BITCOIN misconceptions

[jekjekman]

I came across several threads on the forums about bitcoin as their source of income, people leaving their day jobs just to focus on campaigns here in the forum.

Why most of the people in the forum sees bitcoin as currency that you need to spend everyday? On my opinion at this point of time for bitcoin it is better to consider it as an asset, an investment that if you keep it there is a big chance that your investment will grow. Think of its future potential, at this time each coin cost $5600+ when maybe about 100 million people who is using it. imagine what will the price be if 1 billion people uses it in the future how much will the price be? And this also applies to alt coins. As much as possible keep you coins and wait for the price to boom.

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[Almat]

Why most of the people in the forum sees bitcoin as currency that you need to spend everyday?

This is not true at all. Most people I encounter here are actually advocates of HODLing. Although I guess spenders aren't too uncommon either. Pretty much everyone here knows the potential gain of holding.

[SushiMonster]

Me too, I'm for HOLDing your bitcoin rather than spending it.
Well I use my bitcoin for trading so at least I gain something rather than waiting for btc's price to rise up.
If spending it in such things such as gadgets, well, that's a big no for me.

[Ilegendph]

I came across several threads on the forums about bitcoin as their source of income, people leaving their day jobs just to focus on campaigns here in the forum.

Why most of the people in the forum sees bitcoin as currency that you need to spend everyday?

You cant blame them. Campaigns here in forum is so promising that they can earn more than their day job offers. And most of the people in the community are freelancers that seeks job and will spend what they are earning here to sustain daily needs and house utilities.

[krauzzer02]

Some of them leave their physical jobs just to join and make quality posts to earn bitcoin but not all, don't make it wrong but bitcoin is a digital currency, asset and can be an investment, just for now it is not advisable to use it for everyday usage because of the volatility but the people who leaves their job have their own reasons and i know the number one reason for that, they earn more here than their former job, i saw some posts that they've already bought some physical asset like house and car and other useful things that they can't buy while spending 3 to 5 years working for their job vs spending 1 to 2 years here by signature campaign and trading and gain something better than the former.

[haroldtee]

First and foremost, if you find something you can do (not just campaigns), to earn you far more than what your normal job will give you daily after devoting the same time to it, I see no reason why you should not. After all, we switch jobs for better pay, passion comes next. In this case, I do not see a problem if such a person decides to withdraw some of the coins to take care of somethings, unless he or she is planning to starve to death.

Moreover, if they were working, there could even be a possibility of not having enough to even buy bitcoins in the first place. So what are we then saying? Because the value of bitcoin will keep increasing, they should wait until then before they start making use of it?

[andylowe]

Why most of the people in the forum sees bitcoin as currency that you need to spend everyday?

This is not true at all. Most people I encounter here are actually advocates of HODLing. Although I guess spenders aren't too uncommon either. Pretty much everyone here knows the potential gain of holding.

Yes, I agree with you mate. Most people don't really use bitcoin as payment but rather hold it and wait for the price to rise to gain more profit. Bitcoin now is mostly considered as an asset, a retirement plan or a long term plan.  That's why bitcoin is unstoppable because more and more people are chasing bitcoin with the hope that someday it will give them big profit. So the more sand of bitcoin, the higher the price is.

[Lucius]

I came across several threads on the forums about bitcoin as their source of income, people leaving their day jobs just to focus on campaigns here in the forum.

Why most of the people in the forum sees bitcoin as currency that you need to spend everyday? On my opinion at this point of time for bitcoin it is better to consider it as an asset, an investment that if you keep it there is a big chance that your investment will grow. Think of its future potential, at this time each coin cost $5600+ when maybe about 100 million people who is using it. imagine what will the price be if 1 billion people uses it in the future how much will the price be? And this also applies to alt coins. As much as possible keep you coins and wait for the price to boom.

The answer to your question is actually pretty simple,people leave their jobs and join to sig campaigns just because they can earn more posting here then in their daily jobs.Maybe it sounds weird to you but there are very poor countries with very low wages so some users here on forum earn more with sig campaigns then in real life job.

I consider BTC as currency but also as asset,for people who hold there is a great possibility to achieve very good profit in future.But there is people who need BTC and other coins for everyday needs,hold is just not option for them.

[hase0278]

Why most of the people in the forum sees bitcoin as currency that you need to spend everyday?

This is not true at all. Most people I encounter here are actually advocates of HODLing. Although I guess spenders aren't too uncommon either. Pretty much everyone here knows the potential gain of holding.

Even if that is in your case, OP still has a point that most people are just here for the campaigns bitcointalk gives and sees bitcoin as a currency to use to spend daily. Too bad for those who spend their bitcoin easily without even leaving some on their stash. It would give them a lot of gain to just hodl it then sell at point then rebuy again. Those people who leave their jobs just to join campaigns and bounties here are somewhat not sane since income on bitcoin here in this forum is not permanent.

[iamTom123]

We have to point it out that there is nothing wrong with people who are spending their Bitcoin and in fact we have to encourage spending so that Bitcoin will not just be a store of value (like the physical gold) but also as a real currency (medium of exchange in selling/buying goods and services).

There is nothing wrong if one chooses to speculate because there is indeed a big possibility that Bitcoin will continue on rising in the days and months to come but Bitcoin can't be part of the mainstream if all of us would just be speculators. It would be laughable if we continue encouraging merchants to add Bitcoin as one of their mode of payments and yet no one would be spending their Bitcoin!

We have to look at Bitcoin in a balanced view so it won't come out to be one-sided. This is not a misconception nor a myth.

[edynolan]

it's right of them and it's not wrong, their regular income is less than in this forum so it's very clear to leave it and join the campaign in this forum.

[investeerder]

Why most of the people in the forum sees bitcoin as currency that you need to spend everyday?

This is not true at all. Most people I encounter here are actually advocates of HODLing. Although I guess spenders aren't too uncommon either. Pretty much everyone here knows the potential gain of holding.

Even if that is in your case, OP still has a point that most people are just here for the campaigns bitcointalk gives and sees bitcoin as a currency to use to spend daily. Too bad for those who spend their bitcoin easily without even leaving some on their stash. It would give them a lot of gain to just hodl it then sell at point then rebuy again. Those people who leave their jobs just to join campaigns and bounties here are somewhat not sane since income on bitcoin here in this forum is not permanent.

But that's not the actual scenario for the people who earn on sig campaigns since mostly the people who earn on that thing is doing a dump and earn scheme and the only thing they hodl is the fiat and leave it to their bank accounts  . But actually you cannot blame people to leave their job just for the sake of bitcoins and signature campaigns since there are some other physical job who doesn't pay decently and that is so tiring.

[TravelMug]

I came across several threads on the forums about bitcoin as their source of income, people leaving their day jobs just to focus on campaigns here in the forum.

Why most of the people in the forum sees bitcoin as currency that you need to spend everyday? On my opinion at this point of time for bitcoin it is better to consider it as an asset, an investment that if you keep it there is a big chance that your investment will grow. Think of its future potential, at this time each coin cost $5600+ when maybe about 100 million people who is using it. imagine what will the price be if 1 billion people uses it in the future how much will the price be? And this also applies to alt coins. As much as possible keep you coins and wait for the price to boom.

Those who are leaving there job to pursuit a career on signature or bounty campaign doesn't understand that campaign should not be treated like a job. Duration is short, although maybe some of them find the payments good as compare to their regular job salary. However its not permanent and most campaigns do end in just a month. They don't hold because they consider bitcoin as their source of income. Like for paying bills (water, internet and electricity). You can't blame them though, because bitcoin for them is not an asset but a currency in which they earn weekly and used it for there daily needs. So there's absolutely nothing wrong with that kind of mindset.

[patt0]

I came across several threads on the forums about bitcoin as their source of income, people leaving their day jobs just to focus on campaigns here in the forum.

Why most of the people in the forum sees bitcoin as currency that you need to spend everyday? On my opinion at this point of time for bitcoin it is better to consider it as an asset, an investment that if you keep it there is a big chance that your investment will grow. Think of its future potential, at this time each coin cost $5600+ when maybe about 100 million people who is using it. imagine what will the price be if 1 billion people uses it in the future how much will the price be? And this also applies to alt coins. As much as possible keep you coins and wait for the price to boom.

I don't think most people spend bitcoins everyday, at least not to buy stuff. But if we think about gambling, then it's probably true, there are a lot of users gambling with bitcoins, because that's still a very attractive market in crypto. I do it to from time to time, specially in poker and sports betting , but now I adjust my bankroll according to its fiat price. Of course that every time I lose BTC and the price then rises, my loss gets bigger.

[hildacitra]

people who quit their daily jobs, perhaps they want to make or produce quality post in order to earn stakes from signature campaign. they might think that it is difficult for them to focus on two important things between job and bitcoin.
i don't think that saving bitcoin too long, it will result in good circumstance. we don't know the price of bitcoin in the future, it may rise or fall.

[adiksau0414]

Yes maybe you have a point there but maybe they use some of their bitcoins in their everyday life.  Especially here in a third world country this is a good opportunity to earn more aside from our job.  We are still learning how to invest right also how to process everything to minimize loses.

[jaocoincrypto18]

I came across several threads on the forums about bitcoin as their source of income, people leaving their day jobs just to focus on campaigns here in the forum.

Why most of the people in the forum sees bitcoin as currency that you need to spend everyday? On my opinion at this point of time for bitcoin it is better to consider it as an asset, an investment that if you keep it there is a big chance that your investment will grow. Think of its future potential, at this time each coin cost $5600+ when maybe about 100 million people who is using it. imagine what will the price be if 1 billion people uses it in the future how much will the price be? And this also applies to alt coins. As much as possible keep you coins and wait for the price to boom.

They cant be blame because most of the people here are joining bitcoin to earn paper money so that they could spend and support their financial needs right away in which they think bitcoin is capable to save them than their regular salary, so therefore it is really no chance for them to hoard at this moment but maybe in a few years as long as they work hard and just to spend their earned bitcoin only when needed then they could slowly to start to hoard or invest it for other opportunities out there in which bitcoin is the main reason of their success.  

[Chanock]

In my opinion there's nothing wrong to spend time in bitcoin forum some are leaving their job because they feel they earn much more money in signature campaigned. Almost engaging in bitcoin forum are freelancer and they joining in signature and bounty campaign because its provide a big opportunity to them to earn big amount of money since the value of bitcoin is rage to 5,600 USD as of now.

[Lancusters]

I came across several threads on the forums about bitcoin as their source of income, people leaving their day jobs just to focus on campaigns here in the forum.

Why most of the people in the forum sees bitcoin as currency that you need to spend everyday? On my opinion at this point of time for bitcoin it is better to consider it as an asset, an investment that if you keep it there is a big chance that your investment will grow. Think of its future potential, at this time each coin cost $5600+ when maybe about 100 million people who is using it. imagine what will the price be if 1 billion people uses it in the future how much will the price be? And this also applies to alt coins. As much as possible keep you coins and wait for the price to boom.

It is because of this approach to bitcoin users, he cannot become a full-fledged currency. Recently, we have seen a substantial decrease in the number of companies. If the earnings on the signatures over all will keep the coins. What's next? Why do you need a currency which has no circulation? Bitcoin will die. Only circulation makes any currency to live and have value. Simple deduction you can ensure that bitcoin would not need anyone and the price drops to zero.

[tomahawk9]

They could definetly sell their cash for bitcoin, but if they can earn more by doing a sig campaign, then why not do it? and i don't think many people here, especially in this foum, are spenders. I would say a majority of the users are long time holders who seek to maximize their bitcoin profits in the long term by getting paid in btc. Besides, you also learn a lot about bitcoin by doing a sig/twitter/blog campaign, certainly a lot more than any other job you could have (unrelated to cryptocurrency), so that's also a big motivation.