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Poll
Question: How do you use bitcoin?
Speculative Asset (for profit) - 14 (48.3%)
A currency (store of wealth) - 15 (51.7%)
Total Voters: 29

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Author Topic: How does this community use bitcoin?  (Read 2228 times)
tomwalsh
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May 18, 2017, 10:59:06 PM
 #1

What I mean by this is do people view bitcoin as:
1. as a money making asset (which is bought with the intention of creating future benefits/profits), moving back to fiat currency to take profit.
2. as a legitimate currency which people use to store wealth regardless of its price compared to fiat currencies?

I bring up the issue because of so much discussion on the forum around how much people make per week with bitcoin, and am interested to view peoples opinions of what bitcoin is and what they use it for.

Edit:
I think people are confused as to what I mean by currency. If you are treating bitcoin as a currency it is an absolute value, ie. The change in exchange rate between BTC and fiat won't affect your spending habits.
If people are saying they prefer not to spend BTC because they know the price will go up, then they are treating it as more of an asset in my opinion.

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May 18, 2017, 11:23:00 PM
 #2

What I mean by this is do people view bitcoin as:
1. as a money making asset (which is bought with the intention of creating future benefits/profits), moving back to fiat currency to take profit.
2. as a legitimate currency which people use to store wealth regardless of its price compared to fiat currencies?

I bring up the issue because of so much discussion on the forum around how much people make per week with bitcoin, and am interested to view peoples opinions of what bitcoin is and what they use it for.
I use it as a hybrid of the two classifications you describe, might as well call it an appreciating currency to be completely honest. It matches the descriptions fairly well for both of them and it's not always possible to fit something completely in one category or another; a lot of things in life are a lot more complex than just one or the other.

It really depends on the user though, some use it a lot more like a currency and exploit discounts, others use it as an investment.
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May 18, 2017, 11:25:56 PM
 #3

I guess almost all of the bitcoin users are using bitcoin are a source of there profit or a sort of there investment because it is really are a good investment and a good opportunities not just a store of our wealth but obviouly the value or price of the bitcoin is going up rapidly so storing your bitcoin is almost a investment for you.

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May 18, 2017, 11:28:36 PM
 #4

I used Bitcoin as an asset of profit. I usually convert my fiat to btc and just stored it on my cold wallet. I'm in focus on collecting btc while its price is below 3000$. I will just sell it once it hits 3000$ mark.

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May 18, 2017, 11:33:52 PM
 #5

I hold a some and trade an equal amount. Spend relatively little on goods and services because there are not many merchants year
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May 18, 2017, 11:38:48 PM
 #6

What I mean by this is do people view bitcoin as:
1. as a money making asset (which is bought with the intention of creating future benefits/profits), moving back to fiat currency to take profit.
2. as a legitimate currency which people use to store wealth regardless of its price compared to fiat currencies?

I bring up the issue because of so much discussion on the forum around how much people make per week with bitcoin, and am interested to view peoples opinions of what bitcoin is and what they use it for.
I use it as a hybrid of the two classifications you describe, might as well call it an appreciating currency to be completely honest. It matches the descriptions fairly well for both of them and it's not always possible to fit something completely in one category or another; a lot of things in life are a lot more complex than just one or the other.

It really depends on the user though, some use it a lot more like a currency and exploit discounts, others use it as an investment.
That is an interesting thought that it does not fit into either category.

Maybe expanding on the idea, will there ever be a time where we see products set at a fixed bitcoin price, rather than the current bitcoin equivalent of a fiat currency.

At present I tend to always think of bitcoin not as an absolute value, but as its corresponding value in a fiat currency.

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May 18, 2017, 11:40:44 PM
 #7

If people are using it as a store of wealth that is fine, but it is going to take awhile.

I like making 5% trades a few times a day, much faster to make money. To each their own!



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May 18, 2017, 11:42:04 PM
 #8

I treat bitcoin as the money of the future. I'm not storing Bitcoin only because I need a quick profit and want to dumb at the first chance. But also because I believe in his capacity and future.
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May 18, 2017, 11:46:45 PM
 #9

Mostly for profit but if it happen that I can buy something with it, I use it.
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May 18, 2017, 11:50:39 PM
 #10

Part of the reason I ask this is it will be good to judge the market reaction if the price starts a major downtrend.

If people are in it purely for the sake of long term profit taking this could mean a catastrophic collapse.

On the other hand if people see its use as a store of wealth and daily purchases, then that may solidify its value.

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May 19, 2017, 12:10:55 AM
 #11

I inderstand the speculative interest of most bitcoiners, but I use it basically as I use ordinary fiat money: to buy products and services. Only a small proportion of my coins are saved as long-term savings.


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May 19, 2017, 01:04:42 AM
 #12

I make money selling bitcoin on localbitocins.com and speculating. Its a living.

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May 19, 2017, 01:25:24 AM
 #13

I could say all of the above i use bitcoin as a money making thing to gain lots of profit then convert it to my fiat currency to buy some goods and services
then i store some of my bitcoins as an long term investment for the future. Bitcoin is a good haven to store your assets.














 

 

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May 19, 2017, 02:27:10 AM
 #14

Well I think many people, including myself, view the bitcoin as closer to a stock (and money making asset) than an actual currency. People just want to own some BTC because of its rapidly appreciating value compared to other currencies. As far as I know, most places do not even accept bitcoins as a form of of payment. However, as more and more vendors start accepting the BTC , it may not be long until people start considering it a legitimate currency.

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May 19, 2017, 02:34:53 AM
 #15

Bitcoin as investment, and get a good profit for having trading because of its volatility and not stable price. Its also a good source of income except from trading like most people in this forum do. As long its a money making method bitcoin is always the best. And if people store them as like bank do that's mean that they can see the true value of what is bitcoin for incoming future and what it will become.


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May 19, 2017, 02:41:45 AM
 #16

your poll lacks the option saying "both". and that is how many users are using bitcoin. nobody can deny the fact that bitcoin is a good investment because it is a good technology which is being adopted more and more and that causes the price to always rise. but also this good technology is a good "currency" too.
the fact that 90% of this forum is getting paid to post means they are using bitcoin as a currency Wink

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May 19, 2017, 02:45:48 AM
 #17

It is more of a combination of both for me, but a big chunk of it is treated as investment. I don’t want to spend too much knowing that it appreciates in value most of the time, so better to hold and save. This is also the reason why bitcoin’s price has increased dramatically because people now see at as a very good profit-generating investment that can beat most other conventional investments available.


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Kelvinid
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May 19, 2017, 02:55:52 AM
 #18

I simply treat bitcoin as my future investment, I can spend it anytime and it is very liquid as an investment.
Though it has a bigger risk but I cannot resist this kind of opportunity, we are bound for a bigger market.

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daringdiscovered
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May 19, 2017, 04:25:10 AM
 #19

Most of the people here in this forum use bitcoin to buy things that they want, but some of the people here, including me are only using bitcoin as an investment, though sometimes, I'm converting small amount of bitcoin to fiat because I also have needs, especially to pay my tuition in school, and when I need something, that is only the times that I'm using my bitcoin. Im saving it and keep on holding it for the near future.
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May 19, 2017, 04:46:39 AM
 #20

Another option: As a way to receive payments and make transactions that would otherwise be impossible or very difficult without it. Signature campaigns itself, the services and goods that are in the marketplace, etc...

1 and 2 aren't mutually exclusive, you may need or want to buy stuff or make other investments(diversification is good, if you have a big stash) and sell some bitcoins, but still be a long term holder.

So 1 and 2 for me, and also my "another option"

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