HODLers, spend your BTC

[HardFacts]

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.

BitCoin grew up in an ECONOMIC BUBBLE, where virtually all assets were going up.    BitCoins PRICE CRASH in its first economic crisis should worry everyone  

The economic crisis will last for many years, yes worse than the GREAT DEPRESSION.  It is impossible to predict, BUT, if BitCoin continues to react this way to an economic crash, BitCoin is DONE, going down to almost zero.

Hard Facts

[sheenshane]

The economic crisis will last for many years, yes worse than the GREAT DEPRESSION.  It is impossible to predict, BUT, if BitCoin continues to react this way to an economic crash, BitCoin is DONE, going down to almost zero.

Yeah, that's right. It is impossible to predict and I think Bitcoin will not go down and reach zero bottoms. The primary reason that all business industries had down and close at this moment just because of the pandemic coronavirus that causes to have a global economic crisis. Once it will be done and the pandemic will totally wipeout everything back to normal.

I tend to agree with the OP, never full back all your assets either real stock or crypto at a time. But as much as possible hold your Bitcoin right at this moment, this isn't good to convert fiat when the price down. But if there are no other resources and you urgently need to buy food and other necessities, that 's the time to pull back half of your crypto asset. Don't lose hope at this time, we still keep fighting from this root of economic crisis.

[carlisle1]

This is what i want to happen in my country so i can just use my Bitcoin more often than converting in Fiat whenever i am short in financial.but i have no option but to use fiat and only use Bitcoin in limited chances.

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.

your TIRED in your assets but still holding?lol sell all of them if you are already tired because this is not the place for no patience .

[o_e_l_e_o]

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.

So you've lost a bunch of money by buying a handful of useless altcoins, and your solution is to instead put your money in to a bunch of other useless altcoins? That's simply crazy. Either stick with bitcoin or cash out altogether and choose a different asset.

I do not agree with OP. If the holders start selling their coins that will make a massive crash in the markets

That's not what OP is saying. There is a difference between selling your bitcoin and spending your bitcoin. Selling on an exchange produces downwards pressure on the markets. Spending bitcoin for goods and services helps it to circulate, be used, be adopted, grow, develop. Indeed, spending bitcoin and growing adoption is the only way it will ever move from pure speculation to an actual currency.

Using bitcoin to buy groceries and such simply mostly isn't here yet(unless you use those BTC debit cards).

Don't forget gift cards. I use bitcoin for a great deal of my day to day spending by using gift cards. I would love to use a BTC debit card but since I flat out refuse to complete KYC, they have never been an option for me. I've had success in emailing a couple of the big gift card providers and asking them to start stocking cards for specific retailers I use though.

[Lucius]

As a BTC holder I can say that it is necessary to find a certain balance between a long-term investment and using BTC as the currency for paying for goods and services. What actually prevents many to spend their BTC is the fact that they don't really have anywhere to spend (at least not locally), and if they decide to buy online from other countries they may face extra costs in the form of VAT and customs fees.

All those who want greater availability of retail outlets that accept BTC at the local level, need to do something about it. It is not difficult to send an e-mail to the seller and propose to enable BTC as a payment method, as many do not even know that such a thing exists at all.

BTC as a currency and store of value is something that can work, but everyone should contribute to that end.

[Wexnident]

Investing in multiple assets is a given when you are trading. Putting everything in one asset shows that you're basically placing it all on that asset. An All in kind of thing when compared to gambling. However, spending BTC may not be the best-given choice, Especially since the market hasn't really reached the time where it would go to the moon. Most especially if it is going to the moon, hodlers would not bother spending their BTC.

As for banks closing down, nope. The money around basically flows depending on how banks manage it. If banks close down, money could be said to have stopped flowing, aka, the economy has stagnated. What's worse than your country's economy stagnating right? It'd probably be better to just have said the country is basically dead.

[bangdik123]

Im also investing and accumulating the best as i can because i think an imminent financial crisis is coming which could lead to fiat value going default. It would be wise to invest in other assets and precious metal and diversify because we'll never know what might happen to the economy in the next months. Once the people loses confidence in the banks due to severe inflations and rate cuts, people will start to rely on safe havens such as Gold, silver or BTC.

The right way of investing is like that, we must be able to save our money from the main finance as a reserve fund when things that are needed urgently we can make an alternative.

This is the right investment, of course it would be wiser if we could make investments not just in one investment, but there are some opportunities that we can use and not just in one place, so that developments will be more stable and safer for sure.

[Soft Lies]

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.

BitCoin grew up in an ECONOMIC BUBBLE, where virtually all assets were going up.    BitCoins PRICE CRASH in its first economic crisis should worry everyone  

The economic crisis will last for many years, yes worse than the GREAT DEPRESSION.  It is impossible to predict, BUT, if BitCoin continues to react this way to an economic crash, BitCoin is DONE, going down to almost zero.

Hard Facts

BTC  has recovered from 3900 price point to 6500  and had a 15% difficulty adjustment in favor of miners.

That is about 1.91x better for a miner .  Seems like the hardfacts  are once again a soft lie.

[rathaha10]

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.

Haven't we all learned that bitcoin can't thrive as a stand alone currency? The various downtrends and fluctuating nature of bitcoin shows the entire world how it can't survive  if global economy isn't flourishing. Every Cryptocurrency out there started dropping the moment the world started experiencing a global crisis and it's still in that state till hopefully the coronavirus pandemic got cured. When there is crisis, people will always choose FIAT over any cryptocurrency because of the various vulnerabilities associated with the use of cryptocurrency.

Now is the least time anyone should expect an increase or a bull movement in the price of cryptocurrency as everyone is trying hard to survive with no means of making new money as the entire world is getting shut down with each passing day. Hopefully, when the corona is over we might see a more stable market

[HardFacts]

Once it will be done and the pandemic will totally wipeout everything back to normal.

You are a COMPLETE FOOL

The ECONOMIC CRISIS is just getting started, and everything will NOT, NOT, NOT go back to normal.  The economic crisis will last many years.   Only a complete fool would not realize that we were in an economic bubble that has now popped.  The economic crisis will be FAR WORSE then the corona virus, there will be no " back to normal ".

Hard Facts

[HardFacts]

Once the people loses confidence in the banks due to severe inflations and rate cuts, people will start to rely on safe havens such as Gold, silver or BTC.

BitCoin is NOT, NOT, NOT a  safe haven...   BitCoin price crashed in response to its first economic crisis, but when your balance goes way down just keep telling yourself it is not true 

You can not buy gold or silver anywhere, but you can still purchase all the BitCoin you want for 1/2 price   

Hard Facts

[kryptqnick]

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.

Speaking of banks, it's a question that concerns me. I've talked to my friend recently about Trump's idea of the $2 trillion financial package, and we both agreed that they'll be printed out of thin air. Where we disagreed is the outcome. I said I worry it might be too much, and since the US is already not in the best position with that debt to other countries plus the world economic crisis is saying 'hello' already, it can trigger an unexpected decrease of the dollar's value (meaning its purchasing power) or even lead to hyperinflation at some point. He believed it'll take years of printing money like this to make a 40% value decrease...
And as for Bitcoin and the government, I agree that we should not rely on the latter, but retailers need to offer where one can spend money because the current options are very limited and thus spending Bitcoin on essentials is next to impossible (at least, in my country).

[Twentyonepaylots]

As a BTC holder I can say that it is necessary to find a certain balance between a long-term investment and using BTC as the currency for paying for goods and services. What actually prevents many to spend their BTC is the fact that they don't really have anywhere to spend (at least not locally), and if they decide to buy online from other countries they may face extra costs in the form of VAT and customs fees.

Long-term investment does not necessarily mean that you can sped it after a long time of storing it, not just as the term literally mean. Long-term investment has to do with perfect timing in pulling it out, as what you mentioned the balance. Atleast now we have several merchants that accepts bitcoin locally and internationally, it just so happened that we are facing a crisis right now and they are not operating. Crypto payments might be anywhere if people would come to agree that it is a alternative currency rather than just investment perhaps we'll see many markets that offer a crypto payment method more often.

BTC as a currency and store of value is something that can work, but everyone should contribute to that end.

Well having it as a currency and a store of value increases the risk from it's volatility. Just not a good idea for me.

[20kevin20]

A crisis isn't coming. It's already here. We're in the first few stages of it and it's going to look very bad. If we're already having problems of losing our jobs and price inflation, then imagine what's to come.

I'm honestly one of those who just cannot spend their BTC. I have tried to, but I either hit the "I'd rather hold" wall or I don't have where to order from. Being completely anti-centralization makes everything even harder - now there's no way I can buy any BTC through ATMs anymore and I would rather not buy at all than register on some shitty KYC-abusive exchange. And even if I ordered from somewhere, I'm really concerned right now that it might not arrive anymore.

If you have places to spend your BTC and are ensured that your stuff will arrive, then go for it. Try to create a circuit, some way to use your BTC and then get it back. Try to make the sats circulate around while you still can.

[fabiorem]

USA is going to print 2 trillion dollars for bailouts:

https://www.boston.com/news/politics/2020/03/26/senate-approves-2-trillion-stimulus-after-bipartisan-deal

A lot of this money is going to debt, debt, and more debt.

[HardFacts]

Speaking of banks, it's a question that concerns me. I've talked to my friend recently about Trump's idea of the $2 trillion financial package, and we both agreed that they'll be printed out of thin air. Where we disagreed is the outcome. I said I worry it might be too much, and since the US is already not in the best position with that debt to other countries plus the world economic crisis is saying 'hello' already, it can trigger an unexpected decrease of the dollar's value (meaning its purchasing power) or even lead to hyperinflation at some point. He believed it'll take years of printing money like this to make a 40% value decrease...
And as for Bitcoin and the government, I agree that we should not rely on the latter, but retailers need to offer where one can spend money because the current options are very limited and thus spending Bitcoin on essentials is next to impossible (at least, in my country).

You are correct, and your friend is a COMPLETE FOOL.  When the inflation starts, make sure you tell him what a total idiot he was for supporting the destruction of the country.

VENEZUELA, ZIMBABWE, ARGENTINA, the list is endless.   This kind of printing ALWAYS ends in hyperinflation, and NONE of these countries started out with the intent of destroying their countries and economies, but they did not know when to stop printing....

BitCoin has FAILED as a currency for common daily purchases, that has been known by the vast majority of people for years now.  Do not live in a FANTASY, you seem smart in some things, so keep informed and never stop learning.

Hard Facts

[SuprHodlr]

I'm the topic starter. Some considerations:

1. This topic is targeted at HODLers. If you are a non believer or if it's your understanding that Bitcoin has failed, that's fine. But fight your wars in their appropriate topics. Don't hijack this one.

2. My post is a suggestion. That's why I used the words "consider this", "I want you to" and "my recommendation". What you do with your money is up to you.

3. I did not say stop hodling. I suggested to exchange fiat for bitcoin (buy more BTC) and spend it. You can do both hodling and spending.

For example:

You are hodling 10 BTC.
You buy 1 BTC more and spend 0.5 BTC for buying food and stuff online.
You bought 11 BTC in total and are now hodling 10.5 BTC.

Essentially you will be buying more bitcoin, which drives the price up. If all hodlers do this, it will have an impact on the price. That's the knowledge I wanted to share. Think about it.

I know some merchants will exchange your bitcoin back into fiat, but not all do that. Those who do will regret at some point.

More demand for Bitcoin as a payment method will create more supply. Merchants will be quick to accept Bitcoin if enough people are going to a competitor for this reason.

It takes some effort (exchanging fiat, finding places to spend) but it will help Bitcoin a lot if we all do this.

[crustycrab666]

Good advice. However, it should also be considered that the limited adoption makes it difficult to use bitcoin as a daily necessity, more effective when exchanged with fiat first. In a crisis like this, the most important thing is to hold fiat as an effort to deal with emergencies. On the other hand we also have to keep trying to get income, especially since the price of some cryptocuceerncies is at a low enough level and this is a good opportunity to fill bags. It is great for holders to continue to make certain and continuous purchase of assets such as the Dollar-Cost Averaging (DCA) strategy. The key, we prepare an emergency fund and keep trying to invest by minimizing the smallest possible risk, especially since the market movement is very extreme.

[HardFacts]

I'm the topic starter. Some considerations:

1. This topic is targeted at HODLers. If you are a non believer or if it's your understanding that Bitcoin has failed, that's fine. But fight your wars in their appropriate topics. Don't hijack this one.

2. My post is a suggestion. That's why I used the words "consider this", "I want you to" and "my recommendation". What you do with your money is up to you.

1.   You posted your topic in a forum with a lot of users, what did you expect, that everyone to agree with you ??      You seriously expect to have your " Safe Space " here, and that everyone would tell you how great you are and make you feel good ??

2.   Your suggestion, and recommendation is a BAD IDEA, for the reasons outlined in previous responses.  Stop living in Fantasy land, the idea of BitCoin as everyday currency for common transactions was abandoned YEARS AGO, it is not going to happen.

Hard Facts

[milewilda]

Bitcoin is for hodling, Satoshis are for spending.

Can you give out some explanation on whats the difference among the two? Lol!  Just joking,. I know the feels the positiveness inside you when it comes to bitcoin adoption and people or the community should really use it for it to circulate but thats not the case on what happening now and we all know that vast or majority of people now are holding.Why? they do come after with the profits that it can give rather than on its usage but somewhat we are seeing its application on some services or businesses that do accept btc which is good but talking about on on spending it actively? Im sure that wont be possible for most people.