Storing of Bitcoins is against Bitcoin. - page 10.

danherbias07

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Quote from: BitcoinPanther on November 16, 2016, 11:02:47 PM

Quote from: DOGE12321 on November 16, 2016, 10:49:19 PM

Yeah, I guess that spending is an important part of Bitcoin. It is the only way that miners get rewards through block reward and the only way that Bitcoin can flourish.

Indeed it is the most important aspect of bitcoin. We need to spend bitcoin in order to promote its usage and make the market industry of bitcoin boom. With merchants getting profit with accepting bitcoin as mode of payment, several merchant that had yet implemented bitcoin as one of their mode of payment will think of accepting bitcoin in order to have a share on the pie of profit in that industry.

That is one good way. Specially when cash on delivery is not accepted or the person does not have a credit card.
I have one ecperience of that. It is thru Lazada. Forced to create an account with Hellopay to pay my order because there is no COD.
Could have been bitcoin instead.

BitcoinPanther

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Quote from: DOGE12321 on November 16, 2016, 10:49:19 PM

Yeah, I guess that spending is an important part of Bitcoin. It is the only way that miners get rewards through block reward and the only way that Bitcoin can flourish.

Indeed it is the most important aspect of bitcoin. We need to spend bitcoin in order to promote its usage and make the market industry of bitcoin boom. With merchants getting profit with accepting bitcoin as mode of payment, several merchant that had yet implemented bitcoin as one of their mode of payment will think of accepting bitcoin in order to have a share on the pie of profit in that industry.

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Yeah, I guess that spending is an important part of Bitcoin. It is the only way that miners get rewards through block reward and the only way that Bitcoin can flourish.

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Quote from: croutonhexagon on November 16, 2016, 10:26:36 PM

I don't think so because. Satoshi had not set any rules and regulations in bitcoin. He had not either mentioned that storing bitcoin is against bitcoin's policy but we the user only had made this law that storing bitcoin is against bitcoin because then there is less amount for circulation and thus price gets up.

It's a fact that the less coins are in circulation, the higher the price will be eventually. However, there are people that believe the exact opposite. They think that the more we spend, the better it is for the overall price. These people don't realize that nearly all merchants are working with a payment processor such as BitPay to convert all Bitcoin sales directly to fiat. So in that regard, the more people will spend their coins, the more coins will end up being sold on the market. For a short while the market can eat through everything that gets sold, but that won't last very long.

croutonhexagon

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I don't think so because. Satoshi had not set any rules and regulations in bitcoin. He had not either mentioned that storing bitcoin is against bitcoin's policy but we the user only had made this law that storing bitcoin is against bitcoin because then there is less amount for circulation and thus price gets up.

darklus123

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Quote from: serjent05 on July 25, 2016, 01:42:06 PM

Quote from: darklus123 on July 25, 2016, 07:31:27 AM

Quote from: TastyChillySauce00 on July 17, 2016, 05:56:40 AM

Quote from: Straux on July 17, 2016, 02:20:39 AM

Agreed. Bitcoin revolves around it's system of a public ledger. What use is this when no one's using it? Storing bitcoin is just in the hope of the price going up. But if everyone does this, then the price will just go down.

if people holding bitcoin,the supply will be decreased, if the amount of people who holding bitcoin increasing day by day automatically the supply will be decreased day by day and will result the demand not fulfilled so the price increase that's how thing works

That is how i also think but bitcoin should also circulates in the market to prove its existence , because i think when no one uses it because all stores it would be useless

That is how things work yes, but if all people hoard bitcoins, some will just forget about it and move on to another digital currency that is available in the market. And that is how system work. If the main aim isn't available, people tend to get the next available target. Then all people taking the 2nd available coins, in due time this coin will surpass the unused hoarded bitcoin.

Luckily the support that bitcoin is currently getting from the industry is i think almodt the 100%. even if people would say that they love this certain alt currencies they still got their bitcoin shares.

smho_16

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Maybe I am not that smart but I am not storing all of my bitcoins, of course I store a certain amount but the majority of my coins I gamble them everyday (changing hands a lot of times with the gambling companies) and I also buy few digital goods now and then. I try to be an active bitcoiner as much as I have the possibility to do so.

CyberKuro

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Quote from: requester on November 16, 2016, 01:44:00 PM

Quote from: Barbut on November 13, 2016, 11:45:32 PM

There is logic in this headline, economy grows when money is circulating all the time. All this bitcoin services, shops, sites will not have for what to work. People need to see bitcoin as a tool to buy what ever they wish, and to do with their money what they want. If we don`t show to them who will, I also think that bitcoins need to be spend.
I still don`t save nothing, I spend all I earn here on many things, my bitcoins are working all the time, and for me that is a fun way to spend a day with bitcoins. I suggest to people to save until they have enough to buy something nice for them, that is a good way to tell merchants that is smart to start accepting bitcoin.

May be it is against bitcoin, I have no idea but in my view I would say that Satoshi had not set any rules and regulations for bitcoin he just released for public and we are using it there is no terms and conditions in bitcoin. It's free to use and freedom to do anything as we want it's all up to us. But holding bitcoin helps to increase price but the downside is that poor people can't afford to buy bitcoin when price is increased.

Op has a point to spend bitcoins to keep the amount in market circulation, I do agree to spend it if you have more than BTC2 for example or you could earned BTC1 per month. it's fair to spend bitcoins so all the merchants and companies keep on bitcoin business as a payment method and we used bitcoin as usually we spend fiat money, at least that's the idea of digital currency invented right?

bitllionaire

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Quote from: Barbut on November 13, 2016, 11:45:32 PM

There is logic in this headline, economy grows when money is circulating all the time. All this bitcoin services, shops, sites will not have for what to work. People need to see bitcoin as a tool to buy what ever they wish, and to do with their money what they want. If we don`t show to them who will, I also think that bitcoins need to be spend.
I still don`t save nothing, I spend all I earn here on many things, my bitcoins are working all the time, and for me that is a fun way to spend a day with bitcoins. I suggest to people to save until they have enough to buy something nice for them, that is a good way to tell merchants that is smart to start accepting bitcoin.

yes there is no doubt about this that if the money is circulation in the market then its value will increase but i think there is no restriction to use bitcoin or to hold it, so in case of bitcoin there is no restruction on the use of bitcoin, that its up to you that if you like to invest there is o restriction on the use of bitcoin or hold it for a long or short investment of bitcoin .

requester

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May be it is against bitcoin, I have no idea but in my view I would say that Satoshi had not set any rules and regulations for bitcoin he just released for public and we are using it there is no terms and conditions in bitcoin. It's free to use and freedom to do anything as we want it's all upto us. But holding bitcoin helps to increase price but the downside is that poor people can't afford to buy bitcoin when price is increased.

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Quote from: Vika NSFW on February 21, 2016, 08:32:23 AM

Storing of Bitcoins is against Bitcoin.
No one will offer services for Bitcoin.
Spend Your Bitcoins.

This doesn't make sense - its deflationary for a reason.

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I don't agree with you bitcoins are a form of money and one can do whatever one feels like doing with one's bitcoins. One can hold or store them for future or spend them right away. Also not everyone has lots of bitcoin or I should say everyone doesn't own a significant amount of bitcoin to buy or purchase everything they wish to buy also everyone doesn't accept bitcoin so it's not like we intentionally store them we do so cuz either we don't have enough of bitcoins to sell or the goods or services we need aren't being offered for bitcoin

Senor.Bla

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Quote from: Dwetha on November 15, 2016, 02:06:37 PM

Quote from: Darwintas on November 13, 2016, 07:13:13 PM

Quote from: znort987 on November 13, 2016, 12:50:25 PM

I do not think storing of Bitcoins is against Bitcoin, I do consider bitcoin (the currency) like a digital gold.
I mined a lot of bitcoins back in 2011-2012 and I am still hoarding, I have not sold even 1 bitcoin

.

I also do not think its against the bitcoin, why would it be against bitcoin, I just do not get this, its a currency and every currency is held right ?

Indeed its not something that is against it and the fact is also that every currency is stored by some party right ?

a currency is made to be used. if a currency is not used then it is no good at all. we invented these coins and small pieces of paper so we could exchange them for goods. if everybody just keeps them in a safe and start using something different to trade, then i do not know what they are, but they are not a currency.

Dwetha

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Quote from: Darwintas on November 13, 2016, 07:13:13 PM

Quote from: znort987 on November 13, 2016, 12:50:25 PM

I do not think storing of Bitcoins is against Bitcoin, I do consider bitcoin (the currency) like a digital gold.
I mined a lot of bitcoins back in 2011-2012 and I am still hoarding, I have not sold even 1 bitcoin

.

I also do not think its against the bitcoin, why would it be against bitcoin, I just do not get this, its a currency and every currency is held right ?

Indeed its not something that is against it and the fact is also that every currency is stored by some party right ?

krishna1

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storing bitcoin is really an issue but its an important feature of a wallet thats why there are made and its the way they suppose to work so all i have to say is resist the large amount storing like one who is keeping more than 50bitcoin for 10years is really messing with the network

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Quote from: znort987 on November 15, 2016, 05:56:59 AM

I don't have a reason to sell all my bitcoins mined long time ago, I don't want to be rich.
I just believe in this project

.

Im not saying to sell all your bitcoins, just a part of them, im surprised you dont wanna to be rich, soo you still with a lot of bitcoins, or had, looks like you had sold your coins and then bitcoin jumped a lot and you miss the opportunity. Makes no sense for me you be able to get rich with bitcoin and just ignore those because you dont wanna to be rich, or you already are rich.

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Quote from: Vika NSFW on February 21, 2016, 08:32:23 AM

Storing of Bitcoins is against Bitcoin.
No one will offer services for Bitcoin.
Spend Your Bitcoins.

u should do both . well u can store bitcoins in the wallet and u a spend them on daily basis .whichever u choose it will the best .it will deped most of it on u ..kudoos

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Quote from: Catmony on November 15, 2016, 06:05:20 AM

Storing just don't limit the supply significantly because there will be always enough bitcoin available in market. There will be enough people always who want some cash or who want to cashout some of their trading profit. And also the one who sell items for bitcoin need cash to not get loss on price fluctuation.

You may have point here but, how about majority will be storing their bitcoin in anticipation for price high,what will happen is simply a limited demand. As far as I know, we have a fixed number of bitcoin.

Catmony

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Storing just don't limit the supply significantly because there will be always enough bitcoin available in market. There will be enough people always who want some cash or who want to cashout some of their trading profit. And also the one who sell items for bitcoin need cash to not get loss on price fluctuation.

znort987

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I don't have a reason to sell all my bitcoins mined long time ago, I don't want to be rich.
I just believe in this project

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