Topic: If Bitcoin is legal tender in your country, would you really spend it instead of - page 2. (Read 248 times)
June 26, 2021, 06:16:32 AM
OP, why should anyone spend their Bitcoin if it’s still on its path of price discovery to six digits? There’s a time for spending, and there’s a time for saving/HODLing. Although you can always do both of them, spend some, and HODL some. It’s permissionless.
June 26, 2021, 06:04:45 AM
People, especially lower class, occasionally find themselves in need to tap into their savings to cover some spendings, and that's how Bitcoin would likely work - it will be a saving account first and currency second. In my country people prefer to keep their savings in US dollar, as it's more reliable than the local currency, but people occasionally have to pay with US dollars or convert them and spend them.
Some people might go 100% on Bitcoin if it will be convenient enough. In that case they will be spending Bitcoin like any other currency.
Some people might go 100% on Bitcoin if it will be convenient enough. In that case they will be spending Bitcoin like any other currency.
June 26, 2021, 04:48:08 AM
Given that most of us believe that Bitcoin will increase in value over time, you will want to spend it instead of Hoddle and let it appreciate.
Example: Suppose I bought a car with 1 Bitcoin today, but the value of Bitcoin doubled next week, which means I'd better use fiat currency.
Do you think so?
Example: Suppose I bought a car with 1 Bitcoin today, but the value of Bitcoin doubled next week, which means I'd better use fiat currency.
Do you think so?
You are talking about situation when all your wealth is stored in fiats and you treat BTC as investment only ("believe that Bitcoin will increase in value over time"). In such case for sure, you will spend fiats. But if your all wealth is stored in BTC, you get your salary in BTC, you pay your taxes in BTC, you get loan in BTC you use crypto wallet instead of bank account ... you will spend BTC for everyday things because its the only means of payment you have. You may even use BTC to invest in fiats (sound strange for non crypto people) and put it in safe place (in case something bad will happened to BTC) - in this case you will also use BTC for everyday payments.
In Salvador question is. Do you want to use dollars and store all your wealth in an asset that was printed +25% in last year, that lost 95% of its purchasing power in last 110 year or you want to store your wealth in BTC and use BTC for everyday spendings.
June 26, 2021, 04:46:49 AM
Example: Suppose I bought a car with 1 Bitcoin today, but the value of Bitcoin doubled next week, which means I'd better use fiat currency.
Do you think so?
I will prefer to spend the cash instead, but it also depends, if I am predicting bear market is near, I can decide to spend bitcoin, but in most cases, I will prefer to spend fiat instead of bitcoin. Bitcoin can increase in value unlike fiat that will not. But there are times I do not have option than to use bitcoin, especially when the fiat to be used will be of high fee, like when paying for items bought from outside the country. Fiat and bitcoin have different purposes, you can not expect me to spend bitcoin for daily spendings while buying items in my country, I will prefer to spend fiat instead. Do you think so?
June 26, 2021, 04:44:17 AM
If people thought that way, then no one would use Bitcoin as a currency, which was the primary goal. Anyone who has been involved in paying with BTC for a long time (at least 5 years) knows that there is no point in regretting that we paid 1 BTC for something in 2015 when the price was around $200 - then it was hard for most to imagine that the value of Bitcoin would literally explode. If someone had known for sure that this would happen, he would probably have thought several times about whether they would spend that BTC or save it for the future. Yet life is short, if you don't do some things today, you may never have a chance to do it again.
My strategy is to pay something with BTC when it suits me, not only because of the current price factor, but also because of the current on-chain fees compared to some other payment options. In case Bitcoin becomes a legal tender in my country, I would definitely use it to pay whenever I deem it the right opportunity to do so.
My strategy is to pay something with BTC when it suits me, not only because of the current price factor, but also because of the current on-chain fees compared to some other payment options. In case Bitcoin becomes a legal tender in my country, I would definitely use it to pay whenever I deem it the right opportunity to do so.
June 26, 2021, 04:26:16 AM
Bitcoin is a currency and every currency can appreciate, take for instance you only have bitcoin and you want to pay for some goods you will not have a choice then exchange it to solve your needs. Because of the bitcoin volatile market, one may have to just hold and look away from it and look for an alternative way to settle some bills.
June 26, 2021, 04:18:21 AM
Given that most of us believe that Bitcoin will increase in value over time, you will want to spend it instead of Hoddle and let it appreciate.
Example: Suppose I bought a car with 1 Bitcoin today, but the value of Bitcoin doubled next week, which means I'd better use fiat currency.
Do you think so?
Example: Suppose I bought a car with 1 Bitcoin today, but the value of Bitcoin doubled next week, which means I'd better use fiat currency.
Do you think so?
Jump to: