Bitcoin Forum

This is an interesting post in Twitter by the man named John McAfee a man who is very popular for his extravagant predictions on Bitcoin:


And to which someone replied:



While cryptocurrency like bitcoin should be playing its role as a currency or money that we should be using with everyday purchases, the other side of the coin is always holding us...and that is where we become speculators or hodlers believing that bitcoin can soon go beyond the $20,000 zone previously achieved.

Well, satoshi really intended cryptocurrency to be an alternative medium of exchange to be used as it is, and not as an investment tool. However, the potential of crypto as an investment tool weighs more than than how it is really intended to be used. Of course, no body wanted to be another pizza guy buying something out of a lot of bitcoin as many are speculating bitcoin price to be too high in the future.

John McAfee was right, yes, we should use it as intended and in fact I am using it and holding some bitcoins at the same time.
It's not hard, when we use it, we contribute for its growth but we should also be futuristic and see in the future that more users than investors will be here in the market, and as adoption grow, it cannot be denied that it will excite us since the value of bitcoin will follow.

This just highlights the problem with a deflationary currency and why fiat is inflationary by nature. If a person has incentive to not spend, he will not spend. It's also why crypto can't be used as the sole world currency -- the global economy will stagnate, with people not wanting to spend their money.

That being said, there's no right thing to do in this case. Spending is better for the ecosystem, but since crypto enables people to do whatever the fuck they want with their money, they should be doing exactly that. You don't have to go to either extreme either. A healthy middle of spending some and saving some is always an option.

It's not only the speculators at fault in here but also the lack of places and platforms in which we can use our cryptocurrencies. It's as if crypto is specifically made for speculation and not as a medium of exchange per se due to the fact that there are more exchanges available compared to the number of merchants accepting bitcoin fully, which, to me is a ridiculoudly small number given the amount of growth bitcoin has seen in its almost 10 years of existence.

People will value the deflationary side of bitcoin than using it to actually buy something, and other people will do the same causing a stagnation in the economy and a completely new purpose for bitcoin: wealth generator and not cryptocurrency.

With such high price and large transaction fees, bitcoin cannot be a currency. Even if we adopted lightning network, the increasing price would make the value much more volatile.
For use as a currency, we would require a more stable token not just pegged to a fiat. A truly stable token should be pegged with multiple of fiat and crypto.

Government can work with the price being so high of bitcoin,the only problem we will face if bitcoin will be use as currnency in our financial system is the fees,fees is the thing that makes our face crooked when doing an transaction.Fees are so high that it sometimes to the point that fees are higher than the amount we send (microtransactions).Thats the hard part we will face not the price.

Seems to me that there is a tug of war with two concerns. On one hand, we are encouraging people to really use their bitcoin as money by buying things and services they want to own or experience but on the other hand, since bitcoin is expected to make a big bull run we can't blame people if they gonna 'hodl' whatever amount of bitcoin they may have. In other words, are we gonna be spenders or speculators. As for me, I would choose to be a speculator and be spender next. Well, balancing the two is quite a challenge for the whole industry, really.

It's just the usual bitcoin as money vs store of value (SoV). Even in our community this have been a long standing debate. So the only answer for this one is how are you going to treat bitcoin yourself, what advantage can you make out of it. If you are a investor and wanted to hold on it because of the chance that the price could literally go to 6 figures or 7 figures in the next couple of years then good. On the other hand, there are also majority who uses it as sound money so this is a open-ended debate and we won't have the exact answer for this.

that is kind of idiotic though.
of course if you only have 1 bitcoin and nothing else then spending all of it is not a good idea but not spending at all just because you think it will be $1 million is idiotic too. you can't expect price to reach $1 million if you and everyone else is just bag holding bitcoin!
after all bitcoin is a currency first and an investment last. one of the reasons why bitcoin grew is because of "pizza guy" who started the actual usage of bitcoin as a payment, ie what it was meant to be used as.

They are conflicting ideologies, but like I said, there's no right or wrong answer. Neither side should be shaming the other, because what people want to do with their own money is their business. The industry has thrived with people doing exactly what they're doing now, so there's no real immediate problem to solve.

The issue of lack of use should resolve itself eventually as Bitcoin becomes more convenient to spend. People routinely spend for convenience (like how piracy is plummeting because Netflix and Spotify are convenient), and I foresee the same thing happening with Bitcoin. There are several developments on this front, like lightweight Lightning wallets, Bitcoin being accepted for bills payment, etc., so things are only going to get better from here. It's going to happen organically even without some people's holier than thou preachings.

Investors who are continuously holding are risk takers.
Bitcoin doesn't guarantee us that it could soar high in the future yet it provides hopes that we could gain a good profit through holding and having patience.
Both have points but it still depends on how we want to handle and use cryptocurrency.

The fact  is, we can do both spending and holding.  Just like we do with our money.  We spend majority of it to fill our obligation and save some of it for our future use.  Same case can be done with Bitcoin, the difference is Fiat currency is destined to devaluate overtime while Bitcoin  value in the future is unknown because of the factors like speculation, adoption and many more.  We can think it can be 1m in the next few years but there is also a possiblity that it can be less than $1000. 

That's true, but it does not only apply to long term holders, the moment you buy bitcoin regardless of how long you hold it, you are already called risk takers.


The reason investing here is called risk taking because it does not guarantee success, but we are here and ready to take that risk hoping we can be profitable in the future, and that is enough for us to make us strong to hold longer as with our faith, it will not make us panic in tough situations.

Stagnant water stinks because of lack of flow. There is a theorem of use and disuse in science, wherein the part of the body that is frequently been used tends to be bigger than the unused part. So using currency gives it more value and attracts more users to trade it. Nevertheless, never get out of stock, save for the raining day.

Using bitcoin or not, it depends on what our reason.
If we only like to save bitcoin from the old time until now, then it's no problem.
If we want to spend some and saving some, then it's not a problem too.
There will be people who will be like that and we don't have to think if that will not make bitcoin works or the adoption will not grow.
People will have their own decision, and no matter how we explain to them that they should use bitcoin to help the network, they still do whatever they want to do.
Bitcoin gives a choice to people to use it or save it, and people already know that.

Even though others here are saying that cryptocurrency can be treated as a real currency, that would be really hard because of its very high price. If we want it to compete with fiat we have to treat crypto as fiat where we should also spend our money and we should hold some of it. Holding and holding won't do anything good in this ecosystem. Now, it is very ironic that we want to treat as something as fiat where some of us just want money from it.

To receive information about events in the crypto industry is the need of every trader and enthusiast. The cryptocurrency market is very dynamic and it requires an instant reaction to changes in order to catch the wave. Therefore, when you can receive all the important news immediately to the mail through a subscription without having to visit sites, it is convenient.Twitter is an old and not always true

Many will say that the subscription system is an outdated model. The RSS is no longer working, although in the olden days it made it possible very convenient to save the most awesome articles. I am not a fan of social networks like Twitter, where most people are young people. And I prefer to work with the site directly. So I like the Taklimakan news feed. They select the most important articles from large cryptocurrency news sites and allow you to make a selected subscription. And in combination with access to trading strategies, this makes it possible to form a holistic view of the market situation.

No matter on how satoshi intend or aim when he is creating bitcoin everyone is free on using and spending their own bitcoin.Everyone can use it in anyway he want.No one can stop others on doing what they want.If they want to be the pizza guy then let him be if you want to get  rich you know what to do

In defense of Twitter, I’ll say that instant push notifications are a cool thing. And then you really don't miss the most important news

Yes, but when you are literally attacked by these notifications, and you are at an important meeting, the sensations are not pleasant. It is better to get a selection of the most top news to get more information about them in a relaxed atmosphere. And it is this convenience that this platform offers me.

This fair features the issue with a deflationary cash and why fiat is inflationary naturally. In the event that an individual has impetus to not spend, he won't spend. It's additionally why crypto can't be utilized as the sole world cash - the worldwide economy will stagnate, with individuals not having any desire to spend their cash.

That being stated, there's no correct activity for this situation. Spending is better for the biological system, yet since crypto empowers individuals to do whatever the screw they need with their cash, they ought to do precisely that. You don't need to go to either outrageous either. A sound center of putting in a few and sparing some is dependably an alternative.

Being informed is a global challenge. But the most important thing is to reduce the analyzed information. I like projects that focus on forecasting.

John McAfee is known to have weird and exaggerated ideas, but this time he said something interesting, but it's not that easy to use bitcoin to buy oranges for example, or use bitcoin to buy a car or use bitcoin to buy food in the real world. In some countries it may be possible, but in most countries it is impossible because few people know bitcoin and there are no laws on bitcoin. so what John McAfee is saying is something more complicated than he can even imagine. At the moment I use bitcoin as an investment because in my country, it is not possible to buy food, pay for water, electricity and tv using bitcoin