Storing of Bitcoins is against Bitcoin. - page 18.

yayayo

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Quote from: requester on October 05, 2016, 07:15:07 AM

People are thinking that holding bitcoin will result in price hike but no one thinks that if money is not in circulation then nothing gonna happen because market will become unstable only when bitcoin is in full circulation and people need bobbin to buy online goods.

I don't think that holding Bitcoin will lead to hikes in fiat valuation. In extreme case if everyone is just holding Bitcoin, there will be no price discovery at all.

One has to understand that because the total supply is fixed, Bitcoin works like a deflationary currency (albeit currently it is still inflationary, because new coins are released through mining). That makes people less likely to spend Bitcoin for non-essential goods. But as Bitcoin's buying power increases, there will be a point when people spend their coins. The last Bitcoin bubble also came with an increase in economic activity.

So, holding Bitcoin is not against Bitcoin. After all, not everyone holds Bitcoin eternally. At some point in time, spending Bitcoin will become attractive for almost everybody who still has access to his/her private keys. Bitcoin just doesn't encourage to squander money for non-essential goods like fiat does. In terms of resource usage that's a good thing.

ya.ya.yo!

requester

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People are thinking that holding bitcoin wil lresult in price hike but no one thinks that if money is not in circulation then nothing gonna happen because market will become unstable only when bitcoin is in full circulation and people need bobbin to buy online goods. But people are just holding bobbin except 1 or 2. I have only 0.004 bitcoin so I think this much bitcoin is negligible because I can't buy anything with without much amount

BingoDog

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I'm also not supporting the idea that Bitcoins should sit idle somewhere in the wallet but isn't very wise to spend all your coins either. There are lot of services and websites where you can spend your Bitcoins as well as plenty places where you can invest. And the circle is then closed, you invest some you get some.

mrkevio

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It is against Bitcoin because you're not spending it anymore, meaning you don't want to use it for now, but many of us cannot even do something with it. Spend it where if we have nowhere to do so?! When more countries will start supporting Bitcoin, we're going to get way more customers and a bigger price.

davis196

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Quote from: Vika NSFW on February 21, 2016, 07:32:23 AM

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

You are right,but everyone is free to choose wether or not to spend or hold his bitcoins.

We need safer places where we can spend our bitcoins and get goods and services without being

scammed.

richardsNY

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Quote from: boyptc on October 04, 2016, 07:31:04 PM

Well storing of bitcoins means you are not helping the economy of bitcoin. That is why the title says it is against the bitcoin. But for me, it is not against the bitcoin network because it is going to depend on how you are going to and what will you going to do with the bitcoins you have. You are not just contributing in the ecosystem of bitcoin.

It's not against Bitcoin at all. People holding their coins untouched for a very long time, help keeping millions of coins out of the market. They contribute towards the current price being where it is right now. If all people would spend their coins, then the price wouldn't be near where we are today. Think about that.

MingLee

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Quote from: boyptc on October 04, 2016, 07:31:04 PM

Well storing of bitcoins means you are not helping the economy of bitcoin. That is why the title says it is against the bitcoin. But for me, it is not against the bitcoin network because it is going to depend on how you are going to and what will you going to do with the bitcoins you have. You are not just contributing in the ecosystem of bitcoin.

Same goes for real life, a deflationary currency encourages people to hold and is discourages economic activity, and this is one of the issues faced by Bitcoin. If there are people who do not actively participate in one way or the other we end up with too many people holding and not enough of a supply for everyone wanting to buy, and eventually we see interest in the currency wane as people leave and move on to other things.

Zadicar

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Quote from: boyptc on October 04, 2016, 07:31:04 PM

Well storing of bitcoins means you are not helping the economy of bitcoin. That is why the title says it is against the bitcoin. But for me, it is not against the bitcoin network because it is going to depend on how you are going to and what will you going to do with the bitcoins you have. You are not just contributing in the ecosystem of bitcoin.

Well you have a point its not fully against on bitcoin hence theres no rule that we should spent our bitcoin but in a commonsense way we should contribute to the growth of bitcoin if you have high trust and hopes for bitcoin for sure you would spend your bitcoin actively but for those who are just aiming for profit and dont mind the other things they would hold for longer times.

boyptc

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Well storing of bitcoins means you are not helping the economy of bitcoin. That is why the title says it is against the bitcoin. But for me, it is not against the bitcoin network because it is going to depend on how you are going to and what will you going to do with the bitcoins you have. You are not just contributing in the ecosystem of bitcoin.

malikusama

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Economy depends upon the circulation of money in market same as here storing the bitcoins will make a serious deflation in bitcoins price.
People want to get aware of this fact so can the market will stay alive.

Monnt

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Quote from: coinsocieties on October 04, 2016, 01:06:47 PM

I do not try to get rid of my bitcoin because I think it is a great currency and will continue to grow in the near future. When you make posts like this OP, you are giving people a reason to get out of bitcoin which will do nothing buy hurt bitcoin. Get people to use bitcoin, not leave it.

The OP is not completely wrong as we need to spend coins and not only store them. If we keep holding the coins, there is no assurance with regards to the benefits and profit but it's still each person's wish to hold the coins or circulate them but storing coins does hurt the currency.

upsidedown75

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Quote from: Betwrong on October 04, 2016, 01:18:20 PM

Quote from: coinsocieties on October 04, 2016, 01:06:47 PM

I do not try to get rid of my bitcoin because I think it is a great currency and will continue to grow in the near future. When you make posts like this OP, you are giving people a reason to get out of bitcoin which will do nothing buy hurt bitcoin. Get people to use bitcoin, not leave it.

I agree. Although those people who are saying that a currency would be dead without circulatiing are right, I don't think that Bitcoin lacks circulation, so when you are encouraging people to spend thrier coins more than they are spending now it looks like you are saying to them "Get rid of your coins fast!".

Bitcoins are being mined daily but since there are limited number of miners and bitcoins, circulation is necessary and hence when people store over 100+ BTC, it harms the trades too as there is not much fluctuation in the prices.
It's not the case with other currencies.

lionheart78

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Quote from: psomas2 on September 16, 2016, 12:11:44 AM

With out a doubt the author of this post is correct however spending money frivolously for the sake of helping the economy is also kind of stupid so...

It is and OP does not want you to spend your money away to some useless stuff. Anyway it is your decision if you want to, but we all know that bitcoin can also be spend in things that is mostly need by us in our daily lives such as paying bills, buying needed appliances, investing with bitcoin. Those thing that we are normally where we are spending our money.

Hellacopter

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I think no one could store all his bitcoins , everyone, even the big holders, spend a lot of their bitcoins online, because usually the Bitcoin's community prefer to pay and make deals with Bitcoin instead other currencies

bitcointank

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Quote from: Vika NSFW on February 21, 2016, 07:32:23 AM

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

TBH you are right, hoarding bitcoin is a bad concept, who are greedy ppl want to earn from bitcoin, they should use bitcoin, not hoard.

Betwrong

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Quote from: coinsocieties on October 04, 2016, 01:06:47 PM

I do not try to get rid of my bitcoin because I think it is a great currency and will continue to grow in the near future. When you make posts like this OP, you are giving people a reason to get out of bitcoin which will do nothing buy hurt bitcoin. Get people to use bitcoin, not leave it.

I agree. Although those people who are saying that a currency would be dead without circulatiing are right, I don't think that Bitcoin lacks circulation, so when you are encouraging people to spend thrier coins more than they are spending now it looks like you are saying to them "Get rid of your coins fast!".

mastica

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Quote from: Jasmint on October 04, 2016, 01:04:37 PM

Quote from: psomas2 on September 16, 2016, 12:11:44 AM

With out a doubt the author of this post is correct however spending money frivolously for the sake of helping the economy is also kind of stupid so...

You do not need to spend a lot of bitcoin. You can just circulate 10% of your bitcoin, that will be a big help.

There are a lot of bitcoins into circulationg those people who are saving them arent making any damage at bitcoin, as less coins more pression, soo in the end those people are helping bitcoin has been made to handle transactions but if people do wanna save them till they resell it wont hurt bitcoin.

coinsocieties

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I do not try to get rid of my bitcoin because I think it is a great currency and will continue to grow in the near future. When you make posts like this OP, you are giving people a reason to get out of bitcoin which will do nothing buy hurt bitcoin. Get people to use bitcoin, not leave it.

Jasmint

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Quote from: psomas2 on September 16, 2016, 12:11:44 AM

With out a doubt the author of this post is correct however spending money frivolously for the sake of helping the economy is also kind of stupid so...

You do not need to spend a lot of bitcoin. You can just circulate 10% of your bitcoin, that will be a big help.

psomas2

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With out a doubt the author of this post is correct however spending money frivolously for the sake of helping the economy is also kind of stupid so...

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