Well, it's quite the opposite for me. I'm extremely "stingy" when it comes to spending my cryptocurrencies. I mostly have Bitcoin but also hold some USDC, BNB, and some altcoins, but I don't want to spend any of them, with a few exceptions of a few altcoins that were sold only to buy something else, such as BNB. On the outside world now, I use my cards on 90% of my transactions (both credit and debit), as I rarely carry much cash around, and it doesn't feel like spending when it's on the card.
Don't get me wrong, that doesn't mean I'm not acknowledging what I'm spending by the end of the month, nor do I purchase unnecessary stuff just because it doesn't feel like spending money with the card, but sometimes I am taken aback seeing how much my balance has lowered.
Topic: Do you have two mindsets in crypto and irl world? - page 2. (Read 457 times)
I feel it's like cash and paying online kinda thing, if you don't know what that is, it's quoted below:
Quote
The cashless effect describes our tendency to be more willing to pay when there is no physical money involved in a transaction. It means that we are more likely to purchase something on a credit card than if we have to pay for it with cash.
To say, I find myself being more generous in crypto, can spend dollars here and there like it's nothing whereas in irl I'd think twice before purchasing a higher priced items at a grocery store.
I feel it's like cash and paying online kinda thing, if you don't know what that is, it's quoted below:
I feel it's like cash and paying online kinda thing, if you don't know what that is, it's quoted below:
Quote
The cashless effect describes our tendency to be more willing to pay when there is no physical money involved in a transaction. It means that we are more likely to purchase something on a credit card than if we have to pay for it with cash.
Well the comparison from the article seems to be about credit cards and cash, there is some correlation with crypto but the vast majority of people aren't making that association. Frankly I think of crypto as more of a commodity, similar to a precious metal like gold or silver, where you might want to hold on to coins for long term investment but would rarely use it day to day. The other use case I've seen usually involves the need to send larger sums of money, like remittances back home from people in Europe to places like Asia or Africa. The fees can be relatively low in comparison to banks in those countries and sometimes the banks can be harder to access, so having an online wallet can be rather useful in comparison.
Yes, it makes sense, because it's still part of our human instictive nature to need the material or physical to understand and assimilate something is indeed real.
When the currency is virtual, we have some difficult to understand how real that is. As consequence, we end spending more than we should, and usually in things we don't need at all.
On the other hand, you might be more generous when dealing with cryptocurrencies because their price is heavily volatile, so even if you spend today, tomorrow your bankroll may increase 20% in price, or even more, especially during a bullish season.
When the currency is virtual, we have some difficult to understand how real that is. As consequence, we end spending more than we should, and usually in things we don't need at all.
On the other hand, you might be more generous when dealing with cryptocurrencies because their price is heavily volatile, so even if you spend today, tomorrow your bankroll may increase 20% in price, or even more, especially during a bullish season.
I feel it's like cash and paying online kinda thing, if you don't know what that is, it's quoted below:
Crypto and all digital currency are easy to be spent because what you're seeing is just digits and with a single punch of some numbers on your device sends it to whoever you wish to send it to without having a serious impact on you unlike the physical cash.
This habit will emerge naturally, when you have a credit card or assets in the form of Crypto, it will be very easy to get involved in transactions due to the difficulty of restraining yourself from buying something or using it to pay for other things. Almost everyone experiences the same thing as you and the desire to buy something they need is very difficult to contain as long as they can make the transaction directly. In general, the amount spent when making transactions using digital currency is the same as when using fiat money, but because the payment process is done digitally, no matter how much is spent, it doesn't feel like it's due to using non-physical money.
~snip
I think, for me it's easier to call or mention the price of something in $ dollar compared to when I mentioned it in my local currency. The truth is that currently our fiat has lesser value compared to the dollar so most people from my country just prefer to save in the dollar and even spend using the dollar. Again, the cashless system I think around 2022, was seen to had been widely adopted in my country after the central bank had made a tremendous move to change the currency note and with no plan or reserve. They ordered all old paper notes out of the country in a limited time but also failed to supply the new currency notes to us. This whole thing made most people more adopted to the online cash system in my country. And since then it's easier to spend by transferring online than paying in cash.
i can relate to me because i have two mindsets, crypto and real life is different, actually i earned money in crypto then i have to no hesitate even sometime i pay 100$ for a service but when i am going to spend such amount of money in my local currency that is too expensive and i think twice to spend it, there is different in crypto vs real life,.
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As you've said, that's not really crypto-specific, just physical vs online imo lol. Definitely felt it before though. There's definitely a difference between the impact of seeing your money in paper physically compared to just seeing it in numbers. It's probably also why some people can spend money willy-nilly just like that, it's because it doesn't feel "real" that it's their money, or that it's money at all! It feels just like numbers your throwing out lol. Definitely a culture thing though but not a country-specific one, just the way people have grown into. I reckon the same happened when people moved from bartering to using money. Things might change if the culture of spending changes to digital permanently but that's far off into the future.
This usually happens to me, especially when gambling online I stake in usdt or btc with this I don't do the normal converting the equivalent to our NGN because when I does it is like way too huge for me to spend out, but when spending with the space I takes it more likely compared out of the space. Our currency has no value when converting usdt/NGN it more scary while spending NGN over here.
I always have that kind of feeling all the time, actually is so funny that whenever your money is on usdt we hardly regard how much it will worth if being converted into our local currency and even in gambling using $14 to $20 is being consider as amount that doesn't worth much for us and even if we lose it we would hardly get emotional but the moment we decided to withdraw that amount of usdt into Fiat in other to use it for physical gambling that's when we would be having a double mind if is worth risking that kind of money in gambling and by that time you would be imagining the kind of stuff you could possibly use some of those money to purchase, I don't no the mystery behind it because the moment the money is on usdt is as if you are clouded to realize the value of that money if being converted. 
I think that everyone has a different attitude towards money and cryptocurrency reserves. And this would be a great way for stores and marketplaces, because then I think all the crypto guys spend a lot.
I also noticed that I treat paper money and money on a card much more sparingly. This is probably due to the fact that we do not feel that this is real money, but just numbers on the screen.
I also have the same experience with using fiat and crypto. It is always to spend more using crypto because, in most cases, you might not pay much attention to the worth of the coin and even the transaction fees. Sometimes, crypto is gotten through airdrops, making it very easy to spend since it was acquired for free. This also happens when I am using an online payment system. In some cases, I wouldn't check my balance before deciding to buy. But I am always calculative while using fiat. Before deciding to buy anything, you will have to check how much you have in your pocket before spending. I also noticed that I treat paper money and money on a card much more sparingly. This is probably due to the fact that we do not feel that this is real money, but just numbers on the screen.
To say, I find myself being more generous in crypto, can spend dollars here and there like it's nothing whereas in irl I'd think twice before purchasing a higher priced items at a grocery store.
I feel it's like cash and paying online kinda thing, if you don't know what that is, it's quoted below:
Source: Cashless Effect
I feel it's like cash and paying online kinda thing, if you don't know what that is, it's quoted below:
Quote
The cashless effect describes our tendency to be more willing to pay when there is no physical money involved in a transaction. It means that we are more likely to purchase something on a credit card than if we have to pay for it with cash.
Source: Cashless Effect
I think that everyone has a different attitude towards money and cryptocurrency reserves. And this would be a great way for stores and marketplaces, because then I think all the crypto guys spend a lot.
I also noticed that I treat paper money and money on a card much more sparingly. This is probably due to the fact that we do not feel that this is real money, but just numbers on the screen.
To be honest I just barely know there is a thing called the cashless effect here in Indonesia, especially in a big cities lot of merchants have started to adapt payment using QR codes so it basically you can use any bank or any e wallet and scan it and pay and to be honest scan payment is easier that is why most of the people didn't really care about the amount
In the crypto I usually pay lot of gas fee for airdrop, nft minting and etc and I just feel throw 1-25$ is just easy in reality that amount is a lot
In the crypto I usually pay lot of gas fee for airdrop, nft minting and etc and I just feel throw 1-25$ is just easy in reality that amount is a lot
It's possible that everybody does feel the same. But if it's about spending money in crypto than any other real-world things, I'm sure that many of us would like to buy crypto or Bitcoin than any of those wants.
But what I have come to realize is that, life is too short. If you have some things that you want to purchase and it's not going to affect that much of your portfolio, choose to be happy.
As long as it's not going to be the reason of you being poor or going back to the former bad life you have, just follow what makes you happy. And if buying more Bitcoin makes you happier, much better!
But what I have come to realize is that, life is too short. If you have some things that you want to purchase and it's not going to affect that much of your portfolio, choose to be happy.
As long as it's not going to be the reason of you being poor or going back to the former bad life you have, just follow what makes you happy. And if buying more Bitcoin makes you happier, much better!
I think that most people have a very different attitude towards whether they pay for something with cash compared to a digital payment method. There is no great philosophy here, it's just that most people feel a physical connection with another physical "thing", while digital assets do not have such an impact on someone's mind.
Retail companies know this very well and are increasingly encouraging people to use digital payment methods, because they obviously spend more money than when they pay in cash - and on the other hand, people feel more comfortable when they only bring a card or a smartphone linked with their bank card.
It goes even one step further, and these are stores where you don't need any means of payment at all except to connect your bank account to your face - everything is charged automatically with the help of countless cameras that follow your every move and finally scan your face.
There is one way that you can still pay less even if you pay digitally - and that is to have a special plastic or virtual card to which you will always transfer a certain amount of money when you go shopping, which means that you will match that amount with the list of what you plan to buy. It may not be ideal, but you still set some kind of spending limit.
Retail companies know this very well and are increasingly encouraging people to use digital payment methods, because they obviously spend more money than when they pay in cash - and on the other hand, people feel more comfortable when they only bring a card or a smartphone linked with their bank card.
It goes even one step further, and these are stores where you don't need any means of payment at all except to connect your bank account to your face - everything is charged automatically with the help of countless cameras that follow your every move and finally scan your face.
There is one way that you can still pay less even if you pay digitally - and that is to have a special plastic or virtual card to which you will always transfer a certain amount of money when you go shopping, which means that you will match that amount with the list of what you plan to buy. It may not be ideal, but you still set some kind of spending limit.
Making transactions online with an estimated dollar value of around $ 10 dollars and above and limited to $ 80 is not too heavy and however if converted into my local currency it looks like this is a large amount, the expenses intended for survival are indeed a bit burdensome when the amount spent is in local currency. and honestly I have the same assumption as you in spending most of our dollars in crypto we feel more generous here.
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Well, I think what happens is the power of physical cash, when you have the cash at hand, you feel it's much that you can not and should not just spend it all at once in an item but when it comes to transacting with the digital currency, you feel it's just a small amount. I do feel like that most of the time and for sometimes, there are some online payment I would want to make and the transaction charge will be high but I wouldn't care about it but if same charge was applied on the cash, I would think twice or might even decline to pay.
People find paying online to be easy and convenient and this can make them pay more often online. In my country, the government put limit in cash which is another discouragement. I believe I pay online more than cash because I can easily pay for somethings online. If it is cash, I may postpone it and sometimes even forget about it or not just purchase what I want to purchase. Cash payment is frustrating.
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Companies have known this for a long time and have conducted studies on it back in the day. At first, many were reluctant to accept credit cards until the study helped them understand the concept of friction.
There is a gradation:
Pay with cash.
With a debit card.
Credit card.
With a mobile phone.
Clicking online.
The easier it is to pay and the less you feel like you're losing something (like when you hand over a $100 note and get a couple of coins back) the more you'll spend. That's why companies make it easy to pay, like Amazon, where in two clicks you make the purchase and finance it if you want.
With cryptocurrencies it is similar, but if we are aware that Bitcoin in particular is the most valuable thing we can have, we should be able to avoid this tendency.
There is a gradation:
Pay with cash.
With a debit card.
Credit card.
With a mobile phone.
Clicking online.
The easier it is to pay and the less you feel like you're losing something (like when you hand over a $100 note and get a couple of coins back) the more you'll spend. That's why companies make it easy to pay, like Amazon, where in two clicks you make the purchase and finance it if you want.
With cryptocurrencies it is similar, but if we are aware that Bitcoin in particular is the most valuable thing we can have, we should be able to avoid this tendency.
Nope, I have a same mindset regardless I pay using cash, cashless or crypto.
If there are three ways to pay my bills, I will try to check all the payment method and I will use the cheapest way. Usually cashless is more cheaper than using cash because I can use discount voucher.
I have two mindsets when I go date with someone , when I'm alone I will spend my money carefully by calculating the worth and benefit, when I go with my partner, I don't mind to pay something higher than usual.
If there are three ways to pay my bills, I will try to check all the payment method and I will use the cheapest way. Usually cashless is more cheaper than using cash because I can use discount voucher.
I have two mindsets when I go date with someone , when I'm alone I will spend my money carefully by calculating the worth and benefit, when I go with my partner, I don't mind to pay something higher than usual.
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