Spend your bitcoins, and you still get paid in Bitcoin

[bhadz]

I will not blame someone for how they want to spend their bitcoins. They want to hold it? No blame. They want to use it and buy themselves a nice things, good. They have worked hard to buy those bitcoins, and they can do whatever they want with it. But most of us just want to hold it, and that shouldn't be an issue. I won't gaslight people who either spend or hold it because I am doing the latter these days. I am accumulating more so that I can hold and have something to sell when the bull run comes and that's my way of spending it. We can hold a lot and spend some and there's no need to feel regret whatever you decide for.

[taufik123]

I will not blame someone for how they want to spend their bitcoins. They want to hold it? No blame. They want to use it and buy themselves a nice things, good. They have worked hard to buy those bitcoins, and they can do whatever they want with it. But most of us just want to hold it, and that shouldn't be an issue. I won't gaslight people who either spend or hold it because I am doing the latter these days. I am accumulating more so that I can hold and have something to sell when the bull run comes and that's my way of spending it. We can hold a lot and spend some and there's no need to feel regret whatever you decide for.

If we look at Bitcoin's original purpose was to replace traditional payments that existed from the beginning that lacked powerful technology, Bitcoin was indeed designed for a payment instrument with more sophisticated, more transparent and of course decentralized technology.
But all of that has now turned into Bitcoin as a long-term investment for community trading, this is also because of the regulations that are applied to each country that govern all the rules about the use of Bitcoin.

So when someone spends their Bitcoin on something they want to have, it's a thing that doesn't violate Bitcoin's initial rules, it's a goal that's actually achieved at the moment.

[BABY SHOES]

I understand that there are limited merchants accepting bitcoin, and that some government still discourage their people from using bitcoin but stick to fiat instead. However, I don't think this is the main reason why people are not spending their bitcoin.

Only a few shops or merchants accept Bitcoin, it is only limited to certain goods that not many people are looking for... conclusion currently many people do not spend using bitcoin because of limitations including the legality of the government itself.

Reality is, why do they have to spend it when they can make better profits from holding it longer and only sell when the price turns impressive. Spending their current amount of bitcoin would mean losing some profit opportunities. There is undeniable price growth for bitcoin, and that's the very main concern of the people. They prefer to spend their fiat instead as its value keep depreciating anyway.

This can be a definite reason... for example, gambling using bitcoin feels less profitable because this asset is better to hold in the long term than shopping or depositing into a casino, while there is still fiat for options I think it is in use now.
Bitcoin is only taking long-term profits for me... I'm going to use fiat instead.

[lombok]

I will not blame someone for how they want to spend their bitcoins. They want to hold it? No blame. They want to use it and buy themselves a nice things, good. They have worked hard to buy those bitcoins, and they can do whatever they want with it. But most of us just want to hold it, and that shouldn't be an issue. I won't gaslight people who either spend or hold it because I am doing the latter these days. I am accumulating more so that I can hold and have something to sell when the bull run comes and that's my way of spending it. We can hold a lot and spend some and there's no need to feel regret whatever you decide for.

Being able to control your crypto coin is totally yours without the least bit of regret. Deciding to withdraw your balance in order to enjoy the rewards of your effort is totally your right and should be respected. Having your coins as a mean of preserving money is just as important as using them to have fun.

Having strategy of holding coins is completely sane in terms of increasing your finances in the event of price increases. Splitting your savings through withdrawal has been shown to lower the psychological effect on you when transacting. You will always have total control over how your finance work out.

[JiiBs]

If we look at Bitcoin's original purpose was to replace traditional payments that existed from the beginning that lacked powerful technology, Bitcoin was indeed designed for a payment instrument with more sophisticated, more transparent and of course decentralized technology.
But all of that has now turned into Bitcoin as a long-term investment for community trading, this is also because of the regulations that are applied to each country that govern all the rules about the use of Bitcoin.

Was it or has it really being about replacing it?

Isn’t more about providing a more useful alternative rather than replace?

That’s the way I’ve always tried to see it as, I don't see a government or any government that would give up on their traditional fiat currency for Bitcoin. Traditional fiat currencies would always count as a security since, it is backed by the government, recognized and accepted while, Bitcoin perhaps someday might attain that generality but it counting as a security would always be in doubt to some.

[taufik123]

Was it or has it really being about replacing it?

Isn’t more about providing a more useful alternative rather than replace?

Not about replacing in the true sense, but in the Bitcoin Whitepaper explanation, it reads about "without going through financial institutions and replacing the trust system" not to replace or eliminate the banks or Fiat currencies that are currently in use.
And it's also about the freedom of ownership because the concept of peer to peer does provide a goal for full options aimed at the user himself.

And as time goes by and technology develops, Bitcoin is now turning into a Global Reverse Asset or Digital GOLD and also as a cross-border payment and becoming a Complementary Asset by becoming an institutional investment instrument with ETF products.

Source:
https://bitcoin.org/bitcoin.pdf
https://www.mdpi.com/2227-7099/13/12/357

[Rengga Jati]

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?

The issue lies in regulations in some countries that prohibit the use of Bitcoin as a medium of exchange. This may differ in other nations. Still, we can be grateful that Bitcoin is at least recognized as an investment asset and is also permitted for trading. This is completely legal. That said, the idea you proposed actually makes sense, though some people might prefer different strategies to acquire more Bitcoin.

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?

Personally, I currently choose to hold and store more Bitcoin rather than just using it for trading in the crypto market, especially since it’s not really feasible to use it as a means of payment. Regardless, we each have our own strategies for generating profit. We know what works best for us to earn greater returns and accumulate more Bitcoin.

[bhadz]

I will not blame someone for how they want to spend their bitcoins. They want to hold it? No blame. They want to use it and buy themselves a nice things, good. They have worked hard to buy those bitcoins, and they can do whatever they want with it. But most of us just want to hold it, and that shouldn't be an issue. I won't gaslight people who either spend or hold it because I am doing the latter these days. I am accumulating more so that I can hold and have something to sell when the bull run comes and that's my way of spending it. We can hold a lot and spend some and there's no need to feel regret whatever you decide for.

If we look at Bitcoin's original purpose was to replace traditional payments that existed from the beginning that lacked powerful technology, Bitcoin was indeed designed for a payment instrument with more sophisticated, more transparent and of course decentralized technology.
But all of that has now turned into Bitcoin as a long-term investment for community trading, this is also because of the regulations that are applied to each country that govern all the rules about the use of Bitcoin.

So when someone spends their Bitcoin on something they want to have, it's a thing that doesn't violate Bitcoin's initial rules, it's a goal that's actually achieved at the moment.

Yes, that doesn't violate the purpose of bitcoin and it doesn't have any rule that we should spend it. And that's why I will not say anything or blame someone whatever they do with it. We already have seen how it's being utilized for different use, as a store of value or an asset and then as a means of medium. All of it works in the same way as is, and there is no need to redirect them on how it should be used.

Having strategy of holding coins is completely sane in terms of increasing your finances in the event of price increases. Splitting your savings through withdrawal has been shown to lower the psychological effect on you when transacting. You will always have total control over how your finance work out.

There's no need to be specific about a strategy for holding because it's as simple as it is.

[drangos]

I think it is only half the problem that merchants aren't adopting. When a company does accept Bitcoin. Customers might not be inclined to make transactions if they believe its value will go up. One good way to do this is to allow them to save some of their income and spend some of it. The Lightning Network can also enable faster. And cheaper transactions for smaller amounts of money when compared to numerous on chain transactions. But convenience is not the answer to all problems  merchants must have a reliable payment solution and customers must have sufficient places to use Bitcoin for legit purposes. The adoption rate will most likely rise more organically when it becomes convenient to spend coins  not when people are forced to spend coins.

[Alonso_]

I will not blame someone for how they want to spend their bitcoins. They want to hold it? No blame. They want to use it and buy themselves a nice things, good. They have worked hard to buy those bitcoins, and they can do whatever they want with it. But most of us just want to hold it, and that shouldn't be an issue. I won't gaslight people who either spend or hold it because I am doing the latter these days. I am accumulating more so that I can hold and have something to sell when the bull run comes and that's my way of spending it. We can hold a lot and spend some and there's no need to feel regret whatever you decide for.

That is true everyone have a decision to make concerning how they want to use their Bitcoin, personally I will prefer a situation where I can hold my Bitcoin for a long time as a store of value, why people are holding Bitcoin as a store of value is because they want to make one profit or the other on their Bitcoin investment which I think it’s a good way of approaching bitcoin for the long term benefit and gains. There are people who also get involved and in buying and spending bitcoin which I think it’s also a good process and thinking ahead of time on how to strategize their investment plans to also have a desired outcome for the long term. The plans is always to buy and accumulate bitcoin for a long term which will also enable us have profits when the market starts growing and probably when you’ve gotten to our 1-2 circles then we can decide to sell our profit.

[Ever-young]

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?

I find this interesting I mean you brought a good idea with detailed explanations and aswell still managing length I must commend this. But one thing I appreciate soo much is the fact that you clearly stated at the beginning of the paragraph “ some utilize bitcoin as a medium of exchange and some as a store of value.

I believe every one has a strategic plan for bitcoin on this space, for those you wants to use it as a medium of exchange there are many mediums just like you have stated one already, but one thing i know is that however you want to sugarcoat it, its still same as trading your bitcoin for other items, and as long as you’re not at the other hand giving out an item to receive Btc in return, to make it transactional, I’m not seeing the plan working out positively

For me, it’ll remain a store of value. So when the topic is about how to store and secure, I’ll give a detailed breakdown.
But nevertheless everyone should follow theirs plans and let every shift be calculative

[taufik123]

-snip-
We already have seen how it's being utilized for different use, as a store of value or an asset and then as a means of medium. All of it works in the same way as is, and there is no need to redirect them on how it should be used.

And that's why Bitcoin is decentralized, not regulated by anyone, without being controlled by a single central authority such as a bank or government.

Whether you want to spend it or want to make it a long-term investment is a personal right,
this is like having your own bank that you can manage as you want without third party intervention on the condition of using a non-custodial/self-custody wallet.

[YellowSwap]

Sorry but many people will say no to this, especially the average ones who want to hold their Bitcoin for long term reasons, I think your advice is best for

1. People who can get their salary paid out in BTC
2. People who are merchants in their businesses, they can decide to start accepting Bitcoin as means of payment.

It's not everyone that can earn back in Bitcoin, most people don't do it and some tried it and they ended up losing their Bitcoin, I am talking about the DeFi BTC and the loan projects for BTC.

Many people will be fine living without earning Bitcoin back one way or the other, and it still won't stop Bitcoin adoption.

[Zigabel]

And of course, 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

This is a Brilliant Idea, if implemented vastly, it may have its own positive impact on the adoption of Bitcoin in a way too, But just like you have rightly said, the challenge of more faster and reliable payment processors will and still is one of the biggest challenge we will be having with this, and mind you, Bitcoin is in limited supply, so if it should be used vastly as an every day means of payment, it may get even more expensive not everyone will be able to use it since they cant afford it, although it isn't a significant challenge enough, but just taught to mention it. As for market places, there are some out there where you can spend your Bitcoin, there are countries where it is considered a legal tender, it is accepted in stores across such countries and there ae also establishments where they consider it as a payment option, with such establishment, you can go ahead to making your payment in Bitcoin.

[NewRevelation]

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.

Yea, the problem is not that people don't want to spend there Bitcoin, but most of the problems leading to not spending is the unavailability of places to transact using Bitcoin freely. Some countries don't still accept it. Some individuals, firms or companies don't still accept it. So, when an investor is willing to spend his Bitcoin, he may not possibly find a comfortable place to transact and buy.

There are still some coubttiuout there that do not even accept Bitcoin trade. So how do people in this society cope even though they have been able to earn Bitcoin in any means. They would just rather change it to fiat and do what they want.
I think the issue of wether to HODL your Bitcoin for store of value stuff or selling it and earning back it's an individual thing. Which ever one anybody prefers, he should do in peace.

[Hamza2424]

Hmm, OP, you have a good point, but you know the reason already. Most BTC holders already know the good money and bad money concept. Because when you have something that you expect to be worth more in the future, you spend the one that will lose its purchasing power, which is fiat. But we can definitely overcome this mindset by securing our future through other sources of income or the businesses we are running, so we won't care if it goes to $1 million or not. But we still want to be in, so most of these spenders have already saved some of their coins for the long term and spend the rest of the earnings they earn in BTC.

Also, the places where we can spend our bitcoins are very few. Although where I am now, they are introducing laws and tightening everything, those are for better settlements for us so scam rates can be reduced. Although there are several other things that a merchant and a user need to know, as you said, they have to get that knowledge because it's not that hard.

BTC can easily become the MoE when the spending side is as easy as the earning side. Until then, SoV is going to lead.

[Supreme Donvic]

I will not blame someone for how they want to spend their bitcoins. They want to hold it? No blame. They want to use it and buy themselves a nice things, good. They have worked hard to buy those bitcoins, and they can do whatever they want with it. But most of us just want to hold it, and that shouldn't be an issue. I won't gaslight people who either spend or hold it because I am doing the latter these days. I am accumulating more so that I can hold and have something to sell when the bull run comes and that's my way of spending it. We can hold a lot and spend some and there's no need to feel regret whatever you decide for.

I agree with you, everyone has the right to do whatever he wishes with his or her Bitcoin, as for me I will never care about how another person wants to leave his life or wants to spend his or her Bitcoin, but I want everyone to know that Bitcoin is money and the purpose of money is for exchange which means Bitcoin is practically created for exchange even though people are now using it as a form of investment because of its volatile nature.
I see some people talking against those who are spending their Bitcoin or using their bitcoin to purchase things, and I ask myself, why talking against people using money as a form of exchange for what they want.

[Silverstonez]

In my opinion, how people chose to spend their bitcoin should not be anybody’s business.  It’s already obvious that people are coming into bitcoin for profit because, they see it as an opportunity to make money but doesn’t mean everyone has to share the same goal.  There are people who want to hold it for the long term, some want to be spending it and others simply value the financial freedom it offers.  Even if we introduce these things you just mentioned, it won’t change anything people will still do what they want with their bitcoins and there is nothing you or anyone can do to control them.

[Emeraldo]

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.

For someone that is into buying and selling, they can decide to sell their Bitcoin or hold part of it if they really need the money to buy more goods and make plans for other products they will be adding to their stock. For someone that is doing a business and decided to add Bitcoin to their payments option, this must have a reason and the reason may be to have more customers coming for Bitcoin enthusiastic users who may find the payment options as a good alternative to purchase goods without using fiat.

[Jubilee58]

Spending ones Bitcoin is not actually wrong but this actually depends on your position or status in Bitcoin investing. Someone who newly invest in Bitcoin is not expected to begin to spend it from that moment, and when no profit has been made out of your investment. To spend your Bitcoin, it is advisable to do that when your Bitcoin investment must have grown, and probably you it is matured enough to be sold after the Bitcoin market must have experienced bull season. Also, one can equally spend his Bitcoin that you are not ready to invest and keep for long term. For instance, some of us uses Bitcoin for various transactions, sending to someone, use it on betting platforms, and many other things, but in most cases we do it out of the profit we have made from our Bitcoin investment.