Topic: I went to a bitcoin meetup Many people there had bitcoin, no-one actually use it (Read 849 times)
June 30, 2019, 06:36:12 PM
So far, many people don't use Bitcoin or other cryptos for certain payment method. Many bitcoin holders use Bitcoin for digital asset investment and trading. From those, they will earn more profits. Of course, probably it will also be avilable for transaction usage but ot for this time. One to remembe, this is a digital currency. Everybody has different choice to implement this coin.
June 30, 2019, 06:04:23 PM
Well I did, back in 2014 (I think) I bought hundreds for about $250 each and and then got an equal number of bitcoin cash for free when that came out.
A year and a half ago used it to buy a new farm house and barn on 40 acres of land (ten acres pasture and rest forest), new tractor, soapstone wood stove, (and 20 percent capital gains tax). Still have quite a number left.
There - someone used it.
A year and a half ago used it to buy a new farm house and barn on 40 acres of land (ten acres pasture and rest forest), new tractor, soapstone wood stove, (and 20 percent capital gains tax). Still have quite a number left.
There - someone used it.
Well, you used it in exactly the way the OP is complaining about -- holding for years. I don't have any problem with that, myself. Just saying.
Between Bitcoin's scarcity and the speculation about its future adoption as gold-like money, I can't blame anyone for holding it as an investment rather than spending it as a currency.
June 30, 2019, 05:09:41 PM
It's the truth. Now people look at bitcoin as an investment tool and a way of earning. So that they can think about using bitcoin as a payment for something, they have to get a lot of money. Then such people will have other goals for crypto.
June 30, 2019, 11:10:31 AM
About 90% of the entire number of people in the Bitcoin ecosystem value Bitcoin as a financial asset rather than seeing it as a currency used for exchange of goods and services. Most of them usually prefer to hodl their Bitcoin rather than using it for their online transactions. If this continues, its gonna take a long time for Bitcoin to be seen as a currency for exchange of goods and services..
June 30, 2019, 10:37:09 AM
You could convert your fiat to bitcoin before you buy something. I do this. I don't enjoy PayPal or banking and I prefer the ease crypto brings. I have waited like 3 days for a bank transaction to clear. I use mycelium wallet and take a scan of the QR code. No need to do anything but that. The fee and amount and address is done automatically. The fee according to your own settings. It is almost instant and works very well.
Crypto is just better in every way and I only use fiat when I absolutely have to and when I need cash for going to certain events or markets where they only take cash.
Damn dude you lucky. Perfect timing.
Crypto is just better in every way and I only use fiat when I absolutely have to and when I need cash for going to certain events or markets where they only take cash.
Well I did, back in 2014 (I think) I bought hundreds for about $250 each and and then got an equal number of bitcoin cash for free when that came out.
A year and a half ago used it to buy a new farm house and barn on 40 acres of land (ten acres pasture and rest forest), new tractor, soapstone wood stove, (and 20 percent capital gains tax). Still have quite a number left.
There - someone used it.
A year and a half ago used it to buy a new farm house and barn on 40 acres of land (ten acres pasture and rest forest), new tractor, soapstone wood stove, (and 20 percent capital gains tax). Still have quite a number left.
There - someone used it.
Damn dude you lucky. Perfect timing.
June 30, 2019, 10:29:33 AM
Well I did, back in 2014 (I think) I bought hundreds for about $250 each and and then got an equal number of bitcoin cash for free when that came out.
A year and a half ago used it to buy a new farm house and barn on 40 acres of land (ten acres pasture and rest forest), new tractor, soapstone wood stove, (and 20 percent capital gains tax). Still have quite a number left.
There - someone used it.
A year and a half ago used it to buy a new farm house and barn on 40 acres of land (ten acres pasture and rest forest), new tractor, soapstone wood stove, (and 20 percent capital gains tax). Still have quite a number left.
There - someone used it.
June 29, 2019, 09:19:16 AM
I think there are reasons why they are not using it.
1. It is because they believe that when they are holding Bitcoin, their money can double in a few years. In short, they are hodlers and not spenders.
2. It is because they can't use it to buy something in the internet. Yes there are some establishments and sites who are accepting crypto but maybe they are interested on it.
I spend my Bitcoin rarely when I'm in need of money. I convert it to fiat then withdraw it.
1. It is because they believe that when they are holding Bitcoin, their money can double in a few years. In short, they are hodlers and not spenders.
2. It is because they can't use it to buy something in the internet. Yes there are some establishments and sites who are accepting crypto but maybe they are interested on it.
I spend my Bitcoin rarely when I'm in need of money. I convert it to fiat then withdraw it.
June 29, 2019, 08:30:13 AM
People who are involved in bitcoin usually hold all of their savings till the next price hike. When the value of bitcoin begins to skyrocket, people tend to hold back and ask for "more". they arent that satisfied with the current value and so that is why the portfolio is left untouched. Since bitcoin's value is ever-changing, People often wait for the price to go beyond of what is expected. It would be a shame if they use their bitcoins prior to the increase in value, that's why they are being cautious as to when they will use it.
June 29, 2019, 08:18:13 AM
To be honest I think they are sane enough to store it as an investment, when you buy in Bitcoins you loose all future hope of it being doubled or trippled , when it hits high , you are going to regret that decision of buying with them , I personally believe that it is not supposed to be used as a Currency as a whole , it works best when it's being used as an investment , remember the person who actually brought the pizza for what could have made him a millionaire ?
Well no one wants to end up like this.
I think Holding is the key .
Well no one wants to end up like this.
I think Holding is the key .
June 29, 2019, 08:15:08 AM
Well, in every country situation is different.
For example, in my country there is no many ways how I can spend my Bitcoin.
Alsp, we have just a few bitcoin ATM in the whole country.
If we try to exchange bitcoin to fiat in other way, we have to pay very high taxes so again no reason to sell it.
The best is still to hold bitcoin and wait for the praice increase and much higher profit later, when surely we will have many more ways to spend bitcoin.
For example, in my country there is no many ways how I can spend my Bitcoin.
Alsp, we have just a few bitcoin ATM in the whole country.
If we try to exchange bitcoin to fiat in other way, we have to pay very high taxes so again no reason to sell it.
The best is still to hold bitcoin and wait for the praice increase and much higher profit later, when surely we will have many more ways to spend bitcoin.
June 29, 2019, 08:10:27 AM
Bitcoin is a store of value, an investment with an anticipated future rise in price, so i would rather have my bitcoin in my wallet than spend it. Imagine i have sold or use my bitcoin 3 months back when the price was $3300, what would have been my faith by now? The hodl approach continues, am holding my bitcoin till it hits $100k. Lets meet at the top.
June 27, 2019, 06:36:18 AM
It's because of the possibility that the value might increase. It would be a big waste if the value suddenly increases after they use their bitcoin. I think that's one of the reason why they don't use it.
Maybe they will use it if they really need it. I tbi k they are just being careful
Maybe they will use it if they really need it. I tbi k they are just being careful
June 27, 2019, 06:32:51 AM
I went to a bitcoin meetup in my town (I'm going every few weeks for almost 2 years)
Because the market is rising now I somehow got into a talk with like 8 people about what they did recently or plan to do with their bitcoins.
All of them didn't touch their portfolio since the beginning of 2018
They didn't even use it for a small transaction.
there is a topic that always someone mentions and that's 'Why would I use bitcoin to buy something today when in two months from now my bitcoin might worth double'
I don't use my bitcoins as well and in some way, I think that the hodl approach is hurting us. I would like to know what the community here thinks.
Because the market is rising now I somehow got into a talk with like 8 people about what they did recently or plan to do with their bitcoins.
All of them didn't touch their portfolio since the beginning of 2018
They didn't even use it for a small transaction.
there is a topic that always someone mentions and that's 'Why would I use bitcoin to buy something today when in two months from now my bitcoin might worth double'
I don't use my bitcoins as well and in some way, I think that the hodl approach is hurting us. I would like to know what the community here thinks.
You have a point because of the bull run you have a second thought of buying something when the price will go up, and this hurt Bitcoin as a peer to peer payment processor, but we can't blame Bitcoin holders because they treat it as a store of value with a huge profit but when the price normalizes people will use it to buy something.
June 27, 2019, 03:25:41 AM
I think that the hodl approach is hurting us.
Hodling defeats the purpose of bitcoin being a peer-to-peer currency but hodling also helps keep the supply even more scarce and that leads to the increase in price. I guess this is like a double edge sword? June 27, 2019, 03:07:52 AM
I went to a bitcoin meetup in my town (I'm going every few weeks for almost 2 years)
Because the market is rising now I somehow got into a talk with like 8 people about what they did recently or plan to do with their bitcoins.
All of them didn't touch their portfolio since the beginning of 2018
They didn't even use it for a small transaction.
there is a topic that always someone mentions and that's 'Why would I use bitcoin to buy something today when in two months from now my bitcoin might worth double'
I don't use my bitcoins as well and in some way, I think that the hodl approach is hurting us. I would like to know what the community here thinks.
Because the market is rising now I somehow got into a talk with like 8 people about what they did recently or plan to do with their bitcoins.
All of them didn't touch their portfolio since the beginning of 2018
They didn't even use it for a small transaction.
there is a topic that always someone mentions and that's 'Why would I use bitcoin to buy something today when in two months from now my bitcoin might worth double'
I don't use my bitcoins as well and in some way, I think that the hodl approach is hurting us. I would like to know what the community here thinks.
yeah, i have the same attitude. I'm not touching my btc since 2 years... as long as we get more and more holders into it, the fucking whales can dump their shit to strong hands... bitcoin will rise naturally by less supply on exchange and higher demand.
June 27, 2019, 03:04:12 AM
I think they all know what will happened this 2019 and they managed to hold it until 2019 it's so lucky that you've attending those kind off meet up or conference and meeting persons who are crypto minded and I think most of them are real investors and does know a lot about technical analysis/market analysis in where you can ask for their opinions and gain knowledge from their experience and opinions.
June 27, 2019, 02:11:35 AM
Same situation here, a lot of bitcoin holders won't going to touch their bitcoin until their price target is reached because they all knew of the ongoing bitcoin bullrun that may possibly reach another all-time high. Hodl strategy, I believe, is most profitable when bitcoin is reaching another high. Another potential coin to hold is ethereum which followed bitcoin in 2017 and eventualky reached its all-time high in January 2018 might also follows bitcoin again this year
June 27, 2019, 01:33:20 AM
people eventually realized it would be more practical and profitable to just HODL on their Bitcoins rather spend them
this just is not true
other people are spending BTC, and that's a big part of what's maintaining the BTC price. Just dump fiat when you receive it, then spend BTC. Easy.
June 27, 2019, 12:18:29 AM
I went to a bitcoin meetup in my town (I'm going every few weeks for almost 2 years)
Because the market is rising now I somehow got into a talk with like 8 people about what they did recently or plan to do with their bitcoins.
All of them didn't touch their portfolio since the beginning of 2018
They didn't even use it for a small transaction.
there is a topic that always someone mentions and that's 'Why would I use bitcoin to buy something today when in two months from now my bitcoin might worth double'
I don't use my bitcoins as well and in some way, I think that the hodl approach is hurting us. I would like to know what the community here thinks.
Each person has a different investment strategy, in my opinion, if you are a person with good trading knowledge, you should take advantage of it to get a greater profit than hold and wait for higher prices. .Because the market is rising now I somehow got into a talk with like 8 people about what they did recently or plan to do with their bitcoins.
All of them didn't touch their portfolio since the beginning of 2018
They didn't even use it for a small transaction.
there is a topic that always someone mentions and that's 'Why would I use bitcoin to buy something today when in two months from now my bitcoin might worth double'
I don't use my bitcoins as well and in some way, I think that the hodl approach is hurting us. I would like to know what the community here thinks.
But hold is also a good strategy, it is like a long-term investment but interest rates are much higher than depositing banks.
If I have a lot of money, I will also buy BTC and ETH to hold until 2025. I believe its value will continue to grow every year.
June 26, 2019, 11:38:44 PM
Until now, several years later after Satoshi founded Bitcoin, the primary objective has not been met yet. Basically, the reason is that the value of BTC unexpectedly went really high so fast that people eventually realized it would be more practical and profitable to just HODL on their Bitcoins rather spend them, as originally designed. I myself am guilty of this in a way. But I do use a little every once in a while. The rest I want to keep for future growth in value.
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