I personally do not see many people spend their coin. Most are hoarding in hope of higher price.
Hoarding behavior is clearly not the intended goal of a currency.
But hoarding gold or silver is commonplace, so is bitcoin more like a commodity or a fiat currency?
where do you guys get the idea that people don't hoard currency? have you never heard of a savings account at a bank? everyone hoards currency,unless you're broke and living paycheck to paycheck and have to spend it all.
Hoarding, or saving, for shorter or longer time is the only purpose of money. There is no alternative use for it. Holding the money is the point. If nobody wants to hold it, it is not money.