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Author Topic: If Bitcoin is legal tender in your country, would you really spend it instead of  (Read 203 times)
dkbit98
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June 26, 2021, 07:10:08 PM
 #21

Given that most of us believe that Bitcoin will increase in value over time, you will want to spend it instead of Hoddle and let it appreciate.
Example: Suppose I bought a car with 1 Bitcoin today, but the value of Bitcoin doubled next week, which means I'd better use fiat currency.
Do you think so?

What if you purchased a car with Bitcoin today and value drops next week like it happened recently, that means you would be better using Bitcoin for payment.

Long term Bitcoin may proved to be much better than fiat currencies, and I doubt I would use it everyday for purchases if it was legal tender in other countries,
but I would use it there was some special discounts for purchasing with BTC.
You can even buy a pizza or beer with Bitcoin, but don't regret later if price jumps to 100,000 or million usd.

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isaac_clarke22
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June 26, 2021, 07:18:13 PM
 #22

~
I utilize a custodial wallet whenever I separate my BTC to be used as a payment for utility bills. The rest were up to just be there in my "bunker". Never to be touched unless it is needed.. for emergencies only of course Cheesy .
Kinda sucks that here in my country, I still need to use a third party wallet just to pay with BTC.
I kind of wished there was like p2p method of paying.
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June 26, 2021, 09:29:43 PM
 #23

If you have not noticed there are two threads that raise the same idea.
I'm going to give my opinion in this thread. I would probably not spend my bitcoin, instead I would spend my FIAT.
Thanks to Bitcoin I learned what saving is. IMO when bitcoin is accepted in many countries there will also be fiat to spend. Somewhere I read that bitcoin needs FIAT for more liquidity.
On the other hand, if I do not have more monetary resources, I would have to make use of bitcoin.

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June 26, 2021, 09:35:39 PM
 #24

In my personal opinion, if Bitcoin legal in my country as a currency, I will also not use Bitcoin to pay something here. However, I probably will prefer using Bitcoin as a means of payment if there are some probabilities here:
- The price of BTC is in the high price, let's say if I bought on $20k and at that time the price is around $50k. I think it is I can use this BTC and will not regret it if the BTC price rises up again in the next few days.
- If I want to buy something that is easy and available only using Bitcoin
- If I want to buy something overbroad or pay something abroad so that it will be easier using Bitcoin
- If I have no cash money and I need to convert BTC, better to use BTC itself. 

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June 26, 2021, 09:36:22 PM
 #25

Given that most of us believe that Bitcoin will increase in value over time, you will want to spend it instead of Hoddle and let it appreciate.
Example: Suppose I bought a car with 1 Bitcoin today, but the value of Bitcoin doubled next week, which means I'd better use fiat currency.
Do you think so?
This is often thought to be a problem but it is not, I have no problem using my bitcoin to buy stuff however as soon as I can I use my fiat to replace the bitcoin I spent, by doing this you never run out of bitcoin, you get rid of your fiat and you support the use of bitcoin as a currency, so if bitcoin was legalized as a legal tender where I live I will use it as such and if possible I will ask to be paid in bitcoin directly, that way I will avoid the fees to convert fiat to bitcoin, but I do not think we are even close to that day coming where I live.

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June 26, 2021, 09:47:52 PM
 #26

With the current position of bitcoin, and with my holdings I rather hold and wait til it pumps the way I like then sell or buy things I need with bitcoin, I won't buy if it matters of wants than needs.
But to those who gain a lot from this dump then it's okay for them just don't feel regret when bitcoin pumps again after you expend your bitcoin.
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June 26, 2021, 09:58:40 PM
 #27

The problem with using bitcoin as a daily currency is the fees, we can't go to the store and buy a $1 beer if we have to pay $5 in fees, even if we do our weekly shopping in 1 day the fees still too high. So, bitcoin isn't a coin to do small transactions, it would be great to buy a house or to buy a car, but to buy things like food will not work for the long term.

If i had both options (bitcoin or cash) I would pay with cash and avoid burn the money on fees.
Bitcoin will still be a great investment even if it will considered a legal currency so i will not spend my bitcoin and onlyd spend my fiat for my necessities. But in terms of buying real estate or cars which i think won't be catered with my fiat, so i will start to use a small fraction of bitcoin providing that its transaction fee will be quite low compare at the present. But bitcoin will still be considered as my top investment so as much as i can, i prefer to hold and keep it grow and only spend it when its price has surges into its peak.

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