Spend your bitcoins, and you still get paid in Bitcoin

[Ucy]

Most people choose Bitcoin as a Store of Value than a Medium of Exchange in order to grow their Bitcoin investment, to afford to buy more things and be inflation proof. Ofcourse, these are the main reasons they choose to use Bitcoin as Store of Value rather than spending them.  How do we convince them to also spend or use it as MoE?
There are several ways to do that but let's focus on one for now:  selling products/services for bitcoins.  If you earn bitcoins in this manner, unlike those who have to convert from fiat or have no other source of income, why don't you spend them aswell, since you'll keeping earning more?


To encourage spending, we need to introduce more ways to earn and also inform already earners to spend part of what they earn. They should have no problem spending bitcoins since they will be earning more. And if spenders are prudent or smart enough, they would be spending their bitcoins on things they can sell for more bitcoins, or things that help them produce more things they can sell for bitcoins.

And ofcourse, we know there are people who really want to spend their bitcoins but no reliable marketplace and fast payment system exist that they can do so easily  This is what we should be seriously working on otherwise we shouldn't blame them too much for not soending

[Josefjix]

Have you thought about those who owns a system or a digital product that accepts Bitcoin for it, have you ever imagine how much they could be generating daily if it's a big firm, and lastly, have you thought how these owners could spend Bitcoin and then get it back again and again?

These dudes are the ones that doesn't care much about using Bitcoin as a store of value but as means of exchange, they keeps on exchange Bitcoin for Fiat and gets it back ten times more than spending and so they diversify many wallets that serves many purposes for it, however they want.

[BIT-BENDER]

Most people choose Bitcoin as a Store of Value than a Medium of Exchange in order to grow their Bitcoin investment, to afford to buy more things and be inflation proof. Ofcourse, these are the main reasons they choose to use Bitcoin as Store of Value rather than spending them.  How do we convince them to also spend or use it as MoE?
There are several ways to do that but let's focus on one for now:  selling products/services for bitcoins.  If you earn bitcoins in this manner, unlike those who have to convert from fiat or have no other source of income, why don't you spend them aswell, since you'll keeping earning more?


To encourage spending, we need to introduce more ways to earn and also inform already earners to spend part of what they earn. They should have no problem spending bitcoins since they will be earning more. And if spenders are prudent or smart enough, they would be spending their bitcoins on things they can sell for more bitcoins, or things that help them produce more things they can sell for bitcoins.

And ofcourse, we know there are people who really want to spend their bitcoins but no reliable marketplace and fast payment system exist that they can do so easily  This is what we should be seriously working on otherwise we shouldn't blame them too much for not soending

Who are the "we" I don't understand what you mean by we should introduce more ways to earn to encourage people to spend Bitcoin, well maybe you hold so political position to create jobs for people to earn in Bitcoin just because you want them to spend it, for me if you are talking to the general forum this your idea isn't realistic because not everyone can create such opportunities and besides there is no shortage of opportunities for people to earn in Bitcoin, those you want to encourage have to be willing to offer services and that requires them to be up and doing.

For me it's more about having more services and market place that have the option for Bitcoin payment, also the government have to make it easy for even local business to be able to start accepting and dealing in Bitcoin. Some people actually want to spend Bitcoin but there are limited spaces for that.

[billal99]

Great topic! I agree with Ucy and Josefjix that spending and earning Bitcoin creates a perfect circular economy. However, as BIT-BENDER noted, this is hard for average people because local adoption is still very limited. We need simpler platforms and more real-world merchants to make this cycle practical for everyone

[Fivestar4everMVP]

And ofcourse, we know there are people who really want to spend their bitcoins but no reliable marketplace and fast payment system exist that they can do so easily  This is what we should be seriously working on otherwise we shouldn't blame them too much for not soending

Bro, maybe you should focus on your own reason for getting into bitcoin and allow other people express their reason for getting into bitcoin too, if you choose to spend your bitcoin for whatever reason, then that's up to you, allow those who choose to hold their bitcoin be, spending or choosing to hold isn't a crime, and bitcoin does not complain.

So however anybody choose to treat their bitcoin shouldn't be your or anyone's business, "Don't teach me how to make love to my wife".

[Alphakilo]

Ever thought that maybe why it's harder to spend Bitcoin is due to government regulations, slow on-chain confirmation times, high mempool fee spikes or because of the force of trust for third parties?

In the future, if Bitcoin is to be spent as fast and easily as fiat, the regulations has to be acceptable, the payment systems needs to be fast and more convenient without ever risking the part of soverignty. Otherwise, it's better kept as an asset of value and hedge against inflation rather than being spent easily for almost any transactions.

[Jegileman]

Do you think what people do with their bitcoin maters? What is more important is that more people are actually keying into bitcoin investment and this has made bitcoin more popular and getting acceptance by the day.  

We all know that the main reason for its invention is to be used as alternative to the fiat currency, but as we have it today, people see it more as an asset than a currency to be used for exchange on the daily basis.

This is Bitcoin for us, but as time goes on, we will get to see how Bitcoin tends to develop into being used as alternative to fiat, this will not happen now, but it’s a gradual process and we will also get their one day.

[Botnake]

Ever thought that maybe why it's harder to spend Bitcoin is due to government regulations, slow on-chain confirmation times, high mempool fee spikes or because of the force of trust for third parties?

In the future, if Bitcoin is to be spent as fast and easily as fiat, the regulations has to be acceptable, the payment systems needs to be fast and more convenient without ever risking the part of soverignty. Otherwise, it's better kept as an asset of value and hedge against inflation rather than being spent easily for almost any transactions.

And the fact that bitcoin is more profitable being hold than spend, people will be more hesitant to spend their bitcoin because it would mean another loss to their future profits. Although bitcoin isn't really intended for hodling alone but it should be eventually spent like fiat, but we can't decide for other people what they will do with their bitcoin. That's the reason why we have this individual privacy, so that we will live with our own individual business.

There's no wrong with your goal or intention, but it probably won't work for everyone.

[ZAINmalik75]

I don't really get what you are trying to say with all this. How is a person selling products or services for Bitcoin are going to earn more bitcoins if they spend what they are earning? It's basically the same thing, earning in fiat and spending it, and then earning more that you can spend. Earning and spending are still going to be the same way even if you are using Bitcoin as the medium. Besides, there is always a risk of a sharp drop in Bitcoin's value that can make things go south, have you thought about that? Because this is one of the reasons why people don't want to use Bitcoin as a medium of exchange.

And, I wonder what's wrong with people not willing to spend bitcoins that they have bought with the intention of holding either as a store of value for them or an investment. There is nothing wrong with that, just because people buy and hold Bitcoin it doesn't mean the blockchain will stop, there won't be any transactions, and the ecosystem will cease to exist, because things will still be normal. As we move into the future, there will be more businesses and merchants willing to accept Bitcoin as a payment, and then more people will automatically start spending their bitcoins if they want, but if they don't, that's also fine.

[Mrbluntzy]

Most people choose Bitcoin as a Store of Value than a Medium of Exchange in order to grow their Bitcoin investment, to afford to buy more things and be inflation proof. Ofcourse, these are the main reasons they choose to use Bitcoin as Store of Value rather than spending them.  How do we convince them to also spend or use it as MoE?
There are several ways to do that but let's focus on one for now:  selling products/services for bitcoins.  If you earn bitcoins in this manner, unlike those who have to convert from fiat or have no other source of income, why don't you spend them aswell, since you'll keeping earning more?


To encourage spending, we need to introduce more ways to earn and also inform already earners to spend part of what they earn. They should have no problem spending bitcoins since they will be earning more. And if spenders are prudent or smart enough, they would be spending their bitcoins on things they can sell for more bitcoins, or things that help them produce more things they can sell for bitcoins.

And ofcourse, we know there are people who really want to spend their bitcoins but no reliable marketplace and fast payment system exist that they can do so easily  This is what we should be seriously working on otherwise we shouldn't blame them too much for not soending

You have already stated the reason why you think most Bitcoiners don't like to spend their bitcoin, and then you go again talking about wanting to convince them to spend bitcoin as money and why is it important to you wanting to convince someone to spend their bitcoin? Does bitcoin feel affected in way as lots of bitcoiners are not spending it but rather holding it for investment purpose?

Speaking about how or ways to earn more, so what is your proposition on the possible ways to earn more bitcoin? The "buying of items that they can sell for more bitcoin" Which you mentioned is not for everyone because it's kinda business related and not everyone have intentions for business.

If there are people who wants to spend bitcoin but don't see a physical business that accepts bitcoin payment in their country, they could still use online stores that accepts bitcoin payment.

[Churchillvv]

In cost of spending bitcoin some feel like there is a version of their life where bitcoins spent would worth something great in future and that keeps them from not spending but i love the idea of selling for ourselves with bitcoin, if only we can build a trust system to know what one another needs and exchange them for bitcoin its a good one, but the whole bitcoin world can't really go with that. I feel like since bitcoin is an alternative lets leave at the alternative position by using it as medium of exchange only when its an option rather mandatory currency. Or maybe we don't have ask for this in future it will naturally progress.

[Franklyn-wood]

Ever thought that maybe why it's harder to spend Bitcoin is due to government regulations, slow on-chain confirmation times, high mempool fee spikes or because of the force of trust for third parties?

In the future, if Bitcoin is to be spent as fast and easily as fiat, the regulations has to be acceptable, the payment systems needs to be fast and more convenient without ever risking the part of soverignty. Otherwise, it's better kept as an asset of value and hedge against inflation rather than being spent easily for almost any transactions.

Investors in Bitcoin have different motives why they don't like to sell there Bitcoin depending on what they where told about Bitcoin .
For a layman who invest in Bitcoin, they will try all possible best not to sell there holding just like a life savings for future purposes with aim that the market price will inflate and at that point more gaine will be accumulated increasing there profits, the taxes attached to spending Bitcoin like our traditional fiat is more expensive and looks like a waste of time, so not everyone will be able to overlook such amount of tax attached to the amount of Bitcoin spend on.

[BitMaxz]

Before, we used Purse.io, which accepted Bitcoin and other crypto to buy products from Amazon, but the site is no longer available.

To some sites and services that I usually use nowadays, before they accepted Bitcoin, but right now it seems they removed most of the crypto and left the USDT to accept, and the only reason I could see is because Bitcoin and other crypto are too volatile for stable businesses like selling subscriptions; they only accept USDT and USDC nowadays.

However, a few local businesses in my country still accept Bitcoin as payment, usually in vacation areas where most customers are tourists, like in El Salvador.

I hope that there's a new business similar to purse.io that mainly accepts Bitcoin as payment.

[sunsilk]

If you earn bitcoins in this manner, unlike those who have to convert from fiat or have no other source of income, why don't you spend them aswell, since you'll keeping earning more?

That is because in sales, you always don't get the same amount from what you're selling. It could be good and better this time but by the next month, it could be like a ghost month in sales.

You know what I mean with that? it's not always good when someone is into a typical business and this is like that. So, keeping some bitcoins from those sales is a must as if you're also saving for the rainy days.

This attitude towards finance is the same for those people who usually gets broke who continue to spend money because they'll have a salary to come.

To encourage spending, we need to introduce more ways to earn and also inform already earners to spend part of what they earn. They should have no problem spending bitcoins since they will be earning more. And if spenders are prudent or smart enough, they would be spending their bitcoins on things they can sell for more bitcoins, or things that help them produce more things they can sell for bitcoins.

Even with that, everyone is free not to follow such encouragement if they like to keep holding. The scarcity of bitcoin makes us all want to hold it.

[As-Soon-As]

Look, you think it's easy to spend with Bitcoin like this but these things must make you think, like Bitcoin has fees for daily expenses and there are government regulations. Then Bitcoin is not legal in every country because of which they are not able to use it openly, in countries where Bitcoin is legal they can use Bitcoin openly and can buy anything with Bitcoin like in El Salvador. They pay their daily expenses through Bitcoin,
but only if these restrictions are ended will Bitcoin be suitable for daily use like fat currency. However, as far as I know, Bitcoin will not be legal in all countries because there are many developed and underdeveloped countries in which it is not possible to legalize Bitcoin at all.
If it is illegal, you will have to be patient for a long time for it to become legal.

[Queentoshi]

Most people choose Bitcoin as a Store of Value than a Medium of Exchange in order to grow their Bitcoin investment, to afford to buy more things and be inflation proof. Ofcourse, these are the main reasons they choose to use Bitcoin as Store of Value rather than spending them.  How do we convince them to also spend or use it as MoE?

Sometimes you do not need to go out of your way to try and convince anybody to use their Bitcoin that they have as a medium of exchange, I believe that over time when things start becoming better for Bitcoin and people start accepting it more You would have more people who shift their culture from just having it as investments to now using it as a medium of exchange and this will influence others who normally see Bitcoin as a store of value rather than something as a medium of exchange to start considering it for use as a medium of exchange. Some people will take longer than others to get convinced to use their Bitcoin for transactions, but it is something that will happen later on in the future from influence as many people have been influenced into investing.

[joniboini]

Some people will take longer than others to get convinced to use their Bitcoin for transactions, but it is something that will happen later on in the future from influence as many people have been influenced into investing.

I can only speak for myself but I started using crypto for payments because it's the only "easy" option to pay stuff that I needs, like VPN and whatnot. They also offers discounts most of the time so I see no reason to switch to fiat even if it's convenience with monthly payment and whatnot. If the number of customers looking for similar services increase, I think they'll also find paying with crypto to be convenient. At the end of the day if the option exist, some people will pick that for various reasons. There's no need to convince others to pay with sats if they need to buy a $5 coupon that cost an extra 15% fee with fiat while crypto offers 10% discount for example.

[Bd officer]

Not everyone can earn Bitcoin, so will those who do not earn Bitcoin buy Bitcoin with fiat currency and exchange goods or services through Bitcoin? And why do those who earn Bitcoin have to spend Bitcoin? People use fiat currency to buy Bitcoin to invest in Bitcoin. Whereas if someone earns BTC, he does not need to separately buy Bitcoin with fiat currency. I am earning BTC on a weekly basis and hodl some part, so I do not need to buy separately.

Personally, I earn Bitcoin and convert it into fiat currency and spend it. But if goods or any services were available through Bitcoin in my country, I would pay with Bitcoin. But in my country, you cannot directly discuss Bitcoin and there is no such marketplace or shopping mall in our country that accepts Bitcoin.

[Darker45]

Yes, you're right that businessmen "have no problem spending" BTC because they're also earning in BTC. That's true. But it's not as if they have much choice. The capital has to roll. You can't just hodl your earnings. Otherwise, your business would cease operating.

But the problem isn't the spending part. It's the volatility part. A couple of months ago, Bitcoin went as low as $62,000. Then September opened, Bitcoin bounced back to $82,000. A couple of weeks later, it corrected to $75,000. Another week passed and the price went as high as $87,000, only to go back to $80,000 3 weeks later.

This is bad for business. Perhaps you're correct as well that "there are people who really want to spend their bitcoins but no reliable marketplace". But which market thrives with such volatile currency?

[Bit-Mj1014]

In cost of spending bitcoin some feel like there is a version of their life where bitcoins spent would worth something great in future

This statement here is the reason why most people don't really like the idea of using there Bitcoin to make a purchase of any kind, especially those that have been in Bitcoin investment for long (6 year or more), they are always thinking about what the future holds for Bitcoin, spending a fraction is like reducing potential profit, but in the end using Bitcoin as a medium of exchange or creating an avenue where it's possible, e.g starting a business of any kind were you accept Bitcoin as payment method, is essential for its growth and global adoption process.