I went to a bitcoin meetup Many people there had bitcoin, no-one actually use it - page 4.

Jating

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Quote from: jonathan6655321 on June 25, 2019, 01:14:12 AM

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.

Why would the HODL approach hurt us though, I mean you can just buy forget about and that is. And that is why bitcoin to others is more of an investment or store of value, but on the opposite of the spectrum those who wanted to used it as a sound money.

Personally though, I used my coins to pay my monthly bills, and then I store some. And then I buy when I had a chance. I think we can't blame those who wanted to hodl for so long and those who wanted to used it as money.

Red-Apple

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that is exactly why we have not yet reached mass adoption stage and are stuck in a very small percentage of adoption which experts estimate to be around 1% only.
exactly because many people aren't still spending their bitcoins and only use it as an investment. of course the high fees doesn't help that much either.

aad140386

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simply getting the job done

There are rational thoughts in your words, and I think every thinking person has thought about this more than once. With sadness, it must be stated that all these years Bitcoin has been an asset for investment, but not by any means of payment. To pay for something, it is used in the best case of 3-5% of all investors. Bitkion is now used as high-yield and high-risk bonds. I hope that in the future everything will change. But this requires a stable bitcoin rate.

joseafonso123az

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The fact is, even I dont use what I have in terms of cryptos. Where I live, theres is not that much of knowledge about it, so there is no way I can use it in my market. Online I could, but havent yet. Maybe for trading, it might be more useful at this time. I also believe that the Holders of the cryptos have also mistrust in using BTC, that is why it is not getting used between the big companies and industries.

o_e_l_e_o

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Quote from: avikz on June 25, 2019, 03:07:13 AM

HODL approach is definitely hurting us, but we are also helpless in this case because we can't find any single place to spend that bitcoins!

Go out and change that then!

No vendor is going to go to the effort of starting to accept bitcoin unless they know there is a demand for it. Ask places if they accept bitcoin. Get your friends to do the same. Sure, this isn't going to work with big national corporations (although I have emailed a couple of companies which I frequent asking them to consider bitcoin - no luck yet), but it can often work with small independent retailers - anything from food trucks and stands through to a gym or personal trainer.

Personally I spend several hundred dollars worth of bitcoin every month, both in personal and online, while also adding to my longer term holding stack. Best of both worlds.

Vinalians

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That is the problem in so many people today. We can't blame them because some of them, actually many of them knew bitcoin because of it's value. The inflation and volatility of it. They knew bitcoin including myself that bitcoin can be worth more valuable in the future. Time will come and many of people will also know bitcoin but I'm sure in the near future the idea of bitcoin will be so much useful.
I sometimes use bitcoin as a mode of payment but not always also because of the value of it, the increasing of it and I will regret if the value comes up again and I have no hold even small amount of it so I am not using it every time in my transaction.

avikz

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Quote from: jonathan6655321 on June 25, 2019, 01:14:12 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.

It is a common mindset everywhere in the world! No one actually uses bitcoin, instead they are just adding to their hoardings! But if you think that it is only their mindset, then it's wrong as well! Unless and until you are living in Japan or Germany, you won't find a single place to spend your bitcoins! In my country, I can find zero places where I can actually spend my bitcoins against any product or services. So it is not only mindset, rather it is the scarcity of the merchants who accepts bitcoin as well!

HODL approach is definitely hurting us, but we are also helpless in this case because we can't find any single place to spend that bitcoins!

figmentofmyass

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Quote from: hatshepsut93 on June 25, 2019, 02:26:24 AM

Quote from: figmentofmyass on June 25, 2019, 02:04:31 AM

fortunately, there is strong and growing demand for bitcoin's trustless, borderless, censorship-resistant payments in spite of the temptation to hoard it. transaction volume continues to rise: https://www.blockchain.com/en/charts/n-transactions-per-block?timespan=all

Those things are important in certain narrow scenarios, and they do make Bitcoin very valuable, but those things don't apply to our everyday transactions like buying groceries, and in this situations it can be hard for Bitcoin to compete, because it comes with burdens like managing your own keys, while payment companies are giving people bonuses like cashback for using them.

people need to use bitcoin for it to remain valuable. there's no doubt about that. but it doesn't mean everybody needs to use it for their coffee or grocery transactions. there is a middle ground between "no transactions at all" and "buying your coffee everyday with bitcoin" right? i'm guessing bitcoin will occupy that middle ground. for everything else, there's offchain solutions......or credit cards.

hatshepsut93

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I spend Bitcoin in a sense that I sell it and spend obtained fiat, but the last time I actually used Bitcoin as a currency was in 2017 when Steam accepted Bitcoin. I just don't know what to do with Bitcoin - I'm not interested in gambling, sex services, darknet goods - the things that you usually can buy with BTC.

Quote from: figmentofmyass on June 25, 2019, 02:04:31 AM

fortunately, there is strong and growing demand for bitcoin's trustless, borderless, censorship-resistant payments in spite of the temptation to hoard it. transaction volume continues to rise: https://www.blockchain.com/en/charts/n-transactions-per-block?timespan=all

Those things are important in certain narrow scenarios, and they do make Bitcoin very valuable, but those things don't apply to our everyday transactions like buying groceries, and in this situations it can be hard for Bitcoin to compete, because it comes with burdens like managing your own keys, while payment companies are giving people bonuses like cashback for using them.

Ethan Sanders

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Quote from: jonathan6655321 on June 25, 2019, 01:14:12 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.

Interesting fact - I often meet the signs "we accept bitcoin" at the points of street food. Does anyone really buy hotdogs for bitcoins? All my friends just do not. They consider cryptocurrency a long-term investment. I disagree. A long-term investment is a real estate. And bitcoin is a big purchase.

figmentofmyass

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bitcoin's monetary properties definitely discourages spending. this is natural due to gresham's law---why spend bitcoin when you could spend your quickly inflating fiat money instead? bad money drives good money out of circulation.

fortunately, there is strong and growing demand for bitcoin's trustless, borderless, censorship-resistant payments in spite of the temptation to hoard it. transaction volume continues to rise: https://www.blockchain.com/en/charts/n-transactions-per-block?timespan=all

Pursuer

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Quote from: jonathan6655321 on June 25, 2019, 01:14:12 AM

All of them didn't touch their portfolio since the beginning of 2018
They didn't even use it for a small transaction.

that has always been the case during bear markets. people tend to not spend their bitcoins when price is falling and on the contrary when price is rising (the bull market like what we had in 2017) they are more willing to spend it because of the price rise.
for example if you check BitPay's annual stats report you can see in their monthly charts that the ATH of people spending money through their services (which means buying things from merchants with bitcoin) coincides with ATH of price.

mk4

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Paldo.io 🤖

Quote from: jonathan6655321 on June 25, 2019, 01:14:12 AM

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've always had mixed feelings with this. I personally couldn't still have a solid decision if I agree with it or not. It makes sense though, because why would you spend something that could be worth a lot more in the future; but at the same time, it defeats the peer-to-peer cash use-case.

I believe it can be both though. But it just depends on the person I guess? In the end, it's their money so they can freely choose to either hold or spend.

jonathan6655321

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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.

Topic: I went to a bitcoin meetup Many people there had bitcoin, no-one actually use it - page 4. (Read 849 times)