Spend your bitcoins, and you still get paid in Bitcoin

[Byebyebtc]

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.

Individuals have different reasons why they buy Bitcoin, and we can't just make them spend their coins, some of them have goals to hold for long term, as a matter of fact they will even buy more and try not to spend any, meanwhile there are some that are willing to spend theirs, it's a good thing we have those sets of individuals, and you can be one of them you don't have to wait for others to buy with Bitcoin from you first before you you will be willing to spend yours, as long as your willing to do business with Bitcoin, you will eventually see those who are willing to sell to you naturally.

[hmbdofficial]

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.

I really like this part quoted boldly. That is exactly what I want people to know about bitcoin. But the way investors are going about this holding bitcoin is becoming like it’s even a crime when someone spends part of his bitcoin, and I really do not like that. I mean it’s even decentralised such that you have no business with anyone or any authorities. so everyone should do what they like with their bitcoin. As long as you’re using bitcoin, you have just done a great service for yourself by having and alternative payment and transaction methods.

[Freeveto]

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

If Bitcoin is what you get paid at your work, or maybe you work to get paid in Bitcoin, there is no need to always swap back to fiat before purchasing some goods if they accept Bitcoin as payment. You will just send Bitcoin and get your goods; that will encourage others to use Bitcoin as well.
But if you have another source of income other than Bitcoin, you can decide to keep your Bitcoin to store its value for the future instead of just spending since you have fiat to spend on your basic needs; no need to use the Bitcoin. The consistent saving will be in the form of DCA to accumulate your Bitcoin.

[taufik123]

I really like this part quoted boldly. That is exactly what I want people to know about bitcoin. But the way investors are going about this holding bitcoin is becoming like it’s even a crime when someone spends part of his bitcoin, and I really do not like that. I mean it’s even decentralised such that you have no business with anyone or any authorities. so everyone should do what they like with their bitcoin. As long as you’re using bitcoin, you have just done a great service for yourself by having and alternative payment and transaction methods.

Yes, this is what is called freedom to use your own assets without rules from other parties, because you are the one who determines it.
As I said, it's like having your own bank and you're going to own the rules and power, no other party as long as the wallet you use can be completely controlled by you.

[JiiBs]

Yes, this is what is called freedom to use your own assets without rules from other parties, because you are the one who determines it.
As I said, it's like having your own bank and you're going to own the rules and power, no other party as long as the wallet you use can be completely controlled by you.

Not if you use an exchange for transactions though. A lot of persons still make the huge mistakes of leaving huge amounts of exchanges. Most times it’s because they want to trade with it or were using it in active trading, wants to swap and to preferred altcoins so they can use it for various purposes and more.
Exchanges can actually regulate how much you can send depending on your level of KYC. Using exchanges wouldn’t allow you the many freedom a Bitcoin enthusiasts who uses non custodial wallet enjoys.

[Sanitough]

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.

Individuals have different reasons why they buy Bitcoin, and we can't just make them spend their coins, some of them have goals to hold for long term, as a matter of fact they will even buy more and try not to spend any, meanwhile there are some that are willing to spend theirs, it's a good thing we have those sets of individuals, and you can be one of them you don't have to wait for others to buy with Bitcoin from you first before you you will be willing to spend yours, as long as your willing to do business with Bitcoin, you will eventually see those who are willing to sell to you naturally.

Early investors have probably saved enough number of bitcoin so spending a little amount of bitcoin won't make a huge difference. But for those who have just started buying and holding bitcoin, we can't expect from them that they will participate in promoting bitcoin as a payment method. Of course, they also have their own goals and plans for bitcoin. They will eventually spend it but right now, its not their priority but accumulate more bitcoin instead.

[taufik123]

Not if you use an exchange for transactions though. A lot of persons still make the huge mistakes of leaving huge amounts of exchanges. Most times it’s because they want to trade with it or were using it in active trading, wants to swap and to preferred altcoins so they can use it for various purposes and more.
Exchanges can actually regulate how much you can send depending on your level of KYC. Using exchanges wouldn’t allow you the many freedom a Bitcoin enthusiasts who uses non custodial wallet enjoys.

When it comes to security, all have their own level of security, Exchange Tier 1 currently implements several layers of security for user accounts
and provides Safe Funds that are indeed used for unwanted events such as the hack that occurred on many major exchanges recently.

The exchange cannot be used as the main repository, it is only a trading place and for users who have a personal wallet, they can now also use DEXs to conduct trades and several other crypto activities.
But keep in mind never use the main wallet to connect to any Dapps, because there is a big risk in the event of a hack.

[Just Say]

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.

Certainly you are correct no one else needs to worry about how people will spend their bitcoins, everyone is using bitcoins for different purposes as in my opinion it is already clear that many are turning to bitcoins for profit, some are using bitcoins to hedge against inflation, even it can be said with certainty that there are many people who also consider Bitcoin as a means of payment, some see it as a store of value and many see it as an opportunity to make money by storing bitcoins for the long term but that doesn't mean everyone is using bitcoins for the same purpose.

The features you mentioned prove that Bitcoin is decentralized and is automatically managed through an open and independent network as we know it is not controlled by any central authority allowing everyone to do whatever they want with their Bitcoin.

[OcTradism]

Certainly you are correct no one else needs to worry about how people will spend their bitcoins, everyone is using bitcoins for different purposes as in my opinion it is already clear that many are turning to bitcoins for profit, some are using bitcoins to hedge against inflation, even it can be said with certainty that there are many people who also consider Bitcoin as a means of payment, some see it as a store of value and many see it as an opportunity to make money by storing bitcoins for the long term but that doesn't mean everyone is using bitcoins for the same purpose.

Even if people don't take care of their bitcoins well and safe, it's not our concerns at all. Their coins, their keys, their responsibility to take care of it. Of course I don't wish bad things, losses of the others but any lost bitcoin is donation for us.

They are lost for good.  Think of it like someone losing their wallet in the ocean.  It seems like it would be a problem but it's really not that significant.  People lose their gold jewelry all the time but it doesn't make much of a difference to the value of gold.

Lost coins only make everyone else's coins worth slightly more.  Think of it as a donation to everyone.

How to manage Bitcoin like a whale?
The dos and don'ts of bitcoin key management.
How to back up a seed phrase?

[Decimetre]

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.

Certainly you are correct no one else needs to worry about how people will spend their bitcoins, everyone is using bitcoins for different purposes as in my opinion it is already clear that many are turning to bitcoins for profit, some are using bitcoins to hedge against inflation, even it can be said with certainty that there are many people who also consider Bitcoin as a means of payment, some see it as a store of value and many see it as an opportunity to make money by storing bitcoins for the long term but that doesn't mean everyone is using bitcoins for the same purpose.

The features you mentioned prove that Bitcoin is decentralized and is automatically managed through an open and independent network as we know it is not controlled by any central authority allowing everyone to do whatever they want with their Bitcoin.

I consider spending bitcoin, using bitcoin for daily transactions as buying each commodity above the labelled prices. This is because bitcoin should be considered as a store of value instead of as any other legal tenders. Let's say that a commodity is sold at $50 in the morning, perhaps the commodity is to be delivered to you at your doorstep. If you paid $50 in bitcoin in the morning when bitcoin was at say $70k and by the time the commodity is delivered in the evening, bitcoin has gone to $80k, you already bought the commodity at around  $57 which is quite costly.

Let Bitcoin be treated as a store of value it is, and asset always. Anyone can choose to spend his bitcoin but that doesn't make it the wisest financial decision to take.

[MArsland]

The idea of making bitcoin a medium of exchange for everyday economic activity, is very good. But what often becomes an obstacle is when the product or service only revolves around areas where in fact the community is not too familiar with bitcoin so it is not optimal and difficult to develop, especially in local market conditions. In my country it is not only the above constraints but the regulatory issues that ultimately make me face legal restrictions.

[Lontor]

My future self depends heavily on Bitcoin, this is my decision and I don't know about other members on this forum, there is no point for me to hold fiat and inflation that affecting the value, Bitcoin is my store of value..

I don't get paid in Bitcoin to say the truth, I am not a business owner who is accepting Bitcoin as means of payment and I don't intend to do this so how will I earn in Bitcoin?

It's not even in my head to earn in Bitcoin, if not I would have given face to DeFi staking rBTC projects and others that are similar, I prefer buying and holding rather than anything else.