Nobody knows your situation, OP and nobody can tell you what to do.
A millionaire who has 10% of his wealth in bitcoin and if it all comes crashing down is still left with enough to live happily ever after will not spend because he can spend fiat money.
A poor guy who gets paid in bitcoin every week or month and has not enough fiat money to cover the bills will spend his coins because he cannot afford to hold.
A rich man will usually become richer, a poor guy will be to poor to invest and make more money. Try to live with a rich guy's mindset even when you're poor that's my advice to you.
Topic: Is it wise to spend your Bitcoin - page 6. (Read 743 times)
Of course Hodling is the best, but sometimes you have to buy some essentials using bitcoin.
Personally, I hope to be able to accumulate as much bitcoin as possible, but often I have to sell because I need to spend on my family and buy the necessary needs.
Currently I am living off the income that comes from working in bitcoin and cryptocurrency so I don't have the means to Hodling in the long term. Although I am one of the people who believe in this strategy strongly.
Personally, I hope to be able to accumulate as much bitcoin as possible, but often I have to sell because I need to spend on my family and buy the necessary needs.
Currently I am living off the income that comes from working in bitcoin and cryptocurrency so I don't have the means to Hodling in the long term. Although I am one of the people who believe in this strategy strongly.
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 very important to sort out our problems from the money we make daily or monthly. Bitcoin transactions are carried out daily in the market and we should be able to generate profits from the project at our ends. Bitcoin is accessible and affordable during the bear season. Of course spending bitcoin is beneficial, reaping the fruit of our hustle. We work and we earned, what's the use of making significant earnings from bitcoin and not able to spend it on either on our needs or problems arising. 
As long as you take advantage by spending your Bitcoin, why not do it? Spending Bitcoin doesn't always mean selling it for getting profits (for investment purposes). You may spend Bitcoin for buying goods, it is a legal currency in a few countries, right? So, using Bitcoin as a payment tool is okay for me. However, if you only have Bitcoin for an investment, it is better to hold until bullrun season. There is no big advantage to selling the Bitcoin now, the price is only half of its ATH. Why don't we wait for BTC to achieve its ATH again? That time is the best time to sell it.
Waiting for Bitcoin to attain that all time high, ATH, may be quite impossible for some, because some do survive or live fine by the constant earnings/profits made from its trading. While it is required to HODL if one needs a large return over a duration without living in penury now, I see no foolishness in spending or reinvesting some of its yields in sorting out some current challenges that need money attention. It is wise if other means of earning can be used while your coins rest, it is also wise to explore other opportunities with careful thought.
As long as you take advantage by spending your Bitcoin, why not do it? Spending Bitcoin doesn't always mean selling it for getting profits (for investment purposes). You may spend Bitcoin for buying goods, it is a legal currency in a few countries, right? So, using Bitcoin as a payment tool is okay for me. However, if you only have Bitcoin for an investment, it is better to hold until bullrun season. There is no big advantage to selling the Bitcoin now, the price is only half of its ATH. Why don't we wait for BTC to achieve its ATH again? That time is the best time to sell it.
Most persons purchase most items using Bitcoin transactions I am of the opinion of hodling instead of spending pls is that a positive mindset?
No one will hold you accountable for how you spend your money. The good thing is that you should spend it wisely and hold yourself accountable for your actions. The positive mindset here is that you know what you're doing and believe you're doing the right thing for your future benefit.
Those who buy and sell do not necessarily want it to go that way, but sometimes life circumstances force you to change your initial investment strategy. When such things occur, you have nature to contend with for what appears unrealistic because everything is already predetermined.
Bitcoin is designed for transactions, with the primary goal of serving as an alternative to the fiat currency we use. Its primary goal is to function similarly to fiat currency, so spending bitcoin after purchasing it to hold is still normal. Buying and holding is another aspect entirely related to the investment aspect of bitcoin. It's fine to spend; there's no need to argue about whether this is a positive or negative mindset.
Think of it this way:
Fiat is inflationary. Every year you hold fiat money you lose 10% on the average. It used to be less but they decided to go brrr and we've got ourselves a lot of new fiat money.
You don't want to hold fiat money.
Bitcoin appreciates in value doe to its scarcity, limited supply, halvings, the fact that a growing part of its supply is lost and another large part is in the hands of long term holders.
You want to have bitcoin if you can afford it.
If there's an item that you need more than fiat money and bitcoin, buy it. An example of such item might be a car that you need to be able to drive to work. If that car allows you to keep your job or get a better one - buy it, even if it means spending some bitcoin.
Fiat is inflationary. Every year you hold fiat money you lose 10% on the average. It used to be less but they decided to go brrr and we've got ourselves a lot of new fiat money.
You don't want to hold fiat money.
Bitcoin appreciates in value doe to its scarcity, limited supply, halvings, the fact that a growing part of its supply is lost and another large part is in the hands of long term holders.
You want to have bitcoin if you can afford it.
If there's an item that you need more than fiat money and bitcoin, buy it. An example of such item might be a car that you need to be able to drive to work. If that car allows you to keep your job or get a better one - buy it, even if it means spending some bitcoin.
Bitcoin is meant for spending. You are allowed to spend your bitcoin at anytime because it is your fund and another person cannot spend it for but you alone. Bitcoin can be use to buy things directly and indirectly. Like the direct way is when the seller accepts bitcoin in his or her payment option and you do the transfer direct to the person's wallet. While indirect way is, you have to sell off you coin to your Fiat currency and use it to buy the goods.
You can't hodle bitcoin forever, definitely you must spend it one day when the price of bitcoin has well appreciated. The only negative aspect of this issue is when you spend them when they are still in the tender age.
You can't hodle bitcoin forever, definitely you must spend it one day when the price of bitcoin has well appreciated. The only negative aspect of this issue is when you spend them when they are still in the tender age.
Bitcoin was described in the whitepaper as "a peer to peer electronic cash system."
If it is not used in transactions a part of its utility is dormant. If everyone chooses not to spend, it is not a currency at all.
Investing is not a bad idea, the value is volatile, historically it has been on the rise and you are at good odds to predict it would be at a higher price in a couple of years than it is now. This makes investing and hodling very attractive. But if you have a need and an opportunity to spend Bitcoin, it is wise to.
One can hodl in cold wallets and use a bit in hot wallets for some purchases.
- Jay -
If it is not used in transactions a part of its utility is dormant. If everyone chooses not to spend, it is not a currency at all.
Investing is not a bad idea, the value is volatile, historically it has been on the rise and you are at good odds to predict it would be at a higher price in a couple of years than it is now. This makes investing and hodling very attractive. But if you have a need and an opportunity to spend Bitcoin, it is wise to.
One can hodl in cold wallets and use a bit in hot wallets for some purchases.
- Jay -
Both are good. In spending, you help the bitcoin economy because just like the typical economy from countries, whenever there's someone who spends, that gives solely back in the circulation.
No one will stop us as well from doing any or both of them. Choose what you think is right for you but always allocate a holding for yourself because that's what everyone knows. We are all aware what's gonna wait us in the future with bitcoin so prepare yourself to keep some.
You're free to spend all of it if you want to but just don't forget that reminder that you should also hold.
No one will stop us as well from doing any or both of them. Choose what you think is right for you but always allocate a holding for yourself because that's what everyone knows. We are all aware what's gonna wait us in the future with bitcoin so prepare yourself to keep some.
You're free to spend all of it if you want to but just don't forget that reminder that you should also hold.
It depends on your perspective because in some of the choices I think there are some conditions where it's not just right and wrong and that's the case here.
When some people make transactions (in this case buying an item for example) or indeed hold their bitcoin as a form of investment.
There is nothing wrong with both because in this case as long as it is ours then we are free to do anything whether it is spending or holding.
Everything depends on each choice I think so indeed in this case it depends on yourself which one you think you can do, anyway in the end spending some and holding others is also not too much of a problem.
When some people make transactions (in this case buying an item for example) or indeed hold their bitcoin as a form of investment.
There is nothing wrong with both because in this case as long as it is ours then we are free to do anything whether it is spending or holding.
Everything depends on each choice I think so indeed in this case it depends on yourself which one you think you can do, anyway in the end spending some and holding others is also not too much of a problem.
Most persons purchase most items using Bitcoin transactions I am of the opinion of hodling instead of spending pls is that a positive mindset?
One of the most important purpose of bitcoin according to satoshi himself is that it is a currency that is could be for payment purposes. There’s absolutely nothing wrong in using it to pay for your goods or services most especially if they are cross border transactions. This will only save one from stress of going through bank fees because bitcoin is solely here to ease our transaction burden caused by fiat.
The main purpose of holding on to bitcoin is first as a store of value and also to earn profits as it increases. Using bitcoin as a payment gateway is when you have fiats to pay for them easily and you are hoarding fiats and then giving away bitcoin easily in every transaction. This is considered bad because of fiat’s lack of value and it’s ability to depreciate with time
Most persons purchase most items using Bitcoin transactions I am of the opinion of hodling instead of spending pls is that a positive mindset?
Using Bitcoin to pay for goods and services is a good thing that will increase Bitcoin adoption globally, but it is not a wise decision for people who want to keep their Bitcoin.As an investor who buys Bitcoin to hold for long-term investment, there is no way to use that Bitcoin to pay for any goods you buy, which is why it is always advisable to invest only what you can afford to lose, and it is always advisable not to invest all of your money in Bitcoin because of such cases so that it does not affect your Bitcoin long-term holding target.
If most people buy bitcoins solely to hold them, then Bitcoin will become merely a collectible. And, given its potential to be a liberator from financial repression, that would be a huge disappointment.
It’s totally up to you what you do with your bitcoin. What’s important though is you don’t spend all of it, maybe try and replenish what you spend. It might be a good idea to have some in cold storage that you plan to hold long term as an investment & some that you spend & replenish when you’re able to. The important thing though is that you’re here & already invested or thinking about investing in bitcoin, that’s the first victory.
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 believe that each of us is free to choose as he sees fit how to spend his bitcoins, which is a very important factor to consider when people have bought bitcoins! whether they bought it when it was worth $100 or when it was worth $70,000! I personally am of the idea of both spending and keeping for the future
Most persons purchase most items using Bitcoin transactions I am of the opinion of hodling instead of spending pls is that a positive mindset?
Most you say! Have you got any statistical other my record to prove this assertion?I think it's inaccurate to say most people are making purchases with bitcoin or any cryptocurrency at that for a means of payment. We don't have up to 10% of world population to be using bitcoins and even worst still, merchants whom are ready to accept it for a mean of payment. The few that have tried have got jurisdiction issues as, bitcoin is outlawed in many nations and could be seen as breaking the law to own or transact in bitcoin.
Still, having yo spend some of your coin when opportuned isn't a bad idea but, having to empty a large all or a large part of your portfolio isn't the best of approach. Hodling is still what you should be doing if you can afford to.
Most people purchase most items using Bitcoin transactions I think of holding instead of spending pls is that a positive mindset?
Well Bitcoin is a currency and to some Bitcoin is all about payment, take for example a trader who ordered goods online and makes a payment using Bitcoin or avoids banks restrictions and unfair delays in payment, this trader will only hold Bitcoin just to make payments and exchange the good to fiat and purchase Bitcoin again to make the next order.But then we have the steel hands holders who hold Bitcoin for the long term., this set of people have a time frame for there bitcoin holding so their spend as they earn and acumulate along the way.
Most persons purchase most items using Bitcoin transactions I am of the opinion of hodling instead of spending pls is that a positive mindset?
The important part is to invest money you afford to lose or keep locked for longer than initially planned. The point is that while the price is bound to keep rising on long term, there's no guarantee for it and, even more, on short term it can easily reach the point the price is much lower than you'd like to see.
I've bought sats, earned sats, spent sats. If I look back I would have a good situation by now if I would have kept them all, but I didn't. I go by the "spent some, kept some" policy. Indeed, if I look back maybe it was not the best one. But even if Bitcoin price will be tomorrow absolute 0, I'd be still on profit. And this helped a lot my morale during the past crypto winter.
There are pluses and minuses, as you see, in each approach. You should do as it suits you best.
It is understandable to want to hold onto your Bitcoin instead of spending it, especially given its potential for appreciation. However, it is important to consider the benefits of spending your Bitcoin as well. It can be a great way to support the adoption of cryptocurrency and to contribute to the growth of the ecosystem. Additionally, using Bitcoin for purchases can provide a level of privacy and security that traditional payment methods may not offer. That being said, it is ultimately up to each individual to decide how they want to use their Bitcoin.
That is the beauty of Bitcoin, it provides the flexibility for users to choose how they want to use their assets. Whether it is holding onto it as a long-term investment, using it for everyday transactions, or a combination of both, the choice is entirely up to the user.
That is the beauty of Bitcoin, it provides the flexibility for users to choose how they want to use their assets. Whether it is holding onto it as a long-term investment, using it for everyday transactions, or a combination of both, the choice is entirely up to the user.
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