Topic: Spend your cryptos. It's good for you and for the crypto ecosystem. (Read 217 times)

I am holding my 50% crypto and spending rest of the funds because I believe that movement is the growth. However, I have to rely on online services in order to spend my cryptocurrency holding because there is not even a single merchant in my city accepting Bitcoin as of now. I am not against speculation but I believe that we should give first preference to use Bitcoin as a payment system because Bitcoin is valuable today just because the early adopters decided to spend their funds instead of holding for the speculation purpose.

yes, and that is why some people let their coins hoard up to very much, and if they are lucky, they will get a lot of profits from the coins they tube.
but as explained above, the worst case scenario is that the price of coins does not always rise.

so, it's wise to spend part and save some. distribution strategies can be freely arranged as desired. but for me, more to save is better.

It is not the fault of hodlers when they hold these altcoins because they also want to spend it and make money but these coins are not used yet for transaction.

If upcoming icos will start using for buying of their currency, then it can commence from there.

The dilemma of having a bitcoin or altcoin in my wallet. One side, yes I agree with what you are saying. More and more we transact using cryptocurrency, then more and more also the opportunities for other people to follow the transaction method. And on the other hand, cryptocurrency is used as a place to get certain money with the volatility of cryptocurrency prices. By becoming a hoarder or a holder is to get a big profit, especially when our investments suffer losses and there is no other way than to become a hoarder and holder. Both of these conditions will always be contradictions that will never end.

Have you implemented it in your life? using crypto to transact when the price is cheap is a loss for me, because crypto will be based on USD value. I think every holder will think twice about spending Bitcoin when it's cheap. because they will experience losses. but this will obviously help crypto grow if everyone wants to use crypto as a currency not for long-term investment.

Silly transactions will not lead to a positive result! It is better to create services with payment in the crypto currency. Then the crypto community can believe in coins and create an increase in transactions on the network

I totally agree with your opinion mate because Bitcoin for me is not that profitable if you hoard some of it unlike Altcoins that are way cheaper compared to it. For me Bitcoin is perfect for online transactions such as payment method. I usually use Bitcoin in purchasing prepaid load for my data connection through our local exchange that offers a lot of servicesin exchange og Bitcoins that varies from, shopping, bill payments, loads and of course sending Bitcoin to remittances for our daily needs.

We would love to support your idea, we are just here ready to spend our bitcoin's or any coins that we wish to dispose for the things that we want/need. However, there's a problem on the suppliers, sellers, merchants and stores near us.

They won't accept crypto as they are still skeptic and not ready to adopt it. Lucky are those who have nearest stores that are adopting it but how about most of us? there's still lack of adoption on the other end.

This is my approach as well. I love spending BTC, and I do it all the time. If not everyday, then close to it. And I definitely agree with the OP -- I've said the same thing. Without transaction liquidity, the network is useless and can't have value. So, we can't all just be hoarders!

Having said that, I hoard most of my coins.

The existence of positive economic activities, reduce the news of negative issues related to crypto, so that more companies will provide payments with Crypto, because saving it will not have a positive impact on cryptocurrency.

I think spending crypto is a good thing, but that only happens if you spend on something else. Well, when you only use it for fun, I think it still becomes useless, and you should keep it for something useful.

If I spend all my cryptos, this won't change the crypto ecosystem at all.
Spending money is never good for anyone.I don't know for what product or service to spend all my cryptos.
Gambling is the most obvious option,but I will never try to gamble with my bitcoins.

I think the biggest thing holding people back from spending their bitcoins, is the possibility that the value of these coins might drastically increase in value and that those purchases might come back to haunt them.

I just want to flip this into the opposite of this scenario and just imagine that you did not spend those coins and it goes down to $1000. How will you feel then? I would much rather spend some coins and have something to show for it, than not spending it and sitting with some low value coins in the end.

Take the 80/20 spending strategy, if you want to be cautious, which is spending 20% and hoarding 80% of your coins. 

I definitely agree with you. We need to promote cryptocurrency by using it for most of our transactions online. I don't think people bagging cryptos just because they have the mindset of making profits. This attitude will not help with the promotion of cryptocurrency.

Heartily agree. It would be good if more people would actively use some of their crypto to make purchases. It's gotta flow if it's gonna grow. Do you HODL your cash (which Bitcoin is supposed to be an alternative to)? What institutions would be around today if people just held all of their cash and never spent? Not to say don't save, but there has to be circulation if you want the economy to grow.

Have a great day!
Cyberius team.

I was thinking about this, often the suggestion of how to spend or on the usefulness of a cryptocurrency involves buying a coffee or snack.

But this is far from real. A simple example was the user here of the forum. He had spent time in jail and on leaving decided to order a pizza paying in Bitcoins. His experience was terrible and he lost forever those Bitcoins.

Small-value trading is very difficult, expensive and involves a scale that cryptocurrencies are far from reaching. Pictures of someone paying their lunch with BTC, LTC, BCH etc are only possible because they are rare occasions.

Now there are several opportunities that cryptocurrencies could already be involved. Mainly in international trade. Companies could have their costs reduced on a large scale if they could use Bitcoin in offshore transactions. Buying and selling between companies would have much fewer intermediaries, lower costs and a much simpler audit.

Another use could be for NGOs. The audit and universality of the payment by Bitcoins greatly facilitate the search for resources. Even because an immediacy in a transaction is not necessary. The request for more NGOs like Greenpeace, WWF etc to use Bitcoin should be higher.

And eventually, with smart contracts, a new way of giving or negotiating could emerge. Cryptocurrencies should be used to break down walls around the world.

I regularly spend my Bitcoin through Gyft, with which I can buy tons of different gift cards. Very helpful if you're out & about and don't have any cash or cards on you.

Absolutely right, all currency need to be circulated. It is also very good for bitcoin adoption purpose. Many hoarder who hold their bitcoin for long term and this become very bad when they sell a huge amount of bitcoin to gain profit.

Spending cryptos is not the greatest idea but a good crypto circulation will bring good news to bitcoins and other crypto.
But spending needs good and wise decisions since it is very volatile. With average or below average that acquired bitcoin can be limited only.
Also we know what selling off can also do once it is dome in a short period of time right? It can drag the market down.

it is pointless to bag hold countless cryptos in your wallet because they won't get pumped now that they were recently pumped and are now going down. altcoins can only make you rich if you trade them properly not bag hold them. and trading them is only profitable if it is done short term.

as for spending cryptos, there are no places where you can spend altcoins. for instance an ICO token that was created so that they can pump it and make money is never going to be accepted anywhere as a payment so you won't be able to spend it even if you wanted.