How to Spend Bitcoin?

[carlisle1]

I cannot find any real reason why you should spend your bitcoins in order to shop online.
In my opinion, Bitcoin has a bigger value than the one right now so it is not worthy spending them for shopping. It is better to keep them in your wallet and consider it as your investment. If you want to buy something online use a stablecoin...

Why not? as an investor, we can also spend, we can do both actually, so it's not wasting your bitcoin because as an investor, you'll ensure that you will not touch your investment until a certain time will arrive or it will hit your target.

Correct mate and also for Bitcoin to be adopted and starts to be use worldwide there must be a supply and demand but since the mindset of everyone is to Hold bitcoin and wait until the value goes up but not thinking that Bitcoin must be circulated to prove that it has really a value.

If you have fiat now and you like to shop online using bitcoin, then you covert it, that's what people do, if they spend bitcoin it doesn't mean they don't value it now and its future.

Absolutely ,Just like traveling around the world and using your Bitcoin if there is a chance than bringing your Pouch/wallet with fiat and sometimes needed to convert your dollar first for the local currency before enjoying the place,while if the Bitcoin is available in that country you can just use direct payment from your Online wallet to the establishment or restaurant .

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[seoincorporation]

I feel like the best way to spend bitcoins in this quarantine is gambling and trading, those two actions will get us stoked to monitor and with the right luck we can walk away with some money in the hands.

But if we want to spend it in some real things, we can use Open Bazar. That's the right place to buy and sell things.

[DoublerHunter]

^ Bitcoin is a long time investment that can go down and increase in value depending on the country's economy. And in a time like this with a widespread pandemic and everyone can't get out of the house using bitcoin for online shopping is not a bad idea. And because of the pandemic and enhanced quarantine community that our government is implementing, it is better to use money such as bitcoin to buy things that we miss every day. Because it is not good to go out of the house and for the sake of your safety and you really should do online shopping. But in my opinion, you did nothing wrong, and you did just remove the impatience caused by this pandemic. And another one of your own bitcoin you spend so, probably that is not a problem there.

[bakasabo]

What you are saying totally doesn't match what Bitcoin was created for. It is a digital currency, "invented" to make decentralized transactions, with just small transactions fee. Just one strange thing - if it is decentralized or anonymous, how warranty will work if you do online shopping?

But what you are saying is that Bitcoin is an instrument to get income. It is not a security paper, it was not created for holding.

Imagine if Bitcoin is a car. You advice to go walking instead of driving and hold your car in a garage, because one day its value will be greater.

But the problem is that Bitcoin (in it's current state of development) isn't good enough to be used as a digital currency. It's fees can get too expensive to be used for microtransactions. I know that Satoshi intended Bitcoin to be a "peer-to-peer cash" but it needs improvement in order to become that.

And one more thing... You can't compare Bitcoin with a car because cars lose value over time and Bitcoin's value goes up and down over time.

Fees cant be expensive with microtransactions, because they depends from value "satoshi/byte". The bigger is the value need to be written in block, the bigger transaction fee will be. You can set the value of 1 satoshi per byte and your transaction will cost less than 1 cent if you make a microtransaction (by micro lets take something less than $10), but it will take a long time to be confirmed.

Dont like car example - here is another. Imagine you are at war. You need to create a sword, to be able to do it, you need metal (bitcoin). Instead of forging a sword from metal, you go fighting barehanded, because you think the value of your metal will increase

[slackovic]

What you are saying totally doesn't match what Bitcoin was created for. It is a digital currency, "invented" to make decentralized transactions, with just small transactions fee. Just one strange thing - if it is decentralized or anonymous, how warranty will work if you do online shopping?

But what you are saying is that Bitcoin is an instrument to get income. It is not a security paper, it was not created for holding.

Imagine if Bitcoin is a car. You advice to go walking instead of driving and hold your car in a garage, because one day its value will be greater.

But the problem is that Bitcoin (in it's current state of development) isn't good enough to be used as a digital currency. It's fees can get too expensive to be used for microtransactions. I know that Satoshi intended Bitcoin to be a "peer-to-peer cash" but it needs improvement in order to become that.

And one more thing... You can't compare Bitcoin with a car because cars lose value over time and Bitcoin's value goes up and down over time.

Fees cant be expensive with microtransactions, because they depends from value "satoshi/byte". The bigger is the value need to be written in block, the bigger transaction fee will be. You can set the value of 1 satoshi per byte and your transaction will cost less than 1 cent if you make a microtransaction (by micro lets take something less than $10), but it will take a long time to be confirmed.

Dont like car example - here is another. Imagine you are at war. You need to create a sword, to be able to do it, you need metal (bitcoin). Instead of forging a sword from metal, you go fighting barehanded, because you think the value of your metal will increase

OK, but you can't compare buying a cup of coffee with fiat and fighting in the war barehanded. In the first example, nothing will happen - you will still drink a cup of coffee and keep your Bitcoin. And in the second example, fighting barehanded in a war will most likely get you killed.

We can debate all we want, but the fact is that more than 90% of people buying Bitcoin are buying it as an investment, not to spend it on shopping.

[Eugenar]

There are many ways for you to spend your bitcoin, it's up to you bro, do not mind it, it's better to spend your bitcoin through trading and investing, instead of spending it to other things, always think for your future it's better if we have saved money so in the future, we can have something to spend for our daily needs and wants. Let us make this pandemic virus a lesson for us, most of the people are getting worried because of having no money they don't know what to do to sustain their foods and needs.

Once you have saved money, you won't have a problem when a crisis happens, you have money to purchase foods, clothes, etc.

[bakasabo]

We can debate all we want, but the fact is that more than 90% of people buying Bitcoin are buying it as an investment, not to spend it on shopping.

Yes, we could...

My idea was - there are things that are created to be used, but people use them in different way. Like bitcoin was originally created to be a cheap and decentralized way of payment, but people use it as an investment (and I'm OK with it, its their choice)

The person I've quote in the beginning advised to hold bitcoins, but I advice to use it. Spend it, trade it, send it - do whatever you want. But holding - think about inflation and opportunities missing, or think about that bitcoin would never reach ATH

[kjlimo]

Gotta add Fold to your list of gift card spending.

Some gift cards give 5, 6 or even 8% back when using the lightning network!!!

Can't talk about spending without discussing the lightning network

[slackovic]

We can debate all we want, but the fact is that more than 90% of people buying Bitcoin are buying it as an investment, not to spend it on shopping.

Yes, we could...

My idea was - there are things that are created to be used, but people use them in different way. Like bitcoin was originally created to be a cheap and decentralized way of payment, but people use it as an investment (and I'm OK with it, its their choice)

The person I've quote in the beginning advised to hold bitcoins, but I advice to use it. Spend it, trade it, send it - do whatever you want. But holding - think about inflation and opportunities missing, or think about that bitcoin would never reach ATH

I don't understand... What opportunities am I missing while holding and not spending Bitcoin? The only opportunity that comes to mind is to buy back more Bitcoin if it's price drops. But no one can be sure that it's price will drop.

[kjlimo]

I cannot find any real reason why you should spend your bitcoins in order to shop online.
In my opinion, Bitcoin has a bigger value than the one right now so it is not worthy spending them for shopping. It is better to keep them in your wallet and consider it as your investment. If you want to buy something online use a stablecoin...

What you are saying totally doesn't match what Bitcoin was created for. It is a digital currency, "invented" to make decentralized transactions, with just small transactions fee. Just one strange thing - if it is decentralized or anonymous, how warranty will work if you do online shopping?

But what you are saying is that Bitcoin is an instrument to get income. It is not a security paper, it was not created for holding.

Imagine if Bitcoin is a car. You advice to go walking instead of driving and hold your car in a garage, because one day its value will be greater.

But the problem is that Bitcoin (in it's current state of development) isn't good enough to be used as a digital currency. It's fees can get too expensive to be used for microtransactions. I know that Satoshi intended Bitcoin to be a "peer-to-peer cash" but it needs improvement in order to become that.

And one more thing... You can't compare Bitcoin with a car because cars lose value over time and Bitcoin's value goes up and down over time.

I haven't been very present on these forums for many years, but it seems people are uninformed about the lightning network on these forums...

Lightning network solves the SPENDL problem...

And people complaining about spending bitcoin sound like they have a problem of having too much USD and not enough bitcoin... simply reduce USD and increase BTC in your holdings, and then if you want to buy something, you'll be forced to use BTC... if not, then I agree, get rid of those USD to solve the problem...

[slackovic]

I haven't been very present on these forums for many years, but it seems people are uninformed about the lightning network on these forums...

Lightning network solves the SPENDL problem...

And people complaining about spending bitcoin sound like they have a problem of having too much USD and not enough bitcoin... simply reduce USD and increase BTC in your holdings, and then if you want to buy something, you'll be forced to use BTC... if not, then I agree, get rid of those USD to solve the problem...

It's true, I'm not that informed about the state of development of the Lightning network. I know it exists, but I don't know if it's ready to be widely used. Also, I'm not sure if a shop that accepts Bitcoin automatically accepts using the lightning network.

[bakasabo]

I don't understand... What opportunities am I missing while holding and not spending Bitcoin? The only opportunity that comes to mind is to buy back more Bitcoin if it's price drops. But no one can be sure that it's price will drop.

Do you have everything in your life or there is something that can be changed with money? Is there something that your really want, but you cant afford it right now?

Lets say you have 20 BTC and you can buy a new house now. Or you could hold them and hope that their value will increase. But their value could also decrease.

It about having something now vs probability to have it or not in the future. What will be your choice?

[KrisAlex18]

Why do you mind spending your bitcoin if you don't need to do it? What are your thinking of spending those bitcoins? Do you feel happy when doing so? The best thing to spend your bitcoin is for the things you need, like foods, personal hygiene, or to those things that makes you happy or better yet invest it, investing your bitcoin is one of the best ways to do with it. There are many people who want to have bitcoin because they want to invest it and have more money in the future.

Once you have saved money, you won't have a problem when a crisis happens, you have money to purchase foods, clothes, etc.

That's true, many people now see facing problems in terms of financial because they are now jobless and those people who have saved money see the ones who are not minding those problems.

[Nathanz]

I suggest that avoid getting into little transactions using Bitcoins. It is not advisable. The fees of every transaction is high especially when you want your transaction to be smooth and fast, you might end up spend a thousands of satoshis for that particular transaction. I suggest that you may just hold your bitcoin or try your luck in trading and gambling. From there, there is a possibility that you might double your money or lose it all. It all depends on you. Just don't use bitcoin for small transactions.

[Debonaire217]

I suggest that avoid getting into little transactions using Bitcoins. It is not advisable. The fees of every transaction is high especially when you want your transaction to be smooth and fast, you might end up spend a thousands of satoshis for that particular transaction. I suggest that you may just hold your bitcoin or try your luck in trading and gambling. From there, there is a possibility that you might double your money or lose it all. It all depends on you. Just don't use bitcoin for small transactions.

What about utilizing segwit wallet to lessen the fees, specifically, use native segwit that is in fact a way to make transaction faster and solve this micro transaction issues. Though, there are really some cryptocurrency that is better in bitcoin when transaction speed and fees is to consider, it is just that, using bitcoin through micro transaction is also a way to make sure that we are helping to increase the adoption of bitcoin and it doesn't mean that bitcoin is already at it final development stage. IMO, bitcoin is still developing and there's still allot of things to improve by using it.

[slackovic]

I don't understand... What opportunities am I missing while holding and not spending Bitcoin? The only opportunity that comes to mind is to buy back more Bitcoin if it's price drops. But no one can be sure that it's price will drop.

Do you have everything in your life or there is something that can be changed with money? Is there something that your really want, but you cant afford it right now?

Lets say you have 20 BTC and you can buy a new house now. Or you could hold them and hope that their value will increase. But their value could also decrease.

It about having something now vs probability to have it or not in the future. What will be your choice?

It depends. If my goal is to buy a new house, then I would spend those 20 BTC to buy it. However, if my goal is to buy an island, then I would wait for Bitcoin to increase it's value so that I can buy an island for that 20 BTC.

And one more thing... You know what's the real problem with spending Bitcoin? If I were to go and buy a new car in a shop that accepts Bitcoin, that shop couldn't keep that Bitcoin. They must immediately exchange it for fiat and pay taxes in fiat. At least that's how accepting Bitcoin in shops looks like in my country. I don't see how that increases Bitcoin adoption. If a shop could keep that BTC, then spending it would increase it's adoption.

[Rafiqul]

You were impatient to be quarantined in your flat during this epidemic, unable to get out of the house, during this time you used Bitcoin for online shopping and met your needs without leaving home; This is not a bad idea and has written a beautiful article compiling the preferred options for spending bitcoin as well; Which has been able to be published in Paybis. In my opinion, you have done a very good timely work and you have overcome the impatience caused by this epidemic. Your published article will benefit everyone. Thank you.

[LogitechMouse]

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Well, the main reason of Bitcoin is to really use it if you will have a transaction with other people so what you did is right.

I'm also spending some of my Bitcoins monthly to pay some bills and keeping some of it for the long term. TBH, I didn't tried to buy anything online thru crypto. I'm always using digital cash to pay it but still it came from crypto as I only convert the Bitcoins into our own currency and will pay it thru online.

When some users here suggesting that you might hold it to increase your profit, my advice to you is that use your Bitcoins whenever and whatever you want since it is your own. If you want to spend it all then go. If you want to hold all of it then ok. If you want to do both depends on you.

[bitbunnny]

No matter what some say I beleive that Bitcoin was meant to be spent too, not just to be kept in some wallet.
Of course the key is to find the balance between spending and holding and it's good if you can enlarge your portfolio through trading.
I like spending Bitcoin for my everyday needs, sometimes to pay the bills, sometimes for groceries, cloths or something else. For me that is proof that Bitcoin has real use and purpose in real life and it's not only tied to trading and investing.

[htsy585]

I cannot find any real reason why you should spend your bitcoins in order to shop online.
In my opinion, Bitcoin has a bigger value than the one right now so it is not worthy spending them for shopping. It is better to keep them in your wallet and consider it as your investment. If you want to buy something online use a stablecoin...

I don't see anything bad in using bitcoin for shopping online. After all, the concept behind the creation of bitcoin promote more of using it for daily transaction than keeping it for investment with the hope of selling it off when the price increases tremendously. Bitcoin is too serve a decentralized digital currency that provide people with secure and anonymous option to FIAT currency, so using it to shop online is really a cool idea