I hoard bitcoin, and I spend too.

[toddfletcher]

I read a post somewhere on the forum from a merchant who complained that spending in bitcoins drops when the price rises. It's obvious why; everyone wants to hold to capture future increases.

But I've found myself doing just the opposite. I've divided my initial purchase of coins into two piles; a two thirds portion that is for long term holding, and the remaining third is for spending, at propitious times. I basically regard this second pile as a sheep to be sheared. I maintain a minimum (dollar) balance and spend when it grows above that. So a price run up has the opposite effect on me.

So this last Saturday I spent some bitcoin at Ultimate Consignment in Mesa Arizona. I was only the second person to purchase there with it. And while I know I was giving up whatever future earnings I may have gotten from the spent coins, I also know I was doing something positive to help it succeed. And besides it's fun!

[NUFCrichard]

You can't hoard and spend, it's pretty much either or!
I would say you are using it like fiat, spending normally but with some savings in reserve

[dominicwin]

spend and buy again.

[LiteCoinGuy]

You can't hoard and spend, it's pretty much either or!

?

no.

you can hoard some coins and with another wallet you can buy whatever you want (and you should do that if you like BTC and want support it)


so toddfletcher: thats good

[toddfletcher]

"I would say you are using it like fiat, spending normally but with some savings in reserve"

That's true, only this spending account usually has more money in it every time I look ;-)

[mootinator]

Hoard is just a pejorative for saving anyway. What business of anyone else's is how much savings you think you need?

[toddfletcher]

Nobody's business, I agree. But I do like to spend a bit to support other adopters, and to take profit. But to each his own!

[mootinator]

Nobody's business, I agree. But I do like to spend a bit to support other adopters, and to take profit. But to each his own!

Oh, I do enjoy using bitcoin. In fact, I was really starting to worry this was a bubble. Then on a whim I bought a 60 day World of Warcraft time card on bitcoincodes.com. And that was ugly, clunky, and yet still the most frictionless transaction I've ever made on a site I'd never been to before. If this thing can be so awesome while it's still immature and inaccessible, I believe it has a bright future, indeed, and >90% of people aren't capable of seeing how that's possible. Saving or "hoarding" a few is really the only sensible thing for me to do.

[beetcoin]

i'd spend some of them if i had a lot of coins.. but with the amount i have, it wouldn't last me too long  

i was thinking about using my coinbase account to convert USD to BTC.. for every amazon purchase i make.

[TheButterZone]

Same as OP.

[niothor]

You can't hoard and spend, it's pretty much either or!

?

no.

you can hoard some coins and with another wallet you can buy whatever you want (and you should do that if you like BTC and want support it)


so toddfletcher: thats good

It's like saving or your money in a bank account and spending your wife wage on booze.
And that is not quite "saving".

[Lewis2]

So you say you keep an x amount of dollars always in your wallet, so your spending money increases when you sell? Not too smart I would say, because your money doesn't grow. For the rest, you put your finger on the sore spot, people should spend more to make it more widely accepted, but why spend if everybody on a forum tells you your bitcoin will be worth 10k in 5 years?

[Pokerfan]

You can't hoard and spend, it's pretty much either or!

You can hoard bitcoin and spend bitcoin at the same time.

Fiat -> bitcoin -> hoard BTC.
Fiat -> bitcoin -> spend BTC.

Each time you want to spend bitcoin, just buy BTC with fiat and then spend BTC. Your BTC savings account does not decrease!

[toddfletcher]

So you say you keep an x amount of dollars always in your wallet, so your spending money increases when you sell? Not too smart I would say, because your money doesn't grow.

For my spending wallet say I start with one coin in there, @ $600. When the value in USD goes up say $750, I'll spend $150, never going below a certain $ amount. Of course this only works as long as it rises, if it no rise, you no spend. If it keeps rising, eventually you'll spend it all, but that coin was designated for spending anyway, you just got a hell of a lot more mileage out of it, and supported the bitcoin economy with it.

This way you can safely take profits knowing there's a limit and a brake on it, and you won't end up eating through all your stash becasue you have held coins in reserve for the super big run ups, if that happens.

[niothor]

You can't hoard and spend, it's pretty much either or!

You can hoard bitcoin and spend bitcoin at the same time.

Fiat -> bitcoin -> hoard BTC.
Fiat -> bitcoin -> spend BTC.

Each time you want to spend bitcoin, just buy BTC with fiat and then spend BTC. Your BTC savings account does not decrease!

Hoarding means to accumulate , to have more than you previously had.
You can't do that by spending.
Even if you go like:
7+2-1+2 which is bigger than 7 in the end
at the point when you go -1(spending) you are not hoarding anymore.