HODLers, spend your BTC

[HardFacts]

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

What a FEEL GOOD FANTASY 

Most people buy and Hold BitCion because they want to get RICH, RICH, RICH.

Hard Facts

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[MCobian]

In my view as a bitcoin holder, it's not easy to spend bitcoin. The limited number of merchants is the first reason, next in conditions
like this that everyone is panicking because the spread of the corona virus will not spend the bitcoin they have. So the conclusion is
not a good idea to spend bitcoin in conditions like this, I also do not intend to spend the bitcoin I have. But I prefer to hold the bitcoin
that I have until my selling target is reached.

[Meowth05]

I think that there is a difference between holder and hoarder, holders are waiting for the right time to spend it while hoarders tend to hold on and not spend a satoshi for some transactions, the problem is not the holders but the hoarders.

[o_e_l_e_o]

When there is crisis, people will always choose FIAT over any cryptocurrency because of the various vulnerabilities associated with the use of cryptocurrency.

What vulnerabilities does crypto suffer from? That it can't be printed out of thin air by the government? That it can't be rapidly devalued, causing huge losses to the average person so the government can bail out some multi-billionaire banks, airlines, restaurant and hotel chains, etc. Sounds pretty good to me.

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.

The US is in a terrible position. Going in to 2008 the Fed had a relatively small balance sheet of around $900 billion, and interest rates were at 5.5%, giving plenty of scope for them to be reduced. Going in to this recession, which is likely to be more severe than 2008, the Fed already have a balance sheet of well over $4 trillion because they haven't been able to reduce at all in the last 12 years, and interest rates are already at 0%. Add to that a growing national debt and a growing budget deficit. The dollar's value has been on a steady decline for over 100 years. This will only accelerate it.

[rodskee]

I think that there is a difference between holder and hoarder, holders are waiting for the right time to spend it while hoarders tend to hold on and not spend a satoshi for some transactions, the problem is not the holders but the hoarders.

+1 here because Holding is enough time to make currencies circulate again and established another High value while Hoarding prevent the market from growing again so lets support Hodlers and discourage Hoarding because this is not helping the market and the community.

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.

and this is why we much need Bitcoin ?

[AniviaBtc]

[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.

Most especially if you really need money during this Covid-19 pandemic, you should your bitcoin as a fiat because you have nothing to support for you family. As this quarantine is still continuing, you can't go to work because of the safety that the government wants you to achieve. Holding bitcoin for so long and not using it properly are for those who are greedy and afraid to lose their money. Yes, it is true that the reason why you invest your money in crypto is for the growth of you future without assurance. Bitcoin is volatile and every bitcoin holders know that, and that's the reason why wise holder uses some of its bitcoin so that he have something to use for as he can work to have a salary. Prioritize your health and your family first before this bitcoin.

[Debonaire217]

If you really don't have any means of acquiring BTC then I think it is reasonable for you to buy using fiats though. But in return, you can actually sell your BTC for goods and services to make sure that you're giving BTC a value it deserves other than converting it back to fiat and making it stuck to its fiat conversion rates. Right now, we are still in a massive start of influencing people about bitcoin, and if there's no mean for us to make it possible, let fiat help us, I'm pretty sure many will recognize its true worth in times like this, when fiat cash might be less valuable.

[Lucius]

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.

You say several? Have you ever bothered to look at how much that actually is in numbers? Definitely more than 1000, and if you don't believe me, check out the following link : https://spending-bitcoin.com/

I also don't see why anyone would stop receiving BTC during this world crisis, because the emphasis is on using as little as possible fiat, and paying with cards or BTC.

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.

BTC has always been volatile, you can't just change it because you do not like it. You always have the choice to use it however you want, or to find something less volatile.

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.

If you meant holders, then you should know that they believe in BTC, how they can think BTC has failed? This topic is (as many others) attacked by hardfact troll, so next time check option "Self moderated thread" so you can delete any post. There is also a option to lock this thread.

[Latviand]

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.

We can't really predict what will happen in the coming months or years, still the bitcoin is in a low price compared last last month and it is unexpected. Also this virus destroyed all of the economy of the countries affected by the virus, their stock market really crashed brought by this pandemic. It is still a question, how countries will recover all their losses economically and physically after this virus ends soon?  It is hard to accept the fact that people are losing their lives because of financial problem that they are facing together with the health problems that the virus can do to their health. We really need to be practical this time, we should spend our money wisely so that people will benefit from it, a little help will do.

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 )

That's why you need to do exchange so that you will convert it into fiat, but if it doesn't required so use P2P. In doing P2P you should know the person so much, so that you will prevent being scammed. Converting your bitcoin is necessary most especially if it is for the sake of your own health and family. You need to buy your necessities to fight this virus as this quarantine is continuously active for several weeks or months, we don't know how long this will last.

[metenjean]

I am tired become holder bitcoin and altcoin because buy with higher price and have to sell with lower price, I think its not good way how to get much profit with bitcoin and altcoin, then I know selling as soon possible when coin listed on market is the best solution and take much profit.

[bitbunnny]

People need to.decide for themselves what to do. Every Bitcoin user has different goals and different reasons why he's dealing with Bitcoin at first place.
For me the best option is combination of holding and spending.
I think that Bitcoin was created with purpose to be used in real life for real things, that is why isn't good just to keep it in some wallet indefinetely.
On the other hand by holding Bitcoin on longer period of time you have chances for further profit and also it can be used as savings, so the balance between holding and spending is the key.

[samcrypto]

I am tired become holder bitcoin and altcoin because buy with higher price and have to sell with lower price, I think its not good way how to get much profit with bitcoin and altcoin, then I know selling as soon possible when coin listed on market is the best solution and take much profit.

Buying on a peak price is too risky, so better to plan on your next trade or buy now to get back your losses. Hodlers can spend their bitcoin base on their timeline, we cannot force them to do it right now. Diversification is a must, and I’ve learned a lot from the current situation, we should have an emergency fund to buy our basic needs or even to buy bitcoin again when it becomes more cheap, the best to make profit is to buy when there’s a big panic.

[CarnagexD]

I am tired become holder bitcoin and altcoin because buy with higher price and have to sell with lower price, I think its not good way how to get much profit with bitcoin and altcoin, then I know selling as soon possible when coin listed on market is the best solution and take much profit.

Buying on a peak price is too risky, so better to plan on your next trade or buy now to get back your losses. Hodlers can spend their bitcoin base on their timeline, we cannot force them to do it right now. Diversification is a must, and I’ve learned a lot from the current situation, we should have an emergency fund to buy our basic needs or even to buy bitcoin again when it becomes more cheap, the best to make profit is to buy when there’s a big panic.

There are a lot of people holding their coins because they think they can get a lot of market income or profit is they hold their coins because they know the crisis is happening in the world of crypto but this is wrong because the market price of the bitcoin does not circulate properly and it may cause of pulling down rapidly the market price or the bitcoin even the halving is coming we need to make sure it is rapidly growing and giving a good market price soon and this is the right time to make more earnings still we need to focus to the current event to survive first than your making earnings.

[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.

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

People sure do act like it is. Just watch the news or go to a grocery store.

Do you remember any other instance where cinemas, pubs, shopping centres and restaurants were being closed all over the world for more than a day?

Even though it's not the end of the world it's still the worst situation since Bitcoin was invented.

[verita1]

Thanks for this post. I share the same thought of starting to use BTCitcoin in our daily life.
I proceed in the following way due in my country there are not many sites that accept Bitcoin. I exchange a small amount to FIAT to buy groceries and pay my bills.

[michellee]

I am tired become holder bitcoin and altcoin because buy with higher price and have to sell with lower price, I think its not good way how to get much profit with bitcoin and altcoin, then I know selling as soon possible when coin listed on market is the best solution and take much profit.

I think you don't have to feel tired to hold bitcoin and altcoin because you are not alone. Well, we know that the market can not be predicted, and we know that we need to be patient to face the current situations. Hold bitcoin and altcoin is the other way for people from selling at a lower price because they can trade their coin, especially if the market increase like today. In these few days, we see the market can have good movements, so I think you have your chance to sell at a high price and buy back at a low price. But that is up to you, which way you want to do.

[moonblocks]

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

It is possible that the Bitcoin market simply won't be as attractive to buyers because of this crisis and it may even implode due to low prices and higher mining costs post halving, but there is plenty of long term investors and all that's needed is a little momentum and we should have a solid outcome

[Dart18]

You mean sell it in cash?

Is this like what happened before?
Government telling the people to spend their money since so much are being saved in the piggy bank and not in real banks?
But, all the nations are having the same problem.
With that, all of us will have financial and economical issues. Which at the end, it is a race into which could perform best with pushing the economy to be better in a short amount of time.

[pawanjain]

Yes, bitcoin didn't make it big in this crisis and I believe it should have. The whole economy went down in this crisis and god knows what people are doing with their money but they haven't invested much in crypto or gold or anything. The market has just went down which means most people are holding on to fiat which is another risk to themselves because if fiat falls then it would be a nightmare to them.

You mean sell it in cash?

Is this like what happened before?
Government telling the people to spend their money since so much are being saved in the piggy bank and not in real banks?
But, all the nations are having the same problem.
With that, all of us will have financial and economical issues. Which at the end, it is a race into which could perform best with pushing the economy to be better in a short amount of time.

No OP is talking about 'spending' bitcoins. There is a difference between 'spending' and 'selling'.
Spending bitcoin means to buy things with it or use it for making payments. Selling is to sell bitcoins for fiat, cash etc..

[BITCOIN4X]

You mean sell it in cash?

It seems like the OP wants to convey that if the rate of bitcoin adoption increases then it will affect the price of bitcoin itself. The adoption of bitcoin so far has been growing rapidly in various countries and through the lightning network users will easily spend their bitcoin to get various needs.
And this is what I can understand about what the OP means.
1. The government blames the pandemic for economic collapse.
2. Crypto users are expected to maximize the function of bitcoin as a currency
3. Buy some bitcoin to increase usage and spend it with the lightning network.
4. If bitcoin adoption increases, demand will also increase so the price will also potentially increase.

Maybe this is what I can understand about the OP opinion above, if I am wrong then dont be afraid to fix it.