Don't spend bitcoin. Not now.

[Alert31]

I think it's difficult not to spend bitcoin and keep it for a long period of time specially if it is badly needed. Maybe if you spend now you should replace it as well because the value of bitcoin is not the same every day.Keep on investing.

[1714725647]

1714725647

[1714725647]

1714725647

[1714725647]

1714725647

[Oasisman]

99% of the world's population still does not understand, do not know and do not trust Bitcoin. And everything is fine. Bitcoin adoption is a lengthy process that may take decades or centuries to happen.

Bitcoin adoption begins when people starts to spend it to pay for services, product and other transactions. So, are these merchants and other business entities dont trust Bitcoin then?
Cant you see how the world gradually embraced the technology? Isnt that a process of adoption? If not, what else do you want to see then ?

Do not spend your Bitcoins. Not now.

By not spending Bitcoin, how do you expect the technology to develop and become totally accepted by every nation, or how would you expect it to be trusted by the majority?

[shoreno]

you already explained that bitcoin was built by satoshi nakamoto as a means of payment method but his right that bitcoin needs to gain a value first , it can do that by gaining the publics trust.  all of that was over and sucesful and now that bitcoin has a value and trusted , it is now okay to use your bitcoin for spendings  . you can use it anytime if you are not an investor or a trader because earning a profit is not your priority

[Flor1982]

How can be Bitcoin be recognize in the whole world if we will not exercise it as currency for direct spending? Therefore we should constantly use it for our daily spending until all of the people will used to it and recognize it as a currency. Holding Bitcoin is good if you mean investment but if you want it to be a P2P currency then we should use it and spend it as currency.

[cutesgirl]

Maybe you miss understanding about bitcoin and you give incorrect information for us, bitcoin good to spent now because have increase price. Many company want to allow bitcoin for upgrade payment system and many country want to allow bitcoin have regulation, now you can hold or invest in bitcoin.

[Janation]

And who says most of the people are spending it?

I don't know where did you learn that most of the people are spending it but I am telling you, they are investing their money in it.

They are not spending, they are investing in Bitcoin. Why would we spend it if in time we are looking at a 5-digit price? It is not trusted? Who says that? People accept, most people don't, we don't care since it's been here for more than 10 years now and even if people don't believe in it or trust in it, we don't care. We earn small profits day by day and in the long run it gets bigger.

[jmigdlc99]

Bitcoin was not made to spend. Not for now. There is a misinterpretation of what Satoshi wrote in the Whitepaper: "A peer-to-peer eletronic cash system". He created bitcoin to be an electronic money system. This is a fact.

Before becoming a monetary system, Bitcoin must be able to preserve value over time. After that, he becomes able to earn society's trust and become a genuine cash.

People accept dollars because they believe that money is still backed by gold (as it was until the end of Bretton Woods), or because (unfortunately) they believe the government will guarantee the value of the currency.

That is, people believe in Dollar because they are sure that money will be at the same value tomorrow. Although this is not true.

99% of the world's population still does not understand, do not know and do not trust Bitcoin. And everything is fine. Bitcoin adoption is a lengthy process that may take decades or centuries to happen.

Bitcoin has never been about just being a simple means of payment. It is not like VISA or Mastercard. He is a legitimate Digital Asset and as such needs to earn trust until it is adopted as money.

Do not spend your Bitcoins. Not now.

I agree. Bitcoin is still at an early stage where it's finding it's footing. Now is simply not the time to cash out.

My opinion is that you can forget about the pumps and dumps, the trading cycles and all that, because unless you're a very active and informed trader, it won't matter in the long run. A few years from now bitcoin's value will be a far cry from what it is today. Just hodl and be patient.

[Mumbeeptind1963]

Bitcoin was not made to spend. Not for now. There is a misinterpretation of what Satoshi wrote in the Whitepaper: "A peer-to-peer eletronic cash system". He created bitcoin to be an electronic money system. This is a fact.

Before becoming a monetary system, Bitcoin must be able to preserve value over time. After that, he becomes able to earn society's trust and become a genuine cash.

People accept dollars because they believe that money is still backed by gold (as it was until the end of Bretton Woods), or because (unfortunately) they believe the government will guarantee the value of the currency.

That is, people believe in Dollar because they are sure that money will be at the same value tomorrow. Although this is not true.

99% of the world's population still does not understand, do not know and do not trust Bitcoin. And everything is fine. Bitcoin adoption is a lengthy process that may take decades or centuries to happen.

Bitcoin has never been about just being a simple means of payment. It is not like VISA or Mastercard. He is a legitimate Digital Asset and as such needs to earn trust until it is adopted as money.

Do not spend your Bitcoins. Not now.

Bitcoin is made to be spent like any currency. If all the people will not spend bitcoin the circulation will stop, it is needed to be bought and sold so that the market price will be change. Hoarding bitcoin is not good, it will only makes the price go lower and the supply will be limited. Many will panic sell. Long term hodling is good but we need to spend it.

[Sithara007]

Before becoming a monetary system, Bitcoin must be able to preserve value over time. After that, he becomes able to earn society's trust and become a genuine cash.

This is a very interesting point. And I agree with you. Bitcoin needs to preserve its value before it is being used as a currency. I would say that Bitcoin is very much under-valued and under-used right now. I have seen figures like 200 million and 250 million for the estimates of Bitcoin users. However, IMO the number of active users may be in a few million.

If Bitcoin becomes a widely used currency, then we can assume it to have the same market cap as that of the fiat currency. The total value of all the banknotes and coins circulating in the world amounts to around $10 trillion. But this is not the total market cap of the fiat currency. It includes bank deposits and bonds, on top of the circulating cash.

The total M1/M2 money supply for US was estimated at $18.2 trillion in 2019, and for the world we can assume a conservative figure of $50 trillion. Imagine what will happen if Bitcoin grows to equal this figure. For 20 million circulating coins (which we'll attain sometime during late 2020s), the exchange rate will be around $2,500,000 per coin.

[bitzizzix]

Everyone has the right to treat bitcoin in his own way because it belongs to him, and to be used as a purchase or other transaction depending on the country where they live facilitates or there are sales and transactions that use bitcoin so that bitcoin can be used like money.
but I am sure all their bitcoin users will think smart and will treat bitcoin properly and correctly when the situation is under any circumstances.

[ivakar]

you mentioned that phrase of Satochi that bitcoins is "A peer-to-peer eletronic cash system".
what means cash system? based on current meaning word "cash" that is fiat money with the help of it we, ordinary people, are making our everyday purchases - products, spirits, coffee, girls and like that stuff  

so that means that bitcoin have to be spent for purchases as well.  but not for speculation as it is goes right now $) cause now people sell bitcoin @ high price, wait for low price then buy bitcoin back, and sell again @ high price and repeat the deals over and over
I guess that is the point, when something went wrong  

[DBronze98]

Yes, and I also object to monetization. Many people are always interested in bitcoin being a common currency, when the value of bitcoin increases and they will sell bitcoins for profit. But they do not know the consequences behind that is the daily loss when the value of bitcoin is not stable. It is always highly volatile and in the world, no country accepts such a common currency.

[dimonstration]

I don't see bitcoin as a money too,not in terms that I'll be able to buy or pay bills that can be paid thru our own currency. Though, it can be paid thru bitcoin but my aim of collecting more bitcoin when the price drops is what matter to me now since in the future it will gain more value in price, having limited supply and demand from the people to use it as P2P transactions formally.

[ardentvolcanoes]

I agree with you that we shouldn't spend bitcoin now. I am a hodler of bitcoin and I do some other jobs to maintain my bitcoin balance. I may add some more to my balance through my earnings. I am morely focused on increasing my bitcoin amount and spend less in my daily life

In investment approach it's good to keep your bitcoin as store assets, the chance that it will bring fortune is always been anticipated by people who are believing that bitcoin will bring good outcome. There's always differences between investors opinions from how they take this system, your money, your call.

Thinking for long term holdings and being assertive to wait for the value to rise and reach the set target, Keep investing and wait for the beneficial outcome.

[Murat]

How do you think like this? Some of your writings are very entertaining, I don't agree with you on some of your thoughts, It's true that Bitcoin should not be spent for you better gaining but it's not true that Bitcoin hasn;t made for any payment system, This is ridiculous, Of course, Bitcoin has been created for the payment system and it's a future payment method for a certain reasons, I am not going to that way. but I think Bitcoin has the capacity to renovate your capital and it will be the mainstream of the monetary system so Holding Bitcoin will bring a handsome amount of capital in the future so I also think that doesn't spend Bitcoin and hold it for the future purpose.

[Wexnident]

Bitcoin was not made to spend. Not for now. There is a misinterpretation of what Satoshi wrote in the Whitepaper: "A peer-to-peer eletronic cash system". He created bitcoin to be an electronic money system. This is a fact.

Before becoming a monetary system, Bitcoin must be able to preserve value over time. After that, he becomes able to earn society's trust and become a genuine cash.

People accept dollars because they believe that money is still backed by gold (as it was until the end of Bretton Woods), or because (unfortunately) they believe the government will guarantee the value of the currency.

That is, people believe in Dollar because they are sure that money will be at the same value tomorrow. Although this is not true.

99% of the world's population still does not understand, do not know and do not trust Bitcoin. And everything is fine. Bitcoin adoption is a lengthy process that may take decades or centuries to happen.

Bitcoin has never been about just being a simple means of payment. It is not like VISA or Mastercard. He is a legitimate Digital Asset and as such needs to earn trust until it is adopted as money.

Do not spend your Bitcoins. Not now.

The reason why bitcoin is used for exchanges is to let it adapt itself to the world. It was meant to be speant, so that people all over the world can feel its possible influence for the current financial market. Holding the coins is fine and all, but not spending them rill everyone could accept them is just ridiculous. You basically just said to stop the circulation of bitcoin itself. Imagine stopping the circulation of dollars around the globe, mayhem would occur right? Cause the world just lost a currency used by most people. Even thought the effects of holding bitcoin wont be as worse as what would happen in the said situation, it still gives off a negative effect for the adaptation and progress of bitcoin in the market.

[AicecreaME]

*face palm* while reading OP's post

That's a little ridiculous thinking. So you suggest to not spend Bitcoin until it becomes trusted enough.

If no one uses Bitcoin, how do you want the ecosystem to develop? If there is no ecosystem people won't get interested in and Bitcoin may become a currency like the currency for Second Life (the video game (?) with its currency, not sure if I'm right)

The dollar is based on trust, the day people no longer trust, USD will become the new Zimbabwe dollar, yes it's a fact but if Bitcoin needs to earn people's trust, it can't just happen without doing anything.

I can't stop laughing, lol.

I agree with you, what is the point of earning bitcoin and other cryptocurrencies if we are not going to use it, I don't want to starve to death because of this nonsense suggestion OP has. We are earning bitcoins and we are spending it anytime we want, anywhere we want, because it is like fiat, we need it to survive, and there is nothing wrong with that. I think OP's brain is the one he must not using when he posted this topic (please forgive me).

[agustina2]

There is a misinterpretation of what Satoshi wrote in the Whitepaper: "A peer-to-peer eletronic cash system".

I don't think that there is a misinterpretation about this. The very essence why Satoshi wrote it that way is for us to be able to have convenience in using electronic cash payment transactions same as we are using fiat money. So definitely, we are meant to use it and not just to keep it to ourselves.

How can other people gain their trust in adopting bitcoin if we, the ones who already know about bitcoin, won't be able to use it or spend it? By using or spending it, we are giving awareness so more people will be able to use it as well.

[sunsilk]

In able for bitcoin to be adopted, it has to be used. Everyone holder would say that don't spend our bitcoins because we are foreseeing the future of it. But the whitepaper of satoshi made is perfect and correct of what bitcoin used to be.

The trust of what bitcoin is getting now is increasing overtime. Base on my perspective as a holder, I wouldn't really want to spend most of it now but nothing can stop me if I want to spend it for any purpose that I want.

[mersal]

Do not spend your Bitcoins. Not now.

So when? After it reaches some value!

Most people not spending their bitcoins anyway but they should spend if there is possibility for them to spend then only the adoption happens if everyone thins bitcoin should not be spend then this fact will stuck forever which could ruin the intention of system at some point.

First of all, if Bitcoin is not being spent do you think that the price would move up to this state? Even if there are miners who already existed it is still not enough to move the price of Bitcoin. The supply and demand are the ones that making the price moves and that is the start of adoption since people started to discover it, as more and more merchants are accepting Bitcoin.

Don't spend bitcoin for trading,spend it as money that is what I tried to say.If we keep using bitcoin only as trading purpose then it will never become a main stream payment.