Are you spending your Bitcoin? | Bitcointalksearch.org

zeraTunerse

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Quote from: afriezalie on August 05, 2015, 11:51:14 AM

I spend them for my prepaid sim card and steam wallet. But i have plan to exchange my bitcoin to fiat and then buy some new hardwares for my old PC Wink

I do the same, I spend part of my bitcoins and convert it to my fiat currency and spend it on my basic stuffs and day to expenses, and it is really helping in the best way, as the conversion of bitcoin to fiat hardly takes fractions of minutes.

moderntimes

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no. i use it just middle. not of all..
if i spend "example" i dont have bitcoin again in my wallet...
nevertheless just little, i still to leaves it.

franky1

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my rule is to only spend the funds i earned the years before.. that way im always in profit.

i am putting all the funds i earn this year aside and only spend them when in profit.
also i dont spend as much as i earn so it all mounts up.

but the number one rule everyone should follow is
never spend at a loss..

once you follow that, then you can decide how much to spend out of the profitable amounts

afriezalie

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I spend them for my prepaid sim card and steam wallet. But i have plan to exchange my bitcoin to fiat and then buy some new hardwares for my old PC Wink

Pk880058

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Quote from: Derrike on August 05, 2015, 05:21:45 AM

I spend my Bitcoins to buy bitcointalk accounts to increase my Bitcoin stock.

So yes I'm spending my Bitcoin to increase my Bitcoins.

Nice strategy man.
I didn't think of this.
I'm also gonna do the same thing.

Jace

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Quote from: Ilove-Obama on August 04, 2015, 01:56:14 PM

I just read this:
http://www.finance-guy.net/finblog/how-will-you-spend-your-bitcoin/10/8/2014

Makes an interesting point. If we buy stuff with BTC and the company just sells it for cash right away, it's probably not good for the BTC price.

What do you think? Will shopping with BTC be good or bad for BTC?

Spending Bitcoins is good. You can compensate the company's dumping of their bitcoins, by buying back the same amount of bitcoins you spent yourself.

Quote from: Patatas on August 05, 2015, 07:29:59 AM

Before I do but for now I'm holding it hoping it's price will pump out in the future

This line of thinking is a mistake. Please let me copy an answer I've mentioned in some other similar topics as well:

-------------------------------------------------------------

Even if you consider your bitcoins as long term investment, rather than spending money - what do you think will help raising the value of your precious bitcoins more:

1. Hodling your bitcoins and spending USD, thus only stimulating the USD economy

or

2. Spending your bitcoins, thus stimulating the BTC economy, and immediately buying back new bitcoins (on exchange or circle or whatever), thus increasing demand for Bitcoin on the market.

Notice that the end result is the same: you essentially purchased some stuff, lost some USD, and kept your BTC. But with option nr. 2, you're actively helping to raise the Bitcoin price level on two ends: Bitcoin economy AND market demand. I really don't understand why even the most fanatic Bitcoin owners don't seem to get this Undecided

Especially if you're a Bitcoin fan, believer, enthusiast, investor, or hodler, SPEND THEM! (And immediately refill your stash of bitcoins by buying new ones with fiat)

By just sitting on your coins, instead of using them, Bitcoin won't grow! Spend them, and buy back at the same time.

If you are concerned about the 0.2% exchange fee that this will cost you: think how utterly significant this is when Bitcoin rises a few hundred % in value.

Patatas

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Providing AI/ChatGpt Services - PM!

Before I do but for now I'm holding it hoping it's price will pump out in the future

Derrike

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I spend my Bitcoins to buy bitcointalk accounts to increase my Bitcoin stock.

So yes I'm spending my Bitcoin to increase my Bitcoins.

kickflip81

newbie

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I spend most of my bitcoin at purse.io or bitcart.io to shop at Amazon

dollarneed

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yeah i was spending my bitcoin for top up my internet conection and even for buying my needs,
but i dont spend all of my bitcoin

NorrisK

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Quote from: franky1 on August 04, 2015, 11:43:39 PM

the idea about bitcoin is "saving" not spending..
i always advise people not to hold FIAT for 5-10 years as $10 today may buy 8 loaves of bread, but in 10 years it may not even buy you one.. so spend FIAT and convert excess into bitcoin to hold.

after all a bitcoin in 2010 wouldnt have bought you a crumb of a pizza.. but now just 1bitcoin can buy you 10 large pizza's..

in short:
fiat: inflationary=spend as soon as you get
btc: deflationary= save until it can buy you more thing then its original purchase value

as for what companies do.. such as those that are linked through bitpay.. those conversions do not affect the bitcoin price on the many public exchanges. simply because bitpay do private swaps and funds never touch the public exchanges, thus dont affect public prices

That is a bit over exaggerated.. Even if inflation hits 3%, your fiat doesnt lose 8 times its buying power for food.. I do agree that you may buy only 6 breads in 10 years and that saving is therefore non optimal, unless you can increase your holdings by more than the inflation every year.

BTCjust

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not directly spend

bitcart

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www.bitcart.io

Quote from: Kprawn on August 05, 2015, 02:34:11 AM

Quote from: franky1 on August 04, 2015, 11:43:39 PM

as for what companies do.. such as those that are linked through bitpay.. those conversions do not affect the bitcoin price on the many public exchanges. simply because bitpay do private swaps and funds never touch the public exchanges, thus dont affect public prices

I have a small rule for Bitcoin spending... Save 80% and spend 20% .... If we want Bitcoin to grow as a currency, we have to allow for some of it to go back into the system. How do people use a currency

That's a good rule.

If you ever want to spend bitcoin on Amazon and save 20% then check out my website bitcart.io thanks

Kprawn

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Quote from: franky1 on August 04, 2015, 11:43:39 PM

as for what companies do.. such as those that are linked through bitpay.. those conversions do not affect the bitcoin price on the many public exchanges. simply because bitpay do private swaps and funds never touch the public exchanges, thus dont affect public prices

Ok, This I did not know... thanks for that tid bit of information. Do you have a source or is this inside information?

I have a small rule for Bitcoin spending... Save 80% and spend 20% .... If we want Bitcoin to grow as a currency, we have to allow for some of it to go back into the system. How do people use a currency,

if 100% of a currency are hoarded, nobody would accept BTC as a payment method. In a sense, this is what is happening now already... the price is low, and a lot of people are not spending it... but rather waiting

for the price to increase. It's hurting adoption... because most merchants expected a huge increase in sales, and now people are hoarding. Sad

Possum577

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Loose lips sink sigs!

Quote from: Ilove-Obama on August 04, 2015, 01:56:14 PM

I just read this:
http://www.finance-guy.net/finblog/how-will-you-spend-your-bitcoin/10/8/2014

Makes an interesting point. If we buy stuff with BTC and the company just sells it for cash right away, it's probably not good for the BTC price.

What do you think? Will shopping with BTC be good or bad for BTC?

Yeah, he has a great point. But this immediate conversion to cash is more probably when the price of bitcoin is volatile and new. This article was written a year ago, I wonder if this guy has a different opinion. Bitcoin certainly feels a bit more "regular" now that it did a year ago, less foreign or obscure.

umair01

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Quote from: fullypak on August 04, 2015, 11:48:29 PM

Quote from: umair01 on August 04, 2015, 02:10:36 PM

I think its good if we spend bitcoin into buying stuff as this will make it flow more into the market and it will keep it more alive

Not only that it also creates a demand for the bitcoins and this will increase bitcoin price as well. If more people or business holds bitcoin then price also will be more stable. Otherwise if only trader holds the bitcoins then the price will be always moving up and down.

I guess that explain why recently the price of bitcoin has went up and down on many times already as there are many who use trading as their source of earning

fullypak

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Quote from: umair01 on August 04, 2015, 02:10:36 PM

I think its good if we spend bitcoin into buying stuff as this will make it flow more into the market and it will keep it more alive

Not only that it also creates a demand for the bitcoins and this will increase bitcoin price as well. If more people or business holds bitcoin then price also will be more stable. Otherwise if only trader holds the bitcoins then the price will be always moving up and down.

franky1

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Activity: 4214

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the idea about bitcoin is "saving" not spending..
i always advise people not to hold FIAT for 5-10 years as $10 today may buy 8 loaves of bread, but in 10 years it may not even buy you one.. so spend FIAT and convert excess into bitcoin to hold.

after all a bitcoin in 2010 wouldnt have bought you a crumb of a pizza.. but now just 1bitcoin can buy you 10 large pizza's..

in short:
fiat: inflationary=spend as soon as you get
btc: deflationary= save until it can buy you more thing then its original purchase value

as for what companies do.. such as those that are linked through bitpay.. those conversions do not affect the bitcoin price on the many public exchanges. simply because bitpay do private swaps and funds never touch the public exchanges, thus dont affect public prices

TheButterZone

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RIP Mommy

Quote from: eternalgloom on August 04, 2015, 10:22:14 PM

I thought there are also some businesses that don't convert all of their Bitcoin earnings into fiat straight away?

Yes, mine.

Za1n

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I occasionally spend Bitcoin, I found it easier at times especially online. If I do spend Bitcoin I will usually replace what I spent, either ahead of or right after the purchase, so my balance always stays even in BTC.

Topic: Are you spending your Bitcoin? (Read 1230 times)