Don't spend bitcoin. Not now. - page 17.

Wysi

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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.

Harlot

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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.

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.

At first I thought the OP is about not spending Bitcoin because of its current price right now but I think the OP is trying to say not to spend Bitcoin because it is not fully accept/adopted yet and that is where I don't agree. How can we show support in Bitcoin if we just keep it on ourselves and try not to use it, it shows the public that is is better of inside in our mobile wallets and hardware wallets rather than use on what it is intended to be. It's like we are helping the mass adoption not to happen anytime soon since we aren't part of the process of making it happen. Bitcoin hodlers should also be spending it at their own free will and I don't think they need to stop doing it just because of the reason that its not fully adopted yet, we won't make any kind of progress in that way.

Brunus

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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.

henmark

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Because, you are still spending fiat and not bitcoin itself? If you earn bitcoin and spend bitcoin then it is something every single person is doing with fiat, what are you going to do earn in bitcoin but spend in fiat? Where will you find the fiat that you want to spend?

However, if you earn fiat and spend bitcoin than it makes no sense, of course you should keep your bitcoins.

The point is to turn the life into a full circle bitcoin spending, the boss sells a product to a person for bitcoin and makes bitcoin, than boss pays you to make that product in bitcoin than you go buy that product for bitcoin, that is how a full circle of bitcoin goes around, if you get paid in fiat than buy a bit btc to stash aside for the future and spend your fiat for life stuff, its only possible you can spend bitcoin and not worry when you earn bitcoin as well.

bitbunnny

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Quote from: desticy on October 07, 2019, 03:23:09 PM

You yourself said that people believe in dollars because they believe that they are provided with gold, and in theory it is!
But what is Bitcoin provided with? Only by the faith of people that it has value, and because of this, people are ready to exchange their dollars for bitcoin at a high price.
In order to increase people's confidence in Bitcoin, it needs to be spent. Bitcoin should circulate and show everyone that it is significantly better than all other money.

Holding bitcoins for now and even for a long period of time won't contribute to its faster development. If we keep holding all of them, then it will lost its own value as a currency. It would be good to spend some of your bitcoins and some of them left for investments. We should not forget that bitcoin is not just for a sole investment but more of a good currency that will serve as another payment option in the future.

I.completely agree that Bitcoin is not only made to sit idle in.your wallet because it can have use in real life. It's good to be an investment but also some amount should be spent because it's good to multiple purpose and that makes impact on better acceptance.
The key is to find a balance and I think people should have much broader view on Bitcoin than only as an investment asset.

jostorres

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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.

Okay, Mr. know how, I think that what you think you know about satoshi abstract is wrong, probably you mis-interpreted it because if we don't spend bitcoin, how would the law of demand and supply take place to make bitcoin value grow.

I believe you know that the more you spend bitcoin, the more you tend to make demand for it, which it is when demand is higher than supply that bitcoin would be able to grow in value, and before you even advise people, one of the reason why bitcoin is still not getting much of adoption is because people are practicing exactly what you said here, they are just holding their coins for investment purpose only without actually spending it and you can see why bitcoin is just fluctuating, without spending bitcoin, the volatility will never reduce.

desticy

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You yourself said that people believe in dollars because they believe that they are provided with gold, and in theory it is!
But what is Bitcoin provided with? Only by the faith of people that it has value, and because of this, people are ready to exchange their dollars for bitcoin at a high price.
In order to increase people's confidence in Bitcoin, it needs to be spent. Bitcoin should circulate and show everyone that it is significantly better than all other money.

doomloop

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Quote from: agentx44 on October 06, 2019, 10:08:08 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.

It was a nice statement actually and I do agree. Bitcoin was not made to be spent not as soon as it gets its key role on the global monetary system. It is also not the same as dollars though, even though dollars price is also volatile, the decrease and increase is really small unlike in bitcoin, its volatility can be massive. So better think about it first if you are going to spend your bitcoin now, imagine what you could have in the future if you will hold it first.

I am not against spending bitcoins but spending them and then not buying more is harmful with respect to profits. We all know that bitcoin will be gaining value in coming days and to be very honest, it will be somewhere around 30k within next half decade or even less. So the best is to get as much of this asset as possible and hold it for as long as you can. Nothing can make you rich this quickly.

ene1980

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Quote from: Febo on October 06, 2019, 12:56:37 PM

Bitcoin is totally fine to be spent. Problem is that KYC and block chain analysis is cracking its pseudo anonymity. For digital cash to be fungible, that must not happen. I would change your title into, dont spend Bitcoin that is linked to your identity.

Bitcoin just proves that it is the most transparent form of money as every coin minted can be tracked and no one can hide behind it. You are bound to reveal your identity if you are using any financial systems or any purchase with any forms of money and with bitcoin we are seeing that as all the exchanges will force all of its users to undergo mandatory KYC but you can still have your pseudo anonymity.

ufaiz50

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In my opinion that it is people who should need bitcoin, those who believe in bitcoin and those who leave bitcoin.In my opinion currently the digital currency has a large community, and we have to start the change to use digital currency as a currency for transaction tools, that's what I win when it comes to WP bitcoin you said, if not used/spend bitcoin will turn to antiques that are valuable like gold?.

Genemind

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Cryptocurrency as a mode of payment wouldn't grow if people will not spend their bitcoins. There must be a continuous circulation so we're required to balance things. If investors would only hold their bitcoins, then the price might remain stable. After all, it's for us to decide if we'll spend or keep our Bitcoins. Everyone wants a good profit out of our investments but we have our own strategies.

ardentvolcanoes

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Quote from: sotoshihero on October 06, 2019, 06:14:32 PM

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.

I slowly accumulating bitcoin too. I am still hoping another bull run will come and its good to start saving now. Now, bitcoin price is good to buy, I tend to accumulate more as long as I can afford and have an extra cash to get it. I see many store slowly accepting bitcoin and I believe this will help make push for bitcoin price.

The adoptions will start with businesses to accept this payment system, Accumulate as long as you have spare money to invest. Don't worry about this certain fall

chances to bounce will lift things up after more people see this opportunities, Keep yourself believing that the market will bring good benefits to your chosen venue of investment. Don't mind the current fall, try to keep being optimistic and wait until the market gain more support. It will be a profitable venture once you afford to wait.

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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.

Everyone's goal is to increase their Bitcoin holdings. But that doesn't mean that you should never spend your coins. With so many exchanges around, it is not very difficult to convert your fiat cash to Bitcoin. So there is no need to worry even if you have to sell some of your coins to cover some urgent expenses. When I first started collecting Bitcoins, it was very difficult to purchase them. That was the situation at least where I live (India). But with the emergence of peer to peer platforms such as Localbitcoins, this issue has ceased to exist.

That said, users need to decide for how long they are going to hold their coins. They can't hold them for infinity. At some point, they need to cash them out. IMO, I would say long term holders can target 3 to 5 years, while medium term holders can hold the coins for any duration ranging from 1 to 3 years. Holding the coins for very long duration (>10 yrs) is not recommended, because there is always a risk that Bitcoin can be replaced with a better alternative sometime in the future.

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Quote from: sotoshihero on October 06, 2019, 06:14:32 PM

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.

I slowly accumulating bitcoin too. I am still hoping another bull run will come and its good to start saving now. Now, bitcoin price is good to buy, I tend to accumulate more as long as I can afford and have an extra cash to get it. I see many store slowly accepting bitcoin and I believe this will help make push for bitcoin price.

saving it for now would be the best decision to make a profit from your investment. It can be spend if you really need it but as much as possible save it.
The market is highly affected for the sudden decreased in price of bitcoin, it fall over together with other cryptocurrency. Adding your investment is also good since its price is really low compared to its previous ATH.

sotoshihero

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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.

I slowly accumulating bitcoin too. I am still hoping another bull run will come and its good to start saving now. Now, bitcoin price is good to buy, I tend to accumulate more as long as I can afford and have an extra cash to get it. I see many store slowly accepting bitcoin and I believe this will help make push for bitcoin price.

KnightElite

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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.

BitHodler

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Quote from: pixie85 on October 06, 2019, 03:04:01 PM

Deflationary money should be saved and spent for emergencies or treated like a retirement fund.

It technically shouldn't because it's money, but the way it works economically, is that people hoard what they see go up in value as the demand for it goes up. Bitcoin and gold fit in that category.

We have a lot of crypto currencies that do no longer print any tokens, so these are basically deflationary currencies, but since there is no demand for them, they keep slowly losing value to eventually become worthless.

Believe is a very important aspect that people tend to not pay any attention to, because it's largely believe that makes money good money. Bitcoin has some catching up to do in that field.

samcrypto

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Quote from: Vishnu.Reang on October 06, 2019, 02:12:26 AM

What is wrong in spending Bitcoin? If you have expenses or utility bills to take care of, then I don't think that it will be a bad idea to cashout some of your coins. Once you are in a better position financially, you can buy back these coins. Now it is very easy to purchase and sell your coins, with so many exchanges and peer to peer platforms around.

I support this statemet, if you need the money then hesitate to spend your bitcoin because you have to do that instead of borrowing money just to save your bitcoin from cashing out. If the price of bitcoin dumps again then you can always buy bitcoin after all bitcoin should be use to buy and sell not just on holding.

djselery

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Bitcoin is mainly a cryptocurrency and it's created to be firstly a decentralized payment method. So, we have to deal with BTC as a currency and that's will ensure the increase of daily trading volume, and it will also help to increase the BTC's price.
In addition, I agree that's also considered, secondly, as a digital asset and deserve the long term holding.

pixie85

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I still prefer not to spend my coins. There's inflationary and deflationary money. Inflationary money should be spent on goods that you need to use every day or goods that hold value better than fiat. Deflationary money should be saved and spent for emergencies or treated like a retirement fund.

I would spend if there was a convenient way to do so but if I'm to buy a gift card or convert first I'll pass.

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