Don't spend bitcoin. Not now.

[lbassotto]

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.

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[LeGaulois]

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.

[lbassotto]

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? 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 believe this is not a ridiculous thinking. You must observe to all main bitcoin use cases. People in Venezuela use Bitcoin because their currency is completely devastated. So pepple believe in gold or bitcoin. You can see the same behavior in Zimbabwe too.

[exstasie]

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? 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 believe this is not a ridiculous thinking. You must observe to all main bitcoin use cases. People in Venezuela use Bitcoin because their currency is completely devastated. So pepple believe in gold or bitcoin. You can see the same behavior in Zimbabwe too.

From an investor's perspective, you're correct. It makes sense to simply hoard BTC until its value skyrockets in line with its stock-to-flow ratio.

The thing is, Bitcoin users aren't just investors. Some of us also use it as a medium of exchange or way to transfer value, for various reasons: because it's cool and we're geeks, because it can be cheaper/faster than legacy means, to avoid taxes, censorship resistance for the dark web, gambling, capital flight, etc.

Hoarders are really lucky that other people are spending their BTC. If no one was transacting at all, BTC would have no value.

[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.

[Pab]

There is old true.People needs money. Because there is not possible to pay for daily life expenses with bitcoin then people are exchanging bitcoin to fiat.To gain more fiat or bitcoin people trade bitcoin same way like they trade any other asset or currency.There is technology behind bitcoin what will disrupt modern world but there is bitcoin like asset what is traded to make traders more money.In a case of payments Visa MC are still better and cheaper than bitcoin is

[alexforneus]

Its hard to HODL in this situation

[harizen]

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.

Fully adoption will not take place if bitcoin is limited only to those hodlers or investors. How come the majority will understand the whole point of using bitcoin if it will not spread and work as a normal currency. And if people don't spend bitcoin, there is no point in trading it.

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.

Since bitcoin's inception, you can't hide the fact that there's an increase in adoption. It was adopted and accepted as a form of payment.

Just trust the process, slowly but surely. Bitcoin will meet all your expectations even it will take several years.

[Lhaine]

No thats not the point of that if did not use bitcoin as your payment on your daily basis then there no garantee that people will adopt bitcoin because they know how to use it. I mean if yog just keep your bitcoin to your wallet and you did not use it you are not promoting bitcoin to the public and because of that no one will adopt bitcoin.

you are right bitcoin created to make a new mode of payment not to store its value . if there are more  people storing it market  volume will get lower.

[gantez]

Its hard to HODL in this situation

  inexperienced investors are those that could be selling off now. This is a time to buy more. The dumping doesn't affect bitcoin for a long time, it is temporal and the bull will come back. The halving is being expected next year, so to buy now is better.

[Oceat]

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.

[TravelMug]

So are you saying that we should treat bitcoin as store of value now?

In a hindsight, I used my bitcoin whenever I can, I mean if I don't have cash that time and it will allow me to used it like a money, then I will definitely used it by any means.

But I understand where you coming from, since the price of bitcoin is really skyrocketed in the last ten years. However, it was originally designed as means of payment by Satoshi, unless my interpretation is wrong.

[BartS]

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? 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 believe this is not a ridiculous thinking. You must observe to all main bitcoin use cases. People in Venezuela use Bitcoin because their currency is completely devastated. So pepple believe in gold or bitcoin. You can see the same behavior in Zimbabwe too.

While money has to be a store of value the main reason money was created on the first place was to make it easier to trade goods with each other, so while I understand your desire for people to keep holding their coins since in the future those coins will appreciate in value that is not going to happen if no one uses bitcoin to exchange goods and services among each other.

What most people want the most is to be able to use their bitcoin everywhere and that is not going to happen if no one uses it.

[boltz]

If you're a bitcoin investor, don't spend it yet and wait for good prices in order to do so but if you're a trader or you simply getting paid in bitcoin you need to convert them into fiat or spending them to buying things as you cannot survive from thin air.

In the long run would be better to keep accumulate bitcoin and only spend like a small portion of it whenever you have emergencies. Also if you have a lot of bitcoin bought during the time when it was under 1k$ , live the life you have and don't look back ,start a business , create jobs for those who don't own any as we only live once ( or so they say ).

[LeGaulois]

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? 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 believe this is not a ridiculous thinking. You must observe to all main bitcoin use cases. People in Venezuela use Bitcoin because their currency is completely devastated. So pepple believe in gold or bitcoin. You can see the same behavior in Zimbabwe too.

Yeah, "ridiculous" was exaggerating but too many people see Bitcoin as an investment. It's not new I know, I have see that coming back in 2014. It isn't the case, Satoshi didn't create a quick-rich scheme, an asset or something like that.

See Bitcoin as what it is, a currency to live with to buy bread, meat, etc...  Look, you're talking about Venezuela, right there, they start to show the real use of Bitcoin and guess what, since you consider more the value, they pay a premium price there to buy BTC. (Buying bitcoin with Venezuelan Bolivar (VES) costs you $600 more than on global exchanges according to Localbitcoin data.)

Like what I said Bitcoin and its ecosystem won't grow without doing anything, and nothing will be done if there's no demand and interest behind. Really it can allow us to recover a power we had lost until then or never got. We can create a society where we all join together to compete against the states, the financial system, etc.

The "Bitcoin-to-the moon" will then come organically don't worry. Sure you can also see BTC as an investor POV, well, like IRL we have a saving account, stock options, ect.

[hatshepsut93]

So, if there's a service that accepts Bitcoin right now, why shouldn't we pay them with Bitcoin if we want to? Because some other people don't think that Bitcoin is valuable? So what, what does it have to do with us? A transaction requires only 2 parties who both agree on the value and see the exchange as beneficial for them - it literally doesn't matter what other people think. This is why some people buy painting for millions of $$, while other wouldn't even pay $10 for the same painting. Value is subjective, this is the most simple economic fact. There's nothing that should stop you from using Bitcoin, if you have an opportunity and wish to do so.

[rdluffy]

I agree with you but partially

We are still in the time that is best to acumulate BTC, lucky are the guys who bought at less than 100 USD, but the time is over, now it's 8,2k USD, but every year the lowest price of BTC is growing up, and in a few years we can have a higher value, and look for 2019 and say: Wow, 8,2 was VERY CHEAP 

[1Referee]

Bitcoin obviously was made to be spent, which is what happened on SilkRoad. It was the first large scale example of how useful Bitcoin is as money. The thing however is that after years of price growth and general confidence of the people holding it, there is less incentive to spend it because of how you end up lose a lot of value throughout the years.

It's not the most convenient way, but what you can do to not lose out on future price appreciation, is to replace every satoshi that you spend. I have been doing that for a long time now and I no longer regret having bought anything because the price went up. Wish I did the same back in 2013/2014/2015.......

Interesting fact is that people earning coins through whatever task/gig are more likely to spend their coins than those who spend their hard earned money on Bitcoin. I have seen it a lot on and off this forum. It stimulates healthy circulation of coins, which is important too.

[HarmonyA]

Your analysis is not correct. You are advising not to spend bitcoin until its widely accepted like USD. Bitcoin acceptability is here already that is why we can sell it and get fiat or crypto in return. Spending bitcoin will make it more popular and speed up it mass adoption.

[xSkylarx]

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.

How can you say that bitcoin is still not trusted by many people? It's price increase over the years meaning its demand also increased. Many institutions now starts to acknowledge bitcoin. If we don't spend bitcoin how can we spread awareness. If we want more people to trust it why we should not spend it?