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Topic: Do you buy BTC just to use it? - page 3. (Read 3205 times)

hero member
Activity: 644
Merit: 500
My goal is becaming a billionaire.
February 26, 2015, 04:57:24 AM
#28
I stoppped using my BTC since I joined Bitcointalk forums to be honest , now I only give loans but get my money back eventually .
I prefer holding and hoping that the price will rise eventually (couple of years or something)

~ Madness

You never use it when buying something online or something like that?


Nop , never .
Well I was but I stopped when I joined bitcointalk as I said above . Most of the time I use my credit card or Paypal for online Purchases , beside all Bitcoins are full profit . I never bought them or anything only getting them from Selling digital goods , offering services or sig compaigns around here .

~ Madness
legendary
Activity: 1022
Merit: 1000
February 26, 2015, 04:55:33 AM
#27
I stoppped using my BTC since I joined Bitcointalk forums to be honest , now I only give loans but get my money back eventually .
I prefer holding and hoping that the price will rise eventually (couple of years or something)

~ Madness

You never use it when buying something online or something like that?
hero member
Activity: 644
Merit: 500
My goal is becaming a billionaire.
February 26, 2015, 04:52:31 AM
#26
I stoppped using my BTC since I joined Bitcointalk forums to be honest , now I only give loans but get my money back eventually .
I prefer holding and hoping that the price will rise eventually (couple of years or something)

~ Madness
legendary
Activity: 1022
Merit: 1000
February 26, 2015, 04:50:36 AM
#25
I guess if faced with your situation, i can only buy low and hope for BTC to rise before i buy something with it. Again, i need to hope for BTC to rise that extra 6% which you will eventually spend on LB to buy the Bitcoins in the first place. Once you get to that figure then you can safely buy stuff with bitcoin, not worrying about the extra you have paid. Not the ideal way to do it, but then if you don't want to lose then this is the only option that i can see, unfortunately! Sad

Or you just need a lot of buy support that will keep the coin in a range of 2% fluctuation a day.

So 100$-102$ so people wont lose money.
legendary
Activity: 1022
Merit: 1005
February 26, 2015, 04:47:37 AM
#24
I guess if faced with your situation, i can only buy low and hope for BTC to rise before i buy something with it. Again, i need to hope for BTC to rise that extra 6% which you will eventually spend on LB to buy the Bitcoins in the first place. Once you get to that figure then you can safely buy stuff with bitcoin, not worrying about the extra you have paid. Not the ideal way to do it, but then if you don't want to lose then this is the only option that i can see, unfortunately! Sad
legendary
Activity: 1022
Merit: 1000
February 26, 2015, 04:41:34 AM
#23
I get BTC by doing small services and then I keep it and invest in altcoins and use it to pay others here on the forums and on online stores that accept it.

I have never used it IRL.... YET.

There is no any places where I live that accepts it.

But I would be ready if I had the money to start advertising BTC and make people use it Tongue
legendary
Activity: 1022
Merit: 1007
Sooner or later, a man who wears two faces forgets
February 26, 2015, 04:40:08 AM
#22
It really depends , when bitcoin takes a dip , i buy it and store in cod storage , when i need it , i cash it and if i get low and need bitcoin i buy and use it !
hero member
Activity: 616
Merit: 500
1BkEzspSxp2zzHiZTtUZJ6TjEb1hERFdRr
February 26, 2015, 04:39:44 AM
#21
I am buying and using, just allways trying to buy more then I spend. Using mostly on internet and in one coffe shop cause there is only few places in Croatia where you can pay with Bitcoin.
hero member
Activity: 574
Merit: 500
February 26, 2015, 04:08:08 AM
#20
This is probably one of the major obstacles for masses to adopt it. IMO payroll service is the solution to it. When employees got their regular bitcoin salaries, they would get rid of this kind of annoying experience to pay in bitcoin for anything.
sr. member
Activity: 518
Merit: 250
February 25, 2015, 08:03:12 PM
#19

The price shot up from speculation

If that's the case, how can you explain what happened during November 2013? Is it also because of insanely high electrical bills?

The price shot up from speculation
legendary
Activity: 3542
Merit: 1352
Cashback 15%
February 25, 2015, 08:02:04 PM
#18

Actually it's the miners that determine the minimum price.  Bitcoin could never trade for just a few dollars with the difficulty at its current level.

The price shot up from speculation, and miners brought it back down, but miners also keep it above a certain level.  In the end the real value of a bitcoin is the amount of electricity it takes to mine a bitcoin.  If anybody could mine a bitcoin for $5, then nobody would pay $200.  But they can't, so they do.

When it costs $1000 in electricity to mine 1BTC, the price will be over $1000. 
No, you've got it backwards.  Miners do not determine the price, they react to it.  The price/value of BTC determines the mining effort.  The Bitcoin network difficulty would never be at its current level if Bitcoins weren't so valuable, it's that value people seek and thus build massive farms to try and collect it.  When the mining reward decreases, so will the mining effort, and thus so will network difficulty.

I can see why someone who purchased BTC at a higher value would be reluctant to spend them today, but in the end it is a currency and if you're not spending it then what are you doing buying it?  It should not be purchased as an investment, which I think a lot of people do.  Instead of "buying" BTC it should be looked at as "exchanging" one currency for BTC.  The volatile nature of BTC makes exchanging it profitable in some situations, sure, but I think that's a narrow minded way of looking at it.  No reason to buy BTC unless you plan to use it.



Well, all of us still use it, but not in the way we should be. Most of us use it as a form of investment.
legendary
Activity: 3542
Merit: 1352
Cashback 15%
February 25, 2015, 07:59:10 PM
#17
if it wasn't for speculators a single bitcoin would be worth just a few dollars.

Actually it's the miners that determine the minimum price.  Bitcoin could never trade for just a few dollars with the difficulty at its current level.

The price shot up from speculation, and miners brought it back down, but miners also keep it above a certain level.  In the end the real value of a bitcoin is the amount of electricity it takes to mine a bitcoin.  If anybody could mine a bitcoin for $5, then nobody would pay $200.  But they can't, so they do.

When it costs $1000 in electricity to mine 1BTC, the price will be over $1000. 

If that's the case, how can you explain what happened during November 2013? Is it also because of insanely high electrical bills?
legendary
Activity: 3542
Merit: 1352
Cashback 15%
February 25, 2015, 07:55:42 PM
#16
Tbh, I only use a fraction of my btc for spending. The rest goes to an offline wallet that I use for saving. Though that's the case, every now and then I use btc as a payment method whenever I want to buy goods online.
legendary
Activity: 1274
Merit: 1000
February 25, 2015, 07:11:00 PM
#15

Actually it's the miners that determine the minimum price.  Bitcoin could never trade for just a few dollars with the difficulty at its current level.

The price shot up from speculation, and miners brought it back down, but miners also keep it above a certain level.  In the end the real value of a bitcoin is the amount of electricity it takes to mine a bitcoin.  If anybody could mine a bitcoin for $5, then nobody would pay $200.  But they can't, so they do.

When it costs $1000 in electricity to mine 1BTC, the price will be over $1000. 
No, you've got it backwards.  Miners do not determine the price, they react to it.  The price/value of BTC determines the mining effort.  The Bitcoin network difficulty would never be at its current level if Bitcoins weren't so valuable, it's that value people seek and thus build massive farms to try and collect it.  When the mining reward decreases, so will the mining effort, and thus so will network difficulty.

I can see why someone who purchased BTC at a higher value would be reluctant to spend them today, but in the end it is a currency and if you're not spending it then what are you doing buying it?  It should not be purchased as an investment, which I think a lot of people do.  Instead of "buying" BTC it should be looked at as "exchanging" one currency for BTC.  The volatile nature of BTC makes exchanging it profitable in some situations, sure, but I think that's a narrow minded way of looking at it.  No reason to buy BTC unless you plan to use it.

full member
Activity: 165
Merit: 100
February 25, 2015, 07:00:50 PM
#14
no i stopped doing pot a while ago.  i don't think anyone should use drugs anymore.  cause we are in Heaven
sr. member
Activity: 350
Merit: 250
Honest 80s business!
February 25, 2015, 06:33:34 PM
#13
I love to use Bitcoin as well, but right at the moment is a very bad time to spend Bitcoins because the price has gone down quite a bit. The only solution to this may be buying just as many Bitcoins as you need and spend those, instead of spending coins you bought at $500 or even higher!
sr. member
Activity: 518
Merit: 250
February 25, 2015, 06:13:58 PM
#12
if it wasn't for speculators a single bitcoin would be worth just a few dollars.

Actually it's the miners that determine the minimum price.  Bitcoin could never trade for just a few dollars with the difficulty at its current level.

The price shot up from speculation, and miners brought it back down, but miners also keep it above a certain level.  In the end the real value of a bitcoin is the amount of electricity it takes to mine a bitcoin.  If anybody could mine a bitcoin for $5, then nobody would pay $200.  But they can't, so they do.

When it costs $1000 in electricity to mine 1BTC, the price will be over $1000. 
member
Activity: 79
Merit: 10
February 25, 2015, 06:04:52 PM
#11
Unfortunately speculation still takes a large chunk of the bitcoin environment, it seems the only way you have now not to pay 6% premium (or speculator tax) is to earn bitcoins doing something. However, if it wasn't for speculators a single bitcoin would be worth just a few dollars.
We need more competition among exchanges, this will surely bring down the premiums we pay today to purchase bitcoins but also we need to change mentality about bitcoins, when the focus will shift to their usefulness rather than their value in dollars we will see more adoption
legendary
Activity: 1512
Merit: 1012
February 25, 2015, 05:25:28 PM
#10
Many of us keep our coins in cold wallets and they do not get used at all.

because they don't trust bank to avoid freeze account for bail-out.
if i buy a car or a scooter, sure ... that i ask to the seller if it accept bitcoin.

and i force ...  Grin to accept it (because of the trusted payment).
seller are always open to ... a form of payment (after reading somes explainations).
full member
Activity: 154
Merit: 100
That Darn Cat
February 25, 2015, 04:58:09 PM
#9
Personally I have only used BTC for online gambling as online gambling is illegal in the states with "real" currency.
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