One thing I can add here is that when bitcoin was at 1500$, I definitely spent quite a bit on drinks and food and physical items. Now that bitcoin has shrunk back down to 300$, I'm basically holding it. I just can't stand the site of so much btc disappearing per beer. It has a lot to do with the psychology of it. Because I was able to get a whole meal for me and a friend and a few beers 0.05 BTC back in the day, it just feels too painful to spend that much on a pair of drinks nowadays.
This psychology is really a huge mistake.
Please let me copy an
earlier reply to a similar statement:
(people advocating hodling, as if spending them would cost 'too much bitcoins')
No, no, NO! As a strong bullish long-term Bitcoin believer, I completely
disagree 
Even if you consider your bitcoins as long term investment, rather than spending money - what do you think will help raising the value of your precious bitcoins more:
- 1. Hodling your bitcoins and spending USD, thus only stimulating the USD economy
or
- 2. Spending your bitcoins, thus stimulating the BTC economy, and immediately buying back new bitcoins (on exchange or circle or whatever), thus increasing demand for Bitcoin on the market.
Notice that the end result is the same: you essentially purchased some stuff, lost some USD, and kept your BTC. But with option nr. 2, you're actively helping to raise the Bitcoin price level on two ends: Bitcoin economy AND market demand. I really don't understand why even the most fanatic Bitcoin owners don't seem to get this
Especially if you're a Bitcoin fan, believer, enthusiast, investor, or hodler, SPEND THEM! (And immediately refill your stash of bitcoins by buying new ones with fiat)
By just sitting on your coins, instead of using them, Bitcoin won't grow! Spend them, and buy back at the same time.
If you are concerned about the 0.2% exchange fee that this will cost you: think how utterly significant this is when Bitcoin rises a few hundred % in value.
