Topic: Do traders spend crypto when they can? (Read 719 times)

Crypto could be utilized as normal money. It is not as different and dangerous to be utilized as seen by most of the people who use it. Cryptocurrency is not going to decrease in demand in the upcoming years. My predictions are that the use of digital currency is going to become legal in the upcoming year.

Buying expensive things is their own wants and as a person it's just normal as long as you can handle expenses in a right way. Traders mostly spend on crypto not for non sense things like physical wants, but what I am aware of is that they're more particular on buying digital asset that has a higher potential for future profit.

Honestly, i believe we cant all be crypto trader but i dont see any fear of the merchants coming in or bitcoin and other reputable crypto fail there duty as currency except the incorrect news posted these days in other to cause FUD in the market.

What you think as a disadvantage was what make most of us all enter crypto investment in the first place. Gosh, I feel disappointed when crypto enthusiast choose to believe in the fake predictions made about the market

No that is not the actual case everyone know that the price of bitcoin will rise so if a person have only the source of income in crypto then what will he do to eat and wear? Will not he need money to buy that? He has crypto as a currency so if he will buy in fiat or crypto in both case he will use that crypto which he get from his source of income. The consumers are there but they have to choose to use crypto instead to fiat.

If he will choose fiat then he will sell that cryptocurrency and if he will choose to buy with cryptocurrency then he will not need to sell but will use directly. In using the crypto directly he have the benefit to save the exchanging fees and the other benefit is that it is possible that the merchant he went to is a holder and he do not sell that crypto on exchanges which will save the price to drop on exchanges.

i think daily traders are more aimed to spend their cryptos comparing to holders. because daily traders does not care too much of loosing some small amount in shopping etc, cause they loose and win everyday. not a big difference for them unless they dont buy so expensive things.

The fear of merchants come in.
Everyone wants to hoard more bitcoin.
Everyone just aant to trade it to make more money.

The promise to being a currency is all gone.
How can they enter the industry if no one really want to buy something out of fear that bitcoin price may grow more.

Yes, it will but there is a need for consumer too.

In terms of withdrawal or selling bitcoins your point of view is correct that no one deny here but for living everyone need money and if any trader have to support their family members then they withdraw while if we talk about spending bitcoin then there are some traders who spent enough time in the crypto world and they know where bitcoin is accepted and where not so they do not withdraw or sell their coins but they use directly their bitcoins to buy goods and food etc for their family members.

Well it's been some interesting results and opinions. I am glad to read that almost no one here was in favor of a complete lock down of their trading profits. I'm in no way against people building up their capital and continuing to grow their financial circumstances - I did the same to grow my mining farm. Like I said I still also believe it is fundamental with any currency to have savings.
Whether you spend consistently or only on luxury/wants that's fine, I'm just glad to hear people still discuss spending their coins.

My problem has been the narrative that Vloggers and Bloggers that push to never sell or spend coins. It seems a dangerous line to promote turning it into a purely speculative asset when it's clearly capable of so much more. I get that I and no one else has a right to tell people the right way to do things, because what's right for me may not be for others. I also feel it would be reckless to not bring up these discussions from time to time to see the arguments for and against to either change my views or provide others with a narrative they may not be seeing anymore depending on how they enter the space.
I am curious about what and when people who chase that next high will think it's hit high enough. What's the plan at that point? Do you try and spend directly or just a straight Fiat conversion? I have no issue with people selling for Fiat, I do it quite frequently. I can pay bills directly using this method, it also allows me to get currencies such as USD that would cost me 3-5% minimum on exchange. You do what you can when trying to spend or use coins and if a Fiat conversion is all you have available there is no shame in that.

Edit: Just a note - please read through the thread.  Some replies are beginning to become redundant. If your reply is similar to another I appreciate you taking the time to read through but only reply if you have something new to add. I didn't Self-Mod the thread but will begin to report redundant and repetitive posts, to keep it clean and the discussion moving forward.

I think "traders" are a broad term and that depends on what you mean by traders. The long term ones that have bitcoin for the past few years may not be looking to spend their money as much as people who are mid term that buy bitcoins for like less than a year but not daily, daily ones are probably don't hold bitcoin long enough to even have the chance to spend it.

So, there are many different people who we can call traders which reflects on how they approach to bitcoin in general, I personally think that people who hold bitcoin longer than 3 months but less than 1 year are the biggest spenders, people who hold it less than a week are the least spenders and in the middle are the people who hold it over one year, that is my idea tho and I have no data backing this up so maybe I could be wrong.

Crypto is already a part of our living, not necessary we'll just put everything into purely an investment or just for trades alone, it also we consider spending it sometimes just like spending fiat money. Though I'm just a casual trader and often I'd maximize my profits in spending through buying stuff online and it feels comfortable doing this compared to fiat and it doesn't need to use credit/debit card anymore.

In my case, I do spend my cryptocurrencies when I can. I am a fan of online shopping and I always try to find ways on how I can use my cryptocurrencies to pay my purchases online and I am thankful that there is already card services online even powered by a cryptocurrency that I can use to pay my expenses by just depositing my cryptocurrency in a card.

Of course, most traders still spend crypto especially if it's necessary. There are some unexpected circumstances that we have to spend some of our funds necessary but it doesn't mean that we're ruining our trading strategy. If you're a wise trader, you should know what to spend and what to trade. It's fine to spend some of your funds if you got no choice but be sure to manage it appropriately so you'll still gain something in the future.

Of course, you can agree with you, because ideally this is how a real trader should work.  Of course, each person’s situations are different.  The financial state of the home budget is also different.  Someone came to the cryptocurrency market because of a desire to get at least some kind of income, and someone already works because of their greed.  In fact, a trader can feel very calm when he has either additional income or certain savings, when he does not care about anything and can fully work on the cryptocurrency market and not sell cryptocurrency when it is not necessary and does not make a bad transaction, if this  not required.

The best trader is the one who knows when to take out profits and when to actually use it. People in greed keep on saving and investing and at the end never get to actually use it. My belief is that always set a target before saving or investing and do follow it religiously without getting greedy. You might regret some of your exits if price goes up ridiculously but trust me when you follow your targets, buy you can actually make use of your profits.

Trading/ investment program is alternative income and should be use to built business. Trying built business is not easy but this method is the best way to reach better life, every method will end but not with business. Saving profit from crypto trading/ investment also good step but inflation will reduce your value asset. Spend crypto for business is the right way, do that before crypto useless or replacement by other instrument.  I'm not agree spend crypto for daily needs, if you still doing that you should change mindset and method before too late.

In my experienced, I tried to spend the cryptocurrencies that I earned from my trades. Cryptocurrencies for me have 2 uses, first is it can be a utility for me where I can spend it online in order to buy the things that I desire and the second is for price appreciation. Price appreciation is about trading where I buy at the low and I will sell it when it value rises.

Yes of course .
A lot of people misunderstood the essence of trading, they are expecting beyond results. It is not an easy rich quick scheme like traders are expecting. It is difficult to dance with the market, hard to predict and rely only on technical amalysis.

When it comes to the benefits to the economy, it somehow helps when we exchange our crypto profits into fiats and spend it to some products likr what I am doing. I do agree that trading is a profitable but needs focus and plan.

It obviously they are. That is how traders would seem to be and that is also how I did before but I stop it now since the market is in bearish and I don't have enough time to track my trades which is very important at a very critical stage. Trading is really a time spending activity especially when you a day trader. It is too different when you are just a casual trader that only does buy and sell.

If I get profit from trading, I will save my profit in stablecoins. So if there are coins whose prices will go down suddenly I can buy
coins with the profit that I save in stablecoins. But it's not always like that, if indeed there is a desire to buy something I will
immediately convert into fiat to buy the things I want. But such things are rare happened, because I prefer to turn the money I can
to trade again.

This is why 'system' is still working. They can print money coz there are people who spend it like crazy. Which in our case would be a good thing as it would stimulate the asset that is otherwise simply better hodled. This is the role of inflation in fiat economy. If money is losing value, its better to be spent. This is on contrary with Bitcoin and what was supposed to be good actually is holding the adoption backwards.