Bitcoin Forum

This isn't a trading thread per say. I've just been doing a lot of thinking lately about the state of BTC or crypto in general, and have found myself drifting into negativity regarding certain groups. Damn generalizations creeping in and harshly judging people without digging deeper - today it's the trading side of crypto.

So diving in, I am in the Pro "spend what you can when you can camp" ( No different than anything I still feel one needs to have some portion of savings) I think if we aren't spending crypto to encourage businesses to adopt it where is the endgame. I also feel like a lot of the crypto rich have abandoned creating a market environment for one that really only benefits "gains". There are so many trading platforms out there when you compare against say online marketplaces; or even attempts at marketplaces. My only issue really comes down to how does trading benefit the overall BTC and crypto ecosystem if trading is the only activity users are performing with their coins.

I'm not saying it's entirely bad. Trading has helped bring a lot of people seeking profits into the space, but are they doing anything else? So I'd like to know what you do with your trading gains, does it just roll into a larger bag,  do you sell and cash out in Fiat, or are you trying to also spend coins when the opportunity presents itself. I'm open to all opinions, as I'm sure many people here see things differently. I've just had thoughts that this aspect of the overall economy has developed disproportionately to the marketplace portion, and feel it has a net negative effect.

It depends on the trader how do they manage their money most of the time the people want to include in the world of cryptocurrency because they want to earn more money, and by this, they are putting their extra cash to hope to earn more income. If a trader already got a lot of profit on their investment still, it is a choice if they will continue to make more money using trading or gambling whenever they want or already pulling out their money and convert into fiat to put into business as capital. Still, we should both earn more money at the same time we have a stable job because of the company we made with the use of crypto and also continue receiving in cryptocurrency using trading.

I definitely think people should take profits regularly. You want to convert your profits into a house, a car, a lifestyle, otherwise, what's the point?

And yes, do support those crypto businesses that accept crypto and spend some of it. Otherwise the whole eco-system will die and the value of your crypto will die with it. If crypto just becomes speculation, then eventually the party will end. You need the eco-system underneath to be robust so that it can all continue.

When a trader wanted to enjoy their benefits from crypto, definitely they should spend crypto as they wanted to. Joining the eco-system, crypto value will not dies as long as it has been circulating on different types of spendings.
Each and every product that has linked with cryptocurrency, has its independent body, and as long as the demand increased the price eventually rises.

I agree to you dude we all here because of money and maybe some people curious what is cryptocurrency not all people know the word cryprocurrency but the good thing that I noticed cryptocurrency are continue to know all over the word this is a good sign for bitcoin because it has a good features that everyone can use.
As a trader I spend  my profit on my needs and also to my expenses and I think most trader also have a same scenario but we have a different way on how to manage money.

it can be difficult to spend crypto here, so i almost always convert to local currency for spending. sometime online when i order from ecommerce store, i will pay with crypto, but usually not

More traders converting their profits into fiat for spending since the acceptance of cryptos are not yet available on all the corners but if there is a possibility to spend as cryptos then they will surely do to avoid fee while converting into fiat which sometimes take more than 1%.

Trading cryptos help people to knew about crypto currencies and earning opportunities but its really doing bad for the real adoption and also leads into price manipulation by whales.

every trader has a different character, but generally true traders will not spend their coins even though they can, good traders will definitely manage their finances, traders usually only spend a few percent of their profits, and the rest they invest again, unless the profit target has been met the merchants will usually take profits to enjoy.

It's something people seem not to realize fully: some of the people that earn crypto will also spend.
It's the same with the traders. Some will hold more or less of their earnings, some will spend as much as they can. Crypto is money, not only investment.

Traders should spend their profits and enjoy their profits or use the profits to solve their financial worries. For this purpose they must convert some of bitcoins into local currency. Some people keep on investing the profit again and again in new trades to increase their portfolio but i do not think this is right. Because if the trader few trades goes wrong, the profit earned before could turn into loss very quickly.

The thing is, there will always be people out there that are just here solely for the money, and there's really nothing we can do with that.

Look at it this way instead. Regardless if traders use their gains either to sell their coins for dollar profit or if they actually spend the actual bitcoin they use, I don't think it's going to matter as that's really none of our business. One of the benefits of bitcoin is financial freedom, so everyone is free to use their money however they can. One advantage though for sure, is that these traders improves the total market liquidity. Hence, making the markets a bit more "stabler", which can lead to better long-term price discovery, even if it's really obvious that the markets in general are currently still very very volatile.

If profit in trading, maybe this is look like people will usually answer like this. But my friend keep told me to increase capital when profit but don't forget to withdraw some and make it as saving and spend it. So after profit, only my profit which i will split, for increase my capital and withdraw it to bank. So when i need something i still have money and not disturb my capital. And if my capital looks bad and i have chance to get profit, i use that savings.

Yeah i think when we have much profits we should withdraw it and save it for daily needs or an important sudden need. As long as the portion of the spending amount not more than the investment amount i think the investment and the financial status is still healthy, or people could move their profits from crypto to invest in more safe investment

So if you are already profitable in trading, then the profit is not made capital again, it will be risky, I prefer to withdraw my profit regardless of the nominal value for future savings and I will not be as direct in trading.
Capital trading must still exist and should not be disturbed because it makes our capital to trade again.

Anxiety will always appear when the total assets are still in the main wallet balance, especially if it suddenly experiences floating. in exchange like binance has 3 different wallets, if you get 10% profit, send half of it to a futures wallet and leave it passive there. and the other half is only used to back up capital, for a moment we have to manage assets psychologically so that the mind remains in control.

I tend to save most of my Bitcoin, but I have spent some on a few occasions.  The main reason I hold is that I believe there is plety of room for Bitcoin to increase in price and I am using it as an investment. 

There is another issue however.  That is it's not necessarily easy to find places that accept Bitcoin where I am located. It's still very early in the acceptance stages for Bitcoin and it needs time to grow.

With the prices we have now, I just hold it now and basically depend on my job's salary.

It's been months that I am not spending that many cryptocurrencies since we all know how would that end up, it would obviously be our loss. But when the price is good, I can spend some of them but not too much. I live where cryptocurrencies are accepted but not a lot of them are really using it so when I am using it, I would be converting it or sell it.

I always spend and convert my bitcoin to cash in monthly so I can have money to buy anything and fill me and my family's needs. It's not all about saving the profit only, but we need to cash out the bitcoin into local fiat to buy what we want. Besides that, I cannot use directly of bitcoin because there are not many local stores that I can visit to buy something to fills my daily needs.

But yes, I save my other bitcoin just in case I see the bitcoin price can increase so high in a short time so I can sell my bitcoin at the highest price. But I feel that the bitcoin price will not grow in a short time because we will be going to see the halving time, and that can cause the bitcoin price to go to any price that we don't expect. So saving the rest amount of bitcoin will be a great idea so we can make a huge profit in the future.

That's right, if we have the advantage of trading, it's better to save as much as possible in a more tangible asset because indeed we will need it in a few other important ways, I will never profit it in trading again and better if I save or make my savings in the future up front it will be better than having to splurge.

That is right, and will be better. Savings is good, but make other safe investment is not a bad idea and can really help us. But maybe pick right investment like property and pick something that maybe will get increased in value, easy to sell in future will be good for us.

Im doing various things when it come to my profit.I do consider on making my bag more bigger and at some point when i do already get profits out of that big bag i do spend a portion of those profits
neither for buying my personal needs and wants in life.The thing that do have in mind is not too spend too much unless if its important or emergency.Who would be the one doesnt like to make his bag even more bigger?
We do saw on what are the advantages of this one.

What is the point of making many when you don't really enjoy the result? Saving some portion of your profit is important for everyone, reinvest it? would be better but if you don't spend your some money and enjoy it then why do you make money?

Currently, my spending habits with my crypto are my luxury items only. The wants that I don't need, but I still get to keep some part of the earnings in my wallet. Anyways, in my trading experience, every month, I will cash out a portion of what I earned during the month. For example, if my profit is 0.01 in my 0.1 capital in trading, then I would cash out the 0.01, and that's what I could use to spend.

I guess I support other companies by using some of my bitcoins, so it circulates in a way, other than that, I do nothing else. I'm quite sure that we have different views about how we use our crypto.

It's good to balance things, spend some and save some. It's like enjoying today and preparing for tomorrow its applicable as long as we know our goals, set our limits and spen donly what is needed. Others make it as inspiration to save now since soon you'll be able to enjoy it especially if they are starting from scratch and every earning matters or alloted for something.

I think it's safe to say that just the fact that your account is growing in size is already something that satisfies you enough to a point where your only next target is to have it grow even bigger. Spending or whatever will only make it go down, thus not really something that you are going to do.

In my case, I do spend quite a bunch of satoshis on a monthly basis, whether I make profit or not because I do believe that Bitcoin is cash just as much as it is digital Gold. I always make sure to buy back every single satoshi that I have spent to not lose out on purchasing power in case the price goes through its next parabolic cycle. I hope more people do that.

In the end, I do not really care much if people are spending their coins or not. It's their money and they can do whatever they want with it. There are just as many valid points to be made for spending coins as there are for not spending coins.

Traders are vital for efficient price discovery. They provide much of the existing market liquidity. This may not be a popular opinion, but they are fundamentally good for the ecosystem, full stop.


Bartering and directly spending trading gains is ideal, as it allows one to avoid the tax man. ;)

In my case, some of my fiat is in crypto (specially BTC) so if the need arises I have to sell some and convert it to fiat. And there are times that I used my crypto directly to pay my monthly bills (internet, credit cards, electric and even water). So I would say that I did my share to 'recycle' my coins and bring it back to the ecosystem at some point in time. Right now I'm contemplating of cashing out around $1k to pay for my kids school. And then buying back when there is an opportunity.

I see where you are going at.
It became just a non-stop activity. Trade, bag it then trade more.
There is no spending that is happening in it.

I don't. Whenever I feel like I am blessed, (profits higher than expected) I spend it. Go out with the family.
There is a problem though. It should have been spent thru the way you made it.
Crypto currency.
Just like you said, there is not much marketplace or who accepts it.
I guess what we could do is just wait. Maybe it will happen.

Although i am not daily trader, i will spend my profit when i can. Spend crypto wouldn't means we spend our capital and not our profit right. Same with me when i get paid from bounty or signature campaign i will save it and spend it in vacation because sometimes daily activity really stressful for me and i need spend my time and my money to do something fun.

I hope they will.
Spend all that fiat when profits came from trading.
We should all enjoy it.

The sad part is that we cannot use it that much yet. Crypto currencies seems to be avoided by merchants up until now because of its nature which is the volatile one.
Some have courage to do it, thinking they are also invested with it.

Maybe they will use crypto if it is very necessary like those necessities including, food, health, shelter, clothes and anything that is in a Maslow's Hierarchy of Needs. But if you will just use it for something that you want or something that has no value to your life, do not attempt to do so. Proper management of money is also a good thing to practice for you to prevent spending your money to the things that is useless.

It depends on individual opinion and plan, we are specific about trader now, some Bag their profit and invest it into another trade online, but I don't want to believe there will be a trader who will just keep hodling their bitcoin just for trading sake and not cash out to purchase certain material things for him or herself, but for those are still earning well I their place of work . The profit Should be enjoyed.

I agree, you have to spend something of your profit so that you can enjoy it and have real use of it. I think many traders are aware of it and besides reinvesting part of their profit they also spend it. Afterall what is the use of trading if not making profit that you can use in real life? Trading is not purpose for itself, that makes no sense.

There are many traders who just invest their money to cryptocurrency for just giving away and not taking or even looking his investment for a long time because there are many people who invest in cryptocurrency just for fun and try some luck, because they already know the risk that investing in cryptocurrency doesn't guarantee anything but great returns with bunch of luck

Other side many people loss their money with trading because price have down, not all trader can earn much profit with bitcoin and altcoin trading during still do not know about how rule and way to be success trading, beside always have trick with trading with lucky and unlucky when starting trade, when you lucky maybe you can get profit although whit shit coin.

Unfortunately, I can't spend crypto too much, I would love to, I mean if it was up to me I would totally just use crypto and never use fiat ever again in my life if I had that option. However in my country crypto is not accepted that much, I have used crypto before to buy stuff but most of it was digital.

I remember at one point steam accepted bitcoin so I used it to buy some games, I bought domain and hosting from namecheap and multiple times at that, I bought it to use some developers talents and he coded some stuff for me, I bought designers to help me create some logos, so all stuff that I can get digitally and not a physical product so far. If nothing else I would love if it I could pay my bills with crypto at least, that would be so amazing.

Since I lost my permanent job and today I get the only income through cryptocurrency trading, one way or another I use all the cryptocurrency that I earn for daily purposes to pay my bills.  Of course this happens by exchanging cryptocurrencies into fiat currencies, but nevertheless, with the help of online resources I can buy certain things, paying for them with cryptocurrency.  It is unfortunate that there are not as many such online stores as we would like.

It absolutely not only a trading system will drive for crypto to fully established in the market, but it is also needing the support from online businesses. But unfortunately, some big companies are in doubts about crypto's credibility and makes them undecided to take the risk of accepting crypto for payment. The is how trust place a big role in this technology and that is quite not easy to acquire until they'll saw assurance of their investment.

People would be making use wherever they can and whenever they wish to only thing is that their country should be having enough of merchants to accept the btc and where you can make payment from coins for the stuff you require to have it.

Indeed, I think sometimes we should take some of our profit and spend in some stuff that would make us happy because if not then what is the point of getting profit. Besides, we need to circulate the those coins otherwise it will die. Moreover, some of us have no option but to spend the profit they got just to support their daily expenses.

It isnt needed for those crypto merchants from time to time because people can convert their crypto to fiat anytime and spend if they wanted to.
When we do trade then the main target or goal of each person is to make money and if we do earn then its just normal for us to think that we do have money on our stash
and anytime we can spend it if we wanted to unless if you decide to save it all.So it depends to our own needs.

Volatility could be a beneficial factor when a person has get experienced in the utilization of cryptocurrencies. The price could never remain stable because of the reason that digital money is always being used in the international transactions. Due to the difference in the economic stability across borders the price is not constant. But being able to use right coin at the right time may help you to get desired results.

Yes, for most trader it is hard to spend their crypto, maybe if there are opportunity to spend crypto comes, it only for several countries. And no matter in where we spend it, i think profit is worth to spend if that trader want because it is all depends on him.

Same here, I spend crypto whenever it is available option in transferring funds especially abroad. For the local transactions, of course, I use fiat or digital currency. It only depends on the situation to spend crypto or if its a better option whenever needed.

I spend the portion of my trading capital when I need to do(I don't want spend too much), exchange it thru fiat for my goods because of regulation that force it.
Everyone has their own priority for their life, as long as it does not deviate, it is not a taboo if we exchange btc to fiat.

There are traders who spending the money that they earned from their trades and there are also type of trader who do not spend the gain that they earned. I'm a type of trader that I do not spend the cryptocurrencies that I earned from trading. We have different goals and mindset, my goal is to acquire more cryptocurrencies so I do not prefer to spend it. The cryptocurrencies that I get from trading, I using it as a additional capital in order to increase my portfolio.

Traders have their own function in the market and I am sure that many of them - especially the professional ones take out a % of their gains each week/month to at least cover their expenses. Others might increase their trading portfolio and/or set aside a part solely for holding.

After all what affects a market price is the supply and demand law. If they hold the cryptos and don't spend it is beter for the value of the cryptocurrency. We need to encourage average joe's to start using crypto instead of fiat - not the traders.

You just said what I always think. The whole point of bitcoin being created was to use it as a payment method without any middle man.
While bitcoin is used in many places these days, most people hold bitcoin as an investment rather than using it as a currency.
I always tend to use bitcoin as a currency and find ways to use it in different places. I don't hold much of it right now and so I did not use bitcoin for quite a while now.

Possibly less, because we heard the advice of HODL longer to make more profits so investors and traders are not really interested in spending but not all the crypto holders are having to hold as their intention. I do see lot of websites start to accept cryptos means people are interested in spending their cryptos as it is which gives convenience and also reduce time and expense when people try to convert crypto into fiat.

Obviously if possible to make the trade at the right time obviously everyday days will go and start reading whenever the market fluctuations are very much higher than usual.
I suggest even you should go with the cryptocurrencies which fluctuate higher than usual and stable cryptocurrencies.

i split my crypto for trade and daily usage, so i use my profit from trading to daily usage like electic cost, internet fee etc.
i think each people can be diffirent, because i have friend who really hodl his crypto and not spending it, when he need crypto for buy something he will buy crypto and use it.

This is why 'system' is still working. They can print money coz there are people who spend it like crazy. Which in our case would be a good thing as it would stimulate the asset that is otherwise simply better hodled. This is the role of inflation in fiat economy. If money is losing value, its better to be spent. This is on contrary with Bitcoin and what was supposed to be good actually is holding the adoption backwards.

If I get profit from trading, I will save my profit in stablecoins. So if there are coins whose prices will go down suddenly I can buy
coins with the profit that I save in stablecoins. But it's not always like that, if indeed there is a desire to buy something I will
immediately convert into fiat to buy the things I want. But such things are rare happened, because I prefer to turn the money I can
to trade again.

It obviously they are. That is how traders would seem to be and that is also how I did before but I stop it now since the market is in bearish and I don't have enough time to track my trades which is very important at a very critical stage. Trading is really a time spending activity especially when you a day trader. It is too different when you are just a casual trader that only does buy and sell.

Yes of course .
A lot of people misunderstood the essence of trading, they are expecting beyond results. It is not an easy rich quick scheme like traders are expecting. It is difficult to dance with the market, hard to predict and rely only on technical amalysis.

When it comes to the benefits to the economy, it somehow helps when we exchange our crypto profits into fiats and spend it to some products likr what I am doing. I do agree that trading is a profitable but needs focus and plan.

In my experienced, I tried to spend the cryptocurrencies that I earned from my trades. Cryptocurrencies for me have 2 uses, first is it can be a utility for me where I can spend it online in order to buy the things that I desire and the second is for price appreciation. Price appreciation is about trading where I buy at the low and I will sell it when it value rises.

Trading/ investment program is alternative income and should be use to built business. Trying built business is not easy but this method is the best way to reach better life, every method will end but not with business. Saving profit from crypto trading/ investment also good step but inflation will reduce your value asset. Spend crypto for business is the right way, do that before crypto useless or replacement by other instrument.  I'm not agree spend crypto for daily needs, if you still doing that you should change mindset and method before too late.

The best trader is the one who knows when to take out profits and when to actually use it. People in greed keep on saving and investing and at the end never get to actually use it. My belief is that always set a target before saving or investing and do follow it religiously without getting greedy. You might regret some of your exits if price goes up ridiculously but trust me when you follow your targets, buy you can actually make use of your profits.

Of course, you can agree with you, because ideally this is how a real trader should work.  Of course, each person’s situations are different.  The financial state of the home budget is also different.  Someone came to the cryptocurrency market because of a desire to get at least some kind of income, and someone already works because of their greed.  In fact, a trader can feel very calm when he has either additional income or certain savings, when he does not care about anything and can fully work on the cryptocurrency market and not sell cryptocurrency when it is not necessary and does not make a bad transaction, if this  not required.

Of course, most traders still spend crypto especially if it's necessary. There are some unexpected circumstances that we have to spend some of our funds necessary but it doesn't mean that we're ruining our trading strategy. If you're a wise trader, you should know what to spend and what to trade. It's fine to spend some of your funds if you got no choice but be sure to manage it appropriately so you'll still gain something in the future.

In my case, I do spend my cryptocurrencies when I can. I am a fan of online shopping and I always try to find ways on how I can use my cryptocurrencies to pay my purchases online and I am thankful that there is already card services online even powered by a cryptocurrency that I can use to pay my expenses by just depositing my cryptocurrency in a card.

Crypto is already a part of our living, not necessary we'll just put everything into purely an investment or just for trades alone, it also we consider spending it sometimes just like spending fiat money. Though I'm just a casual trader and often I'd maximize my profits in spending through buying stuff online and it feels comfortable doing this compared to fiat and it doesn't need to use credit/debit card anymore.

I think "traders" are a broad term and that depends on what you mean by traders. The long term ones that have bitcoin for the past few years may not be looking to spend their money as much as people who are mid term that buy bitcoins for like less than a year but not daily, daily ones are probably don't hold bitcoin long enough to even have the chance to spend it.

So, there are many different people who we can call traders which reflects on how they approach to bitcoin in general, I personally think that people who hold bitcoin longer than 3 months but less than 1 year are the biggest spenders, people who hold it less than a week are the least spenders and in the middle are the people who hold it over one year, that is my idea tho and I have no data backing this up so maybe I could be wrong.

Well it's been some interesting results and opinions. I am glad to read that almost no one here was in favor of a complete lock down of their trading profits. I'm in no way against people building up their capital and continuing to grow their financial circumstances - I did the same to grow my mining farm. Like I said I still also believe it is fundamental with any currency to have savings.
Whether you spend consistently or only on luxury/wants that's fine, I'm just glad to hear people still discuss spending their coins.

My problem has been the narrative that Vloggers and Bloggers that push to never sell or spend coins. It seems a dangerous line to promote turning it into a purely speculative asset when it's clearly capable of so much more. I get that I and no one else has a right to tell people the right way to do things, because what's right for me may not be for others. I also feel it would be reckless to not bring up these discussions from time to time to see the arguments for and against to either change my views or provide others with a narrative they may not be seeing anymore depending on how they enter the space.
I am curious about what and when people who chase that next high will think it's hit high enough. What's the plan at that point? Do you try and spend directly or just a straight Fiat conversion? I have no issue with people selling for Fiat, I do it quite frequently. I can pay bills directly using this method, it also allows me to get currencies such as USD that would cost me 3-5% minimum on exchange. You do what you can when trying to spend or use coins and if a Fiat conversion is all you have available there is no shame in that.

Edit: Just a note - please read through the thread.  Some replies are beginning to become redundant. If your reply is similar to another I appreciate you taking the time to read through but only reply if you have something new to add. I didn't Self-Mod the thread but will begin to report redundant and repetitive posts, to keep it clean and the discussion moving forward.

In terms of withdrawal or selling bitcoins your point of view is correct that no one deny here but for living everyone need money and if any trader have to support their family members then they withdraw while if we talk about spending bitcoin then there are some traders who spent enough time in the crypto world and they know where bitcoin is accepted and where not so they do not withdraw or sell their coins but they use directly their bitcoins to buy goods and food etc for their family members.

The fear of merchants come in.
Everyone wants to hoard more bitcoin.
Everyone just aant to trade it to make more money.

The promise to being a currency is all gone.
How can they enter the industry if no one really want to buy something out of fear that bitcoin price may grow more.

Yes, it will but there is a need for consumer too.

i think daily traders are more aimed to spend their cryptos comparing to holders. because daily traders does not care too much of loosing some small amount in shopping etc, cause they loose and win everyday. not a big difference for them unless they dont buy so expensive things.

No that is not the actual case everyone know that the price of bitcoin will rise so if a person have only the source of income in crypto then what will he do to eat and wear? Will not he need money to buy that? He has crypto as a currency so if he will buy in fiat or crypto in both case he will use that crypto which he get from his source of income. The consumers are there but they have to choose to use crypto instead to fiat.

If he will choose fiat then he will sell that cryptocurrency and if he will choose to buy with cryptocurrency then he will not need to sell but will use directly. In using the crypto directly he have the benefit to save the exchanging fees and the other benefit is that it is possible that the merchant he went to is a holder and he do not sell that crypto on exchanges which will save the price to drop on exchanges.

Honestly, i believe we cant all be crypto trader but i dont see any fear of the merchants coming in or bitcoin and other reputable crypto fail there duty as currency except the incorrect news posted these days in other to cause FUD in the market.

What you think as a disadvantage was what make most of us all enter crypto investment in the first place. Gosh, I feel disappointed when crypto enthusiast choose to believe in the fake predictions made about the market

Buying expensive things is their own wants and as a person it's just normal as long as you can handle expenses in a right way. Traders mostly spend on crypto not for non sense things like physical wants, but what I am aware of is that they're more particular on buying digital asset that has a higher potential for future profit.

Crypto could be utilized as normal money. It is not as different and dangerous to be utilized as seen by most of the people who use it. Cryptocurrency is not going to decrease in demand in the upcoming years. My predictions are that the use of digital currency is going to become legal in the upcoming year.