Do traders spend crypto when they can?

[Karmakid]

In my case, I do spend my cryptocurrencies when I can. I am a fan of online shopping and I always try to find ways on how I can use my cryptocurrencies to pay my purchases online and I am thankful that there is already card services online even powered by a cryptocurrency that I can use to pay my expenses by just depositing my cryptocurrency in a card.

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[Hypnosis00]

Crypto is already a part of our living, not necessary we'll just put everything into purely an investment or just for trades alone, it also we consider spending it sometimes just like spending fiat money. Though I'm just a casual trader and often I'd maximize my profits in spending through buying stuff online and it feels comfortable doing this compared to fiat and it doesn't need to use credit/debit card anymore.

[el kaka22]

I think "traders" are a broad term and that depends on what you mean by traders. The long term ones that have bitcoin for the past few years may not be looking to spend their money as much as people who are mid term that buy bitcoins for like less than a year but not daily, daily ones are probably don't hold bitcoin long enough to even have the chance to spend it.

So, there are many different people who we can call traders which reflects on how they approach to bitcoin in general, I personally think that people who hold bitcoin longer than 3 months but less than 1 year are the biggest spenders, people who hold it less than a week are the least spenders and in the middle are the people who hold it over one year, that is my idea tho and I have no data backing this up so maybe I could be wrong.

[Steamtyme]

Well it's been some interesting results and opinions. I am glad to read that almost no one here was in favor of a complete lock down of their trading profits. I'm in no way against people building up their capital and continuing to grow their financial circumstances - I did the same to grow my mining farm. Like I said I still also believe it is fundamental with any currency to have savings.
Whether you spend consistently or only on luxury/wants that's fine, I'm just glad to hear people still discuss spending their coins.

My problem has been the narrative that Vloggers and Bloggers that push to never sell or spend coins. It seems a dangerous line to promote turning it into a purely speculative asset when it's clearly capable of so much more. I get that I and no one else has a right to tell people the right way to do things, because what's right for me may not be for others. I also feel it would be reckless to not bring up these discussions from time to time to see the arguments for and against to either change my views or provide others with a narrative they may not be seeing anymore depending on how they enter the space.
I am curious about what and when people who chase that next high will think it's hit high enough. What's the plan at that point? Do you try and spend directly or just a straight Fiat conversion? I have no issue with people selling for Fiat, I do it quite frequently. I can pay bills directly using this method, it also allows me to get currencies such as USD that would cost me 3-5% minimum on exchange. You do what you can when trying to spend or use coins and if a Fiat conversion is all you have available there is no shame in that.

Edit: Just a note - please read through the thread.  Some replies are beginning to become redundant. If your reply is similar to another I appreciate you taking the time to read through but only reply if you have something new to add. I didn't Self-Mod the thread but will begin to report redundant and repetitive posts, to keep it clean and the discussion moving forward.

[FLoving]

I think "traders" are a broad term and that depends on what you mean by traders. The long term ones that have bitcoin for the past few years may not be looking to spend their money as much as people who are mid term that buy bitcoins for like less than a year but not daily, daily ones are probably don't hold bitcoin long enough to even have the chance to spend it.

So, there are many different people who we can call traders which reflects on how they approach to bitcoin in general, I personally think that people who hold bitcoin longer than 3 months but less than 1 year are the biggest spenders, people who hold it less than a week are the least spenders and in the middle are the people who hold it over one year, that is my idea tho and I have no data backing this up so maybe I could be wrong.

In terms of withdrawal or selling bitcoins your point of view is correct that no one deny here but for living everyone need money and if any trader have to support their family members then they withdraw while if we talk about spending bitcoin then there are some traders who spent enough time in the crypto world and they know where bitcoin is accepted and where not so they do not withdraw or sell their coins but they use directly their bitcoins to buy goods and food etc for their family members.

[danherbias07]

The fear of merchants come in.
Everyone wants to hoard more bitcoin.
Everyone just aant to trade it to make more money.

The promise to being a currency is all gone.
How can they enter the industry if no one really want to buy something out of fear that bitcoin price may grow more.

Yes, it will but there is a need for consumer too.

[Mihaylovic]

i think daily traders are more aimed to spend their cryptos comparing to holders. because daily traders does not care too much of loosing some small amount in shopping etc, cause they loose and win everyday. not a big difference for them unless they dont buy so expensive things.

[FLoving]

The fear of merchants come in.
Everyone wants to hoard more bitcoin.
Everyone just aant to trade it to make more money.

The promise to being a currency is all gone.
How can they enter the industry if no one really want to buy something out of fear that bitcoin price may grow more.

Yes, it will but there is a need for consumer too.

No that is not the actual case everyone know that the price of bitcoin will rise so if a person have only the source of income in crypto then what will he do to eat and wear? Will not he need money to buy that? He has crypto as a currency so if he will buy in fiat or crypto in both case he will use that crypto which he get from his source of income. The consumers are there but they have to choose to use crypto instead to fiat.

If he will choose fiat then he will sell that cryptocurrency and if he will choose to buy with cryptocurrency then he will not need to sell but will use directly. In using the crypto directly he have the benefit to save the exchanging fees and the other benefit is that it is possible that the merchant he went to is a holder and he do not sell that crypto on exchanges which will save the price to drop on exchanges.

[suzanne5223]

The fear of merchants come in.
Everyone wants to hoard more bitcoin.
Everyone just aant to trade it to make more money.

The promise to being a currency is all gone.

Honestly, i believe we cant all be crypto trader but i dont see any fear of the merchants coming in or bitcoin and other reputable crypto fail there duty as currency except the incorrect news posted these days in other to cause FUD in the market.

How can they enter the industry if no one really want to buy something out of fear that bitcoin price may grow more.

Yes, it will but there is a need for consumer too.

What you think as a disadvantage was what make most of us all enter crypto investment in the first place. Gosh, I feel disappointed when crypto enthusiast choose to believe in the fake predictions made about the market

[Soots]

i think daily traders are more aimed to spend their cryptos comparing to holders. because daily traders does not care too much of loosing some small amount in shopping etc, cause they loose and win everyday. not a big difference for them unless they dont buy so expensive things.

Buying expensive things is their own wants and as a person it's just normal as long as you can handle expenses in a right way. Traders mostly spend on crypto not for non sense things like physical wants, but what I am aware of is that they're more particular on buying digital asset that has a higher potential for future profit.

[huige007]

Crypto is already a part of our living, not necessary we'll just put everything into purely an investment or just for trades alone, it also we consider spending it sometimes just like spending fiat money. Though I'm just a casual trader and often I'd maximize my profits in spending through buying stuff online and it feels comfortable doing this compared to fiat and it doesn't need to use credit/debit card anymore.

Crypto could be utilized as normal money. It is not as different and dangerous to be utilized as seen by most of the people who use it. Cryptocurrency is not going to decrease in demand in the upcoming years. My predictions are that the use of digital currency is going to become legal in the upcoming year.