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

[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.

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.

If you live in the city of port harcourt, you can be referred to garrison some trusted gadget merchants there accept bitcoin, its instant and of course they use CEX, so they have no big fear of scam as long as they confirm before you leave with the purchase goods, so it’s an everyday experience over here, I personally visit this gadgets shop frequently because I deal with gadgets so, you can try to explore with a few things in mind to purchase then ask to pay in bitcoin and see for yourself that bitcoin has grown beyond digital asset here in the country to a currency which it is.

[Showlove01]

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.

you seems to sound as if you do not know how valuable bitoin has become now, back then when people were using it like you said the value was nothing compared to now. i do not know if you can sell your bitcoin simply because you want to purchase something when you have fiat with you, isn't that a waste of time i mean login to your wallet and send bitcoin to someone and most of the people with compromised wallet was due to this, there are people who are so good that if they are close you where you are accessing your wallet they can easily hack it or clone it and gain access to do whatever they like, so i think it is very risky to showcase our wallet when there is bitcoin inside unless you want to show off as most persons will always do and later you will heard such person was kidnapped or they wipe out everything in such person's wallet so it is safe and wise we keep it cool because it is a great asset that you cannot afford to let go...

[Grace333]

Same question has been going through my mind as well but I just decided it's non of my business what people decide to do with their bitcoin. Because I mean it's their money so they have the full authority to do whatever they want to do with their bitcoin. Considering how some of these whales are constantly buying huge sum with the intention of holding for long term it's a sign that bitcoin isn't done with all the up trends. However this only can influence more people to focus more on holding than using bitcoin for transactions except cases where they need it for privacy and anonymity.

[Proty]

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.

you seems to sound as if you do not know how valuable bitoin has become now, back then when people were using it like you said the value was nothing compared to now. i do not know if you can sell your bitcoin simply because you want to purchase something when you have fiat with you, isn't that a waste of time i mean login to your wallet and send bitcoin to someone and most of the people with compromised wallet was due to this, there are people who are so good that if they are close you where you are accessing your wallet they can easily hack it or clone it and gain access to do whatever they like, so i think it is very risky to showcase our wallet when there is bitcoin inside unless you want to show off as most persons will always do and later you will heard such person was kidnapped or they wipe out everything in such person's wallet so it is safe and wise we keep it cool because it is a great asset that you cannot afford to let go...

It is possible for someone especially those that used money for there expenses to invest in bitcoin to sell when they are in need. Those that invested in bitcoin using discretionary income won't find themselves in a situation were they have to sell there bitcoin in other to attend to there needs. Also another thing that can push an investor into selling there bitcoin before the plan date is lack of emergency funds .

[Big Dirams]

Same question has been going through my mind as well but I just decided it's non of my business what people decide to do with their bitcoin. Because I mean it's their money so they have the full authority to do whatever they want to do with their bitcoin. Considering how some of these whales are constantly buying huge sum with the intention of holding for long term it's a sign that bitcoin isn't done with all the up trends. However this only can influence more people to focus more on holding than using bitcoin for transactions except cases where they need it for privacy and anonymity.

That correct we can’t decide for people what to do with their bitcoin or how to use it, it just left for them to decide themselves. It all just personal choice either we use it to make transactions or we see it as a future securing assets. Bitcoin main purpose is quite different but it benefits right now is so much than at times many of us forget the main sole priority of it.
 Either we invest and hold for long period of time or we decide to use it as a form of transaction either for anonymity or any other reason it all just our funds. But it advisable to have an amount of bitcoin and hold for future purposes and future benefits.

[Somto9Light]

It is possible for someone especially those that used money for there expenses to invest in bitcoin to sell when they are in need. Those that invested in bitcoin using discretionary income won't find themselves in a situation were they have to sell there bitcoin in other to attend to there needs. Also another thing that can push an investor into selling there bitcoin before the plan date is lack of emergency funds .

Leaving your money in bitcoin with the intentions of going back there whenever you have financial needs would be a very bad idea. Bitcoin is a very volatile asset, especially during the short term, which makes it very dangerous to hold for the short term. Imagine leaving $1k in bitcoin like a few months ago, and then all of a sudden bitcoin drops this way and you’re seeing just $600 or even lesser in your portfolio, and at the same time, a need of $700 arises and then you had to withdraw what’s left of your $1k, despite being in a heavy loss, which would still even not be enough to sort the need that came up. The worse decision ever.

[Dogedegen]

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.

I would not call it it very rare. It may be low in percentage of the current Bitcoin users, but that does not make an activity very rare. There are plenty of Bitcoin users and communities where Bitcoin is widely accepted, but you will not hear these people talking so much about it online maybe only initially. If you love doing this and do it frequently then it becomes normal for you and you won't report on it as something unusual. I don't think I have ever posted online when I made some payments of this kind but privately I am quite excited when I find a place that accepts Bitcoin. Another aspect about it is that you lose the anonymity of the transaction if you report on it in public. So when you pay with Bitcoin it can be similar to a cash payment, but if you talk about it online you lose these benefits and I am sure that people who enjoy these benefits do not want that.

Even less is the case for online payments for some services like VPNs. Why would I write about it to others? I pay it always this way.

[Bitcoin.com97]

I think Bitcoin has different purpose,so everyone chose how to go about it ,many has seen how the values increases and chose to accumulate to save up for the future,while in other places many still uses it to make payments,so it's just individual preference, you can't tell anyone how to make use of it ,weather to use it for daily purchases or to store for the future, everyone knows how and when they need it ,it's a matter of choice .

[AGogi2003]

Everyone knows what is going well for them most, but with how am seeing many people have know more value of bitcoin and that is why you can see they are all focused on investing in bitcoin and trading because they are getting more profits so is only few that make transactions with bitcoin now most are all investors they are into bitcoin investment and if you understand bitcoin better you can get more experience and do what works for you better. As for me I focus more in investing for long term because that is what will favour me pass when dealing with bitcoin. Nothing always comes easy but when you put mind and belief you can think deeply and do what works for you well.

[Davidvictorson]

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.

In Nigeria bitcoin is mostly for accumulation. We are not at the stage where it can be used for payments just as we do with fiat at the grocery store. We haven’t even gotten to the phase where there can be bitcoin ATMs.
The best financial advice is to save your bitcoins and if you can, convert your fiat to bitcoin as well to save your value of your wealth if you cannot buy assets that appreciate in value with it.

[DiMarxist]

Everyone knows what is going well for them most, but with how am seeing many people have know more value of bitcoin and that is why you can see they are all focused on investing in bitcoin and trading because they are getting more profits so is only few that make transactions with bitcoin now most are all investors they are into bitcoin investment and if you understand bitcoin better you can get more experience and do what works for you better. As for me I focus more in investing for long term because that is what will favour me pass when dealing with bitcoin. Nothing always comes easy but when you put mind and belief you can think deeply and do what works for you well.

The will of making profit both on the long run and the short term is the main reason why most people now, prioritize the use accumulation of Bitcoin more than when it comes to spending it.Bitcoin has become one asset that has become so valuable that spending it anyhow such as buying of goods and services is like wasting it to many. But the main reason why Bitcoin was created was actually for it to be spent as a digital currency that will be used for payments of transactions.

[Smartvirus]

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.

In Nigeria bitcoin is mostly for accumulation. We are not at the stage where it can be used for payments just as we do with fiat at the grocery store. We haven’t even gotten to the phase where there can be bitcoin ATMs.

E go Dey worthy of note say, Bitcoin never really stray off course from watin Satoshi Nakamoto being intend for the currency. It is still a currency but, watin we gats know be say, projects Dey come in phases and as e be for Bitcoin now, e never attain enough value to serve on a global scale as a currency. Given how limited the volume or quantity be, e go make sense say the least sat for Bitcoin fit get better purchasing power at the hands of whoever and until such a time comes, e go better to to hodl and allow your hodling amass value.

There would still be those that would want to spend it as currency but, watin you go do when you no get where to spend am! So hodling is the best thing anybody go do for themselves.

[Uhwuchukwu53]

I stand to be corrected despite not presenting facts but looking at the trajectory of event now many focuses more in accumulating and saving more than spending Bitcoin, secondly payment in Bitcoin depends on the market to which individual is purchasing as well base on their acceptance of Bitcoin as means of payment, area where Bitcoin is not acceptable as medium of payment such market will be difficult for purchaser make payment with Bitcoin. Despite not being adopted fully in my nation I know few person who may even prefer payment or transaction in Bitcoin during payment than our bank note it a gradual process over here depending on the knowledge among the people, while many look forward to accumulate due to smaller fraction they are in possession coursing them some limitations of not making payment with it during purchase.

[Adams0001]

In Nigeria bitcoin is mostly for accumulation. We are not at the stage where it can be used for payments just as we do with fiat at the grocery store. We haven’t even gotten to the phase where there can be bitcoin ATMs.
The best financial advice is to save your bitcoins and if you can, convert your fiat to bitcoin as well to save your value of your wealth if you cannot buy assets that appreciate in value with it.

We always chase what will bring more money and many people understand bitcoin because of the benefits and we all like to invest and trade so that we can get better returns we don’t make transactions with it the way we’re doing with fiat. We all used it as investment for long term anytime we want to make transactions we always used our fiat currency we prefer using that in the country but when he comes to investment we always choose bitcoin more then any other things so bitcoin is always good for Nigeria in terms of of investment. I can says is just few people you can SE her making much payment with bitcoin everyone is more focused on investment.

[Amababy_chim]

Bitcoin is a store of value, and this is what long term investors operate on by holding for long rather than selling consistently as the market price fluctuate, but buying more and adding to their current asset. This does not mean they will not use it anymore as a means of exchange, Long term investors has target and until they meet up with the target they remain unwavering to trading like the short term investors who does not have target but operate just how the market turns. Nevertheless, there are people who still uses Bitcoin for transactions but the problem is; not everyone accepts Bitcoin, it's just few and majority are not into business that requires this kind of tractions as we have more Bitcoin holders who are not in such business.

[Emjay24]

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.

People use Bitcoin for different reasons, some use it as a means of preserving value of their funds, others use it as a secure and permissionless means of transaction, but personally, I don't transact with Bitcoin. I see it as an investment medium and so funds I've in Bitcoin is for the long-term. I still know lots of people use it as a payment medium like signature campaign payments and other companies who pay in crypto, so it's still very much in use as a payment option, at least that accounts a good quantity to the volume of transactions on the mempool