Is it wise to spend your Bitcoin - page 3.

imamusma

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Quote from: ektotanes on April 09, 2023, 12:04:44 PM

Looks like the choice whether to spend bitcoin or not is a personal matter for every bitcoiner.

By spending bitcoin on things, you help the adoption of bitcoin and make it more recognizable. If you hold bitcoin, you can make a profit from it.
I personally choose to hold my bitcoin long-term, it's been in my ownr wallet for like 2 years now. #diamondhands Cheesy

Spending bitcoin isn't always about buying something with bitcoin, but it's meant for all kinds of things like paying for certain service, gambling with it, selling it for fiat, or whatever.

I'm not thinking about not touching bitcoins, which means I still have very high chance of spending them on variety of things. If one morning I make lot of profit on this investment, then I might consider selling some or all of it. As some have said, you should enjoy your life instead of having to hold on your investment assets forever untouched. Hold now and sell later, that's fine.

Mpamaegbu

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Quote from: lovesmayfamilis on April 09, 2023, 12:42:15 AM

Quote from: Mpamaegbu on April 08, 2023, 10:03:38 AM

~snipped

Sometimes people do not understand that it is better to live here and now because this "later" happens when all desires end. Bitcoin can and should be spent; it is not worth turning your life into eternal savings and turning it into an empty existence.

Thanks for your kind words there 🤗.

This comment of yours is so apt to what I've shared with many of those around me. Let me quickly share my perspective on such. In the distant past I used to hold certain things dear to heart, thinking they were that expedient and couldn't do without them. Now, I know better and can easily do away with such. I believe such awareness that life isn't after all that hard if we choose not to make it hard. Perhaps, those who think it's mandatory to save for the future even while they're starving at the moment should begin to have a rethink. Enjoy your today first before slaving for tomorrow. The advice out there for everyone should be –Try to hodl Bitcoin but don't make it a do or die thing if you can't afford it today.

Obari

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There is no restrictions to how you want to use and soebd your coin and you should always remember to do what seems right to you, hence hodling your coin is generally a great idea especially if the coin is much and you're holding for a very long time just as you stated earlier.

I always feel bad when I see people having the wrong concept of savings which is totally different from investment and on the long run, people starve themselves for the cost of savings even when they are lacking the basic neccesity of life.
There is absolutely nothing wrong with spending your coins as long as you have a vital need for it and people shouldn't complicate the concept of savings.

ektotanes

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Looks like the choice whether to spend bitcoin or not is a personal matter for every bitcoiner.

By spending bitcoin on things, you help the adoption of bitcoin and make it more recognizable. If you hold bitcoin, you can make a profit from it.
I personally choose to hold my bitcoin long-term, it's been in my ownr wallet for like 2 years now. #diamondhands Cheesy

LogitechMouse

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Quote from: Edcrypto91 on April 07, 2023, 02:07:10 PM

Most persons purchase most items using Bitcoin transactions I am of the opinion of hodling instead of spending pls is that a positive mindset?

It depends on how you see Bitcoin.

Some see it as a currency where it's main purpose is to be used to pay for different transactions. On the other hand, some people see it as an asset where they will hold it until a certain amount of time, and will sell it when it reaches their target (like when it reaches the price or the time). Aside from these 2, there are also people who see it as both a currency, and an asset, and I'm one of them. I've been using Bitcoin to pay some of my online transactions for years already, but at the same time, I've been holding some Bitcoins for long term.

If you're opinion or you think that Bitcoin is a good coin to hold then there's nothing wrong. Is it a positive mindset? Yes it is I guess because you want to hold Bitcoin hoping that it will increase after 3-5 years or even more.

hasanzabid

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Quote from: Edcrypto91 on April 07, 2023, 02:07:10 PM

Most persons purchase most items using Bitcoin transactions I am of the opinion of hodling instead of spending pls is that a positive mindset?

it's your money and your bitcoin. you have every right to spend it however you like. if you are in need for money and bitcoin is the last resort, then why not?
but if this isn't any emergency situation, then it is better to keep holding them. in the long run we can get a good profit if we keep holding them.

Ayers

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Quote from: RockBell on April 09, 2023, 03:32:10 AM

The time is not right for you to spend your bitcoin because it was intended to be an asset from the start. Imagine owning real estate and selling each block every time, it would lose its ability to function as an asset. It is optional to spend your bitcoin, but in my opinion since the price has not increased, it would be very unwise to do so. Instead, why not just hold onto it until the price increases, at which point you will make a profit. I see a lots of people investing in bitcoin already spending like they say knowledge is power.

Satoshi created bitcoin with the purpose of turning it into a currency, a P2P payment method, not an asset for speculation. But somehow, bitcoin has become an investment to this day. I'm in favor of holding bitcoins over spending bitcoins these days because bitcoin's future upside potential is huge, but it doesn't matter if people spend their bitcoins too.

Everyone has different life goals, using bitcoin for daily expenses is also a way to help it become more popular. You hold for profit is right, but anyone using bitcoin for payments should be encouraged as well.

zaki12

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Quote from: Edcrypto91 on April 07, 2023, 02:07:10 PM

Most persons purchase most items using Bitcoin transactions I am of the opinion of hodling instead of spending pls is that a positive mindset?

Basically it depends on each individual. Buying and Hodling may be a very profitable strategy in the long term, but sometimes you have to spend bitcoins on essentials. This is perfectly normal and there is no need to feel guilty about it.

However, if you depend on the income from working in bitcoins, it can be a challenge to keep the bulk of your assets in bitcoins. In this case, it is important to strike the right balance between storing bitcoins and meeting day-to-day needs.

Despite all that, I believe you can manage your portfolio wisely and choose the right strategy for your current situation. Every individual has their own plans and goals in buying and owning Bitcoins, and there is no need to think about other people's plans and goals. It is very important to build finances that suit your financial situation and long term goals.

Edwardard

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Invest, save and spend according to your life's situation. If you can enjoy while you spend a part of your btc, you did a great job. Don't take everything so seriously.

Quote from: Vickysagar on April 09, 2023, 01:46:08 AM

I'm definitely not gonna spend my Bitcoin, at least anytime soon.

Just remember to pass some BTC out of our wallets before we pass away

AHOYBRAUSE

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I spend it if I have an advantage from doing that.

Here in Japan you sometimes get % of the price if you pay with bitcoin and other currencies, so there is definitely an incentive to do so.

I often buy electronic at BIC CAMERA with btc as you not only get some % but also earn more "reward points" which you can later use to purchase other items there.

When I was stuck in a different county due to covid I also used my btc savings to charge my mastercard to get some cash. I could have gone another way but it was the most convenient at that time! I would have lost more money in fees like ATM and conversion fee if I used my normal credit card.

MIner1448

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The decision to spend bitcoins or not depends on your personal financial goals and beliefs. Some people view bitcoin as an investment vehicle and prefer to keep it in their wallet in hopes of a future price increase. Other people use bitcoin as a means of paying for goods and services in the real world. Spending bitcoins on goods and services can be a smart decision if you want to use bitcoin in your daily purchases. In some cases, using Bitcoin to pay for goods and services may even provide additional benefits, such as a faster and more secure payment process.

RockBell

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The time is not right for you to spend your bitcoin because it was intended to be an asset from the start. Imagine owning real estate and selling each block every time, it would lose its ability to function as an asset. It is optional to spend your bitcoin, but in my opinion since the price has not increased, it would be very unwise to do so. Instead, why not just hold onto it until the price increases, at which point you will make a profit. I see a lots of people investing in bitcoin already spending like they say knowledge is power.

Iranus

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Quote from: Mpamaegbu on April 08, 2023, 10:03:38 AM

Quote from: Edcrypto91 on April 07, 2023, 02:07:10 PM

Most persons purchase most items using Bitcoin transactions I am of the opinion of hodling instead of spending pls is that a positive mindset?

If I get you correctly, you're of the opinion that you would rather spend your money in fiat than spend your BTC purchasing stuff, right? I think it's a different strokes for different folks situation in this regard. I rather spend BTC in purchasing stuff where there's such payment option than paying with fiat. This is because I've found out that it's easier paying for stuff using BTC than fiat. It's not because I don't like the idea of hodling. I don't like sticking to things that stress me when I can easily go round it without stress.

It depends on the region you live in, many countries are already more open to bitcoin, but using or accepting it as a payment method, not many countries allow it.

I am not against using bitcoin for payment, but I wonder, how it can be easier than fiat, bitcoin takes longer to confirm, and you have to pay some extra fees to be able to conduct a transaction. If you buy small items, it is highly inconvenient to use bitcoin, but in the case of remittances abroad, and cross-border payments, I agree that bitcoin prevails over fiat.

Vickysagar

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I'm definitely not gonna spend my Bitcoin, at least anytime soon. And definitely not on burgers or clothes. It's up to you what to do with your coins, but I'm a holder and waiting for the best opportunity to withdraw or spend it on something big.

John Abraham

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What will happen if you don't spend your Bitcoin at all? If everyone stops spending their coins to buy anything. The whole system will be worthless. The companies won't adopt Bitcoin as a payment method because no one would use that. If people show interest in spending their Bitcoin to buy goods, Companies will have to consider it and adopt Bitcoin as a payment method. What was the goal of Bitcoin? Maintain people's privacy and be your bank.

We all want to see the Massive adoption of Bitcoin so we can use Bitcoin for daily needs. But, If we don't spend Bitcoin to buy anything, new companies have to remove Bitcoin from the payment method. Right now, we don't have many options to spend Bitcoins. So, Until we see a massive adoption soon, I suggest holding your coins in a non-custodial wallet. Also, Spend your coins wherever you can. This will surely help Bitcoin to spread around the world.

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Quote from: Mpamaegbu on April 08, 2023, 10:03:38 AM

Quote from: Edcrypto91 on April 07, 2023, 02:07:10 PM

Most persons purchase most items using Bitcoin transactions I am of the opinion of hodling instead of spending pls is that a positive mindset?

If I get you correctly, you're of the opinion that you would rather spend your money in fiat than spend your BTC purchasing stuff, right? I think it's a different strokes for different folks situation in this regard. I rather spend BTC in purchasing stuff where there's such payment option than paying with fiat. This is because I've found out that it's easier paying for stuff using BTC than fiat. It's not because I don't like the idea of hodling. I don't like sticking to things that stress me when I can easily go round it without stress.

I like it. I always see the wisdom in you. To finite on one idea of accumulation for the sake of a wonderful future is the main idea on this forum.
You need to ask yourself: What are you saving for? What happens after you get everything you want? Many do not know the hard answer, and if you bring the question to an end, then in the end we understand that life tends to end.
"What then?" - this question, which can sound regular, when a new goal appears.
Sometimes people do not understand that it is better to live here and now because this "later" happens when all desires end. Bitcoin can and should be spent; it is not worth turning your life into eternal savings and turning it into an empty existence.

majeed

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Damn

Quote from: Edcrypto91 on April 07, 2023, 02:07:10 PM

Most persons purchase most items using Bitcoin transactions I am of the opinion of hodling instead of spending pls is that a positive mindset?

Hold up, partner! You reckon most folks use Bitcoin to buy stuff? You got numbers to back that up, or you just guessing? I ain't sure I agree with you there. Sure, Bitcoin's been making some waves lately, but it ain't exactly taking over the world of payments. And as for hodling, that ain't for everyone, you know. It's risky business, and maybe you should think about diversifying your investments. If you wanna ride the Bitcoin wave, go ahead and hodl on tight, cowboy! Just don't forget your oven mitts!

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Quote from: Edcrypto91 on April 07, 2023, 02:07:10 PM

Most persons purchase most items using Bitcoin transactions I am of the opinion of hodling instead of spending pls is that a positive mindset?

I beg to differ, there are more people still using the traditional forms of payment like cash and bank transfers for payment of goods and services than Bitcoin. Despite its popularity and performance, Bitcoin is yet to be widely accepted as a form of payment by most businesses. I like that you have chosen to hold however you must know that for other people unlike your self to hold is a choice and to spend it is still a choice as it depends on the individual's financial goals, and ability to tolerate risks.
For your last statement, there is neither a positive or negative mindset about holding or spending Bitcoin it boils down to personal decision, circumstances and strategy.

acroman08

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Quote from: Edcrypto91 on April 07, 2023, 02:07:10 PM

Most persons purchase most items using Bitcoin transactions I am of the opinion of hodling instead of spending pls is that a positive mindset?

people have different ways of using Bitcoin, while others use them to buy things for themselves(as you said) others use them to invest and hodl hoping to gain profit from it. both mindsets are perfectly fine and if it works for you, then that is good.

Mpamaegbu

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Quote from: Edcrypto91 on April 07, 2023, 02:07:10 PM

Most persons purchase most items using Bitcoin transactions I am of the opinion of hodling instead of spending pls is that a positive mindset?

If I get you correctly, you're of the opinion that you would rather spend your money in fiat than spend your BTC purchasing stuff, right? I think it's a different strokes for different folks situation in this regard. I rather spend BTC in purchasing stuff where there's such payment option than paying with fiat. This is because I've found out that it's easier paying for stuff using BTC than fiat. It's not because I don't like the idea of hodling. I don't like sticking to things that stress me when I can easily go round it without stress.

Topic: Is it wise to spend your Bitcoin - page 3. (Read 743 times)