How does this community use bitcoin?

youdacapt

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Quote from: mrcash02 on May 20, 2017, 01:39:42 PM

While I'm holding my BTCs, I'm threating it as "store of wealth", when I sell it I'm threating Bitcoins as "Speculative Asset", selling it and making some profit over the BTCs, but with intention to buy again later to continue this process in looping. I think option one seems like medium term investment and option two seems like long term investment.

This is effective if we get source of income that continues to flow every week, our brains will think of the next stage of investment assets in bitcoin, the first time i know bitcoin, I feel endless confusion and almost a year I study it, finally I understand many ways to get and use it. For long term assets, bitcoin is very feasible today.

L00n3y

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Well since I'm in this industry for just a year, I'm using bitcoins as a mode of payment online and when having a transactions to people that know BTC also. The habit of " cash out when needed and hold when not " have become the system of mine when it comes to btc. Well as we can see the price it is at the 2000 plus us dollars so I see at as a store of wealth and if I had a lot of cash I would buy at least 10btc.

Mike Mayor

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I use it as a way to pay and be paid. I look at Bitcoin as the newest and greatest technology and I want to be a part of it. Why would I use Stone age fiat Wink

I love that it allows me to be in control of my own money. So I treat it as an investment too as you can see it's done very well and there is no better investment it really is the best way to make money today. This is the technological age guys live it !!

YuginKadoya

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One way or another we can treat bitcoin as what are we planning to do with it, as long as you are earning with it of saving some thing because of it really depends on the situation on what type of things they can do with bitcoin but as the name imply as Cryptocurrency I think we can say that it is really a currency that partially had a value of a money that are very high to dollar right now, and I think you can compare it to gold too because of the relative exchange of the two counter to dollar, well I am treating Bitcoin as both, and I think it depends on the situation on what your gonna be using bitcoin for.

mrcash02

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While I'm holding my BTCs, I'm threating it as "store of wealth", when I sell it I'm threating Bitcoins as "Speculative Asset", selling it and making some profit over the BTCs, but with intention to buy again later to continue this process in looping. I think option one seems like medium term investment and option two seems like long term investment.

ekoice

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Quote from: tomwalsh on May 18, 2017, 05:59:06 PM

What I mean by this is do people view bitcoin as:
1. as a money making asset (which is bought with the intention of creating future benefits/profits), moving back to fiat currency to take profit.
2. as a legitimate currency which people use to store wealth regardless of its price compared to fiat currencies?

I bring up the issue because of so much discussion on the forum around how much people make per week with bitcoin, and am interested to view peoples opinions of what bitcoin is and what they use it for.

Edit:
I think people are confused as to what I mean by currency. If you are treating bitcoin as a currency it is an absolute value, ie. The change in exchange rate between BTC and fiat won't affect your spending habits.
If people are saying they prefer not to spend BTC because they know the price will go up, then they are treating it as more of an asset in my opinion.

Like majority of the people,i have tried a lot to treat bitcoin as an asset since its price is continuously increasing.But i was unable to do that.Since i have lots of expenses,i have to convert my btc to fiat irrespective of bitcoin's price increase or decrease.But those who treat bitcoin as an asset are lucky enough to have a great future.

el kaka22

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Quote from: Mpamaegbu on May 20, 2017, 08:43:58 AM

Quote from: noone000 on May 18, 2017, 09:27:10 PM

Well I think many people, including myself, view the bitcoin as closer to a stock (and money making asset) than an actual currency. People just want to own some BTC because of its rapidly appreciating value compared to other currencies. As far as I know, most places do not even accept bitcoins as a form of of payment. However, as more and more vendors start accepting the BTC , it may not be long until people start considering it a legitimate currency.

Your assessment is top notch. However, I will quickly add that I see Bitcoin as a hybrid between commodity/asset and fiat. And that's what keeps the price soaring

Prices of bitcoin is continuously soaring because less number of people are selling compared to the people who are buying. People may buy bitcoins either to use for his online transactions or move into cold storage for the purposes of making his life into next levels. But I believe that does not matter and what we need to note, is people buy bitcoins but not selling. It means they started using bitcoins for their own purposes.

Hence using bitcoins as currency or investment is no more significant as long as not converting back to fiats.

slaman29

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I guess for people like me, we don't have enough means to store wealth and in fact even if I can get 0.1 BTC it is worth more than my salary. So it's simple. I just keep collecting what I can find. I recently reached my personal target of 0.01 and have just joined a campaign.

Maybe one day I come back and vote for #2:)

Mpamaegbu

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Quote from: noone000 on May 18, 2017, 09:27:10 PM

Well I think many people, including myself, view the bitcoin as closer to a stock (and money making asset) than an actual currency. People just want to own some BTC because of its rapidly appreciating value compared to other currencies. As far as I know, most places do not even accept bitcoins as a form of of payment. However, as more and more vendors start accepting the BTC , it may not be long until people start considering it a legitimate currency.

Your assessment is top notch. However, I will quickly add that I see Bitcoin as a hybrid between commodity/asset and fiat. And that's what keeps the price soaring

electronicash

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some are using btc for gambling. didn't you noticed a lot of gambling sites are being promoted on the signatures of the users here int he forum? you wouldn't wonder why most of these users are also into gambling from card, dice and even sports betting is where they use bitcoin. they'd prefer is with btc because some estate don't allow gambling, if they use btc, they aren't going to be tracked and need not to input their information online.

Vaskiy

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I use it as a speculative asset cum a currency which has got multipurpose usage unlike other digital currencies. Bitcoin is the only storage token that has got good reputation and continue to get used as a currency, investment, trading asset, earning source, transaction support system and so on. The same is not possible with other digital currencies, most were preferred for trading purpose and recently few have reached a state to get acceptance into stores.

adzino

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I mostly got into bitcoin cause it seemed kind of interesting. Here i mostly use Bitcoin as legitimate currency to store wealth and make day to day small transactions just like i would do with a fiat currency. It's much easier and faster.
But as far as i know most people out there take bitcoin as a form of investment where they can make some quick profit and get it back to fiat when it's the right time.

Hazir

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Quote from: tomwalsh on May 18, 2017, 05:59:06 PM

2. as a legitimate currency which people use to store wealth regardless of its price compared to fiat currencies?

If enough people will be using bitcoin and think of it as legitimate currency/asset then it will become one.
This is already happening worldwide, Bitcoin growing acceptance pushed Japan to accept it as legal tender,
Australia will follow with the same law in July. Fiat currencies might be more stable, less volatile and widely used,
but in the end they will reach the point when quantitative easing, national debt, inflation, global economic crisis
or other random event will make it worthless, or a least their purchasing power will be significantly lowered.
With bitcoin being somewhat more of an alternative economy, it is less likely to happen.

DoublerHunter

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You can't tell what is the use of bitcoin in the community specifically because there is a lot of people who are using bitcoin for currency and also an asset so there is no sense to compare because you can have them both. Bitcoin can be use as a currency and pay items using it and also earn profit by having an asset which gives you passive income.

neochiny

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Definitely both! Most may use/set aside a bit for use as a currency like for payments,
shopping online, and the like.
Majority of the assets are used as speculative investments either by being stored/held as is,
used for Trading, Investing, etc.

But, there's also those who convert to FIAT, weekly.

genos

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Quote from: dmamigo on May 19, 2017, 01:09:41 AM

Quote from: Kakmakr on May 19, 2017, 12:49:55 AM

You should add a option number 3 - BOTH

I buy bitcoins and then I hoard about 80% of it and then I use 20% for daily purchases for food and the odd electronics. So for me, it is both a store of value < also trading > and a currency. This is also reflected in the way countries define Bitcoin in their policies. < some see it as a commodity and some as a currency >

Bitcoin break the traditional rules, by being multiple things at the same time. ^smile^

Same suggestion, its being used as both the mentioned reason. Bitcoin has helped greatly for ease of its transaction feature, acceptance of BTC in many online services has made it easy to buy/sell. And also the fluctuating value acts as way of increasing income or value of your money.

Personally I transact and store as well, love to use it as a currency which gives me profit sometimes.

yeah quite sure, i think majority user of bitcoin in this forum do both of those options. Because when user looking for bitcoin only to store, it's not complex. Using bitcoin as like a currency to make a transactions need by users to get experience and following advancement of bitcoin.

Pursuer

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this poll doesn't have a both option yet!
so I voted for currency. but in fact even if anybody is using bitcoin as a currency they are automatically using it as an speculative asset (for profit or as investment) also.
right now we are on the fast adoption part of the chart even though sometimes it seems like price is stable or even dropping but we are still on an S shape chart with the initial slow phase long over and now we are on the steep rise nearly 90 degrees to the moon. and until mass adoption this will continue so the profit will be there. and at the end of this phase (which may take a couple of years) bitcoin will become a currency only with little profit.

irsykes

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i only use it as currency use it to pay something, receive some payment and never save it even a little. actually i am little regret when see bitcoin's rate now because i sell too much in low rate. but still not want to save it for a long time

iqlimasyadiqa

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I think the majority of bitcoin users are those who use bitcoin as an investment to make a profit. They store bitcoin as a very valuable asset. While users who use bitcoin to perform financial transactions are relatively small.

cafucafucafu

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I think that most people would be a combination 1 and 2, but for me it's mainly no. 2.

I'm too unskilled to trade on the markets because bitcoin is so volatile but I can imagine that experienced traders love the fact that bitcoin can be so volatile and they definitely will try to take advantage of that fact.

But for me I'm just a buy and hold guy. I get my coins, I send them through to cold storage, I wait till something bad happens with the economy or I need the cash in an emergency. It's something to fall back on for me.

So I don't really look at the price of BTC that often... Probably only once every few days.

Topic: How does this community use bitcoin? (Read 2444 times)