HODLers, spend your BTC

[SuprHodlr]

I have a feeling the financial system might collapse. This can cause severe fiat inflation. So I decided to go Bitcoin only for my finances. I keep some fiat in the bank for paying bills. I'm a small business owner and I accept bitcoin as a payment method. It frustrates me that very few use it. But it makes sense people want to spend their devaluating fiat instead of promising bitcoin.

I want you to consider this as a hodler. If we all hodl our coins, they don't circulate.

A crisis is coming. It will be a financial/debt/currency crisis and this may lead to an economic crisis. Banks and governments will blame the pandemic.

But the real economy is fine. Shops and bars will open again. As long as people have money to spend, others will keep their jobs.

I want hodlers to start spending their satoshis. Don't see this as buying an expensive pizza. If you buy it with fiat, it's the same as exchanging your fiat for bitcoin, except for the fees. But keeping your money in Bitcoin gives you a nice long term interest. Also spending satoshis is in your interest because it contributes to the network effect. When more people use Bitcoin > it becomes more useful > demand grows > price goes up > you get rich.

Now that we are all at home, it might be a great opportunity to start paying for daily expenses with bitcoin. There are many places where you can buy food online and Lightning network makes it cheap and fast. If you believe Bitcoin will go to the moon, then you should start using it now as a method of payment as much as you can.

My recommendation:

- Don't put all your assets in Bitcoin. Buy gold, silver, solar panels, food, toilet paper. Keep some cash for emergency.
- If you fear your bank will close your account, use an EMI (Electronic Money Institution) as a middle man to buy crypto. There are many of them. Use them as a pass through, don't trust them with your money.
- Fiat is for exchanging, Bitcoin is for hodling, Satoshis are for spending.

Developers did their job making user friendly wallets, now it's up to the hodlers to give the users easy satoshis. They should not have to go through stupid KYC.

Share your thoughts and links to places where to spend.

This is my first post, I want to thank Satoshi Nakamoto for his or her gift to society. Thank you. You gave freedom to humanity and made this world a better place. Stay healthy and anonymous!

[HardFacts]

A crisis is coming. It will be a financial/debt/currency crisis and this may lead to an economic crisis. Banks and governments will blame the pandemic.

But the real economy is fine. Shops and bars will open again. As long as people have money to spend, others will keep their jobs.

ABSOLUTELY WRONG !!!!

An EONOMIC CRISIS is coming, and it will be worse than you imagine, the real economy will be DEVASTATED...  People will not have money to go to bars and shops again like before.  Most people will be broke and barely able to afford food.

While some people will have money, it will be VERY FEW.   Just look at Venezuela if you want to see the consequences of unlimited money printing.   I have news for you, BitCoin will NOT, NOT, NOT be part of the solution.  BitCoin grew up in an economic bubble, where everything went up...  The price of BitCoin CRASHED at the start of the economic crisis, the false narrative of BitCoin as a safe haven is now exposed  

The Dream and initial promise of BitCoin being used everyday just like currency FAILED, and was abandoned by most years ago...   I was smart enough to stop trying to WISH imaginary things into being real in first grade.

WISE UP

[avikz]

My recommendation:

- Don't put all your assets in Bitcoin. Buy gold, silver, solar panels, food, toilet paper. Keep some cash for emergency.

Come come solar panel is an asset? However, I agree to your approach which says - don't put all eggs in one basket. That's an wise approach in any market condition.

- If you fear your bank will close your account, use an EMI (Electronic Money Institution) as a middle man to buy crypto. There are many of them. Use them as a pass through, don't trust them with your money.

Banks won't fail. Governments will not let it fail. If banks fail in large numbers, there will be nothing left in the economy and social unrest will begin! However, it's good to invest a small percentage of your income into major cryptos like Bitcoin or ETH.

- Fiat is for exchanging, Bitcoin is for hodling, Satoshis are for spending

Nope! Not entirely true! If you are bullish about bitcoin, then HODLing can be a great option to create serious wealth over a longer period of time. But for spending, we need options to spend. That wouldn't happen unless governments around the world steps up with such decision. We only have handful of merchants who accept bitcoin. We need more adoption which can be fueled by government policies!

Don't look at bitcoin as a tool to become outlaw. Rather try for inclusion of bitcoin into the economy. That will make sense in longer term!

[o_e_l_e_o]

Banks won't fail. Governments will not let it fail.

And how will they do that? By bailing them out with more money they've printed out of thin air. That can't continue indefinitely.

That wouldn't happen unless governments around the world steps up with such decision.

Nonsense. The whole point of bitcoin is to move away from a system where we rely on third parties, from a system where the government has control over our money. If we need government intervention to promote bitcoin, then bitcoin has failed at what it is supposed to be. Thankfully, bitcoin is doing just fine without any government help.

Share your thoughts and links to places where to spend.

There are a couple of great bitcoin directories which have been shared on the forum. I use https://spending-bitcoin.com/ a fair bit, and have recently started looking through https://cryptwerk.com/. There are also many great gift card sellers for merchants you can't spend bitcoin with directly.

[princerepon]

[snip]

It's very hard to assume what gonna happen upcoming months but i don't think government or their work gonna fall apart like you said. But i agree with one thing that btc is not about just hold, it's also about using like a fiat money if we really care about btc. Although still btc is illegal in many country so buying food, gold or silver with btc is not possible for them. But situation like this won't be same all time cause soon or later people will use btc as a fiat money. If i have a chance to buy goods or other things with btc i won't miss that chance for sure. (in my country btc transaction still illegal )

[fabiorem]

I have news for you, BitCoin will NOT, NOT, NOT be part of the solution.  BitCoin grew up in an economic bubble, where everything went up...  The price of BitCoin CRASHED at the start of the economic crisis, the false narrative of BitCoin as a safe haven is now exposed  

The Dream and initial promise of BitCoin being used everyday just like currency FAILED, and was abandoned by most years ago...   I was smart enough to stop trying to WISH imaginary things into being real in first grade.

WISE UP

+1 Anti-WO merit.

I'm still giving a chance to bitcoin, though, so I adopted a inverted DCA strategy: instead of buying little each month, I'm going to sell little each month. Some bounces will still happen until the 10-15k area, and it will provide exit points.

Unfortunatelly, bitcoin have failed its main task, which was to provide a safe, reliable store of value, in times of crisis like this one. And the reactions from the little hodler's club shows it have become nothing more than a cult.

I still like the technology, though. In my opinion, bitcoin would be better without derivatives speculation tainting it.

[Taskford]

[snip]

It's very hard to assume what gonna happen upcoming months but i don't think government or their work gonna fall apart like you said. But i agree with one thing that btc is not about just hold, it's also about using like a fiat money if we really care about btc. Although still btc is illegal in many country so buying food, gold or silver with btc is not possible for them. But situation like this won't be same all time cause soon or later people will use btc as a fiat money. If i have a chance to buy goods or other things with btc i won't miss that chance for sure. (in my country btc transaction still illegal )

I don't also think why government will fall apart after this although we know the economy on each country is at risk but for sure they have solid plan to rise back again after the big crisis they encounter,  but also I agree with you since same in fiat btc need circulation so that the crypto economy will became healthier since we need those thing to gather more attention from group of institution until we reach on legalization.

And expect the fall down since many people securing their fiat since panic buying still everywhere and the pandemic still uncontrollable so might we cannot see the things we expect for now.

[bitmover]

And how will they do that? By bailing them out with more money they've printed out of thin air. That can't continue indefinitely.

They are succeeding for so long... so much debt which will go foward for future generations (our maybe even our generation).

My recommendation:

- Don't put all your assets in Bitcoin. Buy gold, silver, solar panels, food, toilet paper. Keep some cash for emergency.

This is very basic. I dont have those assets you mentioned, only gold. Toilet Paper? Are you from Venezuela? lol
There is no toilet paper in venezuela for a long time already...

 But I think you are safe if you go about 10-30% bitcoin. I wouldn't put much thatn 30% in it.

Having a house is also a good option.

[Soft Lies]

A crisis is coming. It will be a financial/debt/currency crisis and this may lead to an economic crisis. Banks and governments will blame the pandemic.

But the real economy is fine. Shops and bars will open again. As long as people have money to spend, others will keep their jobs.

ABSOLUTELY WRONG !!!!

An EONOMIC CRISIS is coming, and it will be worse than you imagine, the real economy will be DEVASTATED...  People will not have money to go to bars and shops again like before.  Most people will be broke and barely able to afford food.

While some people will have money, it will be VERY FEW.   Just look at Venezuela if you want to see the consequences of unlimited money printing.   I have news for you, BitCoin will NOT, NOT, NOT be part of the solution.  BitCoin grew up in an economic bubble, where everything went up...  The price of BitCoin CRASHED at the start of the economic crisis, the false narrative of BitCoin as a safe haven is now exposed  

The Dream and initial promise of BitCoin being used everyday just like currency FAILED, and was abandoned by most years ago...   I was smart enough to stop trying to WISH imaginary things into being real in first grade.

WISE UP

Soft lies mixed in as usual.

BTC dropped to 3900 after Donald Trump made the announcement that the virus could last until July or August Btc dropped  and all stock markets dropped.  Silver Dropped Platinum Dropped Gold dropped a bit.

If you review the numbers for BTC miners  coins are now 6500 vs 3900 and a 16% difficulty adjustment making coins easier to earn happened.

Thus BTC  has recovered quite a bit.  From the panic moves made of  most stores of wealth.

BTC now looks and is a far better investment then:

 Airline stocks
 Boeing Stock
 Hotels Stocks
 Movie Theater Stocks.

Sports in general will take much longer to recover.

Virtual gaming using BTC to play and be awarded as prize money looks much better then  a crowded baseball park.

You are right  about the world changing  from this so I will give you a single hard fact.   But your btc assessment is mostly all soft lies.

[seoincorporation]

I do not agree with OP. If the holders start selling their coins that will make a massive crash in the markets, we need buyers on the markets to make the price goes up, and that doesn't involve the holders, the prise is based on the bitcoin in the market.

Hold all the way! That's the way to go.

[tomahawk9]

What's with all these posts lately about people selling btc and telling others to sell btc? I wonder what the WO gang would say after reading the thread title...

Pessimism and panic is taking over the forum. This recession will be THE biggest test hodlers and the average bitcoin/crypto "investor" will ever see. Cleansing time about to kick off very soon...And what a time to get rid of the weak hands, right before the halving (:

PS: ya'll need to ignore @HardFacts, user is nothing but a nocoiner spouting nonsense all the time.

[pixie85]

Unfortunatelly, bitcoin have failed its main task, which was to provide a safe, reliable store of value, in times of crisis like this one. And the reactions from the little hodler's club shows it have become nothing more than a cult.

It was to be a hedge and safe haven when fiat hyperinflates again. It's not a hedge to the end of the world.

If fiat money lose value you will still have Bitcoin. What if everything blows up in your face and you get a world war 3 of everybody gets a deadly virus? Bitcoin won't help you there.

[mk4]

I want you to consider this as a hodler. If we all hodl our coins, they don't circulate.

I personally don't think this matters that much. I don't think gold circulates that much either(besides buying and selling through exchanges) but it worked really well as a hedge. If anything, spending the bitcoin creates just a bit of selling pressure unless the receiver doesn't automatically sell the bitcoin at point-of-sale, which is mostly the case. I'm sticking with hodl and juuust a bit of spending.

I do not agree with OP. If the holders start selling their coins that will make a massive crash in the markets, we need buyers on the markets to make the price goes up, and that doesn't involve the holders, the prise is based on the bitcoin in the market.

Hold all the way! That's the way to go.

While spending the BTC definitely adds some selling pressure(assuming you don't immediately buy-back the bitcoin you spend), I don't think it's going to be significant. It's not like people are going to buy cars and houses with bitcoin, it's mostly just going to be game credits, VPN/hosting payments, and such. Using bitcoin to buy groceries and such simply mostly isn't here yet(unless you use those BTC debit cards).

Personally, I'm just going to hold as much as possible. If I were to spend, I immediately buy-back the spent BTC.

[fabiorem]

Unfortunatelly, bitcoin have failed its main task, which was to provide a safe, reliable store of value, in times of crisis like this one. And the reactions from the little hodler's club shows it have become nothing more than a cult.

It was to be a hedge and safe haven when fiat hyperinflates again. It's not a hedge to the end of the world.

If fiat money lose value you will still have Bitcoin. What if everything blows up in your face and you get a world war 3 of everybody gets a deadly virus? Bitcoin won't help you there.

This is not the end of the world, its not world war 3 and its not a deadly virus epidemic.

[bitcoinethereum]

Hi SuprHodlr, We agree that the more Bitcoin is spent in as many areas of the economy as possible, the more it will catch on. This has been true when it comes to new start up industries such as social media. The more people actually use bitcoin (and by 'use' we mean actually use it, not just store it) , the more likely retailers will start adopting it as a form of payment. Here in the US of A the government just approved a stimulus package. Perhaps all those hodlers should come together and release their own stimulus package for Bitcoin! AKA - use it!

[metenjean]

How long you can hold bitcoin and altcoin? I have tired with many my assets altcoin like ethereum, litecoin, atom and bitcoin cash price going down. What better have I do with my assets keep holding or cut lost and take profit with investing in other altcoin or bitcoin.

[mk4]

How long you can hold bitcoin and altcoin? I have tired with many my assets altcoin like ethereum, litecoin, atom and bitcoin cash price going down. What better have I do with my assets keep holding or cut lost and take profit with investing in other altcoin or bitcoin.

Take a look at the charts. Altcoins have pretty much been on a downtrend for a while already. Altcoins have always been very high risk. If you want high risk? That's what you get, high chances of losses. If you want low chances of loss, get out of crypto and go with safer assets like an S&P500 index fund.

[Darker45]

I guess what partly prompted the recent massive selling of Bitcoin are the people who need cash more than just an asset they can hardly spend. As a matter of fact, there was one thread here who shared his/her circumstances to let go of his precious Bitcoin because he/she had no other source of cash. For me, it is not anymore about HODLing; it is about where to spend one's Bitcoin for as basic a necessity as food or toilet paper. If Bitcoin was not as widely accepted as a payment option prior to this pandemic, how much more today when shops are already closing?

But the real economy is fine. Shops and bars will open again. As long as people have money to spend, others will keep their jobs.

With all due respect, I beg to disagree. The economy is far from fine. It is about to crumble down. The current problem is not just about people having no money to spend. It has also become a problem where to spend them. Shops, restaurants, shopping centers, bars, and so on are closing.

And not just these kinds of businesses. Even factories and manufacturing centers, hotels and resorts, airlines, casinos, and many more are also closing down. People are not earning anymore.

[NavI_027]

There are only two reasons why I preserve my bitcoin: 1) Because for the sake of saving, wishing that it will skyrocket in the near future (especially that halving approaches soon) and earn profits 2) I don't see any opportunities of using it in the reality. Though we are in a crisis today, honestly I am still willing to spend it on his true form because I knew that this is the best way to attain more adoption. But what should I do if I'm just limited on buying prepaid load? So the tendency is to hodl my coins, I have no choice in short .

- Don't put all your assets in Bitcoin. Buy gold, silver, solar panels, food, toilet paper. Keep some cash for emergency.

Hmm, it sounds that the shortage of toilet paper in your country is really serious huh. So the memes I saw recently are real . Why mind using toile5 paper when you can use face towel and soap & water (for call of nature) at the first place?

[bitcoinethereum]

How long you can hold bitcoin and altcoin? I have tired with many my assets altcoin like ethereum, litecoin, atom and bitcoin cash price going down. What better have I do with my assets keep holding or cut lost and take profit with investing in other altcoin or bitcoin.

Hi Metenjean, unless you absolutely have to get money, we would never recommend selling at a loss. Especially not during the Covid-19 pandemic. Our advise would be to wait for everything to go back to normal, and you’ll see prices start to rise again. The same goes for the real estate market - as an off topic mention!