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Author Topic: Why I love the speculators in Bitcoin.  (Read 630 times)
Kakmakr
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July 21, 2019, 11:30:30 AM
Merited by Jet Cash (5), Foxpup (3)
 #1

I just realized speculators add some value to all of us, when they cause spikes in the price. I am a hoarder through and through, but I like to support Bitcoin merchants by buying and paying with bitcoin for some food and drinks on a daily basis. This is the only way to make sure that there would be a continuous demand for coins, if we "feed" the merchants that supports us.

So my strategy has always been to use +/- 20% of all the coins I buy... and most of these coins are spend daily on food and drinks. I buy the odd hamburger and chips or Taco and drinks at a local street food merchant that accepts Bitcoin.

This gets me to the point of my topic and that is that speculators can have a positive influence on my spending habits and the amount of coins that I spend. If they push up the price, I get to spend less coins. A Taco and Cooldrink cost about say 0.0004 BTC today and when they drive up the price, I can spend less coins the next day, when that same food costs say 0.0003 BTC  Roll Eyes

Some people stop spending coins, when the price is too low and that is bad for the whole Bitcoin ecosystem.

Some people hate these speculators, but I love it when they push up the price and I can spend less coins. Grin

 
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July 21, 2019, 11:39:36 AM
 #2

Some questions if you don't mind:
  • What country are you in? You're lucky that you're in a place that merchants actually accepts bitcoin payments. <--- I completely understand if you don't want to answer this due to privacy reasons.
  • Do they require tx confirmations? Assuming these merchants use BitPay or something similar.

Ultimately though, speculators create buy and sell offers on exchanges, which increases the market liquidity. Probably might not be that much liquidity they're adding when talking about individual speculators, but in the end, everything counts.

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July 21, 2019, 11:46:55 AM
 #3

I just realized speculators add some value to all of us, when they cause spikes in the price. I am a hoarder through and through, but I like to support Bitcoin merchants by buying and paying with bitcoin for some food and drinks on a daily basis. This is the only way to make sure that there would be a continuous demand for coins, if we "feed" the merchants that supports us.

So my strategy has always been to use +/- 20% of all the coins I buy... and most of these coins are spend daily on food and drinks. I buy the odd hamburger and chips or Taco and drinks at a local street food merchant that accepts Bitcoin.

This gets me to the point of my topic and that is that speculators can have a positive influence on my spending habits and the amount of coins that I spend. If they push up the price, I get to spend less coins. A Taco and Cooldrink cost about say 0.0004 BTC today and when they drive up the price, I can spend less coins the next day, when that same food costs say 0.0003 BTC  Roll Eyes

Some people stop spending coins, when the price is too low and that is bad for the whole Bitcoin ecosystem.

Some people hate these speculators, but I love it when they push up the price and I can spend less coins. Grin

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July 21, 2019, 11:56:20 AM
Merited by jakelyson (1), mjglqw (1)
 #4

Some questions if you don't mind:
  • What country are you in? You're lucky that you're in a place that merchants actually accepts bitcoin payments. <--- I completely understand if you don't want to answer this due to privacy reasons.
  • Do they require tx confirmations? Assuming these merchants use BitPay or something similar.

Ultimately though, speculators create buy and sell offers on exchanges, which increases the market liquidity. Probably might not be that much liquidity they're adding when talking about individual speculators, but in the end, everything counts.

I would prefer to keep my location private for my own security, but it is safe to say that I frequently work on contract for my work in several countries and I have arranged with a lot of food merchants to accept Bitcoin as a payment option as soon as I arrive in a new location. They tend to agree very quickly if you promise to spend "money" daily at their "shop"  Roll Eyes

Some of my colleagues are also into Bitcoin, so we target one or two shops or restaurants or street food vendor in the area and then we support them daily. <They do not care how they get the money, as long as they get paid daily> We get food allowances, so spending it in Fiat or with Bitcoin is the same thing for us... we prefer spending it in Bitcoin, when the price is going up>  Grin

Some shops prefer to use Payment processors, because they do not want to deal with the price volatility.  Roll Eyes  

 
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July 21, 2019, 12:58:39 PM
 #5

If you live in the country where btc is accepted as a payment, you're lucky.
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July 21, 2019, 01:09:34 PM
 #6

It's hard to think of BTC as a currency for everyday use, especially for small things like buying hamburgers or some drinks, but it's great to use in countries that do not support traditional payments.
There are some products and metals in Africa that you can buy with cryptocurrency and at a much cheaper price than local stores. This is the essence of cryptos, used in areas where there are no international banking services.
In my country, there are some shops that accept Bitcoin through a third party (Bitpay) but the fees are much higher than regular payment methods, which makes the use of it "One Time Payment" rather than daily payments.

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July 21, 2019, 01:25:31 PM
 #7

Interesting is the thinking of the author of this topic. I, too, am of the opinion that speculators can help to earn. But more I liked the story that somewhere you can pay for food in bitcoins. Such places are becoming more and more every day. Where are you living?

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July 21, 2019, 01:31:59 PM
 #8

I wish I could say I bought a "Taco" with Bitcoin  Roll Eyes

There is literally no-body that uses Bitcoin near where I live, If I were to buy a taco it would have to be exchanged to fiat first.
Would be cool to use actual BTC

Do you get a receipt showing the bitcoin total? <- I can feel a Collectors Item right there.

Anyway, cool story.

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July 21, 2019, 02:04:34 PM
 #9

And what happens when these speculators push the price down and you have to pay more for your taco? Do you wait for the prices to stabilize or spend some anyway?
This is the well known dilemma we are facing every day. By we I mean the people who count their money and actually plan their savings and expenses. I know a few guys who regretted spending their bitcoins. Once one of my friends borrowed cash from me and promised to pay me back in bitcoin. By the time that happened bitcoin was worth at least 20% more and you can imagine that he had wasn't too happy.

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July 21, 2019, 02:20:30 PM
 #10

I just realized speculators add some value to all of us, when they cause spikes in the price. I am a hoarder through and through, but I like to support Bitcoin merchants by buying and paying with bitcoin for some food and drinks on a daily basis. This is the only way to make sure that there would be a continuous demand for coins, if we "feed" the merchants that supports us.

So my strategy has always been to use +/- 20% of all the coins I buy... and most of these coins are spend daily on food and drinks. I buy the odd hamburger and chips or Taco and drinks at a local street food merchant that accepts Bitcoin.

This gets me to the point of my topic and that is that speculators can have a positive influence on my spending habits and the amount of coins that I spend. If they push up the price, I get to spend less coins. A Taco and Cooldrink cost about say 0.0004 BTC today and when they drive up the price, I can spend less coins the next day, when that same food costs say 0.0003 BTC  Roll Eyes

Some people stop spending coins, when the price is too low and that is bad for the whole Bitcoin ecosystem.

Some people hate these speculators, but I love it when they push up the price and I can spend less coins. Grin


The strategy you apply to buy daily goods is the same strategy, I apply when I wish to pay for any services I use. I often tend to delay my payments if prices are falling, and then pay once prices peak. Also this strategy is commonly used by small gamblers like me who tend to avoid betting when prices crash, and when prices rise we tend to play more because we’re saving more coins. Hence I’ll conclude that I too like speculators, and thanks to you I realised now that they’re a blessing for the crypto community.

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July 21, 2019, 02:52:09 PM
 #11

I agree with you. Speculators make help us to earn. Because whatever they say the result to us is to invest.  Even they say that bitcoin is going to rise we invest more and when they say that bitcoin will fall we also invest because we are thinking to invest and hold then wait to the right price value before to sell it. So thanks a lot to all speculators.

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July 21, 2019, 03:20:27 PM
 #12

I just realized speculators add some value to all of us, when they cause spikes in the price. I am a hoarder through and through, but I like to support Bitcoin merchants by buying and paying with bitcoin for some food and drinks on a daily basis. This is the only way to make sure that there would be a continuous demand for coins, if we "feed" the merchants that supports us.

So my strategy has always been to use +/- 20% of all the coins I buy... and most of these coins are spend daily on food and drinks. I buy the odd hamburger and chips or Taco and drinks at a local street food merchant that accepts Bitcoin.

This gets me to the point of my topic and that is that speculators can have a positive influence on my spending habits and the amount of coins that I spend. If they push up the price, I get to spend less coins. A Taco and Cooldrink cost about say 0.0004 BTC today and when they drive up the price, I can spend less coins the next day, when that same food costs say 0.0003 BTC  Roll Eyes

Some people stop spending coins, when the price is too low and that is bad for the whole Bitcoin ecosystem.

Some people hate these speculators, but I love it when they push up the price and I can spend less coins. Grin


I cannot deny that some of the speculators has the influence to convince others to make believe on their statements.
And I think you are lucky or blessed if you are in the country were bitcoin is being accepted, that's maybe because you are capable to earn
daily. But I think for me speculators are only giving a story it can be true or not.

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July 21, 2019, 06:18:24 PM
 #13

I agree that speculators are pretty cool. When they panic, it's a warning of a potential panic selling/opportunity to buy more coins, whereas when they are hyped, it might be a sign of the price growing, which is pleasant to see. It's great that the op is able to actually use Bitcoin like that! In my country, the most common stores that accept Bitcoin are tech stores. Then there are just a couple of cafes, clothing shops and something else. I barely go out, I am the kind of person that buys food in the supermarket and cooks, so spending Bitcoin on daily or even somewhat regular basis seems unrealistic. Not to mention that current fees are rather discouraging.

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July 21, 2019, 06:45:23 PM
 #14

With this thinking you can just as easily reach the opposite conclusion that speculators are bad, because they can Bitcoin to go down and you have to spend more of it to buy hamburgers. The real truth is that speculators aren't the one's who cause volatility, they simply participate in it. The reason of volatility is in fact lack of speculators (low volume) and overall uncertainty due to Bitcoin still being new and not massively adopted technology. Communist countries tried to remove speculators and look what happened to their economy without free markets and its price discovery.

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July 21, 2019, 06:56:24 PM
 #15

It's hard to think of BTC as a currency for everyday use, especially for small things like buying hamburgers or some drinks, but it's great to use in countries that do not support traditional payments.
There are some products and metals in Africa that you can buy with cryptocurrency and at a much cheaper price than local stores. This is the essence of cryptos, used in areas where there are no international banking services.
In my country, there are some shops that accept Bitcoin through a third party (Bitpay) but the fees are much higher than regular payment methods, which makes the use of it "One Time Payment" rather than daily payments.

I think low acceptance of Bitcoin as a payment. is still the problem for all Bitcoin users, all around the world. Also, there is still no big variety of goods and services that you can buy with Bitcoin and not much merchants are willing to accept crypto as a payment because of the risk, lack of regulation and similar.
That is why I love crypto debit cards, you can use your coins where you want for whatever you want. Yes, they are converted to some fiat currency but still you can use them in your everyday life.

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kaya11
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July 21, 2019, 10:03:48 PM
 #16


Some people stop spending coins, when the price is too low and that is bad for the whole Bitcoin ecosystem.


You are totally correct, It would be harder for the coin to known when it is just kept hidden when the main purpose of it is to be used anyway. It is just like becoming an old coin that collectors could buy in later times, but I guess not because there are no marks on each of the coin. Some how people who are Bitcoin enthusiasts resiliently drive the ones that are sad when bitcoin price is down, post some posivitive vibes about how would BTC is going to moon again, and so far I kinda like those guys, there tons of social media groups that I joined with positive thinking and never had been wavered whatever comes and they just kept buying Bitcoin. They somehow drag us to buy even more and also been encourage, so we are reluctant somehow to accept defeat in bad times.

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July 21, 2019, 10:18:26 PM
 #17

Some people stop spending coins, when the price is too low and that is bad for the whole Bitcoin ecosystem

This use to be my case, because I just thought I will be losing some money, I will then resort to spending fiat, which cost me more because of bank charges. But these days, I have outgrown that.


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July 22, 2019, 03:10:54 AM
 #18

Some people stop spending coins, when the price is too low and that is bad for the whole Bitcoin ecosystem.

another way of looking at this is most people start spending their coins when price goes up. in other words for these people "spending" on merchants is the alternative to "selling" on exchanges.
with that view i don't think we can say it is "bad" for bitcoin ecosystem, it is kind of a good thing actually that they decide to spend their coins to enjoy the profit instead of just dumping them on the market to get their profit out.

jseverson
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July 22, 2019, 05:21:39 AM
 #19

And what happens when these speculators push the price down and you have to pay more for your taco? Do you wait for the prices to stabilize or spend some anyway?
This is the well known dilemma we are facing every day. By we I mean the people who count their money and actually plan their savings and expenses. I know a few guys who regretted spending their bitcoins. Once one of my friends borrowed cash from me and promised to pay me back in bitcoin. By the time that happened bitcoin was worth at least 20% more and you can imagine that he had wasn't too happy.

Well, you live with it. Volatility is a double-edged sword. Also, it's not like Bitcoin would be stable without speculators. It could even be more volatile if they exit, considering lower market cap = higher volatility.

Right now, I'd say more users of Bitcoin is better, regardless of what they bring to the table.

enogheghase123
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July 22, 2019, 06:07:51 AM
 #20

I just realized speculators add some value to all of us, when they cause spikes in the price. I am a hoarder through and through, but I like to support Bitcoin merchants by buying and paying with bitcoin for some food and drinks on a daily basis. This is the only way to make sure that there would be a continuous demand for coins, if we "feed" the merchants that supports us.

So my strategy has always been to use +/- 20% of all the coins I buy... and most of these coins are spend daily on food and drinks. I buy the odd hamburger and chips or Taco and drinks at a local street food merchant that accepts Bitcoin.

This gets me to the point of my topic and that is that speculators can have a positive influence on my spending habits and the amount of coins that I spend. If they push up the price, I get to spend less coins. A Taco and Cooldrink cost about say 0.0004 BTC today and when they drive up the price, I can spend less coins the next day, when that same food costs say 0.0003 BTC  Roll Eyes

Some people stop spending coins, when the price is too low and that is bad for the whole Bitcoin ecosystem.

Some people hate these speculators, but I love it when they push up the price and I can spend less coins. Grin

Well you seems to be concerned about the positive part of the speculators alone, offcourse well all want prices to go up so we make some few bucks. But what if these same speculators causes price to go down? what will become of you then?Huh?

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