Topic: Do you USE your BTC? - page 61. (Read 31008 times)
I absolutely use my bitcoins for transactions. I have been very vocal on here that the best (if not only) way to build bitcoin into a viable currency is through commerce and adaptation. Those that are buying bitcoin and holding are still valuable to our community. So, I do not wish to put them down in any way...the more people involved in any fashion, the better. But, true bitcoin growth will come though its usage as an everyday currency.
I keep mine invested. I live in a very small town so not much opportunity to spend. When the time comes for a new computer I will use tiger direct and pay in bit coin. Same for Overstock if I need household goods etc.
Use it on some gambling sites 
I just hold BTC
I trade on mid-term / long-term. So I do tend to hoard. And I tend to sell when I can realize a good deal of profit.
Do I use my BTC?
Do I use my BTC?
I mostly use bitcoins to buy virtual items but i want to start hoarding in the coming future.
I used to try and use Bitcoin but because of the volatility in value, I have trouble with it. I would rather use altcoins like Mintcoin since they are more expendable.
As everyone knows one of the major problems with Bitcoin economy is hoarding. The idea of this poll is to find out whether the lack of spending in the BTC economy is mainly due to the lack of acceptance of Bitcoin payments, or is it that people can actually buy a good deal of stuff that they need with BTC but choose not to.
I just hoard them at the moment
The price is too low to be buying stuff with it. Cold Storage FTWPosted from Bitcointa.lk - #PfPUZw9csEoWNtSg
Hoarding can be an issue, but there is still a good amount in circulation. I did spend BTC previously, but not so much anymore. I would rather use altcoins such as Mintcoin instead. Mintcoin gives 20% interest in the first year, and I can use that, as it is essentially "free."
I dont necessarily have anything that seems interesting to buy right now with the other amount of bitcoins that I have.
I have .027 Bitcoins just sitting and waiting for the price to go up. Hopefully that .027 will be worth $500 someday.
bitcoin will make markets that couldn't exist because of lack of an efficient way to move resources without paying a fuckton of taxes and maybe exposing your personal data. It is already happening in the market subforums, just give it time. I think that once enough critical mass is gathered, it will expand quickly, like btc price itself
And services are buyable things too, not only stuff you can have in your hands matters
And services are buyable things too, not only stuff you can have in your hands matters
Of course i am using it. Right now most of my transactions i am using bitcoin only. I am stopped using my paypal on most occasions.
Savings (a more appropriate word then "hoarding") are important for a healthy economy. The demand to hold money (save it) affects the supply available for lending, and thus the risk-free interest rate.
In the fiat world, the interest rate is reduced by the central bank below its market value to "stimulate the economy." They achieve this interest-rate reduction by increasing the supply of money available for lending (out of thin air). This punishes savers (the savers would have lent their money if the interest rate had been higher) and rewards inefficient businesses (inefficient businesses may have gone out of business with higher funding costs, making room for new innovative companies).
When you look at it like this, it becomes clear that any increase in the money supply by the central bank (e.g., to reduce interest rates) is a transfer of wealth from savers to inefficient businesses (and individuals with high debt levels).
Savings makes the economy more efficient.
In the fiat world, the interest rate is reduced by the central bank below its market value to "stimulate the economy." They achieve this interest-rate reduction by increasing the supply of money available for lending (out of thin air). This punishes savers (the savers would have lent their money if the interest rate had been higher) and rewards inefficient businesses (inefficient businesses may have gone out of business with higher funding costs, making room for new innovative companies).
When you look at it like this, it becomes clear that any increase in the money supply by the central bank (e.g., to reduce interest rates) is a transfer of wealth from savers to inefficient businesses (and individuals with high debt levels).
Savings makes the economy more efficient.
I was talking more about the ratio of spending vs saving (very low for BTC, hence hoarding) and how it competes with fiat currencies, especially from the merchant perspective.. if there is no spending there is very little incentive for a merchant to bother about accepting BTC payments. Of course that saving is also positive, but excessive saving stifles the economy.
How would you propose to differentiate savings that are "excessive" from savings that are "just right"? Personally I don't see how, in a completely voluntary market like bitcoin, savings could ever be "excessive." It seems that savings are always "just right" because otherwise free individuals would spend their bitcoins are acquire more.
Right not bitcoin is primarily used as a store of value. This is why the velocity of money for bitcoin (for trade of real goods and services) is small. Moving forward to "bitcoin as a medium of exchange" I think it is better to focus on the creating jobs that pay in bitcoin, than it is to convince merchants to accept it. This creates a more organic pool of demand for real goods and services priced in bitcoin: "why would I pay USD if I have to convert out of bitcoin first?"
There are not enough options by using BTC right now..
I hope it will improve someday.
I hope it will improve someday.
Hoping Xapo will hurry up & get their credit/debit card out that is backed by a btc account. I will use it for everything at that point.
I wonder when people say that they wait for the price to go up before spending, why not just buy more BTC at the current price and spend it. That way you'll still have the old stash intact, right? 
I was talking more about the ratio of spending vs saving (very low for BTC, hence hoarding) and how it competes with fiat currencies, especially from the merchant perspective.. if there is no spending there is very little incentive for a merchant to bother about accepting BTC payments. Of course that saving is also positive, but excessive saving stifles the economy.
Yes, it is a good store of value but so is gold, the advantage of BTC is that it can quickly move around unlike gold. On the other hand, its security is not as well established as that of gold (Bitcoin protocol is very new compared to how long gold has been around, some disastrous bug might surface any day and so on). So if Bitcoin is to be used only as a store of value it doesn't have a significant advantage over gold, that's why I think it's important that BTC is used actually as much as possible on the day to day basis.
Could you search for something that you need here http://www.bspend.com/ and let me know if you found it, I'm curious. Under links there are services such as accommodation booking, flights, tours etc. So there's so much that can be bought with BTC already
Savings (a more appropriate word then "hoarding") are important for a healthy economy. The demand to hold money (save it) affects the supply available for lending, and thus the risk-free interest rate.
In the fiat world, the interest rate is reduced by the central bank below its market value to "stimulate the economy." They achieve this interest-rate reduction by increasing the supply of money available for lending (out of thin air). This punishes savers (the savers would have lent their money if the interest rate had been higher) and rewards inefficient businesses (inefficient businesses may have gone out of business with higher funding costs, making room for new innovative companies).
When you look at it like this, it becomes clear that any increase in the money supply by the central bank (e.g., to reduce interest rates) is a transfer of wealth from savers to inefficient businesses (and individuals with high debt levels).
Savings makes the economy more efficient.
In the fiat world, the interest rate is reduced by the central bank below its market value to "stimulate the economy." They achieve this interest-rate reduction by increasing the supply of money available for lending (out of thin air). This punishes savers (the savers would have lent their money if the interest rate had been higher) and rewards inefficient businesses (inefficient businesses may have gone out of business with higher funding costs, making room for new innovative companies).
When you look at it like this, it becomes clear that any increase in the money supply by the central bank (e.g., to reduce interest rates) is a transfer of wealth from savers to inefficient businesses (and individuals with high debt levels).
Savings makes the economy more efficient.
I was talking more about the ratio of spending vs saving (very low for BTC, hence hoarding) and how it competes with fiat currencies, especially from the merchant perspective.. if there is no spending there is very little incentive for a merchant to bother about accepting BTC payments. Of course that saving is also positive, but excessive saving stifles the economy.
Use? It's a store of value, not something you use. 
Yes, it is a good store of value but so is gold, the advantage of BTC is that it can quickly move around unlike gold. On the other hand, its security is not as well established as that of gold (Bitcoin protocol is very new compared to how long gold has been around, some disastrous bug might surface any day and so on). So if Bitcoin is to be used only as a store of value it doesn't have a significant advantage over gold, that's why I think it's important that BTC is used actually as much as possible on the day to day basis.
Any time I see a store I definitely want to use Bitcoin, the problem is there just isn't any stores right now that supply the things I need, the only ones so far that have come close are games and computer components, I'll definitely be buying those with Bitcoin when I can. We're not there yet, but with companies like Overstock.com going for it, we're getting close, when I see my Jewellery supplier accepting Bitcoin etc. or Morrisons I'll be giddy because those are really the main places I spend my money.
Most things I want are just expensive one-off payments, e.g. Cintiq or Jewellery tools that will last for years, I have bought a game with Bitcoin and would have no problem doing so later.
Most things I want are just expensive one-off payments, e.g. Cintiq or Jewellery tools that will last for years, I have bought a game with Bitcoin and would have no problem doing so later.
There are not enough options by using BTC right now..
I hope it will improve someday.
I hope it will improve someday.
Could you search for something that you need here http://www.bspend.com/ and let me know if you found it, I'm curious. Under links there are services such as accommodation booking, flights, tours etc. So there's so much that can be bought with BTC already
There are not enough options by using BTC right now..
I hope it will improve someday.
I hope it will improve someday.
There are quite a lot of options, actually. There is cryptothrift, which is similar to Ebay (but accepts BTC). There is Bitpremier, where you can buy luxury real estate for Bitcoins. There is agoracommodities, where you can buy Bullion for Bitcoin. I agree that Bitcoin shopping doesn't have the variety which Paypal / VISA shopping possess, but it is vastly improving.
There are not enough options by using BTC right now..
I hope it will improve someday.
I hope it will improve someday.
I have a store that accepts bitcoin to spread the word about bitcoin to others - more or less.
Use your bitcoin to get others to talk about bitcoin today - see signature
Use your bitcoin to get others to talk about bitcoin today - see signature
I use my coins for trading. I never really spend them
I alweays just try and make more coins, Which will be great when or if the price ever goes back up
I alweays just try and make more coins, Which will be great when or if the price ever goes back up
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