Spend your Bitcoin, don’t just hoard it

[DanWalker]

Some people will ask how will they spend their Bitcoin when they are in Bitcoin just because of the investment benefits, well I don't have anything against you if you only see Bitcoin as an investment plan because that's solely your business but I can tell you that you can dedicate that money you set aside for your own spend to Bitcoin. Convert those Fiat to Bitcoin and spend it to improve adoption.

Honestly, I see a lot of people giving similar advice, but I don't think those giving that advice follow it, and most bitcoin investors don't like the idea either. Because not many countries accept bitcoin as currency or payment method. In addition, using bitcoin in daily payments also has many disadvantages because we have to pay additional transaction fees and confirmation time. TThese things may seem trivial but I believe no one will be happy with that, and we will not have those problems when using fiat. So I doubt many people will do this, including you or those giving this advice.

[AGogi2003]

I prefer to hold it now and spend it in the future, maybe this makes sense to me and for every hodlers out there. I believe the realization that bitcoin should be spend not hoard, of course it should be our ultimate goal in the long run. But hey, how would you spend some bitcoin when you haven’t any amount to spend, so most likely you have buy and hoard it at first and when the price doubles or triples, that’s the perfect time to spend it and enjoy the profits.

No one’s stopping us to spend bitcoin, but it wouldn’t make sense if you just buy and spend your bitcoin immediately. It’s like you are gambling and eventually lose your capital without even benefiting some profits.

Sure, I like your own plan that is the best thing we should hold it for long term and sell it in the future. Because bitcoin investment is always for long term not a short term project, you need to hold to achieve your goal in Bitcoin, he don't usually increases like other coin that pump for short term and any coin that increases he short terms, he always drop and probably make you lose your funds. Everyone is investing in Bitcoin to get profit no one invest to be holding forever one day they need to sell it if they have reach there target. you can't be holding always they will get some time that you will spend some of your profit in bitcoin investment. He will be very difficult that you will see someone is investing and didn't touch is investment when he have profit, some are losing there capital and still selling at lose so am sure that no one can leave there bitcoin investment forever without spending.

[Ojinga]

I agree with you senior because everything is already happening, traders are trading, holders are holding, miners are mining and the the system is just moving.
We can not decide how people would want to use their bitcoin, but what really matters is if they’re making profit.
Most times holders talk down on traders and traders also talk down on holders but the truth is that, what truly matters in the cryptocurrency industry is that we should be making profits regardless of the approach we choose to implement.

People can still be holding and spending and someone can still be spending while holding,  and just as I said previously, what matters is that we stay profitable at the end of the day.

I also agree with you that not everyone will use Bitcoin in the same way and for the same purpose. Although everyone's purpose is different, everyone's main goal is the same. The Bitcoin market is still strong today because of the diversity of Bitcoin usage. I can't blame only the holders for the traders and the traders for the holders.

The market is active for the traders and at the end of the day, everyone is interested in seeing how the Bitcoin market is. Because of the traders, anyone can sell Bitcoin if they want and buy if they want.

Again, the holders hold Bitcoin, due to which the market is stable and the supply is controlled.

Everyone, either the holders, traders or even the miners are all doing a great job in the industry and trust me they all need themselves to balance the entire bitcoin market.
There should not be any need for competition but rather we should focus more on our goal which is to seize every profitable opportunity that presents itself while we journey through the system.

[irhact]

Hoarding Bitcoin kills adoption. Real monetary revolution requires spending it like money, not treating it as digital gold to never touch.

Yes this is true, if we keep holding Bitcoin without spending it, Bitcoin can't achieve it's true purpose which is to be used as a currency. Bitcoin wasn't created as an investment opportunity but as a currency although it has some privileges that comes with investing in Bitcoin which is you can make profits when the price increase. We shouldn't only use Bitcoin as an investment but also as a currency so that the adoption of Bitcoin can increase and this will also make Bitcoin to have more value as more people get to make use of it and it becomes more popular. Bitcoin popularity has been increasing but there are still some people that don't know about it yet and that's not supposed to be so because Bitcoin is digital and has no boundaries.

[traderethereum]

That will be a personal decision. I hodl Bitcoin but I also trade it in spot and future trading. So that helps the Bitcoin grow and I am sure many traders are doing the same. While the investor also buys and sells Bitcoin but they do that in some terms.

Trading Bitcoin also involves spending Bitcoin as you said. I guess that is a small number of people who just hoard Bitcoin without spending. So that will not be a matter.

People will have their own choice of treating Bitcoin. No one can force us to use Bitcoin follow their step.

[free-bit.co.in]

Yes this is true, if we keep holding Bitcoin without spending it, Bitcoin can't achieve it's true purpose which is to be used as a currency. Bitcoin wasn't created as an investment opportunity but as a currency although it has some privileges that comes with investing in Bitcoin which is you can make profits when the price increase. We shouldn't only use Bitcoin as an investment but also as a currency so that the adoption of Bitcoin can increase and this will also make Bitcoin to have more value as more people get to make use of it and it becomes more popular. Bitcoin popularity has been increasing but there are still some people that don't know about it yet and that's not supposed to be so because Bitcoin is digital and has no boundaries.

But I think even as people start using Bitcoin more as a currency. There is also no guarantee that it will be recognized as a currency and achieve its original purpose.

Whether Bitcoin can become a currency and be widely used is up to the government to decide, not us or the community. Do you think the government will sit back and support if we start using bitcoin as a replacement for fiat? Or, do you have the courage to use bitcoin as currency even if the government bans it?
Easier said than done.

[hyudien]

But I think even as people start using Bitcoin more as a currency. There is also no guarantee that it will be recognized as a currency and achieve its original purpose.

Whether Bitcoin can become a currency and be widely used is up to the government to decide, not us or the community. Do you think the government will sit back and support if we start using bitcoin as a replacement for fiat? Or, do you have the courage to use bitcoin as currency even if the government bans it?
Easier said than done.

This is the reality and even though there are countries that legalize bitcoin as a legal means of payment, it will not be fully followed or implemented by the whole world, it will be difficult to shift the position of fiat, and the fact that even the government now considers bitcoin as a strategic reserve, this proves that we have chosen the path for bitcoin as an asset that we will HODL.

[Sonia_123]

Hmmm that article seems like a self serving one to benefit MoneyBadger.

HODL is a key strategy of literally everyone from single individual citizens with anything
from ~BTC0.001 upwards to various governments around the world. HODL has
been in existence since shortly after Bitcoin's creation and Bitcoin has not suffered
from anyone HODL'ing because not everyone HODL's every Bitcoin they have, I voted 'Both'

Cant compare Greshams law to Bitcoin really because it was a law made up
for FIAT. Michael Saylor would have something to say about that article!

HODL also includes moving, consolidation and transferring of Bitcoin and as you
say there will always be traders and gamblers so not every single Bitcoin should or will
be spent

In addition to spendy your bitcoin, you must have accumulated and hodl for a long-term in your portfolio and reached your over accumulation stage in other to have a good profit to spend at the end of the day, except you chose to be trading because of fear of the drop in the market price which they feel they might lose out if continuously holding for a long term.

But remember that holding bitcoin for a long-term without spending is responsible for the scarcity and increase in it's price that is make alot of persons wants to be involved In bitcoin, therefore buying and selling of bitcoin by everyone at the same time will not be good for the growth of bitcoin .

[Churchillvv]

They mean loss your bitcoin to the government and institutions at cheap rate so you will buy back at a very high rate and that is absolutely the twist of everything, just that we don’t read this kinds of meanings to media or articles or news.

I used to have the mentality that you selling or using it to make purchase is the only way it’s been used as money but as it goes in and out of exchanges for whatsoever people use it for it’s already in use as money.

[Iranus]

I used to have the mentality that you selling or using it to make purchase is the only way it’s been used as money but as it goes in and out of exchanges for whatsoever people use it for it’s already in use as money.

Money is usually defined with three functions: medium of exchange, measure of value, and store of value. That means bitcoin is called money because it can be used in those 3 use cases. But that also means that gold, silver or even seashells can all be called money as long as they are recognized by the world or agreed upon between two parties.

Bitcoin is money but not yet currency, and Satoshi's original intention in creating bitcoin was to be a peer to peer currency and be used as an alternative to fiat, not just to be money.

[john_egbert]

^ Agreed.

BTC is intended to be a freedom option from the fiat that's already there and regulated.

But history doesn't always go like it was intended, by Satoshi or the people.

[purple_sparkles]

I used to have the mentality that you selling or using it to make purchase is the only way it’s been used as money but as it goes in and out of exchanges for whatsoever people use it for it’s already in use as money.

Money is usually defined with three functions: medium of exchange, measure of value, and store of value. That means bitcoin is called money because it can be used in those 3 use cases. But that also means that gold, silver or even seashells can all be called money as long as they are recognized by the world or agreed upon between two parties.

Bitcoin is money but not yet currency, and Satoshi's original intention in creating bitcoin was to be a peer to peer currency and be used as an alternative to fiat, not just to be money.

Bitcoin, in my opinion, is now used more as an investment, people buy it and wait for its price to rise. Using it directly as a currency is still not widely available, at least in most parts of the world. To spend it, you still need to exchange it first, but fortunately, that can be done almost anywhere with internet access.

[Kelvinid]

^ Agreed.

BTC is intended to be a freedom option from the fiat that's already there and regulated.

But history doesn't always go like it was intended, by Satoshi or the people.

There is nothing about holding, but it should be our main purpose for buying Bitcoin. Yes, this is undermining Bitcoin's intended purpose as a currency, which we are trying to promote.  But yes, we can't stop people from doing it, as it is their right, unless someone takes it if it has been held for many years. Unfortunately, we don't have such a thing that makes people do whatever they want. However, we are encouraging everyone not to do that for the sake of keeping the market more alive and more volatile. Buy, Hold, and Sell should be the thing we see in the market rather than just buy and hold.

[melinoe]

There is nothing about holding, but it should be our main purpose for buying Bitcoin. Yes, this is undermining Bitcoin's intended purpose as a currency, which we are trying to promote.  But yes, we can't stop people from doing it, as it is their right, unless someone takes it if it has been held for many years. Unfortunately, we don't have such a thing that makes people do whatever they want. However, we are encouraging everyone not to do that for the sake of keeping the market more alive and more volatile. Buy, Hold, and Sell should be the thing we see in the market rather than just buy and hold.

BTC cannot bring results in days or months - it's bigger that any alt or meme, and much less volatile then them: thus, to reach the target said, you would need years (probably).

Eventually, people sell up, but it's done much fewer times than buys in

[Churchillvv]

I used to have the mentality that you selling or using it to make purchase is the only way it’s been used as money but as it goes in and out of exchanges for whatsoever people use it for it’s already in use as money.

Money is usually defined with three functions: medium of exchange, measure of value, and store of value. That means bitcoin is called money because it can be used in those 3 use cases. But that also means that gold, silver or even seashells can all be called money as long as they are recognized by the world or agreed upon between two parties.

Bitcoin is money but not yet currency, and Satoshi's original intention in creating bitcoin was to be a peer to peer currency and be used as an alternative to fiat, not just to be money.

Your right but I don’t get the difference in definition or currency and money but however I will have to look it up in my free time but then from your perception of bitcoin as a peer to peer currency, that fact has been neglected several years ago as it’s now more like an asset than what satoshi expected of it. Holding is now a very important word in the world of bitcoin.

[Iranus]

Your right but I don’t get the difference in definition or currency and money but however I will have to look it up in my free time but then from your perception of bitcoin as a peer to peer currency, that fact has been neglected several years ago as it’s now more like an asset than what satoshi expected of it. Holding is now a very important word in the world of bitcoin.

Money and currency are 2 related concepts but they are different, and Satoshi's goal was to create peer to peer currency, not just money. But I guess many people are confused about this.

And yes, Satoshi's original purpose in creating bitcoin failed. Bitcoin has completely deviated from its original goal as most people only see bitcoin as an investment asset. Not many people are interested or want to use Bitcoin as a currency and many newbies don't even know what the real purpose of bitcoin is. They just jump into the market and speculate on bitcoin hoping to get rich quick.

[Tungbulu]

Almost like you’re advising us to spend more than we HODL Bitcoin, Yeah I’m pretty sure that’s what you’re trying to say. First of all, everyone has their reason for coming into Bitcoin, so you can’t really tell people what to do with their Bitcoin. Some wish to gain financial freedom via bitcoin investment, and this advice wouldn’t do them much good at all. Surely, at some point, they’ll still have to spend their Bitcoin, I mean they can’t Hoard them forever, when the time is right for them, they’ll spend their Bitcoin. There are also people who spend their Bitcoin every single day, so you can’t say just because some folks choose to HODL, that they’re not helping adoption or doing Bitcoin dirty, that’s a very flawed way of looking at it. 

[Byebyebtc]

If take a look at the bitcoin chart you will observe that not all candles are green, there are also red candles showing that there are people who also sale the coin as well, but this selling is not only done by scalpers and day traders there are also p2p traders.
As a matter of fact if you seek to buy bitcoin there are people ready to sale, so not every one buys and hold the the coin, Although there are more individuals who buy and hold, but it is actually healthy for the market, if there are more sellers than this it might create panic because it cause the coin to loose value as bad as 20% or even below. So the state at which bitcoin is right now is healthy enough.

[Juicyhome]

Hmmm that article seems like a self serving one to benefit MoneyBadger.

HODL is a key strategy of literally everyone from single individual citizens with anything
from ~BTC0.001 upwards to various governments around the world. HODL has
been in existence since shortly after Bitcoin's creation and Bitcoin has not suffered
from anyone HODL'ing because not everyone HODL's every Bitcoin they have, I voted 'Both'

Cant compare Greshams law to Bitcoin really because it was a law made up
for FIAT. Michael Saylor would have something to say about that article!

HODL also includes moving, consolidation and transferring of Bitcoin and as you
say there will always be traders and gamblers so not every single Bitcoin should or will
be spent

Michael Saylor that advised that we should rather sell our kidney than to sell Bitcoin, he's advocate of Hodling for long time. Do away with whatsoever you want to do with your Bitcoin, but never empty your wallet. Bitcoin is money, money are to be spent no matter how long you hodl it, one day you will need it to spend , in Bitcoin investment you are required to hodl for a long period to gain more profit, but if you are a daily trader, you can still have some quantities of Bitcoin in a separate wallet for investment.  Everyday people are spending Bitcoin, for goods and services, even fiat people still hoard it, then when you need it ,you spend it, so is Bitcoin too.

[fikrett]

If take a look at the bitcoin chart you will observe that not all candles are green, there are also red candles showing that there are people who also sale the coin as well, but this selling is not only done by scalpers and day traders there are also p2p traders.
As a matter of fact if you seek to buy bitcoin there are people ready to sale, so not every one buys and hold the the coin, Although there are more individuals who buy and hold, but it is actually healthy for the market, if there are more sellers than this it might create panic because it cause the coin to loose value as bad as 20% or even below. So the state at which bitcoin is right now is healthy enough.

If there are people or entities that are always ready to buy - it's an okay situation, especially on BTC.

And there will always be such people and entities