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Topic: How can you spend bitcoin if you do not earn bitcoin? - page 2. (Read 1358 times)

sr. member
Activity: 266
Merit: 250
it is not a good move to use fiat money to buy bitcoin and then spend the bitcoin as it will turn out to be more expensive and ineffective

Why?



simply because you lose more if you spend those bitcoins because they rise in value, unlike fiat which is inflationary. If say today you bought a laptop for 1 btc @450. Tomorrow the price of btc goes up 10% to 495 and the vendor adjusted the btc price accordingly to 0.9 btc. You lose out 0.1 btc, if only you just waited the next day to buy that same laptop but at 0.9btc. Spending btcs will always be a loss because it's deflationary.
legendary
Activity: 3598
Merit: 2386
Viva Ut Vivas
it is not a good move to use fiat money to buy bitcoin and then spend the bitcoin as it will turn out to be more expensive and ineffective

Why?

hero member
Activity: 630
Merit: 500
Work for those who adopted it...?

Honestly though, instead of working for fiat sell goods or services for Bitcoin. It works. You get BTC/XBT and they get a thing provided for them.

good idea, so if everyone of the 1 million population that currently owning bitcoin start selling stuff for bitcoin, the community of bitcoin will grow and circulation of bitcoin would be more healthy, where by everyone would selling stuff to earn bitcoin and spending bitcoin
legendary
Activity: 2506
Merit: 1030
Twitter @realmicroguy
Say for example, your daily job pay you fiat on monthly basis, so you got the fiat money to spend,

it is not a good move to use fiat money to buy bitcoin and then spend the bitcoin as it will turn out to be more expensive and ineffective

the only thing i can think of is that you mine bitcoin and then spend the bitcoin you mine, however, this turn out to be ineffective as well due to the fact that difficulty have increased, and you can only mine less and less bitcoin per month

the other way is that you are the early adopter where you got more than 10000 bitcoin to spend , so you just spend it like normal fiat money

however

the 99.99% of population is not the early adopter and I can see no reason why anyone would spend bitcoin , anyone please think of a good idea how can we solve this

One reason to use Bitcoin is that it's not subject to the control of a central authority who can arbitrarily inflate the money supply.

Therefore, once you convert your fiat into Bitcoin (or other cryptos) you are preserving wealth but trading some convenience by having access to fewer supported merchants. The law of supply and demand dictates that the bitcoin price must increase if mass adoption is successful.
legendary
Activity: 1218
Merit: 1007
Work for those who adopted it...?

Honestly though, instead of working for fiat sell goods or services for Bitcoin. It works. You get BTC/XBT and they get a thing provided for them.
hero member
Activity: 630
Merit: 500
Say for example, your daily job pay you fiat on monthly basis, so you got the fiat money to spend,

it is not a good move to use fiat money to buy bitcoin and then spend the bitcoin as it will turn out to be more expensive and ineffective

the only thing i can think of is that you mine bitcoin and then spend the bitcoin you mine, however, this turn out to be ineffective as well due to the fact that difficulty have increased, and you can only mine less and less bitcoin per month

the other way is that you are the early adopter where you got more than 10000 bitcoin to spend , so you just spend it like normal fiat money

however

the 99.99% of population is not the early adopter and I can see no reason why anyone would spend bitcoin , anyone please think of a good idea how can we solve this
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