't spend their crypto for purchases and wait for to spend their crypto when its price is nice, are they really considering it as a cryptocurrency or can we assume like those people are treating more like a security or investment instrument?

Because of the price volatility, many people are seeing crypto as an investment. Thus, it's not surprising if they chose not to spend their coins and wait until the price reach their target value to take profit. Some investors might be using their Bitcoin for purchasing regardless of the value but probably majority are not doing so.

Anyway this season is a time to accumulate, that being said it's not wise to spend if you believe the value can possibly increase if you continue to hold.

The problem is that, crypto is a currency, the full name is actually "crypto currency", which means that it would gain a lot more value if people earned it and spent it, just like how you do with regular fiat. But unfortunately, there are too many people that use it as stocks or gold, where it is an asset and they just invest and hold and do not ever spend it.

If you don't spend it then it won't gain any value, it will only be an investment and would be used as such and that is causing a lot of troubles for us. We need to turn this into a currency, and if we do that then we are going to end up with a good amount of profit in the long run for sure.

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Quote from: traderethereum on October 07, 2022, 12:53:04 AM

I don't understand why I should be willing to spend crypto when the price is decreasing.
Doesn't that mean I have to use more amount to pay or buy something?
I think it's a bad way to do it because when the market is going down, we should use it to buy and increase the number of coins we have so that when the market can reverse up, we will get more profits.
From that profit, we can use it to buy something or pay for something while we still have other money that we can use to buy more amounts.

Right, it is a mistake if we sell when the market is down like now, most of the mistakes we make are buying when the market rising because of the market thinking will rise and sell when the market is down because of panic and afraid of continuing correction, if we already know cryptocurrencies At least a year then we know about trends like this.

That is also a very true approach to it for sure. I mean you should buy when it is low, but unfortunately there are too many people who sell during the bear market and that's a big mistake, but I agree that it is also a big mistake when people buy when it is high, and they do not realize that it's going to hurt them in the long run as well.

I personally do not sell when it is low, and buy it instead which is a great deal, but at the same time I end up with buying when it is high as well, I just like buying bitcoin at all times, I should stop buying when it is high, and just accumulate USD during that period and enter when it goes down.

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Quote from: burugcrypto on October 06, 2022, 02:50:34 AM

Hello Everyone,

I am not speaking about just Bitcoin. I am speaking about every cryptocurrency / token. Regardless of crypto price fluctuations, many online and offline stores are ready to accept crypto as payment. So How will willing are you to spend crypto for your purchases?

If one doesn't spend their crypto for purchases and wait for to spend their crypto when its price is nice, are they really considering it as a cryptocurrency or can we assume like those people are treating more like a security or investment instrument?

I don't think anyone would want to "spend" their crypto currencies when the market goes down or when they are at a loss. Spending those crypto currencies means they will be buying things at a "higher costs". So yeah, you are right. Most people don't consider crypto currencies as a regular currency. More like a store of value or security instrument.

Those stores are willing to accept crypto currencies regardless the value because they don't actually hold the coins. They use third party payment gateways. As soon as you send them the coin, those coins get converted to fiat currency and the merchant receives the payment in fiat currency. So they merchants are actually risking anything.

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Quote from: burugcrypto on October 06, 2022, 02:50:34 AM

I am not speaking about just Bitcoin. I am speaking about every cryptocurrency / token. Regardless of crypto price fluctuations, many online and offline stores are ready to accept crypto as payment. So How will willing are you to spend crypto for your purchases?

In my case, if there's really a need to spend my crypto, I won't hesitate to do it regardless of the price.

In the first place, it matters to me that I've used it on important things rather than just holding it. Again, if it's really necessary to do so.

Quote from: burugcrypto on October 06, 2022, 02:50:34 AM

If one doesn't spend their crypto for purchases and wait for to spend their crypto when its price is nice, are they really considering it as a cryptocurrency or can we assume like those people are treating more like a security or investment instrument?

There's no doubt that crypto is mostly treated as an investment by the majority.

However, it's their own coins therefore we just have to let it that way on how they will spend their crypto regardless of the price.

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Quote from: lalabotax on October 13, 2022, 04:59:30 PM

... To prevent this situation, ideally we must have savings money in the banks.

This is something I've been doing for a long time. If you consider bitcoin as a long term investment then you should always have a backup plan, I mean besides investment, we must have an extra savings so as not to affect our investment. Bitcoin or other investments for me are long term investments and I don't intend to spend it until I make a profit. Of course I would use them as well, but only in case my savings aren't enough or I can't get a loan should I consider using that investment, otherwise I will never use them until I hit the target.

Cryptmuster

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Quote from: blockman on October 13, 2022, 06:54:57 PM

Crypto is both and it will depend on how you look at it but let's look at the fact that all of us treat it as an investment. No matter how an advocate you are of wanting people to spend their crypto for purchases. You can't stop anybody by telling them that it should be spent. The value of it is volatility and because of that, stopping them won't help and instead, they'll do the opposite of buying more because we go back to what the first reason is, crypto is now majority's investment vehicle and that's what we treat it like.

Not everyone has the patience to wait for their investments to start making really good returns. In Bodo Schaefer's book The Path to Financial Independence, he tells of a case where a young man under his guidance learned to save and invest in order to eventually become financially independent, but at some point, he simply decided to buy himself a new Porsche with all his savings. The same goes for people who perceive cryptocurrency as an investment, not everyone has the patience to wait until their investment makes them rich, someone will spend it much faster and it doesn’t matter if it is fiat or crypto.

Jatiluhung

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Indeed, more and more shops are now accepting payments with Crypto. even i have tried it several times. and I only use Stablecoin for that payment (BUSD). because for Bitcoin I think today is the day to collect it more. I'm even glad that some time ago my DCA for BTC purchase entries was met at 18k. and means increasing my investment in BTC. and I am not thinking of using BTC and other altcoins (other than stablecoins). to be used as a means of payment today. because I prefer to keep it as an investment asset and not as a means of payment.

blockman

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Quote from: Vzae on October 11, 2022, 07:38:15 AM

Quote from: burugcrypto on October 06, 2022, 02:50:34 AM

If one doesn't spend their crypto for purchases and wait for to spend their crypto when its price is nice, are they really considering it as a cryptocurrency or can we assume like those people are treating more like a security or investment instrument?

This is a strategy or someone's way to regulate the rhythm of their financial investments, where they have their own time for when to start and end their trading positions. they always wait for the best moment to buy when the price drops and release when there is an increase in the price of each coin they hold.

Crypto is both and it will depend on how you look at it but let's look at the fact that all of us treat it as an investment. No matter how an advocate you are of wanting people to spend their crypto for purchases. You can't stop anybody by telling them that it should be spent. The value of it is volatility and because of that, stopping them won't help and instead, they'll do the opposite of buying more because we go back to what the first reason is, crypto is now majority's investment vehicle and that's what we treat it like.

odunybiz

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Quote from: posi on October 06, 2022, 03:48:03 AM

Currently, I have not and do not intend to do this as my daily living expenses are unrelated to my crypto investments. I have an outside main job and instead of selling crypto assets or spending it, I am still trying to accumulate more of my assets during this bear season with my salary. Your question is no different than you are asking if we are willing to sell crypto assets during bear season while everyone is trying to accumulate more crypto assets and waiting for a bull season to come.

It sounds great trying to accumulate more crypto for the bull run but this is only easy for someone with extra job and a well paid salary. A man with alot to do with money and have no source for the money than is crypto wallet will have no choice than to sell or buy with it's crypto to satisfy his daily needs.

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Quote from: Finestream on October 13, 2022, 03:37:36 PM

Well, you have all the right to spend your bitcoin regardless if it’s bearish or bullish market as that is also your strategy, or sometimes it’s really unstoppable to spend especially if you are dealing with unforeseen emergencies that needs a bigger amount of funds. But for me, as much as I want to spend bitcoin, I would gladly do it hopefully when the market is indeed bullish, and just keep it more while the market is still bearish.

Of course, everyone wants to spend their crypto coins in the bullish season. But if it is about urgent needs, it should be no problem to spend it any time. If it happens to me, I won't consider anything when I urgently need money. I will sell whatever I have, including Bitcoin or top altcoins. But surely I won't spend all of them, I will let some of my coins to keep in my wallets. To prevent this situation, ideally we must have savings money in the banks.

Finestream

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Unlike the market situation I used to cashout bitcoin and use it for my needs. I do this once after missing opportunity to sell at the peak in the past. Later on, if there is a need I'll sell bitcoin and other cryptocurrencies and make use of it. Even in this bear market I've cashed out little limiting my needs.

Well, you have all the right to spend your bitcoin regardless if it’s bearish or bullish market as that is also your strategy, or sometimes it’s really unstoppable to spend especially if you are dealing with unforeseen emergencies that needs a bigger amount of funds. But for me, as much as I want to spend bitcoin, I would gladly do it hopefully when the market is indeed bullish, and just keep it more while the market is still bearish.

lienfaye

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Quote from: burugcrypto on October 06, 2022, 02:50:34 AM

If one doesn't spend their crypto for purchases and wait for to spend their crypto when its price is nice, are they really considering it as a cryptocurrency or can we assume like those people are treating more like a security or investment instrument?

Because of the price volatility, many people are seeing crypto as an investment. Thus, it's not surprising if they chose not to spend their coins and wait until the price reach their target value to take profit. Some investors might be using their Bitcoin for purchasing regardless of the value but probably majority are not doing so.

Anyway this season is a time to accumulate, that being said it's not wise to spend if you believe the value can possibly increase if you continue to hold.

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Well OP, I was considering Bitcoin as an investment, maybe for some important reason I could convert it to our local currency and spend it but as long as I still have an option, I'm still going to hold them. Since my goal is to hold long-term, I have to keep it as long as I can. In fact, there are a lot of ways to do it as in my mind, instead of spending them, I'd rather take this time to buy more in anticipation of the upcoming bull season. I know the current situation is temporary and it will end soon.

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Quote from: SirLancelot on October 12, 2022, 03:10:30 PM

Quote from: Fara Chan on October 09, 2022, 11:02:56 PM

Quote from: burugcrypto on October 06, 2022, 02:50:34 AM

So How will willing are you to spend crypto for your purchases?

In the case of a decrease in the price of bitcoin, we cannot spend purchases using bitcoin, because it is contrary to the investment concept that we build. For example, you buy bitcoin at a price of $19,443 then try to spend some items when the bitcoin is at a selling price of $ 18,000 (assuming), this will make you lose and the concept of investing is not like that.
Then how to solve this problem, maybe short-term trading can be a reference to avoid these problems, whether shopping for goods using bitcoin payments or to avoid the basic investment capital that we make

You and I could use it for investment but the reality is that there are a lot of people who use it as well, just because we see it as investment doesn't mean everyone sees it the same way as well.

Some people see bitcoin as something that is purely investment worthy in the long sense, and that’s the important part for me, but some people see it as currency on their business or regular lives and they do end up spending it or earning it as well. That way it is basically a fiat replacement for them, everything they do, they try to spend crypto, even if they cannot spend it directly, they cash it to fiat and spend it, and they earn it by working as well.

Although Bitcoin has proven to be profitable for long-term investments, there are some people who want to make a profit in a different way.
I have friends who use Bitcoin for short-term trading, meaning that there are some people who simply can't hold it for too long. I think it doesn't
matter if there are people who prefer short term trading over long term investment, most importantly we can make a profit. Even as you say,
there are some people who don't think about using Bitcoin for investment or trading. They prefer to use Bitcoin as a transaction tool like fiat,
because they consider spending Bitcoin to buy something more private. Therefore please use Bitcoin as well as possible, whatever way we use
Bitcoin is not a problem, most importantly do not use Bitcoin for things that harm other people.

SirLancelot

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Quote from: Fara Chan on October 09, 2022, 11:02:56 PM

Quote from: burugcrypto on October 06, 2022, 02:50:34 AM

So How will willing are you to spend crypto for your purchases?

In the case of a decrease in the price of bitcoin, we cannot spend purchases using bitcoin, because it is contrary to the investment concept that we build. For example, you buy bitcoin at a price of $19,443 then try to spend some items when the bitcoin is at a selling price of $ 18,000 (assuming), this will make you lose and the concept of investing is not like that.
Then how to solve this problem, maybe short-term trading can be a reference to avoid these problems, whether shopping for goods using bitcoin payments or to avoid the basic investment capital that we make

You and I could use it for investment but the reality is that there are a lot of people who use it as well, just because we see it as investment doesn't mean everyone sees it the same way as well.

Some people see bitcoin as something that is purely investment worthy in the long sense, and that’s the important part for me, but some people see it as currency on their business or regular lives and they do end up spending it or earning it as well. That way it is basically a fiat replacement for them, everything they do, they try to spend crypto, even if they cannot spend it directly, they cash it to fiat and spend it, and they earn it by working as well.

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Quote from: Vzae on October 11, 2022, 07:38:15 AM

Quote from: burugcrypto on October 06, 2022, 02:50:34 AM

If one doesn't spend their crypto for purchases and wait for to spend their crypto when its price is nice, are they really considering it as a cryptocurrency or can we assume like those people are treating more like a security or investment instrument?

This is a strategy or someone's way to regulate the rhythm of their financial investments, where they have their own time for when to start and end their trading positions. they always wait for the best moment to buy when the price drops and release when there is an increase in the price of each coin they hold.

Yes, it's something that they developed thru time, strategy or a pattern based that they use in order to earn from this business, you need to keep yourself updated in each market trends in order for you to analyze the situation, after you place your target buy and sell position it's about to chill and monitor the movement, better not to overthink since there are situations that unusual fall may take place, if you have additional spare it's good to buy more and wait till the market will be nice to you and let you cash out a decent amount of earnings from your investment.

Topic: Are you ready to spend crypto when market is down - page 11. (Read 3211 times)