Do people still use Bitcoin to make payments, or is it just for saving now?

[Sammye3]

Bitcoin has always served multiple purpose besides just as saving or investment means. For most online freelancing jobs, payment is being made in BTC and also as cross-border border payment means for goods and services. Bitcoin is widely known as a store of value, hence the focus on that but it's value is not limited to just being a store of value alone; it saves inflation and provides a sort of control that local banks do not provide.

[AYOBA]

I'm not saying Bitcoin is no longer used for payments because there are still very much people and businesses that accept it. But if we're being honest, most of the discussions around Bitcoin today seem to be about holding, stacking sats, and price movements rather than spending it.

Yes off course a lots of business people have accept the Bitcoins, but why you seem it that so many people’s has been holding the Bitcoin instead of them to use it for payments is not that people are not using the Bitcoin for payments is just that they wanted to grow their wealth through Bitcoin; and that’s why they also choose to hold it for long term.

Because if you take look at the money a lots of people do saving for a long period of times without single profits, and whereby the banks can still be remove their own charges for the maintenance; that’s where the Bitcoin has beat the banks their nothing like maintenances fees as far as your can able to hold the Bitcoin you most get returns from it.

[Abu-Naim]

Bitcoin has always served multiple purpose besides just as saving or investment means. For most online freelancing jobs, payment is being made in BTC and also as cross-border border payment means for goods and services. Bitcoin is widely known as a store of value, hence the focus on that but it's value is not limited to just being a store of value alone; it saves inflation and provides a sort of control that local banks do not provide.

It serves different purposes, it is not only for payment services.

To me, I prefer Bitcoin to be used for investment and not for payment of bills because I don’t like the way we will be sending it out instead of saving for long, it is like our digital gold which our olden days parents cherish and use their assets and yet it still valuable, therefore, I will prefer Bitcoin to be used as same, it should invested in for future purposes so that the value will be maintained.

[Asiska02]

Sometimes it feels like people now see Bitcoin more as a place to keep value than as something to use for everyday transactions. Many people buy it, store it, and hope it appreciates over time.

I'm not saying Bitcoin is no longer used for payments because there are still very much people and businesses that accept it. But if we're being honest, most of the discussions around Bitcoin today seem to be about holding, stacking sats, and price movements rather than spending it.

Yes and the reason for that is because people now see it more as an investment tied to a price tag rather than an alternative to the fiat currency. The widespread adoption that we’ve also witnessed from Bitcoin is due to the fact of it being used as an asset rather than a currency for payment. The ultimate goal of it from Satoshi Nakamoto was that Bitcoin is being utilized and traded more which is what we’re witnessing now.

Accepting bitcoin as a means of payment is the primary aim of the project initially, and using it as an alternative to the fiat currency while the secondary option whom have also drive widespread adoption cannot be disregarded, it has been a source of Bitcoin growth to what it has become today. Bitcoin for payment is going to be a gradual process before it is fully actualized but as long as Bitcoin remains stable growing, it will be a matter of time before we get to see it turn into a currency for day to day transactions rather than it remaining an asset for investment only.

[Felicity_Tide]

~snip

I'm not saying Bitcoin is no longer used for payments because there are still very much people and businesses that accept it. But if we're being honest, most of the discussions around Bitcoin today seem to be about holding, stacking sats, and price movements rather than spending it.

Well, your observations are quite correct, and it is what it is.
But it doesn't change the fact that it is still globally recognized, even though there is a standing question mark on it's acceptance. I think there are actually a decent number of users that still uses it as payment system, most especially for online payments, but the majority tend to appreciate it as a better store of value for long term. Imo, it's still a win-win for everyone and Bitcoin.

[Realwhot]

It has gone from being seen mostly as a digital cash to being viewed as digital property or asset over a period of time mainly because of its  scarcity and ability to retain its value long term. If something is expected to increase in value over a long period of time then people will naturally tend to save more and spend less. It is amusing in a sense that thousands of Bitcoins were spent on petty items by people at the beginning of the Bitcoin story due to viewing it as cash and now  it is not spent on even a dollar  worth of items by most people today because they now view it as investment

[Sarah Jordan]

Sure people sees bitcoin more as an asset rather spending.

Everyone wants something that will double in profits. And that's what bitcoin gives. It's still doesn't mean people do not spend cash using bitcoin. They still do. But it's more stocking than spending. More so, it depends on sellers who accepts BTC payments or not. Cause I think there are people who would want to pay through BTC.

[Webutxo]

Sometimes it feels like people now see Bitcoin more as a place to keep value than as something to use for everyday transactions. Many people buy it, store it, and hope it appreciates over time.

I'm not saying Bitcoin is no longer used for payments because there are still very much people and businesses that accept it. But if we're being honest, most of the discussions around Bitcoin today seem to be about holding, stacking sats, and price movements rather than spending it.

This is not sometimes, it's most times. People see Bitcoin as asset that appreciate in value over time, in Nigeria people use it to received payments than they used it to send because we have many Nigerians that are into freelancing and do some gigs as remote jobs. They get paid in Bitcoin and some avoid tax with wire transfer and get paid without paying any money to bank transfers and sometimes bank transfer take days before they get to destination.

Bitcoin payment is scarce but we have some vendors that accept Bitcoin as payment for their service. They don't need to worry about bank charges or bank have to worry about you receiving transaction. You can receive Bitcoin as payment and the earth will remain the same but immediately you receive payments to your bank, the first thing banks does is to charge you before touching the money, these are disadvantages of banks but they still use banks over Bitcoin.

[icebar]

I'm not saying Bitcoin is no longer used for payments because there are still very much people and businesses that accept it. But if we're being honest, most of the discussions around Bitcoin today seem to be about holding, stacking sats, and price movements rather than spending it.

A Bitcoin user can use Bitcoin in any way he wants. When Bitcoin was first introduced, people considered Bitcoin as a medium of exchange, but over time, as people learned more about it, they became more interested in it. The common people know very well that if they deposit Bitcoin, it can increase their investment several times in the future. Since the acceptance of Bitcoin has increased worldwide, its demand will also increase.

People used to deposit money in banks earlier but now they know that due to inflation, the value of that money will decrease, but if they can deposit Bitcoin, then they will be able to maintain the value of their money as well as get several times more returns from their assets in the future. Even those who have long-term plans can fulfill their big dreams by holding Bitcoin. In addition to the advantages of using Bitcoin, many experts are considering it as an option to maintain the value of assets.

[Big Dirams]

Sure people sees bitcoin more as an asset rather spending.

Everyone wants something that will double in profits. And that's what bitcoin gives. It's still doesn't mean people do not spend cash using bitcoin. They still do. But it's more stocking than spending. More so, it depends on sellers who accepts BTC payments or not. Cause I think there are people who would want to pay through BTC.

Many people focus on building their future goals with bitcoin instead of spending it they prefer to hold for longer period of time to fetch them more profits but there are still some users that accept bitcoin as payment for any kind of service and also there many users that uses some of their bitcoin as a payment method.
Bitcoin offers many variety just depends on the holder’s preferences either holding it or using it as a payment method.
But holding it for future purposes and goals is what I prioritize much, I don’t use my bitcoin as a form of payment method instead I use fiat currency or maybe stable coins. 

[BluebloodCXVI]

Lately, I've been thinking about it. When Bitcoin was created, one of the main ideas was for people to use it as money. That was it.  You send and receive payments without depending on banks or other third parties.

But these days, most Bitcoin holders I come across seem more interested in accumulating and holding than actually spending it. In fact, whenever someone says they used Bitcoin to buy something, the first thing you hear is, "Why spend it now when the price could be higher in the future?"

Sometimes it feels like people now see Bitcoin more as a place to keep value than as something to use for everyday transactions. Many people buy it, store it, and hope it appreciates over time.

I'm not saying Bitcoin is no longer used for payments because there are still very much people and businesses that accept it. But if we're being honest, most of the discussions around Bitcoin today seem to be about holding, stacking sats, and price movements rather than spending it.

Well for a currency like Bitcoin that has a good tendency of appreciating in value over time, I don’t think it should be a suprise if people decide to store it instead of spending it, it’s what any rational human being would do and if you think of it well too, it actually makes sense because c’mon i mean, why would i wanna spend my bitcoin now when i know that there’s a high chance it could be worth more in value in the long run?.
IMO, even though bitcoin can be used to make purchases in some cases, i don’t think it’s a good idea to be using it for everyday transactions especially in the current form that Bitcoin is now and i say this because there are certain factors like transaction fees, volatility e.t.c, that make bitcoin to be inefficient for making daily petty transactions compared to alternatives options like cash and traditional bank transfers.

[gracreavix]

Does Bitcoin has limit in which it can be used? No it doesn’t. It can both be used for Savings and payment, for payment it depends on the buyer and seller of the product or goods been purchased.  I’ve been to place were the sellers do accept Bitcoin, Becaue they understand and are fully involve with Bitcoin.
But still with the look of things, Bitcion is now used as savings / investment than transactions, and the reason is because, it isn’t yet publicly accepted by every one, and even some countries have little or lot of restrictions on digital currencies like Bitcoin.

[New Judgement]

People are still spending bitcoin as payment options, why it looks like you are seeing mostly talks about holding is because that’s what is mostly available to us in this part of the world, as bitcoin is not a legal tender in this country. Most businesses in this country don’t accept bitcoin yet, because the government hasn’t made it a legal tender. Go to places where bitcoin is recognized as legal tender, you will see more people using it for transactions.

[Out of mind]

Bitcoin was originally created as a peer-to-peer digital cash system. However, many businesses and online stores still accept Bitcoin as their payment method, especially when we look at El Salvador. However, nowadays, people tend to store Bitcoin rather than transacting it, mainly as an asset for their future. Everyone knows that Bitcoin is an independent currency, so everyone thinks about the future by storing it, so there is not much interest in transacting. People transact small amounts of money, but most people plan to hold onto their Bitcoins rather than sell them. People currently prefer Bitcoin for savings and investments, and they see Bitcoin as digital gold that will give everyone financial freedom in the future.

[Coyster]

Bitcoin was originally created as a peer-to-peer digital cash system. However, many businesses and online stores still accept Bitcoin as their payment method, especially when we look at El Salvador.

El Savador is not a great example when you are talking about people spending bitcoin. I know that bitcoin used to be a legal tender before that law was rescinded, but even when it was law, people hardly spent or used bitcoin, a lot of citizens in El Salvador did not even understand what exactly bitcoin was. The government gave out free bitcoins worth $30 to people who downloaded Chivo wallet, and that action erroneously inflated the number of people who "use" bitcoin, meanwhile most of them never used bitcoin after they moved the $30.

People are still spending bitcoin as payment options, why it looks like you are seeing mostly talks about holding is because that’s what is mostly available to us in this part of the world, as bitcoin is not a legal tender in this country. Most businesses in this country don’t accept bitcoin yet, because the government hasn’t made it a legal tender. Go to places where bitcoin is recognized as legal tender, you will see more people using it for transactions.

Right now, bitcoin is not a legal tender in any country in the world. And as far as bitcoin is not banned in a country, people can spend it and merchants can accept it too, it does not have to be a legal tender for that to happen. But right now there are not too many merchants who would be willing to accept bitcoin.

[Kelward]

There are some Bitcoin holders wey no go mind to spend some of their Bitcoin but the problem be say almost all the businesses no de accept an so even if you get di intentions of spending your Bitcoin e no too de possible. Clearly majority of di people wey de buy Bitcoin na for investment matters unto say Bitcoin don become a store of value and e don prove say if you hold am for many years e go give you ROI.

For making payments naira de faster and cheaper because bank transfer charges de very small compared to Bitcoin and another matter be say Bitcoin de volatile, if you want to spend am within a short period di value fit to dip for your hand. Hopefully in di future wey Bitcoin adoption don reach everywhere and small business owners start to de accept am na dat time many holders go de encouraged to de spend am. For now make we de buy and hodl patiently for profit matter.

[Btcdeybodi]

I and many other people are using bitcoin to store our money because it is profitable in the long term but that does not mean that we don't have intention of using it as a means of payment in the future. Bitcoin has not gotten widespread adoption and the percentage of people who has adopted bitcoin is very low and many businesses don't have the options of making payments with bitcoins. A time will come when volatility will begin to slow and many people all over the world will start using bitcoin to make payments.

[Crytohillss]

Bitcoin was originally created as a peer-to-peer digital cash system. However, many businesses and online stores still accept Bitcoin as their payment method, especially when we look at El Salvador. However, nowadays, people tend to store Bitcoin rather than transacting it, mainly as an asset for their future. Everyone knows that Bitcoin is an independent currency, so everyone thinks about the future by storing it, so there is not much interest in transacting. People transact small amounts of money, but most people plan to hold onto their Bitcoins rather than sell them. People currently prefer Bitcoin for savings and investments, and they see Bitcoin as digital gold that will give everyone financial freedom in the future.

Absolutely that's a good point, especially about how the usage case has shifted over the year. Bitcoin was created as a payment system first but the store of value and the narrative  I think the volatility has played a big role in that shift also , if the price swings some persons natural hesitate to spend it and prefer to hold instead that kind of reinforces the digital gold mindset.

[Odohu]

I and many other people are using bitcoin to store our money because it is profitable in the long term but that does not mean that we don't have intention of using it as a means of payment in the future. Bitcoin has not gotten widespread adoption and the percentage of people who has adopted bitcoin is very low and many businesses don't have the options of making payments with bitcoins. A time will come when volatility will begin to slow and many people all over the world will start using bitcoin to make payments.

Perhaps you learnt about Bitcoin when the FX restrictions have been lifted whoch is why you have not seen the need to use Bitcoin for payments for goods and services. There was a time making payment across the borders was nearly impossible in Nigeria except for few things that are government's priority list. That happens to be the time I learnt about Bitcoin as a wonderful alternative and I was able to use Bitcoin to make payment for a lot of things I was doing across the borders and I cherish those moments because the joy that came with them is unparalleled.  Bitcoin made us laugh at the government who thought they were fully in control of the foreign exchange market whereas they never knew that people were still doing their things without passing through them. Even now a lot of people still make payments with Bitcoin.
 

[Dogedegen]

Lately, I've been thinking about it. When Bitcoin was created, one of the main ideas was for people to use it as money. That was it.  You send and receive payments without depending on banks or other third parties.

But these days, most Bitcoin holders I come across seem more interested in accumulating and holding than actually spending it. In fact, whenever someone says they used Bitcoin to buy something, the first thing you hear is, "Why spend it now when the price could be higher in the future?"

This is a comment made by people who don't even understand anything, so why would you bother yourself thinking about such people? You can buy back the moment you spend it, you can buy back tomorrow, if you have fiat on an exchange it takes less than 1 minute of time. That I have to or that I want to buy Bitcoin again after I spend some is not a problem at all because it is so easy, it is much harder to find places to spend Bitcoin.

I'm not saying Bitcoin is no longer used for payments because there are still very much people and businesses that accept it. But if we're being honest, most of the discussions around Bitcoin today seem to be about holding, stacking sats, and price movements rather than spending it.

Why would people talk about spending Bitcoin if they are doing it and have been doing it for a while? Bitcoin has never been as accepted as it is now, and there are different groups all over the world working on expanding adoption so what is there to talk about? Sometimes you can find a specific thread or someone writing a small review of how they spent Bitcoin somewhere but that is it, most people will not do it for two reasons. One is people who are not doing it for any reason, they don't want to or there is nowhere to do it. The other is that people are doing it but it is simply a normal thing that they do not write about it. Do you write a post telling others how you have made a Bitcoin transaction to your friend? Maybe you did that when you used it for the first time because you were amazed by what it can do, but you won't do that for the transaction number 100 or 1000 because it became normal. I love spending Bitcoin, if I find a place by accident that accepts it then I always do it.