Do Your Part and Dont Kill BTC

[Crypto Piece]

A) It's that time of year where everything drops,

B) We all knew about the volatility before we started.

Now for the kicker; BTC works a lot like fiat (from what I can tell). In the fiat market, when people are not spending, the value drops considerably. If money is not changing hands then it becomes worthless. Everyone on here saying "Be strong and HODL" are not helping. The more we use it, the more demand there will be. Companies see it working for competition and they are more likely to adopt. Fees are practically non-existent now so there is no excuse.

I will be treating crypto just like fiat going forward. Keep a healthy amount in reserve, save some, and allocate a certain amount for spending. I even decided to use crypto to hire a developer for an app I've been putting off for 2 years now.

Will you spend a little more due to drops? Sure. But that is a small price to pay if you want to be a part of the growth and future of crypto.

[CryptoBry]

The idea is that the more the currency is moving from one hand to another, the move can be created and thereby making the currency more valuable...is actually the most ideal one. This is actually the idea behind commerce and in the real world if you are not using your money and maybe saving them it is better to put them in the bank so that it can also be helping the economy...the more business activities there are the better for the whole system. Unfortunately, this is not happening so much with Bitcoin because we have become big speculators on its value. There is a a need for a system correction here. Without some critical amount of Bitcoin circling around in the real economy, more merchants would be dropping Bitcoin (this had been happening last year and will continue this 2018).

[YuginKadoya]

That's the spirit! but I think that cryptocurrency and Fiat are the same, if you are saying that fiat's price is dropping because of people not engaging in using them they in Cryptocurrency the more you hodl the more it increase, well right now we can see that the price is in a resistance state because of people converting bitcoin to fiat and I really think that if we do our part we can simply say to just hodl and wait for the price to pump again, But this is not possible because we can not control the decisions and emotions of certain hodlers,

[Jet Cash]

You can't really compare Bitcoin with fiat currencies. The only similarity is that when the currency is in demand, then the price goes up, and the converse is true. An increase in the velocity of the currency can increase the price, but then savings increase the demand as well. An increase in velocity increases the load on the miners, and thus increases the transaction fees. This reduces the velocity, and thus the fees to create a balance.
Another difference is that savings are removed from the trading pool with Bitcoin. This is not so with fiat as savings are used to grant loans to increase the available supply of money.

The recent rocket rise in the price of Bitcoin probably did a lot of harm its general acceptance. I think the rise was caused by speculative demand, and manipulation of the market by those who would like to see Bitcoin moved into a backwater.

So what can we do to help? I think the most important thing is to try to remove the fraud and ponzi schemes, and to distance ourselves from the criminal use of Bitcoin.

[jakelyson]

Now for the kicker; BTC works a lot like fiat (from what I can tell). In the fiat market, when people are not spending, the value drops considerably. If money is not changing hands then it becomes worthless. Everyone on here saying "Be strong and HODL" are not helping. The more we use it, the more demand there will be. Companies see it working for competition and they are more likely to adopt. Fees are practically non-existent now so there is no excuse.

Problem is bitcoin is not yet prepared to be used as a payment system. Right now it is slow and transaction fees are high, the price fluctuation scares companies away. Unless these problems are addressed, bitcoin will never move from store of value to a reliable mode of payment. We all wanted to utilize bitcoin the way it was intended to be but right now it is not yet feasible.

[jmlona]

A) It's that time of year where everything drops,

B) We all knew about the volatility before we started.

Now for the kicker; BTC works a lot like fiat (from what I can tell). In the fiat market, when people are not spending, the value drops considerably. If money is not changing hands then it becomes worthless. Everyone on here saying "Be strong and HODL" are not helping. The more we use it, the more demand there will be. Companies see it working for competition and they are more likely to adopt. Fees are practically non-existent now so there is no excuse.

I will be treating crypto just like fiat going forward. Keep a healthy amount in reserve, save some, and allocate a certain amount for spending. I even decided to use crypto to hire a developer for an app I've been putting off for 2 years now.

Will you spend a little more due to drops? Sure. But that is a small price to pay if you want to be a part of the growth and future of crypto.

The holders mentality is one that has always been fundamentally flawed. In essence it creates a scarce resource, all well and good for driving the price up but only if there is a demand at such high prices and that demand is driven from the usefulness. If bitcoin cannot be used for anything then no one will wish to buy it. The same thing can be seen with out scarce resources, take diamonds for example, they are limited and so the price continues to be pushed up, but there is also a demand for them, people gain utility from wearing them as jewelry or such, if they were just sat around in a vault somewhere then no one new would ever look to buy diamonds, the demand increases as people see them and their 'use'. The same is true of bitcoin, as people see it being used they will gain interest in it and then demand is stimulated.

[b!t]

I will immediately start using bitcoin once it is accepted in certain places. I bought a few games on steam a long while back when they still accepted it as a payment method, I think BTC was about $600 then so I kind of payed quite a sum for just a few games but still I got them with a discount because I bought them coins when it was about $150. Once it started mooning I was too scared to use it and its good that I didn't, woulda lost many K:s haha!

[junoreactor]

You can't really compare Bitcoin with fiat currencies. The only similarity is that when the currency is in demand, then the price goes up, and the converse is true. An increase in the velocity of the currency can increase the price, but then savings increase the demand as well. An increase in velocity increases the load on the miners, and thus increases the transaction fees. This reduces the velocity, and thus the fees to create a balance.
Another difference is that savings are removed from the trading pool with Bitcoin. This is not so with fiat as savings are used to grant loans to increase the available supply of money.

The recent rocket rise in the price of Bitcoin probably did a lot of harm its general acceptance. I think the rise was caused by speculative demand, and manipulation of the market by those who would like to see Bitcoin moved into a backwater.

So what can we do to help? I think the most important thing is to try to remove the fraud and ponzi schemes, and to distance ourselves from the criminal use of Bitcoin.

Indeed, it is impossible to compare both.
One (fiat) has an unlimited supply, the other (bitcoin) has a limited supply. Just this makes a major difference. It means fiat is subject to inflation (most of the time), while bitcoin is purely deflationary. And because it is deflationary, it is more subject to speculation, and that's the reason why today it is not really used as a currency. Almost no one wants to spend their bitcoin, why get rid of a coin that is deflationary?
A digital currency will have a future "as a currency" only if the quantity is unlimited.
I am not saying bitcoin will die, but it will remain similar to gold (a speculative asset).

[Ctn]

A) It's that time of year where everything drops,

B) We all knew about the volatility before we started.

Now for the kicker; BTC works a lot like fiat (from what I can tell). In the fiat market, when people are not spending, the value drops considerably. If money is not changing hands then it becomes worthless. Everyone on here saying "Be strong and HODL" are not helping. The more we use it, the more demand there will be. Companies see it working for competition and they are more likely to adopt. Fees are practically non-existent now so there is no excuse.

I will be treating crypto just like fiat going forward. Keep a healthy amount in reserve, save some, and allocate a certain amount for spending. I even decided to use crypto to hire a developer for an app I've been putting off for 2 years now.

Will you spend a little more due to drops? Sure. But that is a small price to pay if you want to be a part of the growth and future of crypto.

I understand what you said here. The value can be kept healthy if we are circulating the BTC and just holding won't help it at all. But to be frank we are already using the BTC in circulation in terms of gambling, lending, playing games, payouts for campaigns, payouts for ICO, trading and much more. These kind of stuff will never stop the same way Wall Street money never sleeps kind of stuff. So I'm pretty sure that the circulation is ever green in the BTC world and we don't need to worry much about it.

On the other hand there are also people who are weak handed and most of them are like that only who leads to continue selling and buying of the BTC thus making the green circulation work. Believe it or not there are not many who really hold except big investors with smart moves. :-)

[ShadowBits]

A) It's that time of year where everything drops,

B) We all knew about the volatility before we started.

Now for the kicker; BTC works a lot like fiat (from what I can tell). In the fiat market, when people are not spending, the value drops considerably. If money is not changing hands then it becomes worthless. Everyone on here saying "Be strong and HODL" are not helping. The more we use it, the more demand there will be. Companies see it working for competition and they are more likely to adopt. Fees are practically non-existent now so there is no excuse.

I will be treating crypto just like fiat going forward. Keep a healthy amount in reserve, save some, and allocate a certain amount for spending. I even decided to use crypto to hire a developer for an app I've been putting off for 2 years now.

Will you spend a little more due to drops? Sure. But that is a small price to pay if you want to be a part of the growth and future of crypto.

So, you are saying that we should not hold the bag of coins we have and sell it for a loss? I would never do that.

[jhezmark]

yes we need to do your parts not to kill the bitcoin the bitcoin you kill we dont have get more income of money in this world.

[farhaan]

Yeah you  are right.Doing this way help bitcoin to get in to the main stream of adoption every where. But it should be followed by everyone otherwise using it as a currency by few people would not bring a change. You are saying instead of hodling or selling, just use it to buy something and to make payments.That's really a good idea but its very hard now to change the mindset of people as they have already tasted huge profits by hodling.

[wildflower18]

A) It's that time of year where everything drops,

B) We all knew about the volatility before we started.

Now for the kicker; BTC works a lot like fiat (from what I can tell). In the fiat market, when people are not spending, the value drops considerably. If money is not changing hands then it becomes worthless. Everyone on here saying "Be strong and HODL" are not helping. The more we use it, the more demand there will be. Companies see it working for competition and they are more likely to adopt. Fees are practically non-existent now so there is no excuse.

I will be treating crypto just like fiat going forward. Keep a healthy amount in reserve, save some, and allocate a certain amount for spending. I even decided to use crypto to hire a developer for an app I've been putting off for 2 years now.

Will you spend a little more due to drops? Sure. But that is a small price to pay if you want to be a part of the growth and future of crypto.

So, you are saying that we should not hold the bag of coins we have and sell it for a loss? I would never do that.

Whatever you say that we should spend due to drops, actually it depends on a person whether he will spend his btc or not. When someone says HODL not to the fact that they are not helping or killing bitcoin. Ill save or hold my bag until bitcoin would reach high.

[AlexsanderGusev15]

I advise you to start with investment. You do not need any special efforts and get money for this. Convenient is the truth?