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Title: Saving & Spending Bitcoin 101 - Stimulating the Bitcoin economy Post by: Patel on August 28, 2013, 10:41:37 PM Hey,
I wanted to share with you all how I use Bitcoin day to day. Alot of people don't like to spend Bitcoins because they are accumulating interest on them, and thats understandable. Here is what I do. I have lets say 2 accounts. One checking and one saving you can say. My saving never gets touched. I have bought however many I wanted, and stored them away for a long time. Whenever I want to buy something, I will not use my savings, but I will buy at market price and immediately transfer it to the merchant. This benefits me in alot of ways: 1. I paid the same price as I would if I used a debit card. 2. It indirectly increases the value of my savings because I purchased more bitcoin. It benefits the Bitcoin economy because there is more Bitcoins being spent and circulated. Coinbase is really my best friend, if I order something, it will say send "x amount of Bitcoins to this address" I will purchase that x amount and immediately transfer it. Coinbase is my new PayPal pretty much Just wanted to share that Title: Re: Saving & Spending Bitcoin 101 - Stimulating the Bitcoin economy Post by: notme on August 28, 2013, 10:55:46 PM Hey, I wanted to share with you all how I use Bitcoin day to day. Alot of people don't like to spend Bitcoins because they are accumulating interest on them, and thats understandable. Here is what I do. I have lets say 2 accounts. One checking and one saving you can say. My saving never gets touched. I have bought however many I wanted, and stored them away for a long time. Whenever I want to buy something, I will not use my savings, but I will buy at market price and immediately transfer it to the merchant. This benefits me in alot of ways: 1. I paid the same price as I would if I used a debit card. 2. It indirectly increases the value of my savings because I purchased more bitcoin. It benefits the Bitcoin economy because there is more Bitcoins being spent and circulated. Coinbase is really my best friend, if I order something, it will say send "x amount of Bitcoins to this address" I will purchase that x amount and immediately transfer it. Coinbase is my new PayPal pretty much Just wanted to share that +1 This guy knows how to bitcoin. Title: Re: Saving & Spending Bitcoin 101 - Stimulating the Bitcoin economy Post by: enter`name`here on August 28, 2013, 11:06:08 PM This sounds what i like to do as well. I have a certain amount of fiat i like to regularly change into BTC as a long term savings, and when i see something that i can buy online with BTC that i was going to buy with fiat anyway i will purchase the equivalent amount of BTC and make the payment with it.
Title: Re: Saving & Spending Bitcoin 101 - Stimulating the Bitcoin economy Post by: Winslow Strong on August 28, 2013, 11:31:46 PM Good idea. I'm going to start doing this where I can.
Title: Re: Saving & Spending Bitcoin 101 - Stimulating the Bitcoin economy Post by: knight22 on August 29, 2013, 12:16:24 AM Good strategy indeed
This is how I manage my bitcoins Title: Re: Saving & Spending Bitcoin 101 - Stimulating the Bitcoin economy Post by: nobbynobbynoob on August 29, 2013, 01:07:16 AM Yes, I likes this or similar methods.
Title: Re: Saving & Spending Bitcoin 101 - Stimulating the Bitcoin economy Post by: adamstgBit on August 29, 2013, 01:18:10 AM only way to do it.
my latest BTC buy was e-cigarettes, not only do i get to help the bitcoin economy but i save my health in the process, unbelievable? believe it! :D Title: Re: Saving & Spending Bitcoin 101 - Stimulating the Bitcoin economy Post by: pwi on August 29, 2013, 03:22:55 PM only way to do it. my latest BTC buy was e-cigarettes, not only do i get to help the bitcoin economy but i save my health in the process, unbelievable? believe it! :D Care to share where you purchased the e-cigs? Thanks. Title: Re: Saving & Spending Bitcoin 101 - Stimulating the Bitcoin economy Post by: The Bitcoin Catalog on August 29, 2013, 03:30:31 PM only way to do it. my latest BTC buy was e-cigarettes, not only do i get to help the bitcoin economy but i save my health in the process, unbelievable? believe it! :D Care to share where you purchased the e-cigs? Thanks. https://www.vaporstation.com Title: Re: Saving & Spending Bitcoin 101 - Stimulating the Bitcoin economy Post by: ElectricMucus on August 29, 2013, 05:08:14 PM I've read Simulating the Bitcoin economy and I don't think that is coincidental.
Title: Re: Saving & Spending Bitcoin 101 - Stimulating the Bitcoin economy Post by: 31337157 on August 30, 2013, 04:52:52 AM I've been experimenting with this method for the last few months and it has been working quite well. The only hiccup I see here is the dependance on banks. For example, if more banks start to regulate Bitcoin transactions.
Obviously, integrating the banking system and providing the ease of use for Coinbase users is a transitional decision and once adoption is at a much larger scale and prices stabilize down the line, the dependance on banks will be minimal. For now, it works and it works great. I am looking forward to more and more people taking advantage of this method and the growth of Bitcoin for the everyday customer! |