Are we really using crypto as a currency... or just holding it like digital gold

[NAM3C_tv]

I personally think crypto mostly as a store of value especially during uncertain markets but I think the shift toward spending will come once we have more stability better UX and incentives. If your platform can make it seamless and offer real value compared to fiat options I think a lot of people would be open to spending their crypto more often

Totally agree — better UX and real incentives are exactly what we need to move from holding to spending. That’s what we’re trying to build with our platform: a smooth, crypto-native shopping experience that actually makes sense compared to fiat.

We’re also testing a 1–3% crypto cashback on purchases as an added incentive.

If you’re open to it, I’d love for you to try the beta and share your thoughts — especially on the UX. Your feedback would be super valuable as we keep improving!

[retreat]

👉 Do you personally see crypto more as:

A long-term store of value (something to hold)?

A real alternative currency (something to use)?

Actually nowadays I tend to think that Bitcoin is a long-term store of value, where people can hold it and profit from it. However, that doesn't mean that I don't consider it an alternative fiat currency. It still is and always will be. It's just that in the real world not many merchants accept Bitcoin in their stores... and also the fees and waiting time, which doesn't encourage me to use it like any other currency. But in certain cases, I might be interested in using Bitcoin as a currency in transactions.

[Smartprofit]

Currently, I tend to use Bitcoin as my own bank in my pocket.

For me, Bitcoin is a great alternative to deposits in regular commercial banks. The growth in the price of the first cryptocurrency exceeds the amount of interest I can get by placing my funds in deposit accounts in commercial banks.

I also use Bitcoin for cross-border payments. Such payments are currently difficult for citizens of my country. But they are possible if you use Bitcoin.

Also, if I go to another country and need money there, I can sell some satoshi and get local national currency in return. That is, Bitcoin serves as an analogue of a bank check for me.

These are the functions of Bitcoin that are (currently) the most valuable to me. At the same time, I prefer to use fiat money (cash and non-cash) to buy goods, works and services.

[Jegileman]

Crypto is just like gambling, if it wasn't for the money involved that you can earn from this investment, many would not want to use it for transaction as the primary use for it was first mentioned by the one who invented it. This is just the reality, many are into cryptocurrency because of the money they can earn from it after a long time holding and not to be used for transactions which is the primary aim of it been invented.

We should tell ourselves the reality of it all, we just have to keep our expectations high on Bitcoin because of the big benefits you can get from them when you hold them for the long time. To be well adopted for transactional purpose, it will take a while because a lot of things needs to be put in place before it can happen to some degree while I still feel the vast majority won't also look at it in that perspective at all.

[slaman29]

Sadly I think most people are not interested in using it as a currency. Just look at this forum, you can try dig into my post history too, some people even look down on you if you are spending your BTC.

If majority will keep on advising to buy and hold bitcoin for long term, most especially coming from the legends in the forum, then no one would really want to spend bitcoin having that kind of advice.

Except if you have  massive amount of bitcoin in your portfolio, spending some portion of it won’t be a big deal for you, but if you are still in the process of accumulating bitcoin, you will do everything just to earn and save bitcoin, rather than spend it on things that can paid with fiat instead.

Missed your response earlier sorry but well, legendary accounts are also daily spending on the forum. Staff, legendaryes even newbies are active in Collectibles and active in Gambling, all spending every day.

I know there are some who as I said actually look down on people not hodling everything but I'm hoping new people see the other legendaries more. And get inspired. Its just a personal thing for me.

[mirakal]

Reading the response of the members. I've found out that more members are not making Bitcoin a currency but a sort of investment. People are selling to make a profit, and others are converting their local currency to buy things. There is no direct buying of stuff using Bitcoin. But I understand why, because people are not comfortable with fees and some transaction delays. These are the things that stop people from using Bitcoin as currency.

There is no lack of knowledge, but there is a lack of confidence and trust.

[Antotena]

Reading the response of the members. I've found out that more members are not making Bitcoin a currency but a sort of investment. People are selling to make a profit, and others are converting their local currency to buy things. There is no direct buying of stuff using Bitcoin. But I understand why, because people are not comfortable with fees and some transaction delays. These are the things that stop people from using Bitcoin as currency.

There is no lack of knowledge, but there is a lack of confidence and trust.

Right now, you can create a Bitcoin transaction with 2 sat/vbyte and your transaction will go through and you will be able to pay $0.3 dollar as fee on average, Intra bank transaction from one country to another can cost you more than that amount but Bitcoin can do this effortlessly. The problem here might be fees but the macro problem that contribute to this is regulation and policy, many countries doesn't legalize Bitcoin as legal tender and hence the reason for low patronage as means to buy things.

It's easy for financial regulations to label your business as money laundering when you are dealing with other currency than the local or recognized currency in the country and for that reason, people don't want to be involved with Bitcoin as means of payment. If you notice that during bull run, it's easy for business to say they are accepting Bitcoin as deposit and that's because they sell immediately they make their profit without any hesitation.

[NAM3C_tv]

👉 Do you personally see crypto more as:

A long-term store of value (something to hold)?

A real alternative currency (something to use)?

Actually nowadays I tend to think that Bitcoin is a long-term store of value, where people can hold it and profit from it. However, that doesn't mean that I don't consider it an alternative fiat currency. It still is and always will be. It's just that in the real world not many merchants accept Bitcoin in their stores... and also the fees and waiting time, which doesn't encourage me to use it like any other currency. But in certain cases, I might be interested in using Bitcoin as a currency in transactions.

In which cases in particular would you use bitcoin or other cryptocurrencies for transactions?