A popular method of investing in Bitcoin is to simply buy and hold (or perhaps "
hodl") indefinitely, rather than attempting to call the short term highs and lows. This is cited as the most successful strategy by many, and takes a lot less work and attention. I propose an improvement on this paradigm.
Any investment in Bitcoin represents a hope and desire for the new currency to grow in market share, grow in usefulness, and as a result, grow in relative value against other currencies. The passive act of holding the currency can be accompanied by various forms of Bitcoin promotion, but one of the simplest methods of Bitcoin promotion is often overlooked.
There is a false dichotomy between
holding and
spending. If you are holding Bitcoin, and you're a living human, you probably spend money on various goods and services. I suggest a coordinated event, where anyone and everyone holding Bitcoin resolve to
"spend and refill" throughout a given month, at any opportunity. I'm not suggesting anyone deplete their investment, and I'm not even suggesting people "spend extra" in that month. I'm suggesting that holders of Bitcoin resolve to make a conscious effort, during any spending decision, to choose a vendor that accepts Bitcoin in all arenas possible, during any spending decision during that month.
Check out the
Bitcoin Black Friday list for a quick index of vendors who accept Bitcoin. Check
CoinMap for local vendors who accept Bitcoin. This doesn't take the discipline exhibited by
Kashmir Hill during her Bitcoin-only economy week, or by the
newlyweds who used it exclusively for 100 days in 2013, but rather,
promote the economic value of Bitcoin at every chance. Take a couple coins out of your paper wallets and
Bitcoin Firesafes (be sure to sweep fully into a new wallet when you do), and load your cell phone clients, etc... and change how you shop. One month can make a lot of difference, and should cost you
nothing while aiding your goals.
Who's with me?
