Bitcoin Forum

...why are you all dumping it for fiat currency buying Lambos and Nintendo Switch?

Well,most of people who consider Bitcoin as a way to earn money,they don't care if Bitcoin will be the next global currency or not.All they want is to earn profit.While people who consider Bitcoin a revolutionary currency that will change the world 99% won't sell their coins unless they are really in need of money.

You think it will be a global currency? Give me one reason why I should hold it? I am from India and my govt. Is not quite with it. It has issued several warnings and stopping people to invest in it. What if tomorrow I wake up and see that India has banned it? All my lifetime earnings are gone all evaded? This is why I ocassionaly dump it for fiat.

Because the Lamborghini dealership doesn't accept BTC?  I asked.  8)

Seriously though, what is the point being made?  $ is currently recognised as a global currency for asset and commodity trading, yet if i want to buy a loaf of bread or a few beers in the local town, $ count for nothing and local currency it needed.

What is a currency if we don't buy stuff with it?

Made my day!  ;D

For the question: If you are only in the BitCoin sector for Investment, you need to live also. And if you are that successfull with Bitcoin, won´t you think about some nice stuff? Believe me, if you have the money, you also think about buying nice things.
And yes, if i had the money for a lambo... who knows....

If you checked the past historic data of bitcoin will see that dumps usually happen when it acouple of days before Christmas while the pump in price happen after New Year because most holder usually need money to fix their expense for Christmas/New year celebration.  You can check the coin market cap to know if I'm correct.

What are you talking about? You should really check out how many people did buy a car for BTC. I'm not even talking about a luxury car but any car. Transactions like that are still rare because people prefer to watch their coins grow in value and spend fiat that depreciates anyway. You can put it in a savings account at 2% and all it's going to do is keep its current value. You won't gain anything because the inflation will eat up all the profits.

First of all, it would be difficult to make bitcoin be the next global currency, are you aware of how much time it can take to make it go through?


And yes, if you have enough money to buy yourself a Lambo or a new ferrari as a gift, why wouldn't you buy it?

I guess that you would do the same, do not be hypocrite, if you have 10000 bitcoins on your balance, are you stil going to use the same fiat 600 forever?

I guess that you wouldn't do it x2.

Well what's the point of currency if you're not going to spend it? You unfortunately cannot spend it directy for a lambo or a Nintendo Switch, so you'll have to go about the roundabout route which is to trade it for fiat (you can just think of this as forex or something, whatever makes you sleep at night), then for what you what to spend on.

Either way, few people get out of the game entirely. They may spend a portion and keep another portion. Heck, you don't even need to keep any to believe it's the future. You can spend it all and get in the game again later on. It's a moot point.

You have to realize a decent amount of the people that have started investing since 2015 no longer think of Bitcoin as the next big global currency, or at least they don't privately think that. Most of the time they're interested in hyping their investments so they can get more money to benefit themselves, not for anyone else. That's why you see some people opting to take their money and exchange it for goods before it reaches that status; because they think it never will.

I'm personally on the fence and can't tell you if it will or won't become the next big thing. I am hoping it does, but I fear if such an event occurs it would destroy the community we've cultivated and there would no longer be the enthusiasm, albeit sometimes out of place, that comes with it.

Deym it! This guy's post is one of the best post in the history of bitcointalk. :o


This dude deserves two lambo's or more 8)

People dump it because they already get profit from it and maybe they want to buy some stuffs from the profit that they earned and it's not a bad thing at all.  ;D

Because thinking that everyone actually believe in bitcoin's technology itself is wishful thinking. I'm pretty sure a good percentage(probably majority) of people holding and investing in bitcoin only got in because of FOMO and because of the future potential profits. Unfortunate, yes, but it's a free market. There's pretty much nothing we can do.

because we need money for holidays, gifts for your love ones, that's why many people converting into fiat but don't worry maybe this month will go up the price of bitcoin.

I could not be happen. Only in digital way bitcoin will works. Unless bitcoin becomes a paper money it will be more highest value compare to all fiat money.

BITCOIN is a parking-lot for rich ppl, its a place to park your wealth until the smoke clears,

Everybody knows the reset is coming ( US DOLLAR  COLLAPSE ), and nobody knows where it will be safe to live in future ( post war ), so now safest bet is crypto, so when you flee your country, you don't have to carry 100LBS of gOLD

...

BITCOIN even in CHINA is called the "currency of the gods", it was never intended to be used as pocket change to enter a toilet in china or india, BTC is a safe haven for the rich, and that's the way the elite will keep it!

The world's poor, is best kept poor, and the elite want nothing more

Same now as the SDR its worth about $50k USD, and only banks can exchange an SDR, BTC could end up the same, a financial 'currency' so that elite can move/store wealth, but hardly a currency for day-traders or toilet stall cleaners

According to the development trend of global currency, if bitcoin wants to become a global currency, not only time but also system improvement are needed. For the time being, it is impossible to become a global currency.

bitcoin have many disadvantages which will never make it used for daily things, most of us use it as investment or fast way to earn money.

bitcoin like gold.

Oh but they do....
https://www.lambonb.com/

https://www.lambonb.com/assets/misc/12703/789810.jpg
And there are at least 3 guys known to have bought one with BTC , Goat did buy one in 2013.

Most people dump BTC for stuff and fiat because they already made huge profits.
Why should you wait another 5 years to get x10 more money to spend on hookers when by that time you will need to blow it on viagra?

Contrary to what people believe most early investors are well in their 40's and 50's by now.
Give me one solid reason to wait till 80 to cash in
 

Bitcoin may have a big chance of becoming the next global currency as this keeps getting better and better in terms of huge price surge. With bitcoin, you may purchase items without a middleman wherein there is less need for a bank to do the transaction.

Bitcoin was initially started with a vision of being a global p2p currency but sadly or fortunately we have moved from that goal long back and bitcooin has now became an investment asset. For some reason, bitcoin network has also fueled that move. Due to the long queue of transactions being confirmed and insanely high fees, bitcoin is also not fit for being a currency. I mean who would want to pay 20% fees for a transaction? That's impractical. So I don't think bitcoin has the capability of becoming the next global currency. ETH or Ripple can. Because they offer near instant transaction confirmation and way cheaper fees than bitcoin.

I think that there really is a great potential for bitcoin to usurp the paper money however it needs to have a more stable market and a much more hhgher value to fully supplant and be a global currency as for now the situation of it is still volatile

1. bitcoin is already a global currency. you can right now send bitcoin to anywhere in the world in less than 10 seconds and have it included in a block in less than 10 minutes on average. this can be sending money to family in your home country, or it can be buying some digital or physical goods.

2. price is still volatile, and bitcoin is still in beta which you may even refer to as an "experiment". the potential is there and many (including me) believe bitcoin will be a lot bigger and adopted more in the future. but this does not eliminate the risks. you always have to invest what you can afford to lose.

3. if you want to buy "Lambos and Nintendo Switch" you have to find someone who is accepting bitcoin as payment and sometimes that is hard, not impossible but hard. so your only option is to sell for fiat and use fiat for that unless you live in Japan LOL.

Dude, shut up with that fud.

First of all, a few of my friends didn't even realize they were bitcoin whales until recently. One of them was introduced to bitcoin in 2011, and he made some faucet claims back then to a wallet that he forgot about until he was clearing out his old computer and happened to find his wallet backup. He had over 50 BTC sitting in his wallet just waiting for him. The dude wasn't rich by any means. Another bought a couple hundred dollars worth of Bitcoin for online gaming, used like $20 of it (at the time, they were probably worth a buck a piece), and left the rest on a USB drive that he happened to find while clearing out his office desk when he quit his job. Instant millionaire, but before that, he was just a programmer that was making an average salary working a 9-5. Definitely not elite, or "rich".

Secondly, do you understand the implications of what will happen to the global economy if the US Dollar crashes? EVERYTHING is traded internationally based on the US Dollar. As messed up as the US economy is, for the dollar to crash is something that many countries and governments and corporations won't allow.

And how do you know that BTC was never intended to be used for pocket change? It was designed as a P2P currency without any limitations on minimum or maximum amounts.

Stop spreading fud, please, and stop saying shit like you know what you're talking about. ::)

I dont think it will be a global currency not anytime soon not anytime long LOL
It is now a global asset, it is not feasible to be used as currency with its very high price and very high transaction cost
And as we can see, ethereum is also having a significant increase in price because more ad more people realize how important its network and how cheap its transaction cost compared to bitcoin which sometimes even take days even weeks jeezz

Yes not only i but also majority of people think that Bitcoin will be the next global currency in the world. Bitcoin that is using now in worldwide, marketing, shopping, shipping, airticket, travelling and so forth. So Bitcoin is the boss of all currency.