I've recently meditated on this thought. We all want businesses to adopt bitcoin as a payment method and people to pay with it, but I think most people are rather avoiding to spend their BTC as they see it more as a store of value that will bring wealth to them over the next years. So they are more likely to keep their BTCs and spend the fiat currency, thus the use of BTC in day-to-day transactions won't probably go up until people actually get their wages in Bitcoin denomination. But in order for companies to enable that so it will be convenient for both the employee and the employer we need to have the infrastructure in place, including regulations and major stores in the cities accepting BTC. What's your thoughts on this? Do people prefer to spend their BTC or do anything( maybe even taking a loan) to protect them?
We know that Bitcoin can be store of value as well as a currency (medium for buy and sell) which anybody can take advantage of. Now, how come it is the store of value that is given more emphasis? Maybe because many of those who have Bitcoin are holding it in anticipation that its price will soon go up...in other words it has become the big tool for speculation. Since I can not speculate on the real gold, I have my eyes fixed on Bitcoin instead. I am saving all the Bitcoin I can get because I am preparing my hoard for the possible bull run in 2020 because of the halving scheduled middle of the year.
Now, there is nothing wrong with speculations because in the first many people are getting into Bitcoin so they can speculate and if there is no anticipation of its value to soar many will not be in Bitcoin, in the first place. The only thing is that too much speculative hoarding can mean that less and less business will go to the many merchants who decided to accept Bitcoin as part of the adoption we are all dreaming of.
There seems to be a tug between these two concerns (store of value or medium of exchange).
