Don't spend bitcoin. Not now. - page 16.

familiaverde

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Quote from: lbassotto on October 04, 2019, 12:37:27 PM

Bitcoin was not made to spend. Not for now. There is a misinterpretation of what Satoshi wrote in the Whitepaper: "A peer-to-peer eletronic cash system". He created bitcoin to be an electronic money system. This is a fact.

Before becoming a monetary system, Bitcoin must be able to preserve value over time. After that, he becomes able to earn society's trust and become a genuine cash.

People accept dollars because they believe that money is still backed by gold (as it was until the end of Bretton Woods), or because (unfortunately) they believe the government will guarantee the value of the currency.

That is, people believe in Dollar because they are sure that money will be at the same value tomorrow. Although this is not true.

99% of the world's population still does not understand, do not know and do not trust Bitcoin. And everything is fine. Bitcoin adoption is a lengthy process that may take decades or centuries to happen.

Bitcoin has never been about just being a simple means of payment. It is not like VISA or Mastercard. He is a legitimate Digital Asset and as such needs to earn trust until it is adopted as money.

Do not spend your Bitcoins. Not now.

I am not getting you on one side you are saying that bitcoin is a electronic money system while on the other hand you are asking us not to spend bitcoin because it's a legitimate asset. If it's an asset then it would be stored not spent. So first take a stance about what bitcoin actually is.

gandame

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Quote from: NewRanger on October 15, 2019, 10:45:49 PM

Its not good time for us to spending our bitcoin stocks.at this moment bitcoin slowly but sure trying to recovered price could rise and stabel above $8k now.perhaps if there is some trigger we will see bitcoin will flying.moreover halving time will happen in near time.less than one year we will see bitcoin price could back to last all time high again.

Spending bitcoin right now is not a good idea bitcoin is good to hold right now. As we can see bitcoin price now is slowly moving up so expect that bitcoin anytime will grow up again the price. Maybe its so slow but we need patience for right price before we spend it.

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Its not good time for us to spending our bitcoin stocks.at this moment bitcoin slowly but sure trying to recovered price could rise and stabel above $8k now.perhaps if there is some trigger we will see bitcoin will flying.moreover halving time will happen in near time.less than one year we will see bitcoin price could back to last all time high again.

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Quote from: lbassotto on October 04, 2019, 12:37:27 PM

99% of the world's population still does not understand, do not know and do not trust Bitcoin. And everything is fine. Bitcoin adoption is a lengthy process that may take decades or centuries to happen.

I'm just wondering if at least 50% of the world population knows about Bitcoin or using it now then it will add traffic to Bitcoin network due to the increase of users, confirmation for every transcation will take long so my question is do we have solution for this?

Quote from: Aying on October 14, 2019, 12:18:58 AM

Quote from: lbassotto on October 04, 2019, 12:37:27 PM

Do not spend your Bitcoins. Not now.

Is there any perfect time to spend my Bitcoin? if there it is please enlighten me with your words..

I think OP's point is only applicable for holders who have a large amount of Bitcoin on their wallets because they are the one who benefit most when the price skyrocket. For me, I can't stop spending it because Bitcoin is one of the main payment method I used these days for paying anything online as long as Bitcoin is accepted which is one of the reason why it was created, right?

Edraket31

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Quote from: Jorge158 on October 14, 2019, 10:35:07 PM

Well, spending Bitcoin also depends on the purpose of acquiring ones BTC because Bitcoin is dynamic and can be used in various ways. For the user who consider BTC as a currency, they prefer to use BTC in their daily purchases. On the other hand, those that see Bitcoin as an investment opportunity, prefer not to spend but to hold for a period of time for a rise in price.

For me, it is better to use Bitcoin in every aspect so that it can adapt easily. When we use Bitcoin as utility token people will be aware of it and will be curious how Bitcoin works and good thing is that they will try to use it especially Bitcoin could transact faster compare to banks. But, still let's save even a small amount from time to time so we can have something for our future.

Jorge158

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Well, spending Bitcoin also depends on the purpose of acquiring ones BTC because Bitcoin is dynamic and can be used in various ways. For the user who consider BTC as a currency, they prefer to use BTC in their daily purchases. On the other hand, those that see Bitcoin as an investment opportunity, prefer not to spend but to hold for a period of time for a rise in price.

ashmodeus

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well, i dont care about it,i will spend it when i want,because bitcoin is a currency.not something that is considered an investment.
of course maybe someday i will regret my actions,but who care ? not even myself.
"A peer-to-peer eletronic cash system" u saw that for sure, but u still dummy to interpret it.
so how blockchain running ?just let the miners mine some blocks without validating even 1 transaction?
it will make the miner look dummy too, considering he is running a blockchain without any activity in it.
and the miners left the business, and btc have no value after

meliodas

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Quote from: terencio on October 14, 2019, 02:10:33 PM

You may take part and use it to speculate, but Bitcoin should be spent as it is a big reason why Bitcoin was created by Satoshi. Bitcoin should be spent because adoption is very important to make cryptocurrency work. How do you convince other people to use Bitcoin if you're talking only speculation.

You are right but for most of the people since the price of bitcoin has jumped a lot since it is launched, they are now looking at bitcoin as an asset or a form of investment and not a currency anymore. There is a lot of altcoins in the market that they can use as a currency but not bitcoin. Bitcoin charge a higher transaction fee compare to other altcoin so it is not a wise choice to use bitcoin like the fiat currency that we have.

gabbie2010

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People had been deviating from the original feature and whitepaper of bitcoin by satoshi, bitcoin is meant to be an online money system for peer to peer transactions however due to the high volatility nature of bitcoin people tend to use it as store of value, based on the higher rewards or returns, of course no one has to take blame for that because of the anonymity feature of bitcoin a lot of hodlers store it for a purpose while some substantial numbers of people trade it solely for profit making.

terencio

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You may take part and use it to speculate, but Bitcoin should be spent as it is a big reason why Bitcoin was created by Satoshi. Bitcoin should be spent because adoption is very important to make cryptocurrency work. How do you convince other people to use Bitcoin if you're talking only speculation.

BartS

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Quote from: KnightElite on October 06, 2019, 05:31:08 PM

My goal is to increase the bitcoin that I have today and it is the reason why I always use cash even though bitcoin is now available payment in my community. I know the bitcoin will become more valuable and it is the reason why I keep it in my wallet and not spending it.

This is completely natural, you have two options to spend money that is losing value every day due to inflation or to spend money that you know over the long term will gain value, anyone that knows anything about investing will choose to keep the coin that will have an higher value in the future and I am sure many of us are doing the same thing, however if you really need to use your bitcoin then you need to use it, something the OP is completely against.

monineklutak

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Quote from: judeafante on October 14, 2019, 08:09:13 AM

Quote from: lbassotto on October 04, 2019, 12:37:27 PM

Bitcoin was not made to spend. Not for now. There is a misinterpretation of what Satoshi wrote in the Whitepaper: "A peer-to-peer eletronic cash system". He created bitcoin to be an electronic money system. This is a fact.

Before becoming a monetary system, Bitcoin must be able to preserve value over time. After that, he becomes able to earn society's trust and become a genuine cash.

People accept dollars because they believe that money is still backed by gold (as it was until the end of Bretton Woods), or because (unfortunately) they believe the government will guarantee the value of the currency.

That is, people believe in Dollar because they are sure that money will be at the same value tomorrow. Although this is not true.

99% of the world's population still does not understand, do not know and do not trust Bitcoin. And everything is fine. Bitcoin adoption is a lengthy process that may take decades or centuries to happen.

Bitcoin has never been about just being a simple means of payment. It is not like VISA or Mastercard. He is a legitimate Digital Asset and as such needs to earn trust until it is adopted as money.

Do not spend your Bitcoins. Not now.

If we are going to stop spending Bitcoin then we fail and Bitcoin will ceases, Bitcoin was create to be a peer to peer and I don't think Satoshi mention that we should hold Bitcoin because you are going to get rich holding Bitcoin, you have a wrong definition. on what Bitcoin is and the goal it's wants to accomplish, there will be no company that will support Bitcoin no market that will have volume, if traders will have this thinking, I'm glad it's only you, I hope nobody has your kind of thinking.

maybe he was feeling frustrated because his money had run out,
indeed some people experienced it after 2017 then took a lot of casualties because the price of bitcoin was soaring high,
suddenly and dropped dramatically Grin

judeafante

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Quote from: lbassotto on October 04, 2019, 12:37:27 PM

Bitcoin was not made to spend. Not for now. There is a misinterpretation of what Satoshi wrote in the Whitepaper: "A peer-to-peer eletronic cash system". He created bitcoin to be an electronic money system. This is a fact.

Before becoming a monetary system, Bitcoin must be able to preserve value over time. After that, he becomes able to earn society's trust and become a genuine cash.

People accept dollars because they believe that money is still backed by gold (as it was until the end of Bretton Woods), or because (unfortunately) they believe the government will guarantee the value of the currency.

That is, people believe in Dollar because they are sure that money will be at the same value tomorrow. Although this is not true.

99% of the world's population still does not understand, do not know and do not trust Bitcoin. And everything is fine. Bitcoin adoption is a lengthy process that may take decades or centuries to happen.

Bitcoin has never been about just being a simple means of payment. It is not like VISA or Mastercard. He is a legitimate Digital Asset and as such needs to earn trust until it is adopted as money.

Do not spend your Bitcoins. Not now.

If we are going to stop spending Bitcoin then we fail and Bitcoin will ceases, Bitcoin was create to be a peer to peer and I don't think Satoshi mention that we should hold Bitcoin because you are going to get rich holding Bitcoin, you have a wrong definition. on what Bitcoin is and the goal it's wants to accomplish, there will be no company that will support Bitcoin no market that will have volume, if traders will have this thinking, I'm glad it's only you, I hope nobody has your kind of thinking.

iMark

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Quote from: lbassotto on October 04, 2019, 12:37:27 PM

People accept dollars because they believe that money is still backed by gold (as it was until the end of Bretton Woods), or because (unfortunately) they believe the government will guarantee the value of the currency.

That is, people believe in Dollar because they are sure that money will be at the same value tomorrow. Although this is not true.

99% of the world's population still does not understand, do not know and do not trust Bitcoin. And everything is fine. Bitcoin adoption is a lengthy process that may take decades or centuries to happen.

Fiat is believed and is still used because it is depicted from the country's economy, it is wrong if someone says that Fiat will always have the same rate until the future. it will depend on a country's economy, when a crisis occurs then inflation will occur and those who hold fiat will certainly be sad. I still wonder why many people still prefer saving and spending with fiat than seeing other very large opportunities for crypto or bitcoin, which might have an era in the future.

nasipadang

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A lot of misinformation about what you say, you know the dollar is the official currency of the country, and also about the inflation value of FIAT, I'm sure everyone knows. and what does your analysis say 99% of users in the world don't understand bitcoin? You are allowed to argue, but in my opinion what you want to compare with the belief in the dollar is different, it really makes no sense.
Not to spend bitcoin because its value as an asset should be higher than the current price, maybe this is what you want to convey. considering that this digital currency was created by satoshi as a technology that is seen in the future.

Aying

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Quote from: lbassotto on October 04, 2019, 12:37:27 PM

Do not spend your Bitcoins. Not now.

Is there any perfect time to spend my Bitcoin? if there it is please enlighten me with your words.. we know btc will be our future money or it is usable by near future. but, how could we spread it if we not going to use it? Maybe you point it by holding and make profit soon. I will support you with that, because I believe Btc will lift up again. for now we should always be on the look in markets motion.

Jorge158

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The decision to spend ones Bitcoin depends largely on when and at what price the BTC was bought or attained and the current price of Bitcoin. This is what will tell if the holder has made some profit of still in the recovery state. For the profit makers, they can sell their BTC anytime for profit and reinvest.

Sithara007

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Quote from: ice098 on October 13, 2019, 09:21:50 PM

Many of us do panic selling when they hear some fuds and they can see some dip they are too afraid to lose bitcoins , we may not spend bitcoins we dont want but in order for the circulation of it we need to spend it, maybe in some other things, hoarding huge amount of bitcoins is not good for the economy.

What is wrong with hoarding? There is not enough liquidity in the market for Bitcoin to maintain a healthy exchange rate without hoarding. May be that will happen sometime in the future, but under current circumstances hoarding is actually helping those who invest in Bitcoin. And since Bitcoin is not being used as a currency nowadays, I don't think that we can claim that hoarding is something that is weakening the Bitcoin ecosystem. It happens with each and every investment asset.

However one of the disadvantages with hoarding is that if the bearish phase continues for too long, then there is a good chance that at least some of the investors may lose their patience. And once that happens they will be ready to dump their coins at whatever price they could manage. This is what happened in 2015, when Bitcoin touched $200 per coin level. If we want good returns from Bitcoin, then we should be ready to hold on for at least 3-4 years. If the same can be done with gold, then why not try the same strategy with BTC?

ice098

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Quote from: Wysi on October 13, 2019, 05:20:16 PM

Quote from: Brunus on October 13, 2019, 03:04:12 PM

Absolutely agree. As volatile as the situation may be, we know that sooner or later it will stabilize upwards. No one knows exactly how, when and how much. But surely those who are now spending bitcoins will eat their hands.

We have witnessed similar situations since last 3 years but still I fail to understand why do users just do panic selling for slightest dips and end up on losing end as panic sell cause more damage to the bleeding market situation due to increased supply of bitcoin. It's like immature user's loss is trader's gain.

Many of us do panic selling when they hear some fuds and they can see some dip they are too afraid to lose bitcoins , we may not spend bitcoins we dont want but in order for the circulation of it we need to spend it, maybe in some other things, hoarding huge amount of bitcoins is not good for the economy.

hahay

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Quote from: Wysi on October 13, 2019, 05:20:16 PM

Quote from: Brunus on October 13, 2019, 03:04:12 PM

Absolutely agree. As volatile as the situation may be, we know that sooner or later it will stabilize upwards. No one knows exactly how, when and how much. But surely those who are now spending bitcoins will eat their hands.

We have witnessed similar situations since last 3 years but still I fail to understand why do users just do panic selling for slightest dips and end up on losing end as panic sell cause more damage to the bleeding market situation due to increased supply of bitcoin. It's like immature user's loss is trader's gain.

But at least they will learn from mistakes by making repurchases and by not repeating the same mistakes is their mission, so when there is a small decrease maybe it is just a manipulation or carried out by several groups to take advantage of panic sales. The important thing is to learn every mistake because there will be a right time for us to sell when the bull run.

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