Bitcoin - Store of Value or Method of Payment

[minersday]

I've recently meditated on this thought. We all want businesses to adopt bitcoin as a payment method and people to pay with it, but I think most people are rather avoiding to spend their BTC as they see it more as a store of value that will bring wealth to them over the next years. So they are more likely to keep their BTCs and spend the fiat currency, thus the use of BTC in day-to-day transactions won't probably go up until people actually get their wages in Bitcoin denomination. But in order for companies to enable that so it will be convenient for both the employee and the employer we need to have the infrastructure in place, including regulations and major stores in the cities accepting BTC.

What's your thoughts on this? Do people prefer to spend their BTC or do anything( maybe even taking a loan) to protect them?

The true intentions of Satoshi for the development of Bitcoin according the whitepaper of Bitcoin was to be method of payment that provides people the financial freedom.  But as a result of the increase in the value of Bitcoin, people now see bitcoin as a store of value rather than a method of payment. In order for Bitcoin to be a method of payment rather store of value, the ecosystem of Bitcoin needs massive adoption of the use of it for daily transactions from smaller transaction to bigger financial transactions.

[lionheart78]

BTC function as money so we can say that it has both.  For now it may not be a good store of value because of its high fluctuation, optimistic speculator say it is a good store of value because of its possibility to increase in price in the future but currently is on a decline after hitting its ATH.  My country recognized Bitcoin as method of payment since it is used to pay bills, and buy items with the use of third party apps. These two is one of the characteristics of Money and bitcoin as I stated earlier is a form and functioning as money.

[ChrisPop]

To be a store of value, a good should also have a real use, gold is used in electronics and jewelry, or at least be traded frequently. also gold does some things better than Bitcoin. Gold is not vulnerable to social attacks that can steal the name and the value associated with 'gold' and re-assign it to a new thing, as Bitcoin core have done. Gold also does not require the constant application of energy via PoW that Bitcoin requires in order to keep the entire gold supply secure. Gold also has a track record of being money, going back literally thousands of years. So if you buy gold, you really do have better assurances about your purchasing power being preserved.

Now that BTC intermittently has median transaction fees above $10-$20, BTC may even struggle to compete with gold on the portability front. Bitcoin is a p2p electronic cash system. This is what Bitcoin excels at, and has advantage. Bitcoin is only useful as a store of value to the degree it's useful as a cash system. thereby Bitcoin must remain a means of payment to be a store of value.

Gold is a precious metal indeed and has some uses, but its biggest downside is the portability. You can't go to the market or a coffee shop caring in your bagpack multiple gold bullions. And how are you going to pay with it? Cut it in multiple minuscule pieces?  

Gold fails the portability test and regarding it being a store of value look what happened in 2008 when crisis hit the world. I'll tell you: 30% DROP! Is that a "safer" asset? Hell no. At least this is my opinion. After all it is just a metal with special properties and what if scientists will find a way to produce it artificially combining multiple elements?  

[Distraction]

I think people prefer both of them. Some people prefer using Bitcoin as an investment and don't want to use it like fiat money much. Some people don't see Bitcoin as investment and they just want to use it on activities like shopping etc. . By the way, I prefer using it both ways.

[Ucy]

I've recently meditated on this thought. We all want businesses to adopt bitcoin as a payment method and people to pay with it, but I think most people are rather avoiding to spend their BTC as they see it more as a store of value that will bring wealth to them over the next years. So they are more likely to keep their BTCs and spend the fiat currency, thus the use of BTC in day-to-day transactions won't probably go up until people actually get their wages in Bitcoin denomination. But in order for companies to enable that so it will be convenient for both the employee and the employer we need to have the infrastructure in place, including regulations and major stores in the cities accepting BTC.

What's your thoughts on this? Do people prefer to spend their BTC or do anything( maybe even taking a loan) to protect them?

I don't see why it can't both store of value and "method of payments". I believe Bitcoin can actually be both today without much problems.
I have witnessed lots of notable non-crypto people in the past accepting Bitcoin on social media and YouTube. All of a sudden they stop talking about it. Whether they still accept it or not I can't tell. I am pretty sure they became secretive due to fear of something. If you could promote Bitcoin alittle bit on those platforms and assure people that no one will harm them for using Bitcoin, i think they will start accepting it again. You can draw such people to this community so that they learn how to use Bitcoin with peace of mind

[Genemind]

People do the same depending on their needs. Some people do have their holdings and allocated enough money to be used as a payment. There are also traders who spend their earnings to buy and pay for their needs while some people are just keeping their Bitcoins from spending. We all have a way of handling our Bitcoins for our own purposes but it's important that we'll keep some for our future profit when the price gets better.

[fiulpro]

I think it's depending on the person so as how they use it as , investment , payment is something that goes well with Bitcoins and the circumstances plays a great role in it , Bitcoins value is volatile thus when the price goes up people can benefit from it , making it an amazing investment and also it's cheaper to send money overseas with respect to Bitcoins and with the lightning network it's something that we can do instantly therefore I think the answer is both.

[teosanru]

I've recently meditated on this thought. We all want businesses to adopt bitcoin as a payment method and people to pay with it, but I think most people are rather avoiding to spend their BTC as they see it more as a store of value that will bring wealth to them over the next years. So they are more likely to keep their BTCs and spend the fiat currency, thus the use of BTC in day-to-day transactions won't probably go up until people actually get their wages in Bitcoin denomination. But in order for companies to enable that so it will be convenient for both the employee and the employer we need to have the infrastructure in place, including regulations and major stores in the cities accepting BTC.

What's your thoughts on this? Do people prefer to spend their BTC or do anything( maybe even taking a loan) to protect them?

You know this is the problem with every deflationary currency which operate against the value of goods meaning that goods get cheaper each day. This way people would always maintain a hoarding tendency which mean they would rather end up storing it than using it as currency. This continuous appreciation in the value of bitcoin is making it much more dearer to holders thus making it more of a store of payment than a currency.

[ardentvolcanoes]

People do the same depending on their needs. Some people do have their holdings and allocated enough money to be used as a payment. There are also traders who spend their earnings to buy and pay for their needs while some people are just keeping their Bitcoins from spending. We all have a way of handling our Bitcoins for our own purposes but it's important that we'll keep some for our future profit when the price gets better.

Bitcoiners have different views regarding to this matter, and like what you just said traders use bitcoin as their store assets and a base for their trading businesses, some of them are using bitcoin earnings to pay bills or convert it to fiat for their everyday used. Since bitcoin can be use to pay online or
to transact online there's people who are enjoying this benefits. It's a two way side depends from how end users treated it's holdings.

[CLS63]

People have different preferences. So, they use Bitcoin as a store of value like gold or any fiat money and they also use Bitcoin on many places as a payment method. On this point, Bitcoin carries similarities with fiat money.

[JohnBitCo]

I've recently meditated on this thought. We all want businesses to adopt bitcoin as a payment method and people to pay with it, but I think most people are rather avoiding to spend their BTC as they see it more as a store of value that will bring wealth to them over the next years. So they are more likely to keep their BTCs and spend the fiat currency, thus the use of BTC in day-to-day transactions won't probably go up until people actually get their wages in Bitcoin denomination. But in order for companies to enable that so it will be convenient for both the employee and the employer we need to have the infrastructure in place, including regulations and major stores in the cities accepting BTC.

What's your thoughts on this? Do people prefer to spend their BTC or do anything( maybe even taking a loan) to protect them?

Bitcoin is basically a currency and it should not be a store of value like Gold. But currently bitcoin is being used as an asset and therefore it is more of a store of value. In future, we can see bitcoin will be the major method of payment but mass adoption will take considerable time.

[hulla]

I've recently meditated on this thought. We all want businesses to adopt bitcoin as a payment method and people to pay with it, but I think most people are rather avoiding to spend their BTC as they see it more as a store of value that will bring wealth to them over the next years. So they are more likely to keep their BTCs and spend the fiat currency, thus the use of BTC in day-to-day transactions won't probably go up until people actually get their wages in Bitcoin denomination. But in order for companies to enable that so it will be convenient for both the employee and the employer we need to have the infrastructure in place, including regulations and major stores in the cities accepting BTC.

What's your thoughts on this? Do people prefer to spend their BTC or do anything( maybe even taking a loan) to protect them?

We cant all have the same point of view and to be realistic using bitcoin as a store of value doesn't mean bitcoin won't adopt as a payment method by the store owner or merchant. However, the major problem we have now is people ignorant about bitcoin and some government not legalizing bitcoin.
With that been said, I used bitcoin as a store of value and I also use it as a currency but it all depends on expense.

[Mulann2]

Mostly use as store of assets than means of payment, most people are into btc to maximize profit as much as they can, if there are people who use as means of payment, they are very few for now, however, btc can be regarded as both because it serves both purpose.

[bhabygrim]

I've recently meditated on this thought. We all want businesses to adopt bitcoin as a payment method and people to pay with it, but I think most people are rather avoiding to spend their BTC as they see it more as a store of value that will bring wealth to them over the next years. So they are more likely to keep their BTCs and spend the fiat currency, thus the use of BTC in day-to-day transactions won't probably go up until people actually get their wages in Bitcoin denomination. But in order for companies to enable that so it will be convenient for both the employee and the employer we need to have the infrastructure in place, including regulations and major stores in the cities accepting BTC.

What's your thoughts on this? Do people prefer to spend their BTC or do anything( maybe even taking a loan) to protect them?

Well it isn't new there are so many reason why people would prefer to hold BTC rather than spending or using it as a payment method.
First is the price fluctuation people who bought crypto or Bitcoin do it because they want to earn from it not to use it as a payment method.
Second is the fee from sending crypto and even the delay period of it.
Most of us would choose to pay in cash rather than crypto because it is way more faster .

[ChrisPop]

I think what you have said has indeed come true.
that the intention to hold bitcoin is for the long term when they feel the price is very profitable compared to when they bought it.
but it seems that not all countries can be free to use bitcoin for transactions, so maybe every country will be different.

It is clear that people will exchange bitcoin if it is very urgent, save more and wait for the right time to benefit.

Glad that you're sharing my vision! I think that countries which don't adopt Bitcoin as a mean of payment once it has been established in more developed countries will face some drastic drawdowns. Like the efficiency of Bitcoin transactions is well-known and this will surely be an advantage for some states. No need to wait for "banking" opening or go through a lot of bureaucracy to get a payment done. Payments will be smooth and fast, thus saving time - which ultimately translates to money in the financial world.

[YuginKadoya]

In my opinion, it will surely depend on that person if he might think about Bitcoin as a stored value, Or a means for transaction only well you can truly do whatever you want with Bitcoin and I think like myself I prefer to use Bitcoin as both Transaction base and asset wise, Well I am using it in buying things when the price is too high or we are having an All-time high and just storing it and buying some more when the price is in the midst of dropping, like what happened recently Bitcoin dropped to $8300 USD and right now I am not using it as a means of transaction.

I guess different people will surely have a different opinion, the answer will surely depend on a person if what he likes to do best with Bitcoin and other cryptocurrencies if it is working for him or the community.

[Youghoor]

I've recently meditated on this thought. We all want businesses to adopt bitcoin as a payment method and people to pay with it, but I think most people are rather avoiding to spend their BTC as they see it more as a store of value that will bring wealth to them over the next years. So they are more likely to keep their BTCs and spend the fiat currency, thus the use of BTC in day-to-day transactions won't probably go up until people actually get their wages in Bitcoin denomination. But in order for companies to enable that so it will be convenient for both the employee and the employer we need to have the infrastructure in place, including regulations and major stores in the cities accepting BTC.

What's your thoughts on this? Do people prefer to spend their BTC or do anything( maybe even taking a loan) to protect them?

Looking at how people in the crypto space  see Bitcoin, it is officially an asset of value rather than an alternative avenue for making payment. Bitcoin always remain a store of value even if it gains mass adoption. People will hardly see Bitcoin as a method of payment . People will prefer to store and hold onto their Bitcoin since its value might be worth twice its initial amount now.

[boltz]

Both represents Bitcoin without a doubt. I personally use it as a store of value due to the finite number of Bitcoin as mathematically speaking it should increase in value every year and this is what is happening even if we have the high volatility which is a part of the Bitcoin reputation as well. From time to time I use it as a method of payment too because hey this is why it as value right ? to spend it when it reaches the value you want because without spending , I doubt it will be more than a collectable currency.

[meanwords]

There's no absolute answer but I know that people can do whatever they want to their Bitcoin because they have the freedom to do so. That's what's great about Bitcoin because it is not limiting us to what we can do. We can use it as a store of value, trading like a stock, or as a way of payment. People can do just what they want and that is the reason why Bitcoin is popular.

[Oneandpure]

Using bitcoin as method payment for store I think best ideas how to get faster for every transaction, still little store have using bitcoin as method payment for selling in their store, just open wallet and access to send bitcoin to store wallet, will be easy without use cash money where for tourist never have change their money first to buy won your store, many traveler look happy if many store accepted bitcoin because they only bring their bitcoin wallet to go some where.