Are you ready to spend crypto when market is down - page 15.

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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?

This depend on how important what you are purchasing is. Sometimes one may be out of cash and you may have enough token, in such case one have no option than to buy with his/her token. I could remember I sold my matic some months ago when dip at 0.58 to secure my apartment.

Issa56

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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?

How I wish I can make transaction with bitcon and cryptocurrency in general, but unfortunately I can't really do that for now, because I haven't seen any store that's accepting bitcoin or other altcoins for now in my country, the central bank of Nigeria governor ordered all bank's to block the accounts that have been linked to cryptocurrency transactions, so everyone is scared to accept bitcoin so that their business won't be compromised, but i know very soon things will change, election will be done in Nigeria by 2023, am sure after the election things will change because the current CBN governor will be leaving the position and am sure the next CBN governor will lift the ban and people will be able transact freely.

nara1892

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In this case there may be some people who will do something like that when they have a need but obviously spending Crypto when it's like this is clearly against my principles in Crypto and I actually do the opposite because until now I'm still trying to increase my portfolio as much as possible. what I can when something like this happens.
Regardless of anything, it's up to all parties, but maybe the advice is of course it's better to stay afloat even if you can't add loads when this moment happens, at least holding back would be more recommended.

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Quote from: Ziskinberg on October 07, 2022, 08:14:34 AM

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?

Could be a plan but the problem is that it was hard to find local stores that accept Bitcoin in my place hindering me from using it. I wanted to experience doing this but maybe it was not the time. I was looking forward to seeing local stores in my place (or at least near to me) will accept crypto but until there is none, I may consider this just solely for investment purposes.

Well, instead of getting into that thing, I'd rather take the opportunity to buy more.

There are many ways to spend crypto even if your local store is not accepting it, you can get yourself a crypto debit card or buy some gift card online which you can use to buy something from a local store that accepts gift cards.
It's good to solely use crypto for investment purposes but if we want crypto to achieve the purpose of Satoshi crypto must also be used as a means of payment.

Ziskinberg

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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?

Could be a plan but the problem is that it was hard to find local stores that accept Bitcoin in my place hindering me from using it. I wanted to experience doing this but maybe it was not the time. I was looking forward to seeing local stores in my place (or at least near to me) will accept crypto but until there is none, I may consider this just solely for investment purposes.

Well, instead of getting into that thing, I'd rather take the opportunity to buy more.

inthelongrun

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I am willing to spend BTC and other crypto assets as well because I believe they are currencies to be utilized. But because they are highly speculative, they will become my last resort especially BTC, ETH, and BNB.

I am currently not in a favorable economic situation and I have used nearly all of my fiat and USDT savings as well. I am now seriously planning to make a raffle of which financial assets to be used next; stocks, crypto (except BTC, ETH, and BNB), and foreign currencies. Cheesy

Punakawan

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The market is down and I think the best thing is to be patient, it's better to use it for staking even though you get a small apy but this is better while waiting for the rising market again. I am always optimistic that the market is immediately rising again so that I do not hesitate to continue to buy and hold.

Fortify

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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?

It really depends on how you are acquiring Bitcoin and what you wish to buy on whether it makes sense to spend it. If you're getting paid in Bitcoin, you could potentially save a little bit in fees by buying something directly from your wallet rather than going through an extra step of converting it back to fiat. If you're buying it with fiat specifically to get items then it seems kind of wasteful unless there is a specific reason to add the extra step, maybe your country has problems with payment systems and this might be the only way to get around it. Alternatively the object you want to buy might only be sold with a Bitcoin price, forcing you to use that payment method.

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Quote from: lovesmayfamilis on October 07, 2022, 07:36:04 AM

Yes, I spend bitcoins when I need them. I do not consider bitcoin exclusively as an investment tool; for me, it is the same money as fiat. Some things on the Internet are also sold for bitcoins, so I see no barriers to paying with them. I don’t understand the fanaticism of some who call for using Bitcoin only for holding, and I’m probably a fatalist because I like to live in the here and now and not wait for a wonderful future that may not happen in our time. You have to take everything out of life.

I spend my altcoins during this bear season but not BTC. I mostly cashout some some of my altcoins during this bear especially those who might not recover at all and have no action at this time in their project. I already learned my lesson before after ICO hype when suddenly many altcoins becomes scam or loses value. That’s why as much as they have value I spend altcoins for trading or even to buy some stuffs online.

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Yes, I spend bitcoins when I need them. I do not consider bitcoin exclusively as an investment tool; for me, it is the same money as fiat. Some things on the Internet are also sold for bitcoins, so I see no barriers to paying with them. I don’t understand the fanaticism of some who call for using Bitcoin only for holding, and I’m probably a fatalist because I like to live in the here and now and not wait for a wonderful future that may not happen in our time. You have to take everything out of life.

The Sceptical Chymist

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Quote from: Upgrade00 on October 06, 2022, 03:12:19 AM

It's no secret that the price of Bitcoin is speculative and many use it as an investment. The value has multiplied thousands of times over, in the course of it's history, so, some would naturally expect it to increase further and as such hold on to it.

Exactly, and I'd say at least 90% of people on the forum treat bitcoin as an investment and not as a form of currency that they actually use, even if they believe it's a form of money. That's why there's so many threads dealing with bitcoin's price and general stuff about the crypto markets. It isn't because people see a loss of buying power if bitcoin's price falls so much as a devaluation of an asset.

There are indeed a lot of merchants that accept bitcoin nowadays, but I really wonder how many of their customers pay for things with it. I'd be willing to venture that it isn't many.

fiulpro

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For me personally :
I am not at all ready to spend cryptocurrencies when the market is down, it's a valid exchange for sure, but at the same time I cannot think about the fact that I brought it at a much much higher price and now am exchanging it at a very lower price as well, this definitely makes you loose loads of money, especially in the long run, it's better to keep them as investments during times like these.

But if you brought it at a reasonable price and now you are willing to exchange it for goods, I do think 💬 it's perfect time for you since your net profit will still be positive, thus it's not 🚫 a rule made in stone 🪨.

Calculate your net profits
If you can use it as a currency 💲- do it !
If you cannot use it as a currency 💲 🚫 - use it as a future investment.

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Quote from: Jemzx00 on October 07, 2022, 04:07:43 AM

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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.

I don't entirely think that it is a mistake to use bitcoin or another cryptocurrency on any transaction for payment especially if you don't have any other way to pay for the item you want to buy. Also, from an investment perspective, it might be bad or good whenever someone sold their assets during a bear market as it can be used for other purposes such as financial support or emergency needs. However, what I would not recommend is using all of your cryptos for payment methods rather it's best to only partially sell it or use it for payment methods.

Nothing really wrong if you use this on daily basis since this is what supposed to be the used of crypto and people need to know that this is not only for business purposes only. But if they treat this as investment then maybe they need to consider a lot of things and don't look only for long term since we can actually grab the chances while the market is so volatile.

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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.

I don't entirely think that it is a mistake to use bitcoin or another cryptocurrency on any transaction for payment especially if you don't have any other way to pay for the item you want to buy. Also, from an investment perspective, it might be bad or good whenever someone sold their assets during a bear market as it can be used for other purposes such as financial support or emergency needs. However, what I would not recommend is using all of your cryptos for payment methods rather it's best to only partially sell it or use it for payment methods.

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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 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.

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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?

If the purchased item is quite worth the crypto value and you have no other alternative than paying for it with crypto then do it. But I personally wouldn't do it, the cryptocurrency you mean, i.e. tokens that are easily discarded, will be much less valuable to the seller. In my opinion, at this time the only effective way is to accept payments using Bitcoin, even though the price fluctuates, it is much more comparable than you use other coins/tokens.

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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.

I support. In a bearish period, when the price of crypto-currencies falls sharply, I try not to sell my crypto-currency unless absolutely necessary. Sometimes, if tokens grow in price during this period, or there is a threat that this token may disappear from the market, I exchange them for top coins such as ethereum. It makes little sense to sell tokens during this period, since they have a very low price after the market falls. However, of course, some of them do not withstand a long fall and disappear. But if the project is promising and its team is professional, then the token withstands the fall and then develops further.

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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?

If you don't have any other savings then you'll have no other option than spending your crypto. That sucks big time because your crypto is down against the USD and people price their goods in usd and that means your crypto will buy less goods than what it was buying a year ago. That's why you will need to have some FIAT savings or a FIAT based streaming income so you won't get hit by this price volatility. People shit on USD all the time and they are usually right but USD still is useful in a lot situations.

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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?

While I do try to avoid spending my bitcoin unnecessarily when the price is down if I have to buy something I need then I simply do it and do not think too much about it, that being said I try to buy that amount of bitcoin back as soon as possible as you never know when bitcoin can skyrocket and then it becomes impossible to get back the bitcoin you have spent, however it would not surprise me if there were some people that simply refused to spend their bitcoin at all now that its price is relatively low.

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Quote from: Rana590 on October 06, 2022, 02:41:52 PM

Personally I don't prefer to spend my valuable crypto when market is down. Basically I wait for bull run and after getting profit from my investment, I sell crypto step by step. At the time of selling, we shouldn't sell all the crypto if we are in a profit. Down market is suitable for buying, not for selling in my opinion.

I think that you do exactly what you do. If someone trades and sells all his money, then he has to go through a lot of problems. There are some simple rules, if they can be followed a little, then it is possible to earn a lot of money and a little. If you take a wrong decision, you can lose all your money.

Topic: Are you ready to spend crypto when market is down - page 15. (Read 3211 times)