Bitcoin; a tool for spending or saving.

[Smack That Ace]

I'm sure you know the only reason Bitcoin can't be spent is because of government restrictions, and I think this is what creates the imbalance. If Bitcoin were allowed to become legal tender, I'm sure everyone would spend and hold it like fiat currency.
So, for now, Bitcoin can only be used or treated as a very promising investment, and everyone is holding it to generate profits. However, I suspect they, or most of them, have spent or used Bitcoin for transactions, even if only a few times, including me. Although Bitcoin is banned as a means of payment in my country, I have used it personally with mutual consent, so you or anyone else never know whether they have used it or not, and it all depends on the circumstances.

Don't just blame the government when we ourselves would rather hold bitcoin instead of spending it. I bet even if your government legalized it as a payment method, you wouldn't spend bitcoin the way you spend fiat money.

Like what happened in El Salvador, although Bitcoin is legal tender there since 2021, most people do not use it for everyday spending purposes. They still prefer to use USD and this clearly has nothing to do with the government.
Let's be honest, we ourselves don't want to use bitcoin, not because of the government, legality or because no stores accept it.

[adaseb]

Many might not like this but if everybody is just saving their bitcoins and not spending it then its not good for the ecosystem pretty much.

You need to give it utility and make transactions. Remember the first transaction for the Pizza. Sure it was a bad deal but if it wasnt for that first transaction which proved you can actually use bitcoin to buy goods and services, it might not be where it is today.

So savings is obviously good but you need to put it to use sometimes and spend the bitcoins to keep the network active.

[pancelot]

Bitcoin's acceptance amongst individuals and households is spending like wild fire, because of the various advantages it poses. Now comes the question; would you rather adopt Bitcoin as a tool for spending or saving? Yes, I'm guessing you'll say you use it for both. If your usage is going to be weighed, which side would unbalance the scale? As a tool for spending, it is flexible enough to be carried irrespective of volume and large purchases can be made, just to mention a few. As a tool for saving and a store of value. The value of the saved asset has great potential to appreciate. Which would you rather do?

Honestly, if I were asked whether I wanted to use Bitcoin for shopping or saving, I'd choose saving. That doesn't mean it can't be used for transactions; it definitely can. It just feels like a waste to use it on a daily basis, especially if the price could skyrocket in the future.
Bitcoin is limited in quantity, so it feels very exclusive. It's similar to gold, but easier to carry around. Sure, the price can fluctuate quite dramatically. But that's what makes me curious. Long-term, the trend is upward. So, rather than losing my money to inflation, I'd rather keep it in this form.
If I were to weigh the pros and cons of spending or saving, saving clearly wins. For me, Bitcoin is more suitable as a digital savings account than for paying for coffee at a coffee shop.

[BitGoba]

Bitcoin's acceptance amongst individuals and households is spending like wild fire, because of the various advantages it poses. Now comes the question; would you rather adopt Bitcoin as a tool for spending or saving? Yes, I'm guessing you'll say you use it for both. If your usage is going to be weighed, which side would unbalance the scale? As a tool for spending, it is flexible enough to be carried irrespective of volume and large purchases can be made, just to mention a few. As a tool for saving and a store of value. The value of the saved asset has great potential to appreciate. Which would you rather do?

Bitcoin is money.
Money is a concept that represents any medium capable of fulfilling three essential functions a medium of exchange, a unit of account, and a store of value.

Money is a medium of exchange. Money allows people to trade goods and services. It is the ultimate good that every other good or service can be exchanged for. Through money, all products of human labor can be traded.

Money is a unit of account (a measure of value).Money serves as a tool for expressing the value of goods and services. Just as we measure mass in kilograms or length in meters, we measure the value of goods and services in money.

Money is a store of value. Money should preserve its value over long periods so it can be exchanged for goods and services when needed. This means money allows people to save their purchasing power for future use. When we earn money, we can store it and spend it later without being forced to immediately trade our goods or services, which might spoil or lose value over time. For example, if we sell a product or perform a service, instead of instantly exchanging it for another product, we can keep the money and use it whenever necessary without fear that its value will quickly disappear.

Money cannot function properly if it does not fulfill all three functions simultaneously. If, for example, it does not serve as a store of value, then it is merely a currency like the US dollar, euro, Nigerian naira, or Argentine peso,not true money.

[Zlantann]

Bitcoin's acceptance amongst individuals and households is spending like wild fire, because of the various advantages it poses. Now comes the question; would you rather adopt Bitcoin as a tool for spending or saving? Yes, I'm guessing you'll say you use it for both. If your usage is going to be weighed, which side would unbalance the scale? As a tool for spending, it is flexible enough to be carried irrespective of volume and large purchases can be made, just to mention a few. As a tool for saving and a store of value. The value of the saved asset has great potential to appreciate. Which would you rather do?

I would use Bitcoin for payments if using fiat at that point is impossible or will affect my privacy negatively. Fiat is generally accepted and easy to use in my location, hence there is no need to use Bitcoin for payments. For now, Bitcoin serves as an asset and a hedge against inflation for me. Anyway, I will use Bitcoin in international transactions due to some restrictions placed by the Central Bank of my country. But there are predictions that Bitcoin will be more stable in the future, then it will make more sense to use it for daily transactions. 

[Xrcbgn]

I prefer for saving. Right now. Emphasis on right now. Right now I don't have money to even buy groceries for myself after I pay rent.
Right now my family supplies me with food, I can pay the bills, but after that my account is quite literally drained.
I got bitcoin at the price I deserved, shoutout to anyone else who is class of 2023. So I don't have nearly enough saved of it to be spending it.
I however have spent bitcoin to buy hardware wallets, twice. They were not exactly cheap, but not the most expensive by far.
My intentions are to save as much as possible from here. DCA'ing.
Unless suddenly I can pay all my bills in bitcoin would I consider converting all fiat to btc. Even then, I might still keep fiat around to pay the bills in monopoly money. It means less btc in the hands of the already very rich. They get paper money. No soup for them.

[EarnOnVictor]

Now comes the question; would you rather adopt Bitcoin as a tool for spending or saving?

Bitcoin is good for both, and it has proven itself many times to be vaible. I believe Bitcoin "adopters" are not just called that, they call them that because they Invest, Trade and use Bitcoin as a payment system. This has helped immensely, especially to boycott the traditional fiat ways that are slow and extortionating.

I remember when I was making cross-border payments many years ago. I had to use bank wire transfer. If the corresponding bank is involved, I might be parting ways with over $40 for just sending money. The same goes for receiving money. That is not happening anymore. Thanks to Bitcoin! It must have saved me thousands of dollars in that regard now.

[AprilioMP]

Yes, I'm guessing you'll say you use it for both. If your usage is going to be weighed, which side would unbalance the scale? As a tool for spending, it is flexible enough to be carried irrespective of volume and large purchases can be made, just to mention a few. As a tool for saving and a store of value. The value of the saved asset has great potential to appreciate. Which would you rather do?

When Bitcoin becomes an asset that can make the owner get something more than what is in Fiat, then people will make Bitcoin as an investment asset even though Bitcoin is a means of payment or currency.
Making Bitcoin as a currency for payment is a goal but making it a long -term investment asset is also not wrong so many people make bitcoin in both things.
For me, I am more interested in investment because it makes payment like a currency prohibited by the state. There's no way I violated it when I could still make Bitcoin as a commodity asset.

[DanWalker]

But there are predictions that Bitcoin will be more stable in the future, then it will make more sense to use it for daily transactions. 

It depends. If bitcoin is no longer volatile and becomes more stable but if it becomes too expensive, 1BTC = $500k or $1M, and developers don't find a solution to make transaction fees cheaper and faster. At that point, people will no longer want to spend bitcoins or use them as a means of payment. At that point, it is likely to become a safe haven asset and be used to store value like gold.

When it comes to payment methods, what people need is cheap fees and fast, so as long as bitcoin can't solve that problem. It is difficult for people to use it regularly even if it is stable.

[BlackBoss_]

It depends. If bitcoin is no longer volatile and becomes more stable but if it becomes too expensive, 1BTC = $500k or $1M, and developers don't find a solution to make transaction fees cheaper and faster. At that point, people will no longer want to spend bitcoins or use them as a means of payment. At that point, it is likely to become a safe haven asset and be used to store value like gold.

When it comes to payment methods, what people need is cheap fees and fast, so as long as bitcoin can't solve that problem. It is difficult for people to use it regularly even if it is stable.

Bitcoin has side chain developments recent years and also available existence of Lightning Network since 2017. There are solutions to make Bitcoin transaction fees cheaper than in the past recent years and there will be more developments and solutions in the future.

Sidechain Observer - Bitcoin L2 Projects & current state of development.

Bitcoin has many use cases and payment method is only one of use cases so it won't get big trouble like a Bitcoin blockchain is abandoned by community and become a dead one just because there will be no or less people used Bitcoin blockchain and bitcoins as a payment method.

[GigaBit]

Bitcoin's acceptance amongst individuals and households is spending like wild fire, because of the various advantages it poses. Now comes the question; would you rather adopt Bitcoin as a tool for spending or saving?

A person can use any of them as a tool for spending and saving according to his wishes. But in this case, I definitely want to give importance to saving. If Bitcoin is saved from now, then in the long run, the investor can earn big returns from Bitcoin and he can also spend the money from that investment according to his wishes.

Bitcoin is the most potential asset for investment. Those who understand its importance at this time and try to use it as an investment tool will benefit the most.

[mak013]

Bitcoin's acceptance amongst individuals and households is spending like wild fire, because of the various advantages it poses. Now comes the question; would you rather adopt Bitcoin as a tool for spending or saving? Yes, I'm guessing you'll say you use it for both. If your usage is going to be weighed, which side would unbalance the scale? As a tool for spending, it is flexible enough to be carried irrespective of volume and large purchases can be made, just to mention a few. As a tool for saving and a store of value. The value of the saved asset has great potential to appreciate. Which would you rather do?

Of course i(like the others i think) use it for both. I think that mostly as investment but because i don`t have enough opportunities to spend it. If i can spend it for my everyday needs - i would use it same as fiat money.
I think that it is not popular way, but i try to remember about possible risks. Cryptocurrencies can be prohibited in your country and your investment will break. It is just one example of risks we have. I prefer to think negative - it makes me happy when my negative expectations do not come true.

[laijsica]

Bitcoin's acceptance amongst individuals and households is spending like wild fire, because of the various advantages it poses. Now comes the question; would you rather adopt Bitcoin as a tool for spending or saving? Yes, I'm guessing you'll say you use it for both. If your usage is going to be weighed, which side would unbalance the scale? As a tool for spending, it is flexible enough to be carried irrespective of volume and large purchases can be made, just to mention a few. As a tool for saving and a store of value. The value of the saved asset has great potential to appreciate. Which would you rather do?

Bitcoin needs to be accumulated in acceptable amounts to be considered an income tool. After you have a decent amount, you can consider it as a income tool. To keep a decent holding you need to allocate multiple cycles for Bitcoin accumulation. After you have a decent amount of Bitcoin holding you can use this valuable wealth as you wish. If you can accumulate Bitcoins for each cycle of patience from the initial stage, you can consider it as an income tool later on.

That's why experienced investors will recommend you to accumulate Bitcoin for the long term such as 4 -10 years. Initially you should consider Bitcoin as a tool for continuing to accumulate through discretionary income rather than considering it as an income or spending tool because the amount of Bitcoin holdings that accumulate in your portfolio as a result of long term accumulating will have the potential to be highly profitable in the future.

[fuguebtc]

If we are honest, with characteristics like high volatility, prices will increase over time due to scarcity combined with increasing demand. Bitcoin is much better and more suitable for saving (long term investment) than spending, even though its original purpose was as a currency.

As you said, many people think that bitcoin is a versatile tool and can serve many different roles. But with what's going on, people are just using it as an investment, a speculative asset with the intention of making a lot of profit from it. Not many people use it as a payment method, privacy protection.

So I will not hesitate to say outright that bitcoin is a tool for saving (long-term investment).

[Mahiyammahi]

I personally prefer Bitcoin as a means of saving. It's really convenient for spending no weight or size restrictions, fast transactions around the world. But in the long run, Bitcoin's real strength is its potential for appreciation. What you can buy with money today, in a few years, you could buy a lot more with the same Bitcoin. Although the market fluctuates, history has shown that Bitcoin is an excellent store of value for the patient. So for me, it's more useful as a savings and future investment than as an expense.

[daxkie]

I’ve been thinking about Bitcoin as having two very distinct roles. On one hand, it’s an amazing tool for spending. You can use it for purchases, whether small or large, and it’s incredibly flexible. The fact that it can be carried digitally and used anywhere makes it appealing for those who like to use their assets actively. On the other hand, Bitcoin is also a powerful tool for saving. Holding onto it can be a way to store value, and over time, its potential to appreciate makes it attractive for anyone thinking long term.

Personally, I find myself leaning more toward saving. There’s something satisfying about watching your Bitcoin grow in value and knowing that you’re investing in your future. But at the same time, I can’t deny the thrill of using it for spending, especially when it feels like you’re part of this whole digital revolution. I guess it all depends on your goals and mindset.

[moneystery]

For now, I prefer to use Bitcoin mainly as savings rather than for daily payments, because I can use fiat for everyday transactions. I also feel that saving in Bitcoin is more profitable than fiat since you don't have to worry about its value decreasing due to inflation every year and you don't have to pay monthly fees to the bank.
However i’m not ruling out the possibility of using it for payments in the future, especially for cross-border transactions, where Bitcoin offers clear advantages.

[Sim_card]

Fiat is there for daily spending because it depreciates in value overtime. There is no need to spend your bitcoin that can generate profit for you overtime. I don't use bitcoin for spending but for long-term investment purposes in order to safe the value of my funds from inflation because government keeps on printing more money in order to useless your savings. Bitcoin has solved that problem as a store of value overtime.

[Stepstowealth]

Bitcoin's acceptance amongst individuals and households is spending like wild fire, because of the various advantages it poses. Now comes the question; would you rather adopt Bitcoin as a tool for spending or saving? Yes, I'm guessing you'll say you use it for both. If your usage is going to be weighed, which side would unbalance the scale? As a tool for spending, it is flexible enough to be carried irrespective of volume and large purchases can be made, just to mention a few. As a tool for saving and a store of value. The value of the saved asset has great potential to appreciate. Which would you rather do?

The current idea around bitcoin is as something for savings or for investment. Many people especially the new people who are seeking a better opportunity in life through their investment in bitcoins. It will be a while before people start considering bitcoins for spending.

Some actions can promote bitcoin as a tool for spending, and the government can actually be a driving force for it.
The government permits the use of bitcoins for payment of services, and more sellers accepting bitcoin and making it known to customers will encourage more persons to start seeing it as tool for spending

[ndutndut]

Bitcoin's acceptance amongst individuals and households is spending like wild fire, because of the various advantages it poses. Now comes the question; would you rather adopt Bitcoin as a tool for spending or saving? Yes, I'm guessing you'll say you use it for both. If your usage is going to be weighed, which side would unbalance the scale? As a tool for spending, it is flexible enough to be carried irrespective of volume and large purchases can be made, just to mention a few. As a tool for saving and a store of value. The value of the saved asset has great potential to appreciate. Which would you rather do?

In some countries Bitcoin can be used for both shopping and saving or investing. Because Bitcoin is a digital currency, both are possible. However, for countries that face regulatory constraints prohibiting Bitcoin purchases, Bitcoin is used as a long term investment asset to protect against inflation.

That is the fundamental advantage of Bitcoin, aside from its sophistication and its uncontrollability. Bitcoin is a digital currency that offers advantages for long term investment and can also be used for transactions in countries that have legalized it. In fact, there is currently talk in various countries about making Bitcoin a national reserve currency, which is certainly a very positive development. It is not impossible that Bitcoin could one day be used for both in all countries.