Don't spend bitcoin. Not now. - page 18.

Febo

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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.

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.

ecnalubma

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We can’t just keep it for long period of time people might not know it exist. Bitcoin is more legitimate than paper money, I think when all Bitcoin is mined and will be scarce that would be the time that we will witness its real potential value. I believe that current prices are still young and still undervalued, but I will make sure that I have kept enough before the mine pool rans out of supply.

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I am also following the fact of not spending bitcoin at the moment since the prices dumped after the small bullish movement but advising this to everyone is not a good thing to be honest because it will give more power to the price manipulators when there is no organic price movement on the demand and supply.

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Quote from: agustina2 on October 05, 2019, 04:15:56 AM

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

There is a misinterpretation of what Satoshi wrote in the Whitepaper: "A peer-to-peer eletronic cash system".

I don't think that there is a misinterpretation about this. The very essence why Satoshi wrote it that way is for us to be able to have convenience in using electronic cash payment transactions same as we are using fiat money. So definitely, we are meant to use it and not just to keep it to ourselves.

How can other people gain their trust in adopting bitcoin if we, the ones who already know about bitcoin, won't be able to use it or spend it? By using or spending it, we are giving awareness so more people will be able to use it as well.

Bitcoin is a currency just like any other paper currency used throughout the world. The only difference is that bitcoin is completely a digital currency and such currencies have never been used earlier for buying things except for movies. As you said, bitcoin users are the ones who can make it common for those who are unaware of this currency by using daily purchasing and selling. The more bitcoin users, the more powerful it is.

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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.

Chill guys, it looks like OP was just trolling. It's kinda triggery what OP said but here is my explanation for that. Earnings bitcoins and not spending it will just make you insane to the crowds, tomorrow is never always promise, we can' bring bitcoins we have and other altcoins to our death, it will just go to nothing, resting on our hardware wallets and our love ones are trying to open it but they can't.

My rule is, I work hard to earn bitcoin, I shop hard after I turned my bitcoin into fiat, we just gotta live the life to the fullest, that is the reason why we are earning money since the first day.

agentx44

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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.

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.

jeraldskie11

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We can say that is the reason why Satoshi Nakamoto made Bitcoin. But I think it takes a lot of time to happen. Governments will do a devate for that and I think it has a possibility to win for the Bitcoin because they can see Bitcoin now is very good to our economy. We just need to have patience for it.

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Quote from: mersal on October 05, 2019, 07:42:56 AM

Quote from: coolcoinz on October 05, 2019, 07:10:15 AM

Quote from: mersal on October 05, 2019, 05:27:25 AM

Don't spend bitcoin for trading,spend it as money that is what I tried to say.If we keep using bitcoin only as trading purpose then it will never become a main stream payment.

The question I'm always asking people with opinions similar to yours is: Why would I spend Bitcoin that appreciates in value and not fiat that depreciates?
I have fiat and Bitcoin, every month I earn fiat and Bitcoin. Fiat at work, bitcoin through a sig campaign. Why would I hold my fiat and spend Bitcoin? This is just unreasonable to me. I've been doing the opposite for years now and it's been great for me.

So everyone see the bitcoin as investment thing over currency? There is no doubt that we can get more value for our bitcoin if we hold it for few more years but imagine if everyone think the same then what will happen? More people claim that bitcoin will not be replacing the fiat and people also will trust it over time if the same thing continues so real adoption will never happen,IMO.

So you want some of us to sacrifice future profits for the greater good? Do you want to be the one to spend your Bitcoins now and deny yourself the possibility of earning big profit after the halving? If I spent my Bitcoins a year after buying them, I'd probably be at a loss and have a bunch of things that lost value when I took them out of the box.
I understand that for some of you spending might be "the right thing to do" but in 2 or 3 years you'll see that it really wasn't.

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Quote from: imstillthebest on October 06, 2019, 03:15:26 AM

that is if you dont have anything aside from a bitcoin on your wallet . if that is your case then you dont have a choice to use your bitcoin or else you will be blackout if you dont pay your electric bill but if you have some money left on your physical wallet , why dont you use that first before thinking of using your bitcoins . that is more ideal because its not volatile and its not hassel to use that . while on bitcoin its hassel because some billing provider dont accept it directly and you can also have the ability to earn more if you hodl it for now .

Well.. let me talk about another scenario. Imagine 90% of my portfolio is consisted of cryptocurrency and the remaining 10% is made up of equities and mutual funds. And I have run out of cash, and I need to dip in to my savings to cover my expenses. Would you be willing to sell some of the mutual funds, despite them consisting just 10% of the savings? I would first encash some of my coins, or make a proportional spending (90/10) by cashing out from both my coin holdings and from the demat holdings. Ideally, I would be looking to bring down the proportion of cryptocurrency in my portfolio and to diversify it to reduce the risk.

NathanJB

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I'm sorry but I don't agree with you. I want Bitcoin to become a currency more than an speculative asset. It is when Bitcoin becomes used as a currency that it truly fulfills its goal.

You may actually be right or wrong. I cannot say that because I have not studied in details the history of money. What I know for sure is that people were not ignorant when the modern world started using physical money. I think the majority did not know that it is not backed up by gold anymore but they don't care. What they probably had comfortable with in using it was the assurance from the government that the money they are using are under direct control and regulation of their government.

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

Do not spend your Bitcoins. Not now.

If people would go by what you're saying, Bitcoin would be no better than any dead altcoin.
You really think that those huge farms would mine Bitcoin if there wouldn't be a financial benefit (in fiat)?

Bitcoin is intended to be spent. It's "A peer-to-peer electronic cash system" system. And cash is not meant to hold under the mattress.
It would be good (nice) if we could try to enforce the spending instead of selling for fiat to increase the Bitcoin economy. But even that's near to impossible now.

Colt81

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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.

In my own point of view, it depends to the bitcoin user on how they will use their bitcoin because there are people who invest and trade in bitcoin to provide their necessities, that is why they have their reasons on why do they spend their bitcoins. It's true that there are still people who don't trust bitcoin because of illegal acts, but in the near future people will realize that bitcoin can be trusted.

uray

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Quote from: agustina2 on October 05, 2019, 04:15:56 AM

How can other people gain their trust in adopting bitcoin if we, the ones who already know about bitcoin, won't be able to use it or spend it? By using or spending it, we are giving awareness so more people will be able to use it as well.

You are talking about a different subject altogether, if you want awareness about bitcoin and you want to spend where ever you can, then the major retail stores should start accepting bitcoin so that we will be able to use bitcoin. Other than that if you are spending the coins online how can you get the exposure you are talking about. Unless there is no other option to spend what is wrong in hoarding and keeping it as an asset.

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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.

The decision should be made by the owner but I think it should be a great to spend it to spread awareness .
This could attract other people to get into crypto but the problem is the owners who doesn't want the adoptation to move on.
I know that Bitcoin have a huge potential to grow so I guess the wallets or payment method should give some rewards or cashback to the users who would use crypto as payment.

Astvile

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Well, everything has a use and everything in the world is made for something but became useful for another thing. That is bitcoin yes it is made to be a peer to peer or just like real currency but we utilized it and made it as an investment, I can't see something wrong if you spend your bitcoins right now, besides it's your own money so no one should dictate you on what to do with that.

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Quote from: pinggoki on October 06, 2019, 03:08:36 AM

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.

Indeed, its up to the people themselves what to do with their bitcoin whatever they want. If you have no special reason to spend your bitcoin then just leave it and don't spend into insignificant things but if you do have some expenses to deal with then don't hesitate to use it. Bitcoin is not supposedly to use as an asset but remember it was also a currency and currency are meant to use for daily transaction.

that is if you dont have anything aside from a bitcoin on your wallet . if that is your case then you dont have a choice to use your bitcoin or else you will be blackout if you dont pay your electric bill but if you have some money left on your physical wallet , why dont you use that first before thinking of using your bitcoins . that is more ideal because its not volatile and its not hassel to use that . while on bitcoin its hassel because some billing provider dont accept it directly and you can also have the ability to earn more if you hodl it for now .

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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.

If it was not made to spend then what is the main reason why Bitcoin is created?? Yep it is created to be an electronic money system that will be use by people to transfer their funds from point A to point B. It really depends on how the holder of Bitcoin sees it. I use Bitcoin to buy some of my needs (thru conversion) and some of it to hold.

pinggoki

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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.

Indeed, its up to the people themselves what to do with their bitcoin whatever they want. If you have no special reason to spend your bitcoin then just leave it and don't spend into insignificant things but if you do have some expenses to deal with then don't hesitate to use it. Bitcoin is not supposedly to use as an asset but remember it was also a currency and currency are meant to use for daily transaction.

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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.

Actually, it depends upon your perspective, I mean if you see it as an asset then don't spend and if you see it as normal currency like fiat then do anything you to do with it. Bitcoin is versatile, so you could choose whatever you want to do with it. In my case, I see bitcoin as an asset that is why I spend my money to purchase bitcoin and I do hold it because I believe that it will give a high return as the uptrend comes.

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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.

blah blah

blah blah blah

blah blah blah blah

Do not spend your Bitcoins. Not now.

Yeah, I am sure some internet random on bitcointalk knows better what Satoshi's real vision is then satoshi himself.

You do understand how ridiculous you sound telling people how and when they should spend their BTC? What if I have a medical emergency? Should I choose to die because spending my BTC now is the wrong time? It's money, anyone will spend them however and whenever they want. Simple as that.

Topic: Don't spend bitcoin. Not now. - page 18. (Read 3832 times)