Why bitcoin users should be careless about the price and trade bitcoin instead

[Accardo]

Bitcoin works in two ways but, many users presume one part of it—that is why I keep on checking for the price and hope it increased.

Hitherto, only a few bitcoin users see bitcoin as the currency that it is—to some extent, everyone is most concerned about the market bull or bear. The headlines with most trends on social media have matters with the increase in bitcoin price.

However, this has caused more harm than good to new bitcoin users who see bitcoin as an investment only; they will buy and hold it forever. People with lesser knowledge about the technical part of blockchain would go to a forum and complain that they have forgotten to write down their keys or password on paper.

Thus, it is unbearable to see that over $120 million worth of cryptocurrency gets lost as a mistake of these new users that forget to keep their password safe, according to crypto data firm analysts.

The paragraph above has a message for all of us—the market requires more work to transform the way people interpret it, or most of these infant users will never try bitcoin again.

On the other hand, we must spread out the pulsating news about bitcoin. Bitcoin is a currency, but many people have refused to use bitcoin as the currency it is. Thus, they will be endless cry about the price of bitcoin, only those that see bitcoin as a currency rather than an investment scheme will bother less about bitcoin price—bull or bear.

Bitcoin meets all three criteria of a currency: it can be exchanged, increased in merchants, and holds value. I am not mentioning trading bitcoin for another coin only but selling bitcoin for other valuables like laptops, cars, and gold. Also, understanding that bitcoin is a currency will help many new users to visit their wallets (To pay bills) consistently. This one daily practice will save them the hassle of forgetting their password or keys.

Moreover, when experts see bitcoin as a currency, they will be less bother about the dynamic price of bitcoin and, it will help reduce the frequent agony felt when bitcoin drops in price like a child that missed a step off the stairs.

In summary, bitcoin is a currency. We must trade it to boost the market with a higher amount of transactions. The best way to market bitcoin is productocracy, not advertisements—one example of productocracy on bitcoin with unending traffic to the bitcoin market was done on this forum when 10,000 bitcoin paid for a Pizza.

However, when a vendor tells their friends that a customer just bought a laptop in my shop with bitcoin—you don’t need anybody to tell you that a conversion about bitcoin will emerge in their midst. Thanks.

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[mk4]

Not because bitcoin was made to be a currency automatically means that we should only use it for that sole purpose. Why don't the masses use bitcoin for payments? Simply because they're not incentivized to do so. Why spend the asset that has been going up in value? The no-brainer option is to spend the currency that's been trending down in value instead— the USD and fiat currencies in general.

Unfortunately, we probably won't see notable amounts of bitcoin payment usage unless probably a double digit percentage of people gets paid bitcoin instead of fiat, and when most brick and mortar stores accept bitcoin. We're simply not there yet, hence why people prefer to hold for now.

Satoshi did label Bitcoin as a "peer to peer digital currency", but you're totally free to use it to whatever purpose you see fit. One of the main points of Bitcoin is freedom in the first place.

[Accardo]

Unfortunately, we probably won't see notable amounts of bitcoin payment usage unless probably a double digit percentage of people gets paid bitcoin instead of fiat,

This phrase is unfortunate indeed, it is the worst thing to walk through in this journey but the height is not too far from the companies hosted on Blockchain network.

The question is, how long it takes the Bitcoin based and digital companies like the multiple online vendors that pay their workers in Bitcoin to disseminate among the society recruiting workers will determine how possible it is to reach this height.  I like the way you surmarised this. Thank you.

[BlackHatCoiner]

People should think of Bitcoin as gold. You aren't incentivized to spend it, no need to add the reason; mk4 summarized it.

It is doomed to not be solely used as a currency. It has gold's fate. Even the creator stated it once. Any deflationary currency is seen more as a store of value rather than a medium of exchange. If you know your money will worth less in the future, you're, oppositely, incentivized to spend it.

Thus, it is unbearable to see that over $120 million worth of cryptocurrency gets lost as a mistake of these new users that forget to keep their password safe, according to crypto data firm analysts.

They aren't lost; I mean, the cryptocurrencies' units are gone for good, but the money isn't lost. Since they'll never be circulating anymore, they'll make every other holder slightly richer.

[bittraffic]

We are using Bitcoin indirectly as currency since we exchange it with fiat and spend the fiat money. There are just many of us are speculators in the market because it's what we have learned over time that the value keeps increasing as we can see it's not $50K.  Even if the price descends, users will just trade it to fiat or for traders stablecoin.

No merchants selling their products for less if we pay in BTC. It should be an incentive for using BTC as currency but I doubt there would be stores that would do that.

[hugeblack]

There is always a limit to how long people can keep their money (Max HODLING time.) Disasters happen every 5 years (more or less) so you will be forced to sell Bitcoin even if you don't want to.
Also, many who use Bitcoin for speculation or trade are looking for profit, and therefore, for example, if the price rises above $10,000, many will sell because they may make good profits if the price drops.
As for the use of Bitcoin for everyday purposes, it is related to technology, adoption and low fees.

[dunfida]

There is always a limit to how long people can keep their money (Max HODLING time.) Disasters happen every 5 years (more or less) so you will be forced to sell Bitcoin even if you don't want to.
Also, many who use Bitcoin for speculation or trade are looking for profit, and therefore, for example, if the price rises above $10,000, many will sell because they may make good profits if the price drops.
As for the use of Bitcoin for everyday purposes, it is related to technology, adoption and low fees.

Not that really a fan on looking back into those past events because it doesnt precisely tell on what would happen into the future and that 5 years before on having a disaster is just pure speculation.

Bitcoin users should be careless about the price? to say that not all are traders and big part or portion of it is just pure holders or doesnt really like to get engage with this activity and this is why
it isnt surprising that action taking by people would really vary into their interest.

[Silberman]

People should think Bitcoin as gold. You aren't incentivized to spend it, no need to add the reason; mk4 summarized it.

It is doomed to not be solely used as a currency. It has gold's fate. Even the creator stated it once. Any deflationary currency is seen more as a store of value rather than a medium of exchange. If you know your money will worth less in the future, you're, oppositely, incentivized to spend it.

Thus, it is unbearable to see that over $120 million worth of cryptocurrency gets lost as a mistake of these new users that forget to keep their password safe, according to crypto data firm analysts.

They aren't lost; I mean, the cryptocurrencies' units are gone for good, but the money isn't lost. Since they'll never be circulating anymore, they'll make every other holder slightly richer.

The thing is that a form of money must be a store of value, when gold and silver were the main forms of money did anyone complain about people not wanting to spend their coins? No, because at the time no one thought about this as there was no fiat around, but once you introduce fiat to the system people are faced with a decision, do they spend the money that maintains its value over the long term or the one that losses it? And the answer is simple, they spend the bad money and keep the good, which is nothing more but the Gresham's law at work.

[crzy]

Bitcoin is meant for trading but since its value has increased a lot, many consider this as a long term investment because there’s a great demand for it and the supply is limited, this is why many are hesitant to trade their precious Bitcoin. Beside, crypto is not fully accepted yet as currency, even if we want to spend it many are still not familiar with it and many establishments still don’t want to take risk accepting crypto. We can actually do whatever is right for us, do trading or hold it’s all up to you.

[JeromeTash]

People care about the value because they trade it. Trading is also a way of making more sats in form of profits. You can't tell a day trader not to care about price, yet that's the only way he can get to earn more bitcoins apart from mining.

Bitcoin is meant for trading but since its value has increased a lot, many consider this as a long term investment

Trading and Long term "Investment"...isn't this the same?
I mean, even if you buy the bitcoins and HODL over a long period of time, you will eventually have to sell them off to realize some  profits. Buying and selling = Trading.

[carlfebz2]

Bitcoin is meant for trading but since its value has increased a lot, many consider this as a long term investment because there’s a great demand for it and the supply is limited, this is why many are hesitant to trade their precious Bitcoin. Beside, crypto is not fully accepted yet as currency, even if we want to spend it many are still not familiar with it and many establishments still don’t want to take risk accepting crypto. We can actually do whatever is right for us, do trading or hold it’s all up to you.

Its not actually meant for trading but rather it do talks about demand and acceptance and since this forms out a market then its just normal that there would really be buyers and sellers which do simply implies

that it would really be making out transaction in between them which in results to trading and this is where we do really mainly been hanging on. Of course we would really be minding about the price because whenever
we do get in then we do always mind off about profits.

They are in correlation to each other and minding off or caring about the value would always be on point.

[Hippocrypto]

Bitcoin is meant for trading but since its value has increased a lot, many consider this as a long term investment because there’s a great demand for it and the supply is limited, this is why many are hesitant to trade their precious Bitcoin. Beside, crypto is not fully accepted yet as currency, even if we want to spend it many are still not familiar with it and many establishments still don’t want to take risk accepting crypto. We can actually do whatever is right for us, do trading or hold it’s all up to you.

Long term investment was too hard during crucial situations, specially when you don't have no other income. Eventually you'll be tempted to sell some portions of it, and worst everything will be spent because of daily spending need particular to those individuals with families to feed. Taking risk should be done as with person who had a stable income, just use Bitcoin for trading as your secondary options for part time trading to avoid panic.

[Bitcoin_Arena]

What is a currency to you, OP?

A currency is something that holds value, is accepted by so many people, and can be exchanged for other assets. Bitcoin is a cryptocurrency, so we can't ignore its price.

Look at all the fiat currencies you know. Aren't they traded just like Bitcoin?
Don't they hold value just like Bitcoin?(Though bitcoin now holds even way more value now based on the price of so many traditional assets and commodities)

[mk4]

Long term investment was too hard during crucial situations, specially when you don't have no other income. Eventually you'll be tempted to sell some portions of it, and worst everything will be spent because of daily spending need particular to those individuals with families to feed. Taking risk should be done as with person who had a stable income, just use Bitcoin for trading as your secondary options for part time trading to avoid panic.

Because normal people like you and me shouldn't solely rely on asset investments in the first place. The trick is to always have cashflow income for our bills and necessities, while having asset investments to boost the value of our wealth(instead of watching it slowly but surely go down with inflation).

[el kaka22]

I sort of understand the point, I have been making that point my whole crypto life, bitcoin is a currency that you can make money from by investing.

However I do understand people who see it only as a way to make money as well, where else in the entire world could you make this kind of profit? This is why all those people that invest into bitcoin and other altcoins are only aiming at making a profit and that is understandable since it is the best at that in the entire world.

Fiat currency to use for buying stuff is good, not really terrible and you can use cards that make things better and easier as well, but it is not a great investment, why would I want to buy a fiat currency as an investment? Whereas bitcoin is great for investment, yet not as great as cards to pay for stuff, there are now some bitcoin cards but that is only getting bigger, but it is awesome for investment.

[zanezane]

The title don't seem to endorse a balanced and healthy financial life, not to mention that trading without knowledge , experience and adequate capital is the worst thing that you can do to make a life out of trading. They should be careless of the price and hodl.

[TinaK]

Long term investment was too hard during crucial situations, specially when you don't have no other income. Eventually you'll be tempted to sell some portions of it, and worst everything will be spent because of daily spending need particular to those individuals with families to feed. Taking risk should be done as with person who had a stable income, just use Bitcoin for trading as your secondary options for part time trading to avoid panic.

Because normal people like you and me shouldn't solely rely on asset investments in the first place. The trick is to always have cashflow income for our bills and necessities, while having asset investments to boost the value of our wealth(instead of watching it slowly but surely go down with inflation).

This is what exactly we do, we should have invested in what we can afford that can't affect our daily necessities and our monthly bills. Proper financial management will help us to maintain our crypto assets safe even though the price will fluctuate downward. Bitcoin investment to store value is good for the long term, as we know that we have always an ATH every 4 years come when after the next halving. So no doubt the price will increase.

[beerlover]

The reality is that bitcoin itself is not there because of the fee costs, not because of anything else, if we had under $1 fee for ALL crypto currencies, including mainly bitcoin and ethereum, then we would see that used a lot more. However it is not like that at all right now, it could be going even higher these days considering price goes up and fee stays the same in coin terms making the fiat value of it go up too.

So, all we have to do is find ways to make it cheaper tx fee and we would have a lot more reason to just spend it instead of trading it, of course trading would still stay, investment would still stay but the payment version would get a new uptick and a lot more people would do it.

[Silberman]

The reality is that bitcoin itself is not there because of the fee costs, not because of anything else, if we had under $1 fee for ALL crypto currencies, including mainly bitcoin and ethereum, then we would see that used a lot more. However it is not like that at all right now, it could be going even higher these days considering price goes up and fee stays the same in coin terms making the fiat value of it go up too.

So, all we have to do is find ways to make it cheaper tx fee and we would have a lot more reason to just spend it instead of trading it, of course trading would still stay, investment would still stay but the payment version would get a new uptick and a lot more people would do it.

The lightning network already exists to take care of that problem so in the future that should not be an issue anymore, what happens is that we are still very early in the adoption department, most of those that are entering the market today are early enough to still see significant profits thanks to their holdings, but once the majority of this potential is finally realized then the motivation for people to enter this market will change from making money to use bitcoin as a currency.

[Shenzou]

The problem is that most of the all the new people who have started using bitcoin, they only see it as an investment and not as a currency, and this idea has changed the nature of it making bitcoin no longer a currency, people just buy bitcoin and store it in hopes of making millions from it on the long term, we may see a few people trade it here and there but because of its high price and the weight of the loss that they may get from it they just prefer to trade other currencies.