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

[iBaba]

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The initial idea of bitcoin was for people to send and receive money without relying on banks. But over the years, bitcoin gained value and became more scarce, many people started seeing it more as a store of value than as something to spend regularly. That is basically human nature, when people believe an asset could be worth much more in the future they naturally become reluctant to spend it today. That is why you often hear people talk about stacking stats, holding for the long term and accumulate more bitcoin instead of using it for everyday purchases.
But that doesn’t mean bitcoin is not used for transactions, people still use it and many businesses accept it. It is just that the talk about bitcoin today is heavily influenced by its investment side. Right now, it seems like more people see bitcoin as digital saving than digital cash and honestly I can understand why they think that way

[Y3shot]

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?"

People are only concerned when you spend Bitcoin hodlings because hodling is suppose to yield results,  it is Bitcoin set aside for the future, but you are free to spend Bitcoin if you are not planning it. People still spend Bitcoin just as always. Investors who hodl Bitcoin and decide to sell always feel bad for the decision because they are not doing the right thing . But when you spend Bitcoin that is not for hodling you don't feel bad because the plan is for it to be spent.

[Agathamay]

I think I can remember a post I came across on here when someone said "That volatility, was a way of satoshi rewards to holder" and yes I couldn't agree less because it had given more utility to bitcoin beyond just spending and I also strongly believe the volatile nature of the coin has been what has given it the so much acceptance and recognition it had.

I also want to mention that, people are already spending bitcoin in ways best to them and if holding works best for you, it's fine same as trading and the rest  ways as long as we are making profits and not losses

[Judith87403]

People are only concerned when you spend Bitcoin hodlings because hodling is suppose to yield results,  it is Bitcoin set aside for the future, but you are free to spend Bitcoin if you are not planning it. People still spend Bitcoin just as always. Investors who hodl Bitcoin and decide to sell always feel bad for the decision because they are not doing the right thing . But when you spend Bitcoin that is not for hodling you don't feel bad because the plan is for it to be spent.

Most people has their own reasons how they treat their Bitcoin or how they spend it and that should not be anybody business, as their reasons is best know to them and some might decide to keep saving their Bitcoin, even though the price of it is high because their countries don't accept Bitcoin as a method of payments and also, most banks don't want anything that concerns Bitcoin. That's why majority of people are just saving bitcoin as a store of value and maybe later in future, it can adapt to use as payment.

[MainIbem]

I can't speak for others cause everyone know why they choose Bitcoin however since Bitcoin has become more valuable and has the potential to do better i think more people should be saving with it currently than using it as a payment system, in our nation it should be mainly used as a hedge since we're currently suffering hyper inflation and Bitcoin can be used as a strong hedge against it if held longer. Well it doesn't mean that people don't use it for payment, there a people who shop online with it and entertain themselves with it through gambling.

[Sonia_123]

Yes they do and not only for saving, as long as the person you are transacting business with is a receiving bitcoin transactions are being made to one another and until you experience it that is when you will know that it does exist .

Remember bitcoin is also a store of value, so those persons that sees Bitcoin accumulation and holding for long term in other to make it more valuable are also on the right track of the purpose of achieving the aim of Bitcoin creation.

[Churchillvv]

Just yesterday we made a payment with bitcoin, in a regular gadget shop in port harcourt, that is to say that in real time bitcoin usage is not limited to asset or investment but its digital cash. The usage of bitcoin in areas where you can’t expect it to be used is increasing so bitcoin is not only the asset for savings and investment only it’s also a currency for transactions.

[SPIDERMAN008]

Just yesterday we made a payment with bitcoin, in a regular gadget shop in port harcourt, that is to say that in real time bitcoin usage is not limited to asset or investment but its digital cash. The usage of bitcoin in areas where you can’t expect it to be used is increasing so bitcoin is not only the asset for savings and investment only it’s also a currency for transactions.

It's good to hear that you have made transactions through Bitcoin. It proves that Bitcoin can be used freely and conveniently. And you have practically proven it. Although I have not yet had the luck to buy from a shop where transactions can be made through Bitcoin. Many times they want to offer to pay in Bitcoin but for security reasons I do not do that. Maybe in the future we will see the issue of transactions in all section of Bitcoin.

[Crakryptvest]

People use bitcon for many things and we should know that making payment with Bitcoin will nut be an exception, there are some real life stores that accept Bitcoin or even usdt for their payment although they are also very careful reason best know to them unless you are someone they know they can allow that, there are many vendors online that accept Bitcoin as their mode of payment so bitcon is not only for investment alone, but people prefer hodling Bitcoin than using it for making payments because some people think that it is very valuable to be used for such purpose.

[CryptSafe]

So far Bitcoin has shown it's potentials of appreciating in value overtime hence people tends to hold and keep it as an asset and a store of value. This singular act has spurred the fast adoption and if you observe government purchase it as a national asset and also a store of value because of the potentials of appreciating.
However, irrespective of the fact that it is kept as a store of value, people still trade it and use it for other purposes, some use it to pay for services, some use as a medium of transfer to others or transacting with a faraway relative etc these are just the major function for which Bitcoin was invented and it has been used for such purposes numerous times and counting.

[OmezMac]

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.

Using Bitcoin as payment never dey common for Nigeria like that because na mostly young guys dey use am as payment for now but I believe say in the next 5yrs e go dey very common and no need to save in Bitcoin instead invest in Bitcoin and save in euro or dollars

[Livingleged]

Using Bitcoin as payment never dey common for Nigeria like that because na mostly young guys dey use am as payment for now but I believe say in the next 5yrs e go dey very common and no need to save in Bitcoin instead invest in Bitcoin and save in euro or dollars

I don't get your idea of saving  though  but mine is keeping  something  for later usage  Hence those fait you mention  are actually not the best form of saving because  they are also affected/devalued by inflation even though it's not that obvious  as compared  to other fait currency  like the Naira we are using. the best form of saving  is to still use the  centralized  exchange  and keep some  coins there that can be swapped  in just 2 mins to sort your bill and have a decentralized  system  for longer storage  I.e the investment.

[ejikeme24]

Just yesterday we made a payment with bitcoin, in a regular gadget shop in port harcourt, that is to say that in real time bitcoin usage is not limited to asset or investment but its digital cash. The usage of bitcoin in areas where you can’t expect it to be used is increasing so bitcoin is not only the asset for savings and investment only it’s also a currency for transactions.

I believe that there are places where they accept bitcoin as alternative means of payment but this part I'm staying you hardly find one LoL . the part I'm staying is not developed, a lot of people here doesn't know anything about bitcoin not to talk of using it as an alternative means of payment.

 Of course, the major reason why Bitcoin was created is for online transaction, you know back then when Bitcoin was not created a lot of people was finding it difficult to send money across boarder, not until Bitcoin showed up and then everything became very easy as we can transact with people across without looking for western union. So yeah Bitcoin is not just an assets for investment it also has other important role to play.

[Pi-network314159]

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 that is true, the fact is that Bitcoin is not only created to be used for payment or buying of good, but Also to be used as an asset which functions as a store of value. The asset part of bitcoin is the most important of it, that's why people chose to stack and hold than using it for transaction. Although Bitcoin can be used for transaction but asset part of it is more important because other currency does not appreciate instead depreciate meanwhile Bitcoin appreciate in value over time. So you shouldn't blame them. There are people who used Bitcoin for transaction years back, but are regretting it right now. Like someone who used 1 Bitcoin to gamble around 2010 when it was less than $5 will regret not holding it till date. These are things that make people value Bitcoin as an asset over payment usage.

[Cryptomultiplier]

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 that is true, the fact is that Bitcoin is not only created to be used for payment or buying of good, but Also to be used as an asset which functions as a store of value. The asset part of bitcoin is the most important of it, that's why people chose to stack and hold than using it for transaction. Although Bitcoin can be used for transaction but asset part of it is more important because other currency does not appreciate instead depreciate meanwhile Bitcoin appreciate in value over time. So you shouldn't blame them. There are people who used Bitcoin for transaction years back, but are regretting it right now. Like someone who used 1 Bitcoin to gamble around 2010 when it was less than $5 will regret not holding it till date. These are things that make people value Bitcoin as an asset over payment usage.

At the initial start of Bitcoin and why we celebrate the Bitcoin pizza day celebration was because someone used a very large amount of Bitcoin back then to buy two large Papa Johns pizza, hence the name came to be.
It shows how the value of Bitcoin has grown today and why it earned the name digital gold, because it has more value being stored or hedged against inflation rather than being spent as an everyday currency for payments and transactions.

[PremiumcryptoHub]

It's good to hear that you have made transactions through Bitcoin. It proves that Bitcoin can be used freely and conveniently. And you have practically proven it. Although I have not yet had the luck to buy from a shop where transactions can be made through Bitcoin. Many times they want to offer to pay in Bitcoin but for security reasons I do not do that. Maybe in the future we will see the issue of transactions in all section of Bitcoin.

Bitcoin can certainly be used freely and conveniently, but despite living in this country, I have yet to directly pay for any product in a store with Bitcoin. However, Bitcoin essentially gives us financial freedom, as a result of which we can go to any part of the world and get the benefit of using it if Bitcoin transactions are legal there. So now it is being proven that people in our country are not only using Bitcoin for savings but also for payment because this person has completed the payment with Bitcoin in a regular gadget shop, maybe this is his financial freedom, so it seems that gradually the issue of paying with Bitcoin will spread in this way.

[Mhizlove]

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.

What makes bitcoin so special and unique is that different people use it for different reasons. Some people sees it as an investment, while others uses it for payment and lastly some do values the financial freedom and flexibility that it provides. That flexibility or wide range of use is the part why bitcoin continues to attract users across the world. The more people understand bitcoin's purpose or various uses, the easier it becomes to be appreciated that it's more than just a store of value or long term investment.

[Mr_Brilliant$]

I can't speak for others cause everyone know why they choose Bitcoin however since Bitcoin has become more valuable and has the potential to do better i think more people should be saving with it currently than using it as a payment system, in our nation it should be mainly used as a hedge since we're currently suffering hyper inflation and Bitcoin can be used as a strong hedge against it if held longer. Well it doesn't mean that people don't use it for payment, there a people who shop online with it and entertain themselves with it through gambling.

Yeah, this is so true...  With the way things are looking now, more people are using Bitcoin as a hedge against inflation, as it has proven to be a solid asset for that purpose, so why not?
But like you said, that does not mean people have completely stopped using it for payments. People still use Bitcoin for transactions every day, whether it is shopping online, sending money, gambling, or even paying for services..it just comes down to the people that are involved and what they personally want to use it for..

[Charcol]

Bitcoin is still used as a payment method in many cases. But it is very rare. In most cases, people see Bitcoin as a means of long-term savings. Because Bitcoin has a limited supply and the possibility of increasing purchasing power over time is increasing. However, I do not think that it has failed for payment because most people are holding Bitcoin.

Another thing is that people currently consider Bitcoin to be very valuable. And when people consider an asset to be valuable, they tend to save it.

[Fiasem20]

Investing and making payments with bitcoin are ways an enthusiast could utilize their coin.Mainly,bitcoin was invested as a digital currency that can be used to make payments online but nevertheless this same digital currency that can be used as a medium of exchange online can still be used as an investment vehicle.And today majority of individuals are found holding their bitcoin for the long term,I encourage holding for the long term than making payments with it but I recommend bitcoin for international transactions and lately business owners who are into bitcoin are using it as medium to purchase goods across other countries.The choice is yours,nobody is going to question you for using your bitcoin the way you want it to be used.