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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 2218 times)
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May 19, 2017, 05:49:55 AM
 #21

You should add a option number 3 - BOTH

I buy bitcoins and then I hoard about 80% of it and then I use 20% for daily purchases for food and the odd electronics. So for me, it is both a store of value < also trading > and a currency. This is also reflected in the way countries define Bitcoin in their policies. < some see it as a commodity and some as a currency >

Bitcoin break the traditional rules, by being multiple things at the same time. ^smile^

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May 19, 2017, 06:01:30 AM
 #22

I use Bitcoin for several reasons:

1. Collecting more BTC and sell it when the "time" is right.
2. Backup emergency fund (in case my main source is not available anymore)
3. Alternative payment option
4. Extra little funds for gambling stuff. Profit goes to #1 or #2 Cheesy

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May 19, 2017, 06:09:41 AM
 #23

You should add a option number 3 - BOTH

I buy bitcoins and then I hoard about 80% of it and then I use 20% for daily purchases for food and the odd electronics. So for me, it is both a store of value < also trading > and a currency. This is also reflected in the way countries define Bitcoin in their policies. < some see it as a commodity and some as a currency >

Bitcoin break the traditional rules, by being multiple things at the same time. ^smile^

Same suggestion, its being used as both the mentioned reason. Bitcoin has helped greatly for ease of its transaction feature, acceptance of BTC in many online services has made it easy to buy/sell. And also the fluctuating value acts as way of increasing income or value of your money.

Personally I transact and store as well, love to use it as a currency which gives me profit sometimes.

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May 19, 2017, 06:10:46 AM
 #24

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 think it differs from person to person, personally I am saving bitcoin as long term investment even though there is no any clear law here in our country regarding use of bitcoin or storing them. But I have quite positive feeling that bitcoin price will grow significantly and even our government will recognize it as legal asset/currency in near future.

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May 19, 2017, 06:22:53 AM
 #25

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 think it differs from person to person, personally I am saving bitcoin as long term investment even though there is no any clear law here in our country regarding use of bitcoin or storing them. But I have quite positive feeling that bitcoin price will grow significantly and even our government will recognize it as legal asset/currency in near future.

It really depend on the person. Like me, I buy bitcoin as a investment or store of value and keep it for long term. Because I believed also that the price will really go high in the future. At the same time, I'm earning bitcoin and used it as a additional cash flow on my offline business, sometime used to pay monthly bills as well. It is regulated in our country, so I don't see any issue with having bitcoin as investment. I also see community members using bitcoin in trading and gambling as well. So I say it really depend on the individual on how he/she is going to use bitcoin.

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May 19, 2017, 06:44:46 AM
 #26

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.
For me I consider it as both of it,
I think bitcoin is for my profit right now and as store wealth .

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May 19, 2017, 06:50:25 AM
 #27

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.
Bitcoin is really both of those things to me. It is a money making asset as the price just continues to rise earning me a lot of money. However, I also use it as a currency whenever I need or want to.

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May 19, 2017, 07:21:05 AM
 #28

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 voted for the 2nd option but I don't store much bitcoin because i'm always spending it to buy some things that I need or cash a portion out on an atm. I'm trying to spend less bitcoin as much as possible because recently the price is slowly increasing meaning more profit, I feel like I should also vote for option 1 because of this.

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May 19, 2017, 07:27:08 AM
 #29

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.

For me, bitcoin is a store wealth of currency were I believed that it can be a really key to resolve all my problems in terms of achieving my dream. But in our generation time bitcoin for the meantime was just a secondary currency that can be used online unlike US$ the present popular currency.




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May 19, 2017, 07:32:17 AM
 #30

In my own opinion, most uses bitcoin as to earn profit because of its price is continuosly increasing.  Nowadays, people are attracted to bitcoin and currently they earned well because of investment. This, as a money making an asset, which is buying and moving back to fiat to earn profit.

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May 19, 2017, 07:33:26 AM
 #31

Whenever I earn some Bitcoin, I try to have a little left on the side just in case the price of it goes up. Using Bitcoin when the price is high is good to do because more Bitcoin will stay within an account instead of spending a whole bunch of money on something that might seem cheaper a few months or years later.

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May 19, 2017, 07:39:46 AM
 #32

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"

I think if you received  bitcoin as payments,also like in remittance then I think it falls also on category 2, that is  it is used as a legit currency.People use bitcoin as an asset as an investment,an online currency which you can use same as fiat in real world.

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May 19, 2017, 07:50:04 AM
 #33

The community has different ways in using bitcoin. Some use it as a form of investment that will give them a profit through activities such as trading or by just saving it on their wallet. Others use it as a form of currency that will serve as a payment in exchange for goods and services both online and offline. Others use it for entertainment such as games and gambling.

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May 19, 2017, 08:08:14 AM
 #34

There are alot of different usage of bitcoins which people tend to use here except what you have indicated in the poll,there are some taking this as a payment exchange for their expenses like me and store of wealth too and many more

   
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May 19, 2017, 05:15:21 PM
 #35

I'm basically buying and hoarding them down for profits in future and I sometimes use it for payments of certain services that are rendered to me but I rarely use them to buy goods; maybe it's due to the fact that not many shops are accepting Bitcoin as a means of payment.



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May 19, 2017, 05:28:52 PM
 #36

I can use Bitcoin as an investment and spend some time. But Bitcoin decreases the day the price goes up again. There is a big risk for.
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May 19, 2017, 10:48:08 PM
 #37

In my own opinion, most uses bitcoin as to earn profit because of its price is continuosly increasing.  Nowadays, people are attracted to bitcoin and currently they earned well because of investment. This, as a money making an asset, which is buying and moving back to fiat to earn profit.
although bitcoin is universal currency that can be use for purchasing thiings, but in present time as the users of btcoin are mot too much therefore most of the people are using bitcoin for trading and are making good profit from trading.
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May 19, 2017, 11:15:38 PM
 #38

I use Bitcoin (and other altcoins) as a form of diversifying my investment portfolio. I can see its potential and love the innovation and technology behind it. So in relation to your above statements, both would be true for me.

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May 20, 2017, 12:49:30 AM
 #39

I use Bitcoin (and other altcoins) as a form of diversifying my investment portfolio. I can see its potential and love the innovation and technology behind it. So in relation to your above statements, both would be true for me.

Its helpful in community since it can be a good source of income, it can be a good job or sideline ,it will be easy to use and will be good for payment transactions.



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May 20, 2017, 01:10:25 AM
 #40

I think that most people would be a combination 1 and 2, but for me it's mainly no. 2.

I'm too unskilled to trade on the markets because bitcoin is so volatile but I can imagine that experienced traders love the fact that bitcoin can be so volatile and they definitely will try to take advantage of that fact.

But for me I'm just a buy and hold guy. I get my coins, I send them through to cold storage, I wait till something bad happens with the economy or I need the cash in an emergency. It's something to fall back on for me.

So I don't really look at the price of BTC that often... Probably only once every few days.


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